Bilingual children demonstrate varying levels of proficiency in each of the two languages to which they are exposed. Even though it is widely acknowledged that bilingual children are not a homogenous group, existing studies on dual-language profiles in bilingual children have focused on expressive language profiles. In this study, we used the normative data from the Quick Interactive Language Screener: English–Spanish (QUILS:ES; de Villiers et al., 2021; Iglesias et al., 2021) and latent profile analysis to identify dual-language profiles in receptive language skills in a large sample of Spanish–English bilingual preschoolers. We also examined demographic, dual-language experience, and home literacy environment factors that contributed to receptive dual-language profile membership. The optimal model represents a three-profile solution, including a balanced-low profile, an English-dominant average profile, and a balanced-high profile. Comparing participants’ profile membership against their age and risk status for language impairment based on the QUILS:ES screening results, we found that while being in an older age group significantly increases a child’s likelihood of being in a balanced-high profile, an older child displaying a balanced-low profile is at a higher risk for language impairment. Age, socioeconomic status, and home literacy environment factors were found to be associated with strong dual-language skills, whereas (relative) dual-language experience did not predict profile membership. Together, these findings extend previous work that examined the heterogeneity within Spanish–English bilingual children by demonstrating substantial variability in their receptive language skills and providing insights into malleable factors that may be targeted to support dual-language development.