Pre-ejaculate (also known as pre-ejaculatory fluid or Cowper's fluid) is the small quantity of lubricating fluid that is issued from a man's penis when he is aroused. Slang terms for pre-ejaculate include pre-cum and speed drop.

The fluid is secreted by Cowper's glands during foreplay or at an early stage during sex, long before the man reaches orgasm and semen is ejaculated.

A problem for couples who seek to avoid pregnancy, however, is that the pre-ejaculate may include some sperm. This is one additional reason why withdrawal (coitus interruptus) is not considered to be a reliable method of birth control.