Firms' operational restructuring involves information relevant to strategic choices as well as future demand and cost conditions. This study examines the relationship between peer firms' restructuring and a company's responsiveness to its growth opportunities. Peer firm restructuring can increase uncertainty with respect to a company's payoffs regarding its investment projects, leading to decreased responsiveness to growth opportunities. Using a large sample of public companies during 2006–2020, I find that peer firms' restructuring is negatively associated with the responsiveness of capital expenditures (Capex) to growth opportunities. The results suggest that peer firms' restructuring activities provide information about a company's investment projects above and beyond industry shocks reflected in changes in industry sales. Furthermore, these associations are moderated by industry competition. The negative effects of peer firms' restructuring on Capex sensitivity are the strongest in high-competition industries.