diff --git a/bolt/include/bolt/Core/BinaryFunction.h b/bolt/include/bolt/Core/BinaryFunction.h
--- a/bolt/include/bolt/Core/BinaryFunction.h
+++ b/bolt/include/bolt/Core/BinaryFunction.h
@@ -349,6 +349,9 @@
   /// This attribute is only valid when hasCFG() == true.
   bool HasCanonicalCFG{true};
 
+  /// True if another function body was merged into this one.
+  bool HasFunctionsFoldedInto{false};
+
   /// Name for the section this function code should reside in.
   std::string CodeSectionName;
 
@@ -1407,6 +1410,9 @@
   /// Return true if the body of the function was merged into another function.
   bool isFolded() const { return FoldedIntoFunction != nullptr; }
 
+  /// Return true if other functions were folded into this one.
+  bool hasFunctionsFoldedInto() const { return HasFunctionsFoldedInto; }
+
   /// If this function was folded, return the function it was folded into.
   BinaryFunction *getFoldedIntoFunction() const { return FoldedIntoFunction; }
 
@@ -1770,6 +1776,9 @@
 
   void setFolded(BinaryFunction *BF) { FoldedIntoFunction = BF; }
 
+  /// Indicate that another function body was merged with this function.
+  void setHasFunctionsFoldedInto() { HasFunctionsFoldedInto = true; }
+
   BinaryFunction &setPersonalityFunction(uint64_t Addr) {
     assert(!PersonalityFunction && "can't set personality function twice");
     PersonalityFunction = BC.getOrCreateGlobalSymbol(Addr, "FUNCat");
diff --git a/bolt/lib/Core/BinaryContext.cpp b/bolt/lib/Core/BinaryContext.cpp
--- a/bolt/lib/Core/BinaryContext.cpp
+++ b/bolt/lib/Core/BinaryContext.cpp
@@ -1345,6 +1345,8 @@
 
     ChildBF.setFolded(&ParentBF);
   }
+
+  ParentBF.setHasFunctionsFoldedInto();
 }
 
 void BinaryContext::fixBinaryDataHoles() {
diff --git a/bolt/lib/Passes/IdenticalCodeFolding.cpp b/bolt/lib/Passes/IdenticalCodeFolding.cpp
--- a/bolt/lib/Passes/IdenticalCodeFolding.cpp
+++ b/bolt/lib/Passes/IdenticalCodeFolding.cpp
@@ -413,7 +413,7 @@
   uint64_t NumFunctionsFolded = 0;
   std::atomic<uint64_t> NumJTFunctionsFolded{0};
   std::atomic<uint64_t> BytesSavedEstimate{0};
-  std::atomic<uint64_t> CallsSavedEstimate{0};
+  std::atomic<uint64_t> NumCalled{0};
   std::atomic<uint64_t> NumFoldedLastIteration{0};
   CongruentBucketsMap CongruentBuckets;
 
@@ -493,6 +493,8 @@
             });
 
         BinaryFunction *ParentBF = Twins[0];
+        if (!ParentBF->hasFunctionsFoldedInto())
+          NumCalled += ParentBF->getKnownExecutionCount();
         for (unsigned I = 1; I < Twins.size(); ++I) {
           BinaryFunction *ChildBF = Twins[I];
           LLVM_DEBUG(dbgs() << "BOLT-DEBUG: folding " << *ChildBF << " into "
@@ -506,8 +508,8 @@
 
           // Fold the function and remove from the list of processed functions.
           BytesSavedEstimate += ChildBF->getSize();
-          CallsSavedEstimate += std::min(ChildBF->getKnownExecutionCount(),
-                                         ParentBF->getKnownExecutionCount());
+          if (!ChildBF->hasFunctionsFoldedInto())
+            NumCalled += ChildBF->getKnownExecutionCount();
           BC.foldFunction(*ChildBF, *ParentBF);
 
           ++NumFoldedLastIteration;
@@ -579,8 +581,8 @@
            << " functions had jump tables.\n"
            << "BOLT-INFO: Removing all identical functions will save "
            << format("%.2lf", (double)BytesSavedEstimate / 1024)
-           << " KB of code space. Folded functions were called "
-           << CallsSavedEstimate << " times based on profile.\n";
+           << " KB of code space. Folded functions were called " << NumCalled
+           << " times based on profile.\n";
 }
 
 } // namespace bolt