AbstractThe subpolar North Atlantic (SPNA) is subject to strong decadal variability, with implications for surface climate and its predictability. In 2004–2005, SPNA decadal upper ocean and sea‐surface temperature trends reversed from warming during 1994–2004 to cooling over 2005–2015. This recent decadal trend reversal in SPNA ocean heat content (OHC) is studied using a physically consistent, observationally constrained global ocean state estimate covering 1992–2015. The estimate's physical consistency facilitates quantitative causal attribution of ocean variations. Closed heat budget diagnostics reveal that the SPNA OHC trend reversal is the result of heat advection by midlatitude ocean circulation. Kinematic decompositions reveal that changes in the deep and intermediate vertical overturning circulation cannot account for the trend reversal, but rather ocean heat transports by horizontal gyre circulations render the primary contributions. The shift in horizontal gyre advection reflects anomalous circulation acting on the mean temperature gradients. Maximum covariance analysis (MCA) reveals strong covariation between the anomalous horizontal gyre circulation and variations in the local wind stress curl, suggestive of a Sverdrup response. Results have implications for decadal predictability.