Numerous studies have demonstrated a strong link between participation in pre-K programs and both short-term student achievement and positive later-life outcomes. Existing evidence primarily stems from experimental studies of small-scale, high-quality programs conducted in the 1960s and 1970s and analyses of the federal Head Start program. Meanwhile, evidence on state-funded pre-K programs, with no income restrictions, is scant and inconclusive. Using enrollment lotteries for over-subscribed school-based sites in Georgia’s universal pre-K program, we analyze the impact of participation on elementary school outcomes. Lottery winners enter kindergarten more prepared in both math and reading than non-winning peers. Gains fade by the end of kindergarten, and some negative achievement effects emerge by grade 4. Free-and-reduced-price meal (FRPM) students benefit more compared to non-FRPM students in later grades, suggesting greater benefits from attendance for disadvantaged students. Although we find no effects for discipline, lottery winners had one fewer absence each grade after kindergarten. (author abstract)