Background Depression in fathers in the postnatal period is associated with an increased risk of child behaviour problems. A key potential pathway of risk transmission is exposure of the child to negative cognitions and affect in the context of early parenting. This study examines paternal speech during face-to-face fathera-infant interactions at 3 months. Method Currently depressed (n=19) and non-depressed (n=19) fathers were individually matched on age and education. Speech was coded for cognitive biases and mentalizing statements using a modified version of previous measures of maternal speech. Paternal depression was diagnosed using a structured psychiatric interview. Results Depression in fathers was associated with more speech focused on the paternal experience and less on the infants experience. Depressed fathers speech comprised more negative and critical utterances, compared with non-depressed fathers. Conclusions Important differences emerge in the speech of fathers who experience depression. Examining negative cognitions in the speech of these fathers as early as 3 months may help in understanding childrens risk in relation to paternal psychopathology. © 2012 Cambridge University Press.