Research into the antecedents of TMT conflict has become increasingly popular in light of the effects that conflict can have on strategic decision making and organizational performance. Of course, such performance becomes a part of the contextual backdrop against which future decisions are made. Thus, organizational performance is itself an important antecedent of TMT conflict. Using data drawn from the TMTs of 44 mid‐sized public firms, we demonstrate that cognitive and affective conflict relate differently to past performance. The implications of this research for efforts to effectively manage conflict during strategic decision making are discussed.