The purpose of the current investigation was to determine if cold acclimatized men display higher economy (i.e. lower oxygen consumption at a given workload) during graded cycle ergometry in the cold. After completing a familiarization trial, five cold weather athletes (CWA) and eight physically active men (NON) underwent graded exercise tests to volitional fatigue in 5°C. The protocol always started at 60 watts and increased by 20 watts each minute. Oxygen consumption (VO2), respiration rate (RR), tidal volume (TV), and respiratory exchange ratio (RER) were determined via open circuit spirometry. Individuals were purposely matched for body size and aerobic capacity was not different between groups at exhaustion. Generalized estimation equations were used to assess differences across time (workload at each minute) and group (CWA, NON). As expected, all dependent variables revealed a main effect for time. VO2, RR, and RER also showed a main effect for group, whereby CWA had lower parameters regardless of time. A group by time interaction was found for all dependent variables. Large within-group variability prevented statistical significance at any specific workload. As demonstrated by the interaction effect, both workload and cold-acclimatization have an effect on the ventilatory response to incremental cycle ergometry in the cold. This could have implications for those who work in the cold.