diff --git a/src/Fieldtypes/Replicator.php b/src/Fieldtypes/Replicator.php
index 816098c086f..73e0bc0f48b 100644
--- a/src/Fieldtypes/Replicator.php
+++ b/src/Fieldtypes/Replicator.php
@@ -7,6 +7,7 @@
 use Statamic\Data\NestedFieldUpdater;
 use Statamic\Facades\Blink;
 use Statamic\Facades\GraphQL;
+use Statamic\Fields\Field;
 use Statamic\Fields\Fields;
 use Statamic\Fields\Fieldtype;
 use Statamic\Fields\Values;
@@ -25,6 +26,14 @@ class Replicator extends Fieldtype
     protected $categories = ['structured'];
     protected $keywords = ['builder', 'page builder', 'content'];
     protected $rules = ['array'];
+    protected ?string $flattenedSetsConfigBlinkKey = null;
+
+    public function setField(Field $field)
+    {
+        $this->flattenedSetsConfigBlinkKey = null;
+
+        return parent::setField($field);
+    }
 
     protected function configFieldItems(): array
     {
@@ -276,9 +285,12 @@ private function shouldProcessNewValues(): bool
 
     public function flattenedSetsConfig()
     {
-        $blink = md5($this->field?->handle().json_encode($this->field?->config()));
+        // Re-serializing the config on every call is expensive on fields with lots
+        // of sets, and this gets hit repeatedly by fields(), preload() and augment().
+        // Invalidated in setField(), which is the only thing that replaces the field.
+        $this->flattenedSetsConfigBlinkKey ??= md5($this->field?->handle().json_encode($this->field?->config()));
 
-        return Blink::once($blink, function () {
+        return Blink::once($this->flattenedSetsConfigBlinkKey, function () {
             $sets = collect($this->config('sets'));
 
             // If the first set doesn't have a nested "set" key, it would be the legacy format.
diff --git a/tests/Fieldtypes/BardTest.php b/tests/Fieldtypes/BardTest.php
index 100eb745c25..48ceab677c4 100644
--- a/tests/Fieldtypes/BardTest.php
+++ b/tests/Fieldtypes/BardTest.php
@@ -1577,6 +1577,46 @@ private function bard($config = [])
         return (new Bard)->setField(new Field('test', array_merge(['type' => 'bard', 'sets' => ['one' => []]], $config)));
     }
 
+    #[Test]
+    public function it_gets_flattened_sets_config_for_each_field_it_is_given()
+    {
+        $fieldtype = new Bard;
+
+        $fieldtype->setField($this->fieldWithSet('alpha'));
+        $this->assertSame(['alpha'], $fieldtype->flattenedSetsConfig()->keys()->all());
+
+        $fieldtype->setField($this->fieldWithSet('bravo'));
+        $this->assertSame(['bravo'], $fieldtype->flattenedSetsConfig()->keys()->all());
+    }
+
+    #[Test]
+    public function it_gets_flattened_sets_config_when_the_field_is_replaced_without_being_read()
+    {
+        $fieldtype = new Bard;
+
+        $fieldtype->setField($this->fieldWithSet('alpha'));
+        $fieldtype->flattenedSetsConfig();
+
+        $fieldtype->setField($this->fieldWithSet('bravo'));
+        $fieldtype->setField($this->fieldWithSet('charlie'));
+
+        $this->assertSame(['charlie'], $fieldtype->flattenedSetsConfig()->keys()->all());
+    }
+
+    private function fieldWithSet(string $set)
+    {
+        return new Field($set.'_field', [
+            'type' => 'bard',
+            'sets' => [
+                'main' => [
+                    'sets' => [
+                        $set => ['fields' => [['handle' => 'words', 'field' => ['type' => 'text']]]],
+                    ],
+                ],
+            ],
+        ]);
+    }
+
     public static function groupedSetsProvider()
     {
         return [
diff --git a/tests/Fieldtypes/ReplicatorTest.php b/tests/Fieldtypes/ReplicatorTest.php
index ea15c10c54c..a1a1ac64273 100644
--- a/tests/Fieldtypes/ReplicatorTest.php
+++ b/tests/Fieldtypes/ReplicatorTest.php
@@ -1232,6 +1232,61 @@ public function it_has_button_label_config()
         $this->assertSame('Add Set', $configFields['button_label']['placeholder']);
     }
 
+    #[Test]
+    public function it_gets_flattened_sets_config_for_each_field_it_is_given()
+    {
+        $fieldtype = new Replicator;
+
+        $fieldtype->setField($this->fieldWithSet('alpha'));
+        $this->assertSame(['alpha'], $fieldtype->flattenedSetsConfig()->keys()->all());
+
+        $fieldtype->setField($this->fieldWithSet('bravo'));
+        $this->assertSame(['bravo'], $fieldtype->flattenedSetsConfig()->keys()->all());
+    }
+
+    #[Test]
+    public function it_gets_flattened_sets_config_when_the_field_is_replaced_without_being_read()
+    {
+        // The field is cloned into the fieldtype, so replacing it frees the previous
+        // clone and its spl_object_id becomes available to the next one.
+        $fieldtype = new Replicator;
+
+        $fieldtype->setField($this->fieldWithSet('alpha'));
+        $fieldtype->flattenedSetsConfig();
+
+        $fieldtype->setField($this->fieldWithSet('bravo'));
+        $fieldtype->setField($this->fieldWithSet('charlie'));
+
+        $this->assertSame(['charlie'], $fieldtype->flattenedSetsConfig()->keys()->all());
+    }
+
+    #[Test]
+    public function it_doesnt_use_another_fields_flattened_sets_config_when_cloned()
+    {
+        $fieldtype = new Replicator;
+        $fieldtype->setField($this->fieldWithSet('alpha'));
+        $fieldtype->flattenedSetsConfig();
+
+        $clone = (clone $fieldtype)->setField($this->fieldWithSet('bravo'));
+
+        $this->assertSame(['bravo'], $clone->flattenedSetsConfig()->keys()->all());
+        $this->assertSame(['alpha'], $fieldtype->flattenedSetsConfig()->keys()->all());
+    }
+
+    private function fieldWithSet(string $set)
+    {
+        return new Field($set.'_field', [
+            'type' => 'replicator',
+            'sets' => [
+                'main' => [
+                    'sets' => [
+                        $set => ['fields' => [['handle' => 'words', 'field' => ['type' => 'text']]]],
+                    ],
+                ],
+            ],
+        ]);
+    }
+
     public static function groupedSetsProvider()
     {
         return [