Purpose: Despite the importance of principals' satisfaction with their school's performance (PSS), few empirical studies have addressed the components and predictors of principals' satisfaction with their school. The purpose of this study is to identify the most salient components of PSS among school satisfaction indices, districts' characteristics, and principals' demographics. Design/methodology/approach: This study was a secondary data analysis of a survey of 431 principals in 29 school districts across the USA conducted by Harris Interactive, Inc. The researchers first identified reliable indices of PSS from the survey instrument responses. PSS was then regressed on districts' characteristics, demographic variables of the principals, and school satisfaction indices. Findings: A total of 11 reliable PSS indices were identified. Negative student behavior, decision-making involvement, and equipment and facilities indices significantly predicted PSS after district and demographic variables were controlled. Originality/value: This study offers an explanation of the underlying dimensions of principals' satisfaction of their schools' performance. The findings suggest actions that principals should take in order to improve their school satisfaction and ultimately, school effectiveness. (Contains 3 tables and 1 figure.)