This article provides the first cross‐national assessment of Latina immigrant fertility trends. Specifically, we compare Ecuadorian women in Spain (EiS) to Mexican women in the United States (MiUS). We focus on these two groups because they (1) have similar socio‐economic profiles and (2) are the largest Latina subgroups in their respective host countries. We show that since 2001, the fertility rate of EiS has declined substantially more than the fertility rate of MiUS has. Drawing on census and administrative data in both countries, we assess four factors that might explain this difference: economic cycles, linguistic affinity, labor market participation, and education. We argue that labor market and education factors can best help to explain Latina fertility patterns. We conclude by discussing the findings with regard to contemporary arguments about Latino culture and immigrant fertility, and by describing the study's policy implications.