In the recent past, pulse crops have become increasingly important to agricultural producers as they contribute significantly to the economy. However, the research surrounding the economics of pulse crops is limited. This study determined the net returns and risks of 14 different rotations with various frequencies and sequences of pulse crops and quantified the long-term economic effects. An 8-year field experiment (two 4-year rotation cycles) was carried out at Swift Current, Saskatchewan, and Brooks, Alberta, Canada, during 2010–2019. The crops in the rotation included spring and durum wheat (Triticum aestivum L.) (W), field pea (Pisum sativum L.) (P), chickpea (Cicer arietinum L.) (C), lentil (Lens culinaris Medik) (L), and Oriental mustard (Brassica juncea L.) (M). Net revenue was estimated and a simulation model was used to conduct the risk-return analysis. Net revenue was significantly different among the 14 rotations, where rotations with either high frequencies of lentil or diverse crops generated the highest net income. More diverse rotations such as P-M-L-W or L-C-P-W provided net income that were statistically comparable to the L-L-L-W rotation and were significantly greater than wheat monoculture systems. Risk analysis suggested that neutral or slightly risk averse producers may select rotations with higher frequencies of lentils, whereas more risk averse producers may prefer more diverse rotations. Inclusion of pulses in a rotation as preceding crops had a positive economic impact on the following non-pulse crops and reduced nitrogen cost by 37%, which can lead to a low carbon footprint. Long-term studies with comprehensive datasets are rare and here for the first time we had two full 4-year cycles of experimental data for 14 diverse rotations at three sites, enabling us to make sound conclusions—adopting diverse cropping rotations that include pulses, especially lentil, can reduce economic risks and improve farm profitability.