This paper reports on the experimental characterization of collapse-mode operation of capacitive micromachined ultrasonic transducers (CMUTs). CMUTs are conventionally operated by applying a direct current (DC) bias voltage less than the collapse voltage of the membrane, so that the membrane is deflected toward the bottom electrode. In the conventional regime, there is no contact between the membrane and the substrate; the maximum alternating current (AC) displacement occurs at the center of the membrane. In collapse-mode operation, the DC bias voltage is first increased beyond the collapse voltage, then reduced without releasing the collapsed membrane. In collapse-mode operation, the center of the membrane is always in contact with the substrate. In the case of a circular membrane, the maximum AC displacement occurs along the ring formed between the center and the edge of the membrane.