This research contributes to the entrepreneurial orientation (EO)–performance literature by offering a wider picture that includes two intermediate steps: organizational learning capability (OLC) and innovation performance. This study also provides an explanation of intra-industry firm performance differences by focusing on EO. We use structural equation modeling to test the hypotheses on a data set from Italian and Spanish ceramic tile producers. The results support our conceptual model and demonstrate its usefulness in explaining differences in intra-industry firm performance. Findings suggest that OLC and innovation performance should be enhanced by managers in order to boost the positive EO–performance link.