<p>This analysis assessed the partial net returns of a triazole, at-plant fungicide (i.e., Xyway LFR^@FMC) including no fungicide (control) and 1.11 L ha^-1 rate under three water scenarios in west Tennessee. In 2022, all water regimes and fungicide treatments had positive average partial net returns compared to rainfed (RF) with no fungicide treatment. However, in 2023 due to beneficial rainfall and low disease pressure during the growing season, low yield differences between treatments resulted in negative partial net returns for all treatments compared to RF with no fungicide treatment. The annualized capital recovery cost of the irrigation equipment was one of the reasons for the negative partial net returns across treatments and particularly water regimes for 2023. An additional factor that influenced the partial net returns analysis was the decline in corn prices between the 2022/23 and the 2023/24 marketing year. Although the Xyway LFR^@FMC fungicide application can be profitable for corn production, different environmental factors will determine yield and net return differences each year. Clearly, the investment in irrigation systems has a multiyear return on investment and the application of fungicide is completed before weather and disease pressure is known. As such, long-term weather variability will play an important role in the net returns of Xyway LFR^@FMC fungicide application.</p>