The hydraulic performance of an industrial mixed-flow pump is analyzed using a three-dimensional potential flow model to compute the unsteady flow through the entire pump configuration. Subsequently, several additional models that use the potential flow results are employed to assess the losses. Computed head agrees well with experiments in the range 70 percent–130 percent BEP flow rate. Although the boundary layer displacement in the volute is substantial, its effect on global characteristics is negligible. Computations show that a truly unsteady analysis of the complete impeller and volute is necessary to compute even global performance characteristics; an analysis of an isolated impeller channel and volute with an averaging procedure at the interface is inadequate.