Longstanding disparities in four-year transfer rates for Black/African American and Latinx/Hispanic community college students, relative to their Asian and white peers, raise important equity questions about the vertical transfer function in the U.S. higher education system. Using data from one of the nation's largest and most racially and ethnically diverse community college systems, we examined whether differences in early academic momentum (e.g., first-year cumulative GPA, summer enrollment, number of first-year credits attempted and earned) were a root cause of gaps in transfer outcomes between different racial and ethnic groups. Multi-group structural equation modeling (SEM) results revealed a strong relationship between early academic momentum and vertical transfer success for community college students. However, the results showed academic momentum did not operate in the same manner for all racial and ethnic groups and some indicators were particularly important for improving transfer outcomes for Black/African American and Latinx/Hispanic students. These results have important implications for community college research and practice pertinent to vertical transfer outcomes.