Abstract: Leaky dams are an increasingly popular natural flood management measure, yet their impacts on flood peak magnitude have not yet been empirically quantified for a range of event types and magnitudes, even at the stream scale. In this study, the novel application of a transfer function noise modelling approach to empirical Before-After-Control-Impact stage data from an upland catchment allowed leaky dam effectiveness in reducing flood peak magnitude to be quantified. Flood peak stage and discharge magnitude changes were assessed from empirical data for 50 single and multi-peaked high flow events with return periods ranging from less than one year to six years. Overall, event peak magnitude was significantly reduced following the installation of eight leaky dams on the impact stream. Effectiveness was highly variable, but on average, flood peak magnitude was reduced by 10% for events with a return period up to one year. Some of the variability was explained by the size of the event and whether it was a single or multi-peaked event. This finding emphasises the need to manage expectations by considering both a range of event magnitudes and types when designing or assessing leaky dam natural flood management schemes.