The implementation of rights-based management programs is increasing worldwide yet there are few ex post evaluations, especially in developing country contexts. This paper examines changes following the implementation of a catch share system in the Peruvian anchovy fishery, which is the world's largest commercial fishery by volume. After implementation of the Individual Vessel Quota (IVQ) management system, there was a shift toward higher value product and a 105% increase in per-unit revenue with the IVQ program. Additionally, landings are more spread out over the fishing season with an increase in the number of fishing days and fleet consolidation occurs over time with a shift toward larger vessels in the steel fleet. Finally, using cost estimates from a large fishing firm on the cost of steel vessel operation, variable harvesting profit is estimated to have increased from 34% to 41% of the ex-vessel revenue pre-IVQ to 63–65% post.