Early care and education (ECE) programs for children prior to kindergarten in California are provided through a mixed delivery system that includes licensed home- and center-based programs as well as school settings. The requirements, experience, and supports for educators vary widely across settings, depending more on funding sources and regulatory status and less on what educators and children may need. This situation is typical across the ECE system for children from infancy through preschool, though California has made substantial changes in providing preschool for four-year-olds. Transitional Kindergarten (TK) was introduced into this mix in the 2012-13 school year. As of the 2022-23 school year, TK became the only free, universal ECE program in California available for four-year-olds. This brief explores the experiences of ECE lead teachers across settings: TK classrooms, child care centers, and family child care (FCC) programs. It examines their demographics, classroom context, working conditions, compensation, and economic well-being. It identifies threads of continuity among lead teachers regardless of setting: for instance, virtually all these early educators are women, and many are age 40 or older. They teach similar numbers of dual-language learner students, and they face similar classroom challenges. By contrast, educators in centers and FCC providers are much more likely to be women of color and/or immigrant women. Teacher pay and benefits also diverge sharply, with TK educators earning at least twice the salary of other lead teachers with a bachelor's degree along with corresponding metrics of economic well-being. By exploring the experiences of teachers by setting, the authors aim to understand the state of equity in ECE employment. For the purposes of this analysis, they focus on educators who lead their respective classrooms in order to compare similar job roles and level of teaching responsibilities. They then explore the implications for sustaining an effective and equitable ECE system in California.