diff --git a/clang/lib/Format/TokenAnnotator.cpp b/clang/lib/Format/TokenAnnotator.cpp
--- a/clang/lib/Format/TokenAnnotator.cpp
+++ b/clang/lib/Format/TokenAnnotator.cpp
@@ -2611,8 +2611,10 @@
       }
       if (Current->is(TT_BinaryOperator) || Current->is(tok::comma))
         return Current->getPrecedence();
-      if (Current->isOneOf(tok::period, tok::arrow))
+      if (Current->isOneOf(tok::period, tok::arrow) &&
+          Current->isNot(TT_TrailingReturnArrow)) {
         return PrecedenceArrowAndPeriod;
+      }
       if ((Style.Language == FormatStyle::LK_Java || Style.isJavaScript()) &&
           Current->isOneOf(Keywords.kw_extends, Keywords.kw_implements,
                            Keywords.kw_throws)) {
diff --git a/clang/unittests/Format/TokenAnnotatorTest.cpp b/clang/unittests/Format/TokenAnnotatorTest.cpp
--- a/clang/unittests/Format/TokenAnnotatorTest.cpp
+++ b/clang/unittests/Format/TokenAnnotatorTest.cpp
@@ -440,6 +440,15 @@
   ASSERT_EQ(Tokens.size(), 18u) << Tokens;
   EXPECT_TOKEN(Tokens[11], tok::kw_requires, TT_RequiresClause);
 
+  Tokens = annotate("template <typename T>\n"
+                    "requires Bar<T> || Baz<T>\n"
+                    "auto foo(T) -> int;");
+  ASSERT_EQ(Tokens.size(), 24u) << Tokens;
+  EXPECT_TOKEN(Tokens[5], tok::kw_requires, TT_RequiresClause);
+  EXPECT_EQ(Tokens[11]->FakeLParens.size(), 0u);
+  EXPECT_TRUE(Tokens[14]->ClosesRequiresClause);
+  EXPECT_TOKEN(Tokens[20], tok::arrow, TT_TrailingReturnArrow);
+
   Tokens = annotate("template <typename T>\n"
                     "struct S {\n"
                     "  void foo() const requires Bar<T>;\n"