Index: llvm/tools/opt/opt.cpp
===================================================================
--- llvm/tools/opt/opt.cpp
+++ llvm/tools/opt/opt.cpp
@@ -902,7 +902,7 @@
   raw_ostream *OS = nullptr;
 
   // Write bitcode or assembly to the output as the last step...
-  if (!NoOutput && !AnalyzeOnly) {
+  if ((!NoOutput && !AnalyzeOnly) || RunTwice) {
     assert(Out);
     OS = &Out->os();
     if (RunTwice) {
@@ -950,13 +950,16 @@
              "Writing the result of the second run to the specified output.\n"
              "To generate the one-run comparison binary, just run without\n"
              "the compile-twice option\n";
-      Out->os() << BOS->str();
-      Out->keep();
+      if (!NoOutput && !AnalyzeOnly) {
+        Out->os() << BOS->str();
+        Out->keep();
+      }
       if (RemarksFile)
         RemarksFile->keep();
       return 1;
     }
-    Out->os() << BOS->str();
+    if (!NoOutput && !AnalyzeOnly)
+      Out->os() << BOS->str();
   }
 
   if (DebugifyEach && !DebugifyExport.empty())