This article studies the text of the recently published P115, a text containing substantial portions of Revelation and dating from the late third or early fourth century. It is argued here that the manuscript is the oldest member of the A C text-type by over a century, and that agreements between P115 A C against P47 and/or ℵ confirm the high quality of this new papyrus. None of the singular readings here has a claim to be correct, but there are perhaps six readings where the evidence of the papyrus makes a case for a change to the text of Nestle–Aland/UBS.