For more than 30 years, NAF has been working to transform the American high school experience by joining the corporate and education worlds to help ensure that students graduate high school and are prepared for college and careers. NAF's education design incorporates an academy-development framework, alongside rigorous career-themed curricula and instruction, an advisory board of business and community leaders, and a continuum of work-based learning. Serving 96,741 students in 675 academies in 2016-2017, NAF works with educators, business, and industry partners to ensure successful implementation and delivery of the NAF model through professional development and continuous improvement toward greater student impact. Since 2010, NAF has annually collected student- and academy-level data from a subset of school districts across its network in an effort to continuously improve its program. Tracking student performance through their high school experience allows NAF to examine impact across nationally measured outcomes and build on the existing evidence base. This report focuses on a cohort of NAF students tracked from Grade 9 through graduation from 10 districts in the NAF network. The study includes the analysis of data from a total of 613,002 students in 2011-2012, with 171,489 being freshmen, of which 7,406 were enrolled in a NAF academy. Outcomes were also examined for full participation students who were retained in NAF at Grade 12 and those with partial participation (e.g., withdraw NAF before Grade 12). Specifically, the study examined the following research questions: (1) What is the graduation rate of NAF students compared to similar peers? How do NAF's effects differ for at-risk students? (2) To what extent does the graduation rate vary with degree of participation in the NAF program (full vs partial participation)? and (3) To what extent does the graduation rate vary with academy characteristics like theme, program length, and membership level)? Five appendices are included.