The purpose of this study was to examine the moderating effects of cognitive risk factors in two mechanistically-distinct interventions. Forty-one patients with panic disorder and agoraphobia were randomly assigned to receive training aimed at altering respiration (Capnometry-assisted respiratory training, CART) or symptom appraisal (cognitive skill training, CT). Using a mixed effects regression model, we assessed whether reductions in panic symptom severity (PDSS) were moderated by the variables of interest. While improvement in PDSS did not differ among treatment modalities, moderating effects emerged. Individuals with greater initial levels of misappraisal showed smaller reduction in PDSS when receiving CT, but larger reduction when receiving CART. Greater lack of perceived control was predictive of worse outcome in CART, but better outcome in CT. Better homework compliance was related to greater reductions in PDSS irrespective of condition. The findings illustrate the complexity of moderating influences within and between distinct interventions.