diff --git a/src/Stache/Indexes/Terms/Value.php b/src/Stache/Indexes/Terms/Value.php
index 53ef46b4645..630d3a653c6 100644
--- a/src/Stache/Indexes/Terms/Value.php
+++ b/src/Stache/Indexes/Terms/Value.php
@@ -2,24 +2,48 @@
 
 namespace Statamic\Stache\Indexes\Terms;
 
+use ReflectionMethod;
+use Statamic\Facades\Entry;
 use Statamic\Facades\Term;
 use Statamic\Stache\Indexes\Value as Index;
+use Statamic\Stache\Repositories\TermRepository;
+use Statamic\Taxonomies\LocalizedTerm;
 
 class Value extends Index
 {
+    private ?array $publishedEntries = null;
+
     public function getItemValue($item)
     {
         // The augmented `entries_count` value only considers published entries, so
         // when filtering (e.g. via the `min_count` param on the taxonomy tag) we
         // need to resolve the same published-only count for consistency.
         if ($this->name === 'entries_count') {
-            return Term::entriesCount($item, 'published');
+            return $this->publishedEntries === null
+                ? Term::entriesCount($item, 'published')
+                : $this->countPublishedEntries($item);
         }
 
         return parent::getItemValue($item);
     }
 
     public function getItems()
+    {
+        // Counting a term's published entries is a query over every entry. Asked for one term
+        // at a time that's a query per term, so which entries are published is found once
+        // for the whole index and each term is counted from that.
+        if ($this->name === 'entries_count' && $this->countsEntriesTheUsualWay()) {
+            $this->publishedEntries = $this->publishedEntries();
+        }
+
+        try {
+            return $this->getTermItems();
+        } finally {
+            $this->publishedEntries = null;
+        }
+    }
+
+    private function getTermItems()
     {
         // There's an association for every entry that uses a term, so most terms have
         // many. They all make the same term, so it only needs making once per site.
@@ -46,4 +70,54 @@ public function getItems()
             ->merge(parent::getItems())
             ->all();
     }
+
+    private function publishedEntries(): array
+    {
+        $ids = [];
+
+        foreach ($this->store->index('associations')->items() as $association) {
+            if ($association) {
+                $ids[$association['entry']] = true;
+            }
+        }
+
+        return Entry::query()
+            ->whereIn('id', array_keys($ids))
+            ->whereStatus('published')
+            ->pluck('id')
+            ->flip()
+            ->all();
+    }
+
+    /**
+     * The same count as TermRepository::entriesCount($term, 'published').
+     */
+    private function countPublishedEntries($term): int
+    {
+        if ($term->collection()) {
+            return Term::entriesCount($term, 'published');
+        }
+
+        $entries = [];
+
+        foreach ($this->store->index('associations')->forValue($term->inDefaultLocale()->slug()) as $association) {
+            if ($term instanceof LocalizedTerm && $association['site'] !== $term->locale()) {
+                continue;
+            }
+
+            if (isset($this->publishedEntries[$association['entry']])) {
+                $entries[$association['entry']] = true;
+            }
+        }
+
+        return count($entries);
+    }
+
+    /**
+     * Whether a term's entries are counted by the method this index's own counting matches.
+     */
+    private function countsEntriesTheUsualWay(): bool
+    {
+        return (new ReflectionMethod(Term::getFacadeRoot(), 'entriesCount'))->getDeclaringClass()->getName() === TermRepository::class;
+    }
 }
diff --git a/tests/Stache/Indexes/TermEntriesCountTest.php b/tests/Stache/Indexes/TermEntriesCountTest.php
new file mode 100644
index 00000000000..2ad92f2206b
--- /dev/null
+++ b/tests/Stache/Indexes/TermEntriesCountTest.php
@@ -0,0 +1,132 @@
+<?php
+
+namespace Tests\Stache\Indexes;
+
+use Facades\Tests\Factories\EntryFactory;
+use PHPUnit\Framework\Attributes\Test;
+use Statamic\Contracts\Taxonomies\TermRepository as TermRepositoryContract;
+use Statamic\Facades\Collection;
+use Statamic\Facades\Entry;
+use Statamic\Facades\Stache;
+use Statamic\Facades\Taxonomy;
+use Statamic\Facades\Term;
+use Statamic\Stache\Repositories\EntryRepository;
+use Statamic\Stache\Repositories\TermRepository;
+use Tests\PreventSavingStacheItemsToDisk;
+use Tests\TestCase;
+
+class TermEntriesCountTest extends TestCase
+{
+    use PreventSavingStacheItemsToDisk;
+
+    private function index()
+    {
+        return Stache::store('terms')->store('tags')->index('entries_count');
+    }
+
+    private function createContent()
+    {
+        $this->setSites([
+            'en' => ['url' => '/', 'locale' => 'en_US'],
+            'fr' => ['url' => '/fr/', 'locale' => 'fr_FR'],
+        ]);
+
+        Taxonomy::make('tags')->sites(['en', 'fr'])->save();
+        Taxonomy::make('topics')->sites(['en', 'fr'])->save();
+        Collection::make('blog')->sites(['en', 'fr'])->taxonomies(['tags', 'topics'])->save();
+        Collection::make('news')->sites(['en'])->taxonomies(['tags'])->dated(true)->futureDateBehavior('private')->save();
+
+        EntryFactory::collection('blog')->id('1')->locale('en')->data(['tags' => ['alfa', 'bravo'], 'topics' => ['alfa']])->create();
+        EntryFactory::collection('blog')->id('2')->locale('en')->data(['tags' => ['alfa']])->create();
+        EntryFactory::collection('blog')->id('3')->locale('en')->data(['tags' => ['alfa', 'charlie']])->published(false)->create();
+        EntryFactory::collection('blog')->id('4')->locale('fr')->data(['tags' => ['alfa', 'delta']])->create();
+        EntryFactory::collection('blog')->id('5')->locale('fr')->data(['tags' => ['bravo']])->published(false)->create();
+        EntryFactory::collection('news')->id('6')->locale('en')->date('2020-01-01')->data(['tags' => ['alfa', 'echo']])->create();
+        EntryFactory::collection('news')->id('7')->locale('en')->date(now()->addYear()->format('Y-m-d'))->data(['tags' => ['bravo']])->create();
+
+        Term::make('alfa')->taxonomy('tags')->data(['title' => 'Alfa'])->save();
+        Term::make('foxtrot')->taxonomy('tags')->data(['title' => 'Nothing uses this'])->save();
+    }
+
+    #[Test]
+    public function it_counts_what_each_term_would_count_for_itself()
+    {
+        $this->createContent();
+
+        $counts = $this->index()->items()->all();
+
+        $this->assertEquals([
+            'en::alfa' => 3,
+            'en::bravo' => 1,
+            'en::charlie' => 0,
+            'en::echo' => 1,
+            'en::foxtrot' => 0,
+            'fr::alfa' => 1,
+            'fr::bravo' => 0,
+            'fr::delta' => 1,
+            'fr::foxtrot' => 0,
+        ], collect($counts)->sortKeys()->all());
+
+        foreach ($counts as $key => $count) {
+            [$site, $slug] = explode('::', $key);
+            $term = Term::make($slug)->taxonomy('tags')->in($site);
+
+            $this->assertSame(Term::entriesCount($term, 'published'), $count, $key);
+        }
+    }
+
+    #[Test]
+    public function it_finds_which_entries_are_published_once_for_the_whole_index()
+    {
+        $this->createContent();
+
+        Stache::store('terms')->store('tags')->index('associations')->items();
+
+        $repository = new class(app('stache')) extends EntryRepository
+        {
+            public $queries = 0;
+
+            public function query()
+            {
+                $this->queries++;
+
+                return parent::query();
+            }
+        };
+
+        Entry::swap($repository);
+
+        $this->assertCount(9, $this->index()->items());
+        $this->assertSame(1, $repository->queries);
+    }
+
+    #[Test]
+    public function a_term_updated_by_itself_is_still_counted()
+    {
+        $this->createContent();
+        $this->index()->items();
+
+        EntryFactory::collection('blog')->id('8')->locale('en')->data(['tags' => ['foxtrot']])->create();
+
+        $this->assertSame(1, $this->index()->items()->get('en::foxtrot'));
+    }
+
+    #[Test]
+    public function a_repository_that_counts_entries_its_own_way_is_asked_for_each_term()
+    {
+        $this->createContent();
+
+        $repository = new class(app('stache')) extends TermRepository
+        {
+            public function entriesCount($term, ?string $status = null): int
+            {
+                return 99;
+            }
+        };
+
+        $this->app->instance(TermRepositoryContract::class, $repository);
+        Term::swap($repository);
+
+        $this->assertEquals([99], collect($this->index()->getItems())->unique()->values()->all());
+    }
+}