Index: test/tools/llvm-objcopy/binary-no-paddr.test
===================================================================
--- /dev/null
+++ test/tools/llvm-objcopy/binary-no-paddr.test
@@ -0,0 +1,42 @@
+# RUN: yaml2obj %s -o %t
+# RUN: llvm-objcopy -O binary %t %t2
+# RUN: od -t x2 -v %t2 | FileCheck %s
+# RUN: wc -c < %t2 | FileCheck %s --check-prefix=SIZE
+
+!ELF
+FileHeader:
+  Class:           ELFCLASS64
+  Data:            ELFDATA2LSB
+  Type:            ET_EXEC
+  Machine:         EM_X86_64
+Sections:
+  - Name:            .text
+    Type:            SHT_PROGBITS
+    Flags:           [ SHF_ALLOC, SHF_EXECINSTR ]
+    Address:         0x1000
+    AddressAlign:    0x0000000000001000
+    Content:         "c3c3c3c3"
+  - Name:            .data
+    Type:            SHT_PROGBITS
+    Flags:           [ SHF_ALLOC ]
+    Address:         0x1004
+    AddressAlign:    0x0000000000000004
+    Content:         "3232"
+ProgramHeaders:
+  - Type: PT_LOAD
+    Flags: [ PF_X, PF_R ]
+    VAddr: 0x1000
+    PAddr: 0x0000
+    Align: 0x1000
+    Sections:
+      - Section: .text
+  - Type: PT_LOAD
+    Flags: [ PF_R, PF_W ]
+    VAddr: 0x1004
+    PAddr: 0x0000
+    Align: 0x1000
+    Sections:
+      - Section: .data
+
+# CHECK: 0000000 c3c3 c3c3 3232
+# SIZE:  6
Index: test/tools/llvm-objcopy/binary-paddr.test
===================================================================
--- /dev/null
+++ test/tools/llvm-objcopy/binary-paddr.test
@@ -0,0 +1,42 @@
+# RUN: yaml2obj %s -o %t
+# RUN: llvm-objcopy -O binary %t %t2
+# RUN: od -t x2 -v %t2 | FileCheck %s
+# RUN: wc -c < %t2 | FileCheck %s --check-prefix=SIZE
+
+!ELF
+FileHeader:
+  Class:           ELFCLASS64
+  Data:            ELFDATA2LSB
+  Type:            ET_EXEC
+  Machine:         EM_X86_64
+Sections:
+  - Name:            .text
+    Type:            SHT_PROGBITS
+    Flags:           [ SHF_ALLOC, SHF_EXECINSTR ]
+    Address:         0x1000
+    AddressAlign:    0x0000000000001000
+    Content:         "c3c3c3c3"
+  - Name:            .data
+    Type:            SHT_PROGBITS
+    Flags:           [ SHF_ALLOC ]
+    Address:         0x2000
+    AddressAlign:    0x0000000000000004
+    Content:         "3232"
+ProgramHeaders:
+  - Type: PT_LOAD
+    Flags: [ PF_X, PF_R ]
+    VAddr: 0x1000
+    PAddr: 0x1000
+    Align: 0x1000
+    Sections:
+      - Section: .text
+  - Type: PT_LOAD
+    Flags: [ PF_R, PF_W ]
+    VAddr: 0x2000
+    PAddr: 0x1004
+    Align: 0x1000
+    Sections:
+      - Section: .data
+
+# CHECK: 0000000 c3c3 c3c3 3232
+# SIZE:  6
Index: tools/llvm-objcopy/Object.cpp
===================================================================
--- tools/llvm-objcopy/Object.cpp
+++ tools/llvm-objcopy/Object.cpp
@@ -720,7 +720,7 @@
 // an Offset. It assumes that Segments have been sorted by OrderSegments and
 // returns an Offset one past the end of the last segment.
 static uint64_t LayoutSegments(std::vector<Segment *> &Segments,
-                               uint64_t Offset) {
+                               uint64_t Offset, bool UsePAddr = false) {
   assert(std::is_sorted(std::begin(Segments), std::end(Segments),
                         compareSegments));
   // The only way a segment should move is if a section was between two
@@ -738,7 +738,10 @@
       Segment->Offset =
           Parent->Offset + Segment->OriginalOffset - Parent->OriginalOffset;
     } else {
-      Offset = alignToAddr(Offset, Segment->VAddr, Segment->Align);
+      if (UsePAddr)
+        Offset = alignToAddr(Offset, Segment->PAddr, Segment->Align);
+      else
+        Offset = alignToAddr(Offset, Segment->VAddr, Segment->Align);
       Segment->Offset = Offset;
     }
     Offset = std::max(Offset, Segment->Offset + Segment->FileSize);
@@ -884,6 +887,22 @@
       std::unique(std::begin(OrderedSegments), std::end(OrderedSegments));
   OrderedSegments.erase(End, std::end(OrderedSegments));
 
+  // For binary output, we're going to use physical addresses instead of
+  // virtual addresses, since a binary output is used for cases like rom
+  // loading and physical addresses are intended for rom loading.
+  // However, if no segment has a physical address, we'll fallback to using
+  // virtual addresses for all.
+  bool HasAnyPAddr = false;
+  for (const auto &Segment: OrderedSegments) {
+    if (Segment->PAddr != 0) {
+      HasAnyPAddr = true;
+      break;
+    }
+  }
+  if (!HasAnyPAddr)
+    for (const auto &Segment: OrderedSegments)
+      Segment->PAddr = Segment->VAddr;
+
   // Modify the first segment so that there is no gap at the start. This allows
   // our layout algorithm to proceed as expected while not out writing out the
   // gap at the start.
@@ -897,13 +916,13 @@
     Seg->MemSize -= Diff;
     // The VAddr needs to be adjusted so that the alignment is correct as well
     Seg->VAddr += Diff;
-    Seg->PAddr = Seg->VAddr;
+    Seg->PAddr += Diff;
     // We don't want this to be shifted by alignment so we need to set the
     // alignment to zero.
     Seg->Align = 0;
   }
 
-  uint64_t Offset = LayoutSegments(OrderedSegments, 0);
+  uint64_t Offset = LayoutSegments(OrderedSegments, 0, true);
 
   // TODO: generalize LayoutSections to take a range. Pass a special range
   // constructed from an iterator that skips values for which a predicate does