According to multicomponent models (Oakhill & Cain, 2007a), text comprehension is a complex process that requires the processing of explicit (i.e., information presented in the text) and implicit information (i.e., information inferable from the text or from previous knowledge), and involves various components. This study investigated (a) preschoolers' understanding of explicit and implicit information in oral texts and (b) the role of verbal and inferential skills in the processing of explicit and implicit information. Two hundred twenty-one 4- to 6-year-olds were evaluated as to their listening text comprehension and the following components: receptive vocabulary, verbal intelligence, and inferential skills. Working memory was a control variable. Results showed that (a) explicit information was easier to process than implicit information; and (b) all the components considered, except receptive vocabulary, accounted for comprehension of both types of information, and their role was stable in the age range considered. (Contains 1 footnote and 3 tables.)