This research investigates the relationship between Corporate Climate Change Vulnerability, Adaptive Capacity, and Corporate Environmental Performance. It highlights the paradox that corporate adaptations to climate change—while aiming to reduce vulnerability—may also harm biophysical environments. The study expands the emerging field of Corporate Climate Change Adaptation by exploring how firms’ external biophysical and socioeconomic contexts influence environmental impacts. Grounded in resource dependence theory, it proposes a theoretical extension to account for firms’ ecological resource dependencies. Methodologically, the study employs quantitative analysis using data from the U.S. ski resort industry, a climate-sensitive sector. Findings indicate that corporate climate vulnerability negatively affects biophysical performance but may drive improvements in socioeconomic environmental performance. Adaptive capacity shows mixed results across both performance dimensions. This research contributes to organizational theory and the environmental management literature by emphasizing the need to assess multiple dimensions of environmental performance simultaneously and recognizing trade-offs in firms’ adaptive strategies.