Index: llvm/lib/Passes/PassBuilderPipelines.cpp
===================================================================
--- llvm/lib/Passes/PassBuilderPipelines.cpp
+++ llvm/lib/Passes/PassBuilderPipelines.cpp
@@ -1243,19 +1243,24 @@
     // or SimplifyCFG passes scheduled after us, that would cleanup
     // the CFG mess this may created if allowed to modify CFG, so forbid that.
     FPM.addPass(SROAPass(SROAOptions::PreserveCFG));
-    FPM.addPass(InstCombinePass());
-    FPM.addPass(createFunctionToLoopPassAdaptor(
-        LICMPass(PTO.LicmMssaOptCap, PTO.LicmMssaNoAccForPromotionCap,
-                 /*AllowSpeculation=*/true),
-        /*UseMemorySSA=*/true, /*UseBlockFrequencyInfo=*/false));
   }
 
+  FPM.addPass(InstCombinePass());
+
+  // This is needed for two reasons:
+  //   1. It works around problems that instcombine introduces, such as sinking
+  //      expensive FP divides into loops containing multiplications using the
+  //      divide result.
+  //   2. It helps to clean up some loop-invariant code created by the loop
+  //      unroll pass when IsFullLTO=false.
+  FPM.addPass(createFunctionToLoopPassAdaptor(
+      LICMPass(PTO.LicmMssaOptCap, PTO.LicmMssaNoAccForPromotionCap,
+               /*AllowSpeculation=*/true),
+      /*UseMemorySSA=*/true, /*UseBlockFrequencyInfo=*/true));
+
   // Now that we've vectorized and unrolled loops, we may have more refined
   // alignment information, try to re-derive it here.
   FPM.addPass(AlignmentFromAssumptionsPass());
-
-  if (IsFullLTO)
-    FPM.addPass(InstCombinePass());
 }
 
 ModulePassManager
Index: llvm/test/Other/new-pm-lto-defaults.ll
===================================================================
--- llvm/test/Other/new-pm-lto-defaults.ll
+++ llvm/test/Other/new-pm-lto-defaults.ll
@@ -129,8 +129,11 @@
 ; CHECK-O3-NEXT: Running pass: SLPVectorizerPass on foo
 ; CHECK-OS-NEXT: Running pass: SLPVectorizerPass on foo
 ; CHECK-O23SZ-NEXT: Running pass: VectorCombinePass on foo
-; CHECK-O23SZ-NEXT: Running pass: AlignmentFromAssumptionsPass on foo
 ; CHECK-O23SZ-NEXT: Running pass: InstCombinePass on foo
+; CHECK-O23SZ-NEXT: Running pass: LoopSimplifyPass
+; CHECK-O23SZ-NEXT: Running pass: LCSSAPass
+; CHECK-O23SZ-NEXT: Running pass: LICMPass
+; CHECK-O23SZ-NEXT: Running pass: AlignmentFromAssumptionsPass on foo
 ; CHECK-EP-Peephole-NEXT: Running pass: NoOpFunctionPass on foo
 ; CHECK-O23SZ-NEXT: Running pass: JumpThreadingPass on foo
 ; CHECK-O23SZ-NEXT: Running pass: LowerTypeTestsPass
Index: llvm/test/Transforms/PhaseOrdering/lto-licm.ll
===================================================================
--- llvm/test/Transforms/PhaseOrdering/lto-licm.ll
+++ llvm/test/Transforms/PhaseOrdering/lto-licm.ll
@@ -4,6 +4,7 @@
 define void @hoist_fdiv(ptr %a, float %b) {
 ; CHECK-LABEL: @hoist_fdiv(
 ; CHECK-NEXT:  entry:
+; CHECK-NEXT:    [[TMP0:%.*]] = fdiv fast float 1.000000e+00, [[B:%.*]]
 ; CHECK-NEXT:    br label [[FOR_COND:%.*]]
 ; CHECK:       for.cond:
 ; CHECK-NEXT:    [[I_0:%.*]] = phi i32 [ 0, [[ENTRY:%.*]] ], [ [[INC:%.*]], [[FOR_INC:%.*]] ]
@@ -12,9 +13,9 @@
 ; CHECK:       for.inc:
 ; CHECK-NEXT:    [[IDXPROM:%.*]] = zext i32 [[I_0]] to i64
 ; CHECK-NEXT:    [[ARRAYIDX:%.*]] = getelementptr inbounds float, ptr [[A:%.*]], i64 [[IDXPROM]]
-; CHECK-NEXT:    [[TMP0:%.*]] = load float, ptr [[ARRAYIDX]], align 4
-; CHECK-NEXT:    [[TMP1:%.*]] = fdiv fast float [[TMP0]], [[B:%.*]]
-; CHECK-NEXT:    store float [[TMP1]], ptr [[ARRAYIDX]], align 4
+; CHECK-NEXT:    [[TMP1:%.*]] = load float, ptr [[ARRAYIDX]], align 4
+; CHECK-NEXT:    [[TMP2:%.*]] = fmul fast float [[TMP1]], [[TMP0]]
+; CHECK-NEXT:    store float [[TMP2]], ptr [[ARRAYIDX]], align 4
 ; CHECK-NEXT:    [[INC]] = add nuw nsw i32 [[I_0]], 1
 ; CHECK-NEXT:    br label [[FOR_COND]]
 ; CHECK:       for.end: