We examine the effects of antiretroviral (ARV) treatment on the livelihoods of HIV/AIDS patients’ households in Uganda. Incomes of ARV households improve, on average, over the treatment period by 59.5 percent. However, for 53 percent of households incomes are increasing, while for 47 percent incomes are decreasing. The increasing households earn more income from business and from remittances & gifts, while the decreasing households draw their income from forest & wild activities. Children’s time use improves income from livestock among increasing households and income from forest & wild activities among decreasing households. The effects of ARV treatment on incomes across treatment periods are positive among increasing households and negative among decreasing households, after controlling for heterogeneity. Education significantly contributes to income of increasing households. Initial wealth increases income of ARV recipients’ households regardless of whether they are increasing or decreasing. The study could add to justifications regarding HIV/AIDS relief programs.