diff --git a/src/julia-syntax.scm b/src/julia-syntax.scm
index 54a4446bb77f14..e54d986f94e09e 100644
--- a/src/julia-syntax.scm
+++ b/src/julia-syntax.scm
@@ -3460,17 +3460,18 @@ f(x) = yt(x)
                (tmp (if (valid-ir-return? x) #f (make-ssavalue))))
           (if tmp (emit `(= ,tmp ,x)))
           (emit `(return ,(or tmp x)))))
-      (if (> handler-level 0)
-          (let ((tmp (cond ((and (simple-atom? x) (or (not (ssavalue? x)) (not finally-handler))) #f)
-                           (finally-handler  (new-mutable-var))
-                           (else             (make-ssavalue)))))
-            (if tmp (emit `(= ,tmp ,x)))
-            (if finally-handler
-                (leave-finally-block `(return ,(or tmp x)))
-                (begin (emit `(leave ,handler-level))
-                       (actually-return (or tmp x))))
-            (or tmp x))
-          (actually-return x)))
+      (if x
+          (if (> handler-level 0)
+              (let ((tmp (cond ((and (simple-atom? x) (or (not (ssavalue? x)) (not finally-handler))) #f)
+                               (finally-handler  (new-mutable-var))
+                               (else             (make-ssavalue)))))
+                (if tmp (emit `(= ,tmp ,x)))
+                (if finally-handler
+                    (leave-finally-block `(return ,(or tmp x)))
+                    (begin (emit `(leave ,handler-level))
+                           (actually-return (or tmp x))))
+                (or tmp x))
+              (actually-return x))))
     (define (emit-break labl)
       (let ((lvl (caddr labl)))
         (if (and finally-handler (> (cadddr finally-handler) lvl))
@@ -3512,7 +3513,9 @@ f(x) = yt(x)
               (if (null? lst)
                   (reverse! vals)
                   (let* ((arg (car lst))
-                         (aval (compile arg break-labels #t #f linearize)))
+                         (aval (or (compile arg break-labels #t #f linearize)
+                                   ;; TODO: argument exprs that don't yield a value?
+                                   '(null))))
                     (loop (cdr lst)
                           (cons (if (and temps? linearize (not simple?)
                                          (not (simple-atom? arg))
@@ -3530,7 +3533,9 @@ f(x) = yt(x)
                                     aval)
                                 vals))))))))
     (define (compile-cond ex break-labels)
-      (let ((cnd (compile ex break-labels #t #f)))
+      (let ((cnd (or (compile ex break-labels #t #f)
+                     ;; TODO: condition exprs that don't yield a value?
+                     '(null))))
         (if (and *very-linear-mode*
                  (not (valid-ir-argument? cnd)))
             (let ((tmp (make-ssavalue)))
@@ -3538,12 +3543,13 @@ f(x) = yt(x)
               tmp)
             cnd)))
     (define (emit-assignment lhs rhs)
-      (if (valid-ir-rvalue? lhs rhs)
-          (emit `(= ,lhs ,rhs))
-          (let ((rr (make-ssavalue)))
-            (emit `(= ,rr ,rhs))
-            (emit `(= ,lhs ,rr))))
-      `(null))
+      (if rhs
+          (if (valid-ir-rvalue? lhs rhs)
+              (emit `(= ,lhs ,rhs))
+              (let ((rr (make-ssavalue)))
+                (emit `(= ,rr ,rhs))
+                (emit `(= ,lhs ,rr)))))
+      #f)
     ;; the interpreter loop. `break-labels` keeps track of the labels to jump to
     ;; for all currently closing break-blocks.
     ;; `value` means we are in a context where a value is required; a meaningful
@@ -3621,7 +3627,7 @@ f(x) = yt(x)
                              lhs)))
                (if (and (not *warn-all-loop-vars*) (has? deprecated-loop-vars lhs))
                    (del! deprecated-loop-vars lhs))
-               (if value
+               (if (and value rhs)
                    (let ((rr (if (or (atom? rhs) (ssavalue? rhs) (eq? (car rhs) 'null))
                                  rhs (make-ssavalue))))
                      (if (not (eq? rr rhs))
@@ -3671,7 +3677,7 @@ f(x) = yt(x)
                 (if file-diff (set! filename last-fname)))))
             ((return)
              (compile (cadr e) break-labels #t #t)
-             '(null))
+             #f)
             ((unnecessary)
              ;; `unnecessary` marks expressions generated by lowering that
              ;; do not need to be evaluated if their value is unused.
@@ -3743,7 +3749,7 @@ f(x) = yt(x)
                (emit `(goto ,m))
                (set! handler-goto-fixups
                      (cons (list code handler-level (cadr e)) handler-goto-fixups))
-               '(null)))
+               #f))
 
             ;; exception handlers are lowered using
             ;; (enter L) - push handler with catch block at label L
@@ -3763,9 +3769,9 @@ f(x) = yt(x)
                (let* ((v1  (compile (cadr e) break-labels value #f))
                       (val (if (and value (not tail))
                                (new-mutable-var) #f)))
-                 (if val (emit-assignment val v1))
+                 (if (and val v1) (emit-assignment val v1))
                  (if tail
-                     (begin (emit-return v1)
+                     (begin (if v1 (emit-return v1))
                             (if (not finally) (set! endl #f)))
                      (begin (emit '(leave 1))
                             (emit `(goto ,endl))))
@@ -3774,7 +3780,7 @@ f(x) = yt(x)
                  (emit `(leave 1))
                  (if finally
                      (begin (emit `(= ,finally-exception (the_exception)))
-                            (leave-finally-block `(foreigncall 'jl_rethrow_other (core Nothing) (call (core svec) Any)
+                            (leave-finally-block `(foreigncall 'jl_rethrow_other (top Bottom) (call (core svec) Any)
                                                                'ccall 1 ,finally-exception)
                                                  #f))
                      (let ((v2 (compile (caddr e) break-labels value tail)))
diff --git a/test/core.jl b/test/core.jl
index 9a7ce6b6acc28d..e2a889424083b0 100644
--- a/test/core.jl
+++ b/test/core.jl
@@ -929,6 +929,15 @@ function f24331()
 end
 @test f24331() == [2]
 
+# issue #26743
+function f26743()
+    try
+        return 5
+    finally
+    end
+end
+@test @inferred(f26743()) == 5
+
 # finalizers
 let A = [1]
     local x = 0