diff --git a/llvm/lib/Transforms/Utils/SimplifyCFG.cpp b/llvm/lib/Transforms/Utils/SimplifyCFG.cpp
--- a/llvm/lib/Transforms/Utils/SimplifyCFG.cpp
+++ b/llvm/lib/Transforms/Utils/SimplifyCFG.cpp
@@ -3232,6 +3232,8 @@
     // I must be safe to execute unconditionally.
     if (!isSafeToSpeculativelyExecute(&I))
       return false;
+    if (TTI && TTI->getUserCost(&I, CostKind) == TargetTransformInfo::TCC_Free)
+      continue;
 
     // Account for the cost of duplicating this instruction into each
     // predecessor.
diff --git a/llvm/test/Transforms/SimplifyCFG/fold-branch-to-common-dest-free-cost.ll b/llvm/test/Transforms/SimplifyCFG/fold-branch-to-common-dest-free-cost.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/SimplifyCFG/fold-branch-to-common-dest-free-cost.ll
@@ -0,0 +1,40 @@
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py
+; RUN: opt < %s -S -passes=simplifycfg -bonus-inst-threshold=1 | FileCheck %s
+
+declare i8* @llvm.strip.invariant.group.p0i8(i8*)
+
+declare void @g1()
+declare void @g2()
+
+define void @f(i8* %a, i8* %b, i1 %c, i1 %d, i1 %e) {
+; CHECK-LABEL: @f(
+; CHECK-NEXT:    br i1 [[C:%.*]], label [[L1:%.*]], label [[L3:%.*]]
+; CHECK:       l1:
+; CHECK-NEXT:    [[A1:%.*]] = call i8* @llvm.strip.invariant.group.p0i8(i8* [[A:%.*]])
+; CHECK-NEXT:    [[B1:%.*]] = call i8* @llvm.strip.invariant.group.p0i8(i8* [[B:%.*]])
+; CHECK-NEXT:    [[I:%.*]] = icmp eq i8* [[A1]], [[B1]]
+; CHECK-NEXT:    br i1 [[I]], label [[L2:%.*]], label [[L3]]
+; CHECK:       l2:
+; CHECK-NEXT:    call void @g1()
+; CHECK-NEXT:    br label [[RET:%.*]]
+; CHECK:       l3:
+; CHECK-NEXT:    call void @g2()
+; CHECK-NEXT:    br label [[RET]]
+; CHECK:       ret:
+; CHECK-NEXT:    ret void
+;
+  br i1 %c, label %l1, label %l3
+l1:
+  %a1 = call i8* @llvm.strip.invariant.group.p0i8(i8* %a)
+  %b1 = call i8* @llvm.strip.invariant.group.p0i8(i8* %b)
+  %i = icmp eq i8* %a1, %b1
+  br i1 %i, label %l2, label %l3
+l2:
+  call void @g1()
+  br label %ret
+l3:
+  call void @g2()
+  br label %ret
+ret:
+  ret void
+}