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Abstract Changes in the severity and likelihood of flooding events are typically associated with changes in the intensity and frequency of streamflows, but temporal adjustments in a river's conveyance capacity can also contribute to shifts in flood hazard. To assess the relative importance of channel conveyance to flood hazard, we compare variations in channel conveyance to variations in the flow magnitude of moderate (1.2 years) floods at 50 river gauges in western Washington State between 1930 and 2020. In unregulated rivers, moderate floods have increased across the region, but in regulated rivers this trend is suppressed and in some cases reversed. Variations in channel conveyance are ubiquitous, but the magnitude and timing of adjustments are not regionally uniform. At 40% of gages, conveyance changes steadily and gradually. More often, however, conveyance variability is nonlinear, consisting of multidecadal oscillations (36% of gages), rapid changes due to unusually large sediment‐supply events (14% of gages), and increases or decreases to conveyance following flow regulation (10% of gages). The relative importance of conveyance variability for flood risk depends on the mode of adjustment; in certain locations with historic landslides, extreme floods, and flow regulation, the influence of conveyance changes on flood risk matches or exceeds that of streamflow at the same site. Flood hazard management would benefit from incorporating historic long‐term and short‐term conveyance changes in predictions of future flood hazard variability.