The article conducts a meta‐analysis on the relationship between internationalization and firm performance in international entrepreneurship. Empirical evidence from 15,648 internationalizing entrepreneurial firms nested in 43 independent samples reveals a positive relationship between degree and scope of internationalization and performance. Knowledge intensity positively moderates the relationship between speed of internationalization and performance and negatively moderates the scope of internationalization and performance association. In contrast, we neither find a relationship between speed of internationalization and performance nor for knowledge intensity's moderation on the degree of internationalization–performance association. Based on the findings, the article systematically points at future research opportunities.