Context: Companies increasingly strive to adapt to market and ecosystem changes in real time. Evaluating team performance in such changing environments presents a major challenge. Objective: This paper aims to understand how software developers experience performance in a highly volatile environment. This understanding could be used as a basis for guiding formation and maintenance of high-performing teams. Method: A qualitative multiple-case study using thematic interviews was conducted with 16 experienced practitioners in five organisations. Results: We found 33 major categories of performance factors, arranged as a theoretical structure that explains how the subjects experience software team performance. Conclusions: Based on our study, software teams are engaged in a constant cycle of interpreting their performance and aligning it with other stakeholders. Enhancing performance experiences requires integration of soft factors, such as communication, team spirit, and team identity, into the overall development process.