Ethephon drenches have been reported to effectively control growth of containerized bedding plants. However, previous researchers have indicated that the effects of ethephon drenches on growth and flowering may differ depending on the timing of applications. Our objectives were to quantify the effects of ethephon concentration, timing of substrate drench application, and their interaction on the growth, size, and flowering of two annual bedding plants. Angelonia (Angelonia angustifolia) and geranium (Pelargonium ×hortorum), seedlings were planted in 10.2-cm-diameter containers filled with a commercial, soilless growing substrate composed of (by vol.) 75% sphagnum peatmoss, and 25% perlite. Five, 10, 15, or 20 days after transplanting seedlings, 70-mL aliquots containing 0, 50, 100, or 200 mg·L−1 ethephon were applied as substrate drenches. Species varied in their growth and flowering responses to ethephon concentration, drench application timing, and their interaction. For angelonia, flowering was delayed most with early applications and high concentrations, and delay was diminished with later applications. Angelonia height was unaffected by late applications, though lateral growth was suppressed 20 days after transplant with 200 mg·L−1 ethephon. Flowering of geranium was only delayed when ethephon was applied 5 days after transplanting, whereas flowering, vegetative height, and shoot dry weight were affected more by earlier applications and higher concentrations. Width and root weight were only affected by ethephon concentration, with growth suppression increasing as concentrations increased. Ethephon is an effective growth regulator when applied as a substrate drench. However, the degree of activity and resulting impact on flowering, size, and growth is influenced by the interaction between ethephon concentrations and the timing of drench applications after transplanting.