Thrust collars (TCs) are bearing elements used in geared machinery that transmit axial loads from one shaft to another. TCs are primarily used in integrally geared compressors (IGCs), but are also found in gearboxes and marine propulsion applications. TCs are hydrodynamic elements featuring a converging-diverging wedge to generate a pressure field that reacts axial loads. Accurate modeling requires knowledge of the film characteristics such as cavitation, turbulence, and air ingestion, all of which reduce load capacity. Current models in the literature do not include mass-conserving cavitation algorithms or turbulent flow. The following paper introduces a new test rig that optically characterizes the thin film region of a thrust collar. The test rig geometries, speeds, and loads match those typically seen in IGC applications. The test rig utilizes a transparent acrylic window in conjunction with a high-speed camera to obtain high-speed images of the oil film. Images are filtered and averaged to obtain areas of interest in the oil film. Cavitation and turbulence areas are captured for pinion speeds of 2.5, 5, and 7.5 krpm, and axial loads of 0.5, 1, and 1.5 kN. Cavitation occurs in the diverging (upper) region of the TC and appears at pinion speeds over 5,000 rpm, but does not change in shape after that speed. The cavitation is independent of applied load. Turbulence at the inlet region (bottom) occurs at all speeds, but increases to almost 35% of the total area at the highest speed. This paper also presents a finite element (FE) model that includes predictions for the static characteristics of the TC, specifically the cavitation area. The cavitation modeling uses an iterative Elord’s method, which conserves mass. The model predicts a similar cavitation area for all speeds and loads. A computation fluid dynamics (CFD) study predicts a similar cavitation area, and pressure field to the FE model. The CFD model predicts turbulence in the lower region that increases for increasing spin speed, which matches the experimental results. The CFD model tends to underpredict the turbulence area when compared to the experiments. As IGCs move into novel application areas to satisfy new needs, the increase in efficiency and capacity comes at a cost of more load and higher speed requirements on the TCs. This work will help original equipment manufacturers model TCs more accurately to ensure safe and efficient operation.