Precocious readers are children who have made exceptionally rapid progress in beginning literacy. This study of precocious readers was designed to describe their skills in two ways: (a) by identifying any special strengths or weaknesses in precocious readers' component skills, relative to the skills of older but less rapidly developing readers, and (b) by identifying the extent to which individual differences in the skill patterns of precocious readers are multidimensional. The cognitive, word-reading, and text-reading skills of 116 postkindergarten precocious readers were compared with those of 123 second graders, mostly above-average readers, who were matched with the precocious readers on reading comprehension level. The two groups were compared using multiple-indicator modeling techniques. The same factor pattern accounted for the performance of both groups on a set of 29 measures. Therefore, comparisons of factor mean levels and factor covariances were interpretable. No meaningful weaknesses were identified in the average skill pattern of postkindergarten precocious readers. Their strengths tended to mirror weaknesses often identified among disabled readers. Precocious readers are especially rapid text readers, and they also are accurate identifiers of individual words, able to draw on strong phonological analysis skills as well as orthographic processes. However, covariances between orthographic and phonological word identification and between oral text-reading accuracy and effectiveness were lower for precocious than for second-grade readers, suggesting a diversity of skill patterns among highly able beginning readers.