This study provides evidence of fundamental differences in how students, parents/guardians, teachers, and administrators understand and approach the purposes and practices of grading. Using census sampling, researchers analysed survey responses from 1,907 educational stakeholders in a medium-size Midwest US school district. Multivariate analysis of variance (MANOVA) with post hoc analyses revealed significant disparities: parents/guardians and teachers viewed grades as communication tools and learning progress indicators, while students significantly favoured their role as sorting mechanisms and learning incentives. Students more strongly endorsed non-achievement factors and extra credit opportunities comparatively. Analysis of grading consistency perceptions revealed a striking implementation gap, with administrators reporting significantly lower perceived consistency than all other stakeholders. These findings highlight the need for assessment literacy programmes, policy reforms addressing non-achievement factors, and systematic approaches to establishing consistent grading practices. This research illuminates how divergent stakeholder perspectives may impede the implementation of research-based grading reforms in US secondary schools.