Over the past two and a half decades, digital technologies and virtual education have moved quickly to the top of the K-12 public education reform agenda. Proponents, including business leaders, school reform organizations, foundations, and for-profit and nonprofit service providers, argue that virtual technology will revolutionize teaching and learning, dramatically reduce the cost, and expand the availability of high-quality education. If this sounds too good to be true, it could be because it's not true. "Virtual Schools in the U.S. 2023" is NEPC's ninth comprehensive report on the performance of U.S. virtual schools. It provides scholarly analyses of the characteristics and performance of full-time, publicly funded K-12 virtual schools; reviews the relevant available research related to virtual school practices; provides an overview of recent state legislative efforts to craft virtual school policy; and offers policy recommendations based on the available evidence. [Contributors to the research brief include Gary Miron, Shelby Hagle, Charisse Gulosino, Bryan Mann, Luis Huerta, Jennifer King Rice, Amanda Glover, and Kayla Bill. For "Virtual Schools in the U.S. 2021," see ED613106.]