This study investigated the profitability and challenges of cowpea production among smallholder farmers in Nasarawa State, Nigeria. Primary data were collected from 300 cowpea farmers across three prominent cowpea producing Local Government Areas using multi-stage sampling and a semi-structured questionnaire. Analytical methods included farm budgetary techniques, profitability ratios, multiple regression analysis, and Likert-scale ranking for constraints. Results showed that cowpea production is profitable, with average total revenue of ₦788,075 per season against total costs of ₦498,414, yielding a GM of ₦367,184 and NFI of ₦289,661. The BCR was 1.581, and ROI 0.581. Variable costs dominated (84.4% of total costs), with labour comprising the largest share (44.4%, ₦221,132). A one-sample t-test (t = 42.7, p < 0.0000) strongly rejected the null hypothesis of non-profitability. From the multiple regression analysis, significant socio-economic factors included education level (coef. 0.26, p = 0.00), credit amount (0.50, p = 0.00), and farming experience (0.31, p = 0.05), while age and gender were insignificant. For production factors: farm size (0.76, p = 0.01), labour used (0.65, p = 0.00), quantity of cowpea seeds (0.42, p = 0.00), and agrochemicals (0.10, p = 0.02), all positively and significantly influenced NFI. Socio-economic profile showed farmers averaging 41 years old, predominantly male, with mean experience of 9 years, high cooperative membership (70.33%), and credit access (78.67%), but small farm sizes (mean 1 ha) and low extension contact (0.4/month). Severe constraints of cowpea production included limited credit access (3.91), high interest rates (3.77), high cost of farm machines (3.76), lack of government support (3.75), inadequate processing/storage facilities (3.73), poor extension services (3.68), pests/diseases (3.65), insecurity/herders’ attacks (3.55), high agrochemical costs (3.42), and limited quality seeds (3.40). The findings affirm cowpea’s economic viability in Nasarawa State while highlighting leverage points for policies to address credit, mechanization, infrastructure, and input challenges, thereby enhancing farmer incomes, productivity, and sustainable legume-based farming systems in northern Nigeria.