System-wide survival of hatchery-reared Atlantic salmon (Salmo salar) smolts was evaluated (2017–2019) in the Penobscot River and compared to survival estimates from previous years that spanned major changes (2005–2016). This system was transformed through two dam removals in 2012 and construction of a nature-like passage structure at a third. The main stem had three dams (five prior to 2012), while the main tributary had four dams (one with the new nature-like passage). We estimated survival using acoustic telemetry mark–recapture (n = 1482) from 2017 to 2019. Six release sites and two release dates were included to assess system-wide survival. Survival from 2017 to 2019 was higher than previous years, with total cumulative survival > 0.75, independently of year and release sites, compared to survival of 0.5 in previous years. These years coincided with exceptional high flows not seen previously. We found an effect of delays on survival, longer delays associated with lower survival. Overall, survival in these years increased in all reaches relative to previous years except for one dam, Weldon Dam, which was a site of sustained high mortality.