The purpose of this study was to evaluate the risk of respiratory morbidity in neonates delivered at “early term” (37-38 weeks) compared with those delivered at 39 weeks. We conducted a retrospective cohort study of singleton deliveries from 37 0/7 to 39 6/7 weeks' gestation. Our primary outcome was composite respiratory morbidity. Of 2273 deliveries at 37-39 weeks, 51% (n = 1169) delivered in the early term period. Infants delivered at 37-38 weeks had a 2-fold increased risk of respiratory distress syndrome, oxygen use, continuous positive airway pressure use, and composite respiratory morbidity (risk ratio [RR], 2.9; 95% confidence interval [CI], 1.0–7.9; oxygen usage RR, 2.0; 95% CI, 1.4–2.9; continuous positive airway pressure RR, 1.9; 95% CI, 1.1–3.2; composite respiratory morbidity RR, 2.0; 95% CI, 1.4–2.8). The 2-fold increased risk of composite respiratory morbidity of infants in the early term period supports the urgency for limiting nonindicated deliveries to ≥39 weeks' gestation.