The tensile properties of a 0/90 laminated CAS matrix composite reinforced with Nicalon fibers have been measured. Some effects of notches have also been explored. Changes in modulus and permanent strain caused by matrix cracking have been measured and compared with available models. For this comparison, independent measurements have been made of the constituent properties and the residual stress. The ultimate tensile strength has also been measured and compared with a global load‐sharing model. It is concluded that lower‐bound matrix cracking models provide good predictability of the stresses at which various matrix cracking mechanisms first operate. Also, the ultimate tensile strength is found to be consistent with a global load‐sharing model, based on the in situ strength properties of the fibers. Conversely, the evolution of matrix cracks at stresses above the lower bound has yet to be adequately modeled. In addition, a need is identified for improved models relating elastic properties and permanent strains to matrix crack sp