Mulching the soil with organic-based formulations (hydromulching) is a sustainable alternative to plastic mulching that is here hypothesized to maintain crop production under drought stress by hormonal and metabolic regulation of source–sink relationships. To test this hypothesis, artichoke plants were grown on non-mulched soil and on soil mulched with polyethylene and three different organic mixtures, and subjected to optimal and reduced irrigation regimes. Under drought stress, the growth parameters were higher in plants grown with the different mulching treatments compared to non-mulched plants, which was related to a higher photosynthetic rate and water-use efficiency. Importantly, mulching-associated growth improvement under stress was explained by higher sucrolytic activity in the leaves that was accompanied by a decline in the active cytokinins. Besides this, salicylic acid decreased in the leaves, and abscisic acid and the ethylene precursor 1-aminocyclopropane-1-carboxylic acid were impaired in the artichoke heads, which is associated with better regulation of photoassimilate partitioning. Taken together, these results help to explain the hydromulching-associated growth improvement of artichokes under water stress through the hormonal regulation of sucrose metabolism, which could be very useful in future breeding programs for drought tolerance.