Negative urgency (i.e., the tendency to act impulsively when experiencing negative affect) is robustly associated with psychopathology, but the mechanisms underlying negative urgency and its relation to mental health are not well understood. In addition to interfering with cognitive control, negative emotions may lead to impulsive behavior by enhancing reward processing of desired stimuli. In this study, we tested an emotion-enhanced reward-processing model of negative urgency in 153 women who spanned the spectrum of binge-eating severity. Participants completed two experimental tasks under both stressful- and relaxed-mood conditions while physiological, behavioral, and self-report indices of reward processing of palatable food were assessed. Contrary to hypotheses, reward processing of food was not heightened when stressed versus relaxed either in the full sample or in participants with greater negative urgency or binge-eating frequency/severity. Findings are discussed considering study limitations and previous mechanistic work on negative urgency.