We examine the effects of the COVID‐19 pandemic on faculty using survey data. First, we uncover heterogeneity in the immediate effects on research productivity and burnout. Three groups emerged (Career Accelerated, Career Insulated, and Career Headwinds) with female faculty disproportionately represented in Career Headwinds, experiencing both high burnout and declines in research productivity. Second, we examine how greater caregiving demands at home and at work—in the form of institutional service—contribute to gender differences. We find female faculty reported greater increases in service demands, and these exerted greater drag on their careers through a larger crowd out of research time.