Purpose: Teacher shortages disrupt multiple aspects of school functioning. Negative effects of shortages are linked to poor outcomes for students, teachers, and organizational climate and culture. However, less attention has been paid to the impact of shortages on principals' leadership activities. Research Methods/Approach: This study uses qualitative data from 23 principals in four Oklahoma school districts to describe the impact of teacher shortages on principals' leadership practice and the extent to which principals alter leadership behaviors in relation to shortages. Findings: Findings offer new evidence suggesting teacher supply, principal leadership, and organizational functioning are tightly coupled. Specifically, principals experienced competing managerial demands as they reported stronger impacts of shortages on tasks associated with organizational management, instructional management, and internal relations, while indirect or minor impacts were reported for administrative and external relations tasks. Implications: As teacher shortages increase across the U.S., this study highlights the cumulative impacts of shortages on schools and offers implications for school leadership, policy, and practice.