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The purpose of this study is to examine the relationship between self-regulated learning (SRL) and the academic performance of adult learners in two online institutions using the Diagnostic Assessment and Achievement of College Skills (DAACS). Our sample (n = 11,690) included students from two online institutions. Findings revealed weak, null, or negative relationships between SRL skills and students’ concurrent and long-term academic performance. Motivation was positively related to aspects of academic performance. Metacognition, particularly Planning, was negatively associated with our outcome variables, though these relationships were small. Of the eleven SRL subdomains, Anxiety and Managing Understanding were related to most of the outcome variables, across both institutions. Classification trees revealed that they might interact with other variables.