diff --git a/internal/zinc-core/src/main/scala/sbt/internal/inc/Incremental.scala b/internal/zinc-core/src/main/scala/sbt/internal/inc/Incremental.scala
index ef511be60..8e8f2b39c 100644
--- a/internal/zinc-core/src/main/scala/sbt/internal/inc/Incremental.scala
+++ b/internal/zinc-core/src/main/scala/sbt/internal/inc/Incremental.scala
@@ -1090,14 +1090,14 @@ private final class AnalysisCallback(
 
   override def dependencyPhaseCompleted(): Unit = {
     val incHandler = incHandlerOpt.getOrElse(sys.error("incHandler was expected"))
-    if (invalidationResults.isEmpty) {
+    if (earlyOutput.isDefined && invalidationResults.isEmpty) {
       val a = getAnalysis
       val CompileCycleResult(continue, invalidations, merged) =
         incHandler.mergeAndInvalidate(a, false)
       // Store invalidations and continuation decision; the analysis will be computed again after Analyze phase.
       invalidationResults = Some(CompileCycleResult(continue, invalidations, Analysis.empty))
       // If there will be no more compilation cycles, store the early analysis file and update the pickle jar
-      if (earlyOutput.isDefined && !continue && lookup.shouldDoEarlyOutput(merged)) {
+      if (!continue && lookup.shouldDoEarlyOutput(merged)) {
         writeEarlyArtifacts(merged)
       }
     }
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/A.scala b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/A.scala
new file mode 100644
index 000000000..436599e3c
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/A.scala
@@ -0,0 +1,13 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+class A() extends ABase()
+
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/ABase.java b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/ABase.java
new file mode 100644
index 000000000..1b5de6e59
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/ABase.java
@@ -0,0 +1,14 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+public abstract class ABase {
+    H h;
+}
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/H.scala b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/H.scala
new file mode 100644
index 000000000..e94157e9b
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/H.scala
@@ -0,0 +1,12 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+class H() extends HBase()
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/HBase.java b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/HBase.java
new file mode 100644
index 000000000..318df9893
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/HBase.java
@@ -0,0 +1,14 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+public abstract class HBase {
+    A a;
+}
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/A.scala b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/A.scala
new file mode 100644
index 000000000..8cc435b37
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/A.scala
@@ -0,0 +1,16 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+class A() extends ABase()
+
+
+
+// random placeholder change
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/ABase.java b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/ABase.java
new file mode 100644
index 000000000..b23be5ce5
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/changes/ABase.java
@@ -0,0 +1,16 @@
+/*
+ * Zinc - The incremental compiler for Scala.
+ * Copyright Scala Center, Lightbend, and Mark Harrah
+ *
+ * Licensed under Apache License 2.0
+ * SPDX-License-Identifier: Apache-2.0
+ *
+ * See the NOTICE file distributed with this work for
+ * additional information regarding copyright ownership.
+ */
+
+public abstract class ABase {
+    H h;
+}
+
+// Random changes to force recompilation
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/incOptions.properties b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/incOptions.properties
new file mode 100644
index 000000000..e7b9a57ec
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/incOptions.properties
@@ -0,0 +1 @@
+pipelining = false
\ No newline at end of file
diff --git a/zinc/src/sbt-test/source-dependencies/cyclic-dependency/test b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/test
new file mode 100644
index 000000000..542ad82ae
--- /dev/null
+++ b/zinc/src/sbt-test/source-dependencies/cyclic-dependency/test
@@ -0,0 +1,6 @@
+> compile
+
+$ copy-file changes/ABase.java ABase.java
+$ copy-file changes/A.scala A.scala
+
+> checkIterations 2
\ No newline at end of file