The Preschool Feelings Checklist – Scale (PFC-S) is a caregiver-report measure of early childhood depressive symptom severity. To date, the PFC-S has been conceptualized as a unidimensional measure. However, its symptom severity scores also predict a wide range of emotional and behavioral problems throughout childhood and adolescence. This suggests that the PFC-S may be better represented by a multidimensional structure encompassing various features of depression. We investigated the factor structure of the PFC-S using factor analytic procedures (CFA/EFA) with data from caregivers (92% mothers) of 450 young children, ages 4-8 years (M = 5.62, SD = 0.95; 49% Female; 7% Hispanic; 66% white). Results of a CFA indicated that a one-factor structure of the PFC-S did not adequately represent the data in the current sample. Two, three, and four-factor structures were investigated using EFA. The three-factor structure emerged as the most interpretable and structurally sound solution, yielding factors related to Anhedonia, Dysregulation, and Guilt-Sadness. Initial construct validity of these factors was demonstrated by correlations between the factors’ mean composite scores and measures of parental depressive symptoms and children’s emotion regulation, approach and inhibition, and negative and positive affect. These results provide initial evidence for a multidimensional structure of the PFC-S and improve our understanding of early childhood depressive symptoms.