diff --git a/src/compiler/nir/nir_loop_analyze.c b/src/compiler/nir/nir_loop_analyze.c
index 208dd9fd895..6e72b1fbafb 100644
--- a/src/compiler/nir/nir_loop_analyze.c
+++ b/src/compiler/nir/nir_loop_analyze.c
@@ -26,6 +26,7 @@
 #include "util/ralloc.h"
 #include "nir.h"
 #include "nir_constant_expressions.h"
+#include "nir_search_helpers.h"
 
 typedef struct {
    /* The loop we store information for */
@@ -97,6 +98,10 @@ instr_cost(loop_info_state *state, nir_instr *instr,
    } else if (nir_op_is_vec_or_mov(alu->op)) {
       /* movs and vecs are likely free. */
       return 0;
+   } else if ((alu->op == nir_op_fmul || alu->op == nir_op_fmulz) &&
+              is_only_used_by_fadd(alu)) {
+      /* If we can fuse fma/mad, do not count the mul. */
+      return 0;
    }
 
    if (alu->op == nir_op_flrp) {