In recent decades, there has been an increasing emphasis on proactive efforts to conserve species being considered for listing under the U.S. Endangered Species Act (ESA) before they are listed (i.e., preemptive conservation). These efforts, which depend on voluntary actions by public and private land managers across the species’ range, aim to conserve species while avoiding regulatory costs associated with ESA listing. We collected data for a set of social, economic, environmental, and institutional factors that we hypothesized would influence voluntary decisions to promote or inhibit preemptive conservation of species under consideration for ESA listing. We used logistic regression to estimate the association of these factors with preemptive conservation outcomes based on data for a set of species that entered the ESA listing process and were either officially listed (n = 314) or preemptively conserved (n = 73) from 1996 to 2018. Factors significantly associated with precluded listing due to preemptive conservation included high baseline conservation status, low proportion of private land across the species’ range, small total range size, exposure to specific types of threats, and species’ range extending over several states. These results highlight strategies that can help improve conservation outcomes, such as allocating resources for imperiled species earlier in the listing process, addressing specific threats, and expanding incentives and coordination mechanisms for conservation on private lands.