The Washington Capitals' 1994-1995 season marked their 21st year and was significantly impacted by a lockout, resulting in a shortened 48-game schedule. The team struggled initially, posting a 3-10-5 record before rookie goalie Jim Carey, nicknamed 'Ace,' turned the season around with an impressive 18-6-3 record.

Peter Bondra led the NHL in goals with 34, and despite a strong playoff start against the Pittsburgh Penguins, the Capitals ultimately lost in seven games. This season was also notable for significant trades and draft picks that shaped the team's future.