diff --git a/lib/Resolver.js b/lib/Resolver.js
index 97660905..a52c6067 100644
--- a/lib/Resolver.js
+++ b/lib/Resolver.js
@@ -758,52 +758,60 @@ class Resolver {
 	doResolve(hook, request, message, resolveContext, callback) {
 		const stackEntry = Resolver.createStackEntry(hook, request);
 
-		/** @type {Set<string> | undefined} */
-		let newStack;
-		if (resolveContext.stack) {
-			newStack = new Set(resolveContext.stack);
-			if (resolveContext.stack.has(stackEntry)) {
-				/**
-				 * Prevent recursion
-				 * @type {Error & { recursion?: boolean }}
-				 */
-				const recursionError = new Error(
-					`Recursion in resolving\nStack:\n  ${[...newStack].join("\n  ")}`,
-				);
-				recursionError.recursion = true;
-				if (resolveContext.log) {
-					resolveContext.log("abort resolving because of recursion");
-				}
-				return callback(recursionError);
+		// Recursion guard: each top-level `resolve()` call shares one Set across
+		// the whole pipeline. We add the current frame on the way down and
+		// remove it on the way up, so the Set only ever contains the live path
+		// from the root resolve down to the current hook. Avoids the
+		// O(depth^2) Set cloning that the previous "snapshot per call"
+		// implementation incurred on every doResolve.
+		let { stack } = resolveContext;
+		if (stack === undefined) {
+			stack = new Set();
+			resolveContext.stack = stack;
+		} else if (stack.has(stackEntry)) {
+			/**
+			 * Prevent recursion
+			 * @type {Error & { recursion?: boolean }}
+			 */
+			const recursionError = new Error(
+				`Recursion in resolving\nStack:\n  ${[...stack, stackEntry].join("\n  ")}`,
+			);
+			recursionError.recursion = true;
+			if (resolveContext.log) {
+				resolveContext.log("abort resolving because of recursion");
 			}
-			newStack.add(stackEntry);
-		} else {
-			// creating a set with new Set([item])
-			// allocates a new array that has to be garbage collected
-			// this is an EXTREMELY hot path, so let's avoid it
-			newStack = new Set();
-			newStack.add(stackEntry);
+			return callback(recursionError);
 		}
+		stack.add(stackEntry);
 		this.hooks.resolveStep.call(hook, request);
 
 		if (hook.isUsed()) {
-			const innerContext = createInnerContext(
-				{
-					log: resolveContext.log,
-					yield: resolveContext.yield,
-					fileDependencies: resolveContext.fileDependencies,
-					contextDependencies: resolveContext.contextDependencies,
-					missingDependencies: resolveContext.missingDependencies,
-					stack: newStack,
-				},
-				message,
-			);
+			// Hot path: when there is no log, the inner context is identical to
+			// the parent context (stack is shared via mutation), so we forward
+			// it directly and avoid two object allocations + a closure per
+			// doResolve call. Only the logging path needs createInnerContext to
+			// install the deferred-header wrapper.
+			const innerContext = resolveContext.log
+				? createInnerContext(
+						{
+							log: resolveContext.log,
+							yield: resolveContext.yield,
+							fileDependencies: resolveContext.fileDependencies,
+							contextDependencies: resolveContext.contextDependencies,
+							missingDependencies: resolveContext.missingDependencies,
+							stack,
+						},
+						message,
+					)
+				: resolveContext;
 			return hook.callAsync(request, innerContext, (err, result) => {
+				stack.delete(stackEntry);
 				if (err) return callback(err);
 				if (result) return callback(null, result);
 				callback();
 			});
 		}
+		stack.delete(stackEntry);
 		callback();
 	}