Both organizational and management research suggest that schools and their leaders need to be ambidextrous to secure prosperity and long-term survival in dynamic environments characterized by competition and innovation. In this context, ambidexterity refers to the ability to simultaneously pursue exploitation and exploration and thus to deliver efficiency, control and incremental improvements while embracing flexibility, autonomy and discontinuous innovation. Using a unique, randomized and representative data set of N = 405 principals, we present findings on principals' exploitation and exploration. The results indicate: (a) that principals engage far more often in exploitative than in explorative activities; (b) that exploitative activities in schools are executed at the expense of explorative activities; and (c) that explorative and ambidextrous activities of principals are positively associated with the (perceived) competition between schools. The study brings a novel perspective to educational research and demonstrates that applying the concept of ambidexterity has the potential to further our understanding of effective educational leadership and management.