This study seeks to offer new insights into the relationship between entrepreneurial orientation and performance by focusing on the specific context of women-owned firms. In particular, it analyses the influence of entrepreneurial orientation and external knowledge acquisition on firm performance. The results obtained from a sample of Spanish women entrepreneurs show that entrepreneurial orientation is positively related to operational and financial performance. However, knowledge acquisition affects financial performance only via its effects on entrepreneurial orientation, suggesting a mediating role for entrepreneurial orientation. By incorporating variables that have received little consideration in the literature on women-owned firms, such as entrepreneurial orientation and external knowledge acquisition, this study advances the knowledge regarding the factors that may contribute to the creation of sustainable women-led businesses.