Index: lib/Target/AMDGPU/SIFoldOperands.cpp
===================================================================
--- lib/Target/AMDGPU/SIFoldOperands.cpp
+++ lib/Target/AMDGPU/SIFoldOperands.cpp
@@ -996,7 +996,8 @@
   //
   // TODO: Check nsz on instructions when fast math flags are preserved to MI
   // level.
-  bool IsIEEEMode = ST->enableIEEEBit(MF) || !MFI->hasNoSignedZerosFPMath();
+  bool IsIEEEMode = ST->enableIEEEBit(MF);
+  bool HasNSZ = MFI->hasNoSignedZerosFPMath();
 
   for (MachineBasicBlock *MBB : depth_first(&MF)) {
     MachineBasicBlock::iterator I, Next;
@@ -1007,7 +1008,10 @@
       tryFoldInst(TII, &MI);
 
       if (!TII->isFoldableCopy(MI)) {
-        if (IsIEEEMode || !tryFoldOMod(MI))
+        // TODO: Omod might be OK if there is NSZ only on the source
+        // instruction, and not the omod multiply.
+        if (IsIEEEMode || (!HasNSZ && !MI.getFlag(MachineInstr::FmNsz)) ||
+            !tryFoldOMod(MI))
           tryFoldClamp(MI);
         continue;
       }
Index: test/CodeGen/AMDGPU/omod-nsz-flag.mir
===================================================================
--- /dev/null
+++ test/CodeGen/AMDGPU/omod-nsz-flag.mir
@@ -0,0 +1,71 @@
+# RUN: llc -march=amdgcn -verify-machineinstrs -run-pass si-fold-operands  %s -o - | FileCheck -check-prefix=GCN %s
+
+--- |
+  define amdgpu_ps void @omod_inst_flag_nsz_src() {
+    unreachable
+  }
+
+  define amdgpu_ps void @omod_inst_flag_nsz_result() {
+    unreachable
+  }
+
+  define amdgpu_ps void @omod_inst_flag_nsz_both() {
+    unreachable
+  }
+
+...
+
+---
+
+# FIXME: Is it OK to fold omod for this?
+# GCN-LABEL: name: omod_inst_flag_nsz_src
+# GCN: %0:vgpr_32 = nsz V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 0, implicit $exec
+# GCN-NEXT: %1:vgpr_32 = V_MUL_F32_e64 0, %0, 0, 1073741824, 0, 0, implicit $exec
+# GCN-NEXT: S_ENDPGM implicit %1
+name: omod_inst_flag_nsz_src
+tracksRegLiveness: true
+
+body:             |
+  bb.0:
+    liveins: $vgpr0, $vgpr1
+
+  %0:vgpr_32 = nsz V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 0, implicit $exec
+  %1:vgpr_32 = V_MUL_F32_e64 0, %0, 0, 1073741824, 0, 0, implicit $exec
+  S_ENDPGM implicit %1
+
+...
+---
+
+# GCN-LABEL: name: omod_inst_flag_nsz_result
+# GCN: %0:vgpr_32 = V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 1, implicit $exec
+# GCN-NEXT: S_ENDPGM implicit %0
+
+name: omod_inst_flag_nsz_result
+tracksRegLiveness: true
+
+body:             |
+  bb.0:
+    liveins: $vgpr0, $vgpr1
+
+  %0:vgpr_32 = V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 0, implicit $exec
+  %1:vgpr_32 = nsz V_MUL_F32_e64 0, %0, 0, 1073741824, 0, 0, implicit $exec
+  S_ENDPGM implicit %1
+...
+
+---
+
+# GCN-LABEL: name: omod_inst_flag_nsz_both
+# GCN: %0:vgpr_32 = nsz V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 1, implicit $exec
+# GCN-NEXT: S_ENDPGM implicit %0
+
+name: omod_inst_flag_nsz_both
+tracksRegLiveness: true
+
+body:             |
+  bb.0:
+    liveins: $vgpr0, $vgpr1
+
+  %0:vgpr_32 = nsz V_ADD_F32_e64 0, $vgpr0, 0, $vgpr1, 0, 0, implicit $exec
+  %1:vgpr_32 = nsz V_MUL_F32_e64 0, %0, 0, 1073741824, 0, 0, implicit $exec
+  S_ENDPGM implicit %1
+...