The relative energies of a multitude of low-lying electronic states of Fe 2 S 2 Ϫ/0/ϩ/2ϩ have been determined by complete active space self-consistent-field ͑CASSCF͒ calculations. For selected states dynamical correlation has been included by the multireference configuration interaction method ͑MRCI͒ and the structures of some high-spin states have been optimized by CASSCF/ MRCI. Comparison is made with structures obtained by density functional calculations. In all oxidation states of Fe 2 S 2 the numerous states are assigned to spin ladders. The ground states of Fe 2 S 2 Ϫ/0/ϩ/2ϩ are 10 A g , 1 A g , 2 B 1u and 1 A g , respectively. The total splittings of the lowest-energy spin ladders of Fe 2 S 2 , Fe 2 S 2 Ϫ , and Fe 2 S 2 ϩ are about 0.17, 0.18, and 0.35 eV, respectively. The spin ladders of Fe 2 S 2 qualitatively reflect the picture of Heisenberg spin coupling. Some of the spin ladders of Fe 2 S 2 ϩ show the picture of combined Heisenberg coupling and double exchange. The calculated adiabatic electron affinity of Fe 2 S 2 is 1.1 eV ͑observed 2.1 eV͒. Our estimate of the ionization energy of Fe 2 S 2 is 7.9Ϯ0.5 eV. An interpretation of the observed photoelectron spectrum of Fe 2 S 2 Ϫ is given.