diff --git a/llvm/lib/Transforms/Vectorize/SLPVectorizer.cpp b/llvm/lib/Transforms/Vectorize/SLPVectorizer.cpp
--- a/llvm/lib/Transforms/Vectorize/SLPVectorizer.cpp
+++ b/llvm/lib/Transforms/Vectorize/SLPVectorizer.cpp
@@ -6300,16 +6300,33 @@
     return TTI.getShuffleCost(ShuffleKind, VecTy, Mask);
 
   bool AllConsecutive = true;
+  auto IsExtract = [](Value *V) {
+    return isa<ExtractElementInst>(V) || isa<ExtractValueInst>(V);
+  };
+  bool ExtractFromCommonOperand = true;
   unsigned EltsPerVector = VecTy->getNumElements() / NumOfParts;
   unsigned Idx = -1;
   InstructionCost Cost = 0;
 
-  // Process extracts in blocks of EltsPerVector to check if the source vector
-  // operand can be re-used directly. If not, add the cost of creating a shuffle
-  // to extract the values into a vector register.
+  auto GetExtractOperand = [](Value *V) -> Value * {
+    if (auto *EEI = dyn_cast<ExtractElementInst>(V))
+      return EEI->getVectorOperand();
+    if (auto *EVI = dyn_cast<ExtractValueInst>(V))
+      return EVI->getAggregateOperand();
+    llvm_unreachable("Expected ExtractElement or ExtractValue");
+  };
+  Value *ExtractOperand0 = IsExtract(VL[0]) ? GetExtractOperand(VL[0]) : VL[0];
+
+  // Process extracts in blocks of EltsPerVector to check if the source
+  // vector operand can be re-used directly. If not, add the cost of
+  // creating a shuffle to extract the values into a vector register.
   SmallVector<int> RegMask(EltsPerVector, UndefMaskElem);
   for (auto *V : VL) {
     ++Idx;
+    // Check if we extract from a single common operand.
+    Value *Operand = IsExtract(V) ? GetExtractOperand(V) : V;
+    if (Operand != ExtractOperand0)
+      ExtractFromCommonOperand = false;
 
     // Reached the start of a new vector registers.
     if (Idx % EltsPerVector == 0) {
@@ -6332,7 +6349,9 @@
       RegMask[Idx % EltsPerVector] = CurrentIdx % EltsPerVector;
     }
 
-    if (AllConsecutive)
+    // If all are consecutive and are all extracts from the same operand then we
+    // can reuse that operand.
+    if (AllConsecutive && ExtractFromCommonOperand)
       continue;
 
     // Skip all indices, except for the last index per vector block.
diff --git a/llvm/test/Transforms/SLPVectorizer/X86/buildvector-float-and-extract-lane1.ll b/llvm/test/Transforms/SLPVectorizer/X86/buildvector-float-and-extract-lane1.ll
--- a/llvm/test/Transforms/SLPVectorizer/X86/buildvector-float-and-extract-lane1.ll
+++ b/llvm/test/Transforms/SLPVectorizer/X86/buildvector-float-and-extract-lane1.ll
@@ -13,7 +13,7 @@
 ; YAML: Function:        test
 ; YAML: Args:
 ; YAML:   - String:          'SLP vectorized with cost '
-; YAML:   - Cost:            '-2'
+; YAML:   - Cost:            '-1'
 ; YAML:   - String:          ' and with tree size '
 ; YAML:   - TreeSize:        '3'
 ; YAML: ...