Squids have two substantially different types of muscle fibers: superficial mitochondria rich fibers, which perform aerobic respiration during slow swimming, and central mitochondria poor fibers, which perform anaerobic respiration during jet escape. A detailed thermodynamic analysis shows that during slow swimming, 3.82 J/(kg s) of chemical exergy is consumed, and a total muscle work of 0.28 J/(kg s) is produced. 0.27 J/(kg s) of this is produced by the fin to generate lift, and the rest by the mantle volume contraction. During the jet escape at a speed of 3 mantle length/s, squid consumes an exergy of 9.97 J/(kg s) and produces a muscle work of 0.16 J/(kg s). Exergy destruction rates during slow swimming and jet escape modes are 3.54 and 9.81 J/(kg s), respectively. Exergy destroyed because of the action potential propagation in the squid giant axon is calculated as 0.03 and 0.10 J/(kg s) for the slow and fast swimming modes, respectively.