diff --git a/.changeset/fast-cats-compile.md b/.changeset/fast-cats-compile.md
new file mode 100644
index 0000000000..585ce0ed1d
--- /dev/null
+++ b/.changeset/fast-cats-compile.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+perf: skip unnecessary blocker analysis when compiling components without top-level await
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index ef20049697..67e9030188 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -1221,6 +1221,10 @@ function calculate_blockers(instance, analysis) {
 		}
 	}
 
+	// With no top-level await, no binding can have a blocker and function tracing
+	// cannot affect the output.
+	if (!awaited) return;
+
 	flush_sync_group();
 
 	for (const fn of functions) {