Despite the absence of Mario Lemieux, the Penguins started the 1994–95 season off strong, winning their first seven games. They remained undefeated in their first 13 games, going 12–0–1. However, after such a red-hot start to the season, the Penguins had a lukewarm record in their final 35 games, going 17–16–2. Jaromir Jagr won the Art Ross Trophy for most points (70), captain Ron Francis led the league in assists (48) and plus/minus (+30), and goaltender Ken Wregget led the league in wins (25). In a 7-3 Penguins' win over the Florida Panthers on February 7, Joe Mullen recorded an assist and became the first American-born NHL player to reach 1,000 points. Nine days later, Luc Robitaille scored 4 goals in a 5-2 Penguins' win over the Hartford Whalers.
Despite finding themselves in a three-games-to-one series deficit against the Washington Capitals in the first round of the playoffs, the Penguins won game five at home in overtime, 6–5, on Luc Robitaille's goal at 4:30 of the first overtime period. Peter Bondra, Dale Hunter, Jaromir Jagr and Kevin Stevens each scored twice in the game. Pittsburgh went on to win game six in Washington, 7–1, and then closed out the series at home with a 3–0 victory in game seven. It was the second time in four years that the Penguins had come back to defeat the Capitals after being down three games to one. The Penguins faced the New Jersey Devils in the second round, and won the opening game, 3–2. With only 1:15 remaining in game two, Jaromir Jagr tied the game at 2–2. The game seemed certain to head to overtime until a breakaway-goal by Devils captain Scott Stevens with just 29 seconds remaining. Claude Lemieux added an empty-net goal and the Devils tied the series with a 4–2 win. In the final three games of the series, the Penguins managed to score only three goals, and were eliminated at home in game five, by a score of 4–1.