Understanding ecological effects of altered stream flows is an essential objective. In a comparative field study of juvenile steelhead trout (Oncorhynchus mykiss) that compared natural‐ and reduced‐flow sites, we used mark–recapture modelling and information theory to quantify spatially and temporally explicit patterns of density, specific growth rate, survival and outmigration; and test predictions for biotic and abiotic drivers. Densities were lower in water withdrawal treatments, resulting in lower intraspecific competition and, higher specific growth rate and survival. We observed yearly differences in density and intraspecific competition, with a negative relationship between density and specific growth rate over a wide range of densities, but reductions in survival only at the highest densities. Moreover, individual variability within sites was important. At high density (sites and years), survival related negatively to body size. In contrast, when overall density was lower, specific growth rate was negatively related to body size. Lastly, individuals were more likely to outmigrate when they had larger body size, lower survival or reared in habitats with reduced flows, and these patterns appeared mediated by the intensity of intraspecific competition. Our results underscore the harsh bioenergetic conditions induced by higher temperatures and densities during summer baseflow (relative to other seasons), particularly for larger fish demanding more resources, and suggest a density‐dependent mechanism for why this period is important for regulating salmonid populations. We found that a complex combination of natural (e.g., density) and anthropogenic (e.g., withdrawal) factors affected juvenile salmon populations and life history expression in the face of altered flows.