Cover crops (CCs) have demonstrated their significance in enhancing the agronomic and economic performance of corn in succession. In this paper, we assess the agronomic responses and short-term economic returns of adopting cover crops (CCs) for corn cultivation in the sandy soils of the semiarid region of northeast Brazil, with the aim of addressing the additional challenges of CCs adoption in semiarid regions. The field study was conducted in Arapiraca, Alagoas, under no-tillage conditions for two cropping seasons. A randomized complete block design was employed, comprising six CCs (sunn hemp, spectabilis, jack bean, pigeon pea, lab lab, and millet) treatments and one fallow, with 18 replications. The CCs were cultivated for 60 days before corn planting. Drip irrigation was applied during the grain-filling stage of corn growth. Over the two cropping seasons, the biomass and nutrient cycling of the CCs, corn yield, and economic returns were determined, as well as the total organic carbon (TOC) and Mehlich-1 extractable P levels in the soil after corn harvest. The grain yields with sunn hemp, spectabilis, and jack bean were superior (~10%) to that of the fallow (7.7 vs. 7.1 Mg ha−1), irrespective of the cropping season. Sunn hemp exhibited a higher biomass accumulation and ensured greater nutrient cycling, except for K, while lab lab and millet displayed a similar potential, although substantial variations were observed between seasons. Under sunn hemp and jack bean, the TOC increased by ~9%, particularly in the second season. Regarding the available P, spectabilis and jack bean exhibited the highest levels, with an increase of ~74% compared to the fallow (~31.1 vs. 17.9 mg dm−3). Spectabilis and lab lab demonstrated more promising results, both agronomically and economically. However, millet and sunn hemp have the potential to reduce costs over multiple cropping seasons. Therefore, the adoption of cover crops is a sustainable and economically viable agricultural practice. However, it is essential to acknowledge that our results do not represent rainfed conditions and require further investigation.