The 1987 America's Cup was the twenty-sixth challenge for the America's Cup and the first time for 132 years that it had not been defended by the New York Yacht Club.

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The American challenger Stars & Stripes 87, sailed by Dennis Conner, beat the Australian defender Kookaburra III, sailed by Iain Murray, four wins to nil in the best of seven series.[1] Conner thus became the first person both to unsuccessfully defend the America's Cup and then to win it back again.

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The series was held in Gage Roads off Fremantle, Western Australia during the Australian summer months between October 1986 and February 1987. The Royal Perth Yacht Club was the defending club and the organiser of the defence series.[2] Yacht Club Costa Smeralda of Porto Cervo, Sardinia was appointed the challenger of record and hence the organiser of the challenger series.

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This was the last time that 12-metre class yachts were used in the America's Cup.