diff --git a/lib/internal/modules/cjs/loader.js b/lib/internal/modules/cjs/loader.js
index 953dd8d755f980..db31feb93ee724 100644
--- a/lib/internal/modules/cjs/loader.js
+++ b/lib/internal/modules/cjs/loader.js
@@ -83,7 +83,6 @@ const {
   emitExperimentalWarning,
   kEmptyObject,
   setOwnProperty,
-  getCwdSafe,
   getLazy,
 } = require('internal/util');
 const { internalCompileFunction } = require('internal/vm');
@@ -1153,7 +1152,7 @@ Module._resolveFilename = function(request, parent, isMain, options) {
   }
 
   if (request[0] === '#' && (parent?.filename || parent?.id === '<repl>')) {
-    const parentPath = parent?.filename ?? getCwdSafe();
+    const parentPath = parent?.filename ?? process.cwd() + path.sep;
     const pkg = readPackageScope(parentPath) || { __proto__: null };
     if (pkg.data?.imports != null) {
       try {
diff --git a/lib/internal/modules/esm/resolve.js b/lib/internal/modules/esm/resolve.js
index 2cd5e0b9d5037b..03725bd0b5dfbe 100644
--- a/lib/internal/modules/esm/resolve.js
+++ b/lib/internal/modules/esm/resolve.js
@@ -37,7 +37,7 @@ const experimentalNetworkImports =
   getOptionValue('--experimental-network-imports');
 const typeFlag = getOptionValue('--input-type');
 const { URL, pathToFileURL, fileURLToPath, isURL } = require('internal/url');
-const { getCwdSafe } = require('internal/util');
+const { getCWDURL } = require('internal/util');
 const { canParse: URLCanParse } = internalBinding('url');
 const { legacyMainResolve: FSLegacyMainResolve } = internalBinding('fs');
 const {
@@ -1096,7 +1096,7 @@ function defaultResolve(specifier, context = {}) {
 
   const isMain = parentURL === undefined;
   if (isMain) {
-    parentURL = pathToFileURL(getCwdSafe()).href;
+    parentURL = getCWDURL().href;
 
     // This is the initial entry point to the program, and --input-type has
     // been passed as an option; but --input-type can only be used with
diff --git a/lib/internal/modules/esm/utils.js b/lib/internal/modules/esm/utils.js
index 100daa2a09d754..af4e975566c83a 100644
--- a/lib/internal/modules/esm/utils.js
+++ b/lib/internal/modules/esm/utils.js
@@ -21,8 +21,7 @@ const {
   loadPreloadModules,
   initializeFrozenIntrinsics,
 } = require('internal/process/pre_execution');
-const { pathToFileURL } = require('internal/url');
-const { getCwdSafe } = require('internal/util');
+const { getCWDURL } = require('internal/util');
 const {
   setImportModuleDynamicallyCallback,
   setInitializeImportMetaObjectCallback,
@@ -212,7 +211,7 @@ async function initializeHooks() {
   loadPreloadModules();
   initializeFrozenIntrinsics();
 
-  const parentURL = pathToFileURL(getCwdSafe()).href;
+  const parentURL = getCWDURL().href;
   for (let i = 0; i < customLoaderURLs.length; i++) {
     await hooks.register(
       customLoaderURLs[i],
diff --git a/lib/internal/process/esm_loader.js b/lib/internal/process/esm_loader.js
index 9f80991610cd08..a3451ddab307f2 100644
--- a/lib/internal/process/esm_loader.js
+++ b/lib/internal/process/esm_loader.js
@@ -9,8 +9,7 @@ const { getOptionValue } = require('internal/options');
 const {
   hasUncaughtExceptionCaptureCallback,
 } = require('internal/process/execution');
-const { pathToFileURL } = require('internal/url');
-const { kEmptyObject, getCwdSafe } = require('internal/util');
+const { kEmptyObject, getCWDURL } = require('internal/util');
 
 let esmLoader;
 
@@ -23,7 +22,7 @@ module.exports = {
     try {
       const userImports = getOptionValue('--import');
       if (userImports.length > 0) {
-        const parentURL = pathToFileURL(getCwdSafe()).href;
+        const parentURL = getCWDURL().href;
         await SafePromiseAllReturnVoid(userImports, (specifier) => esmLoader.import(
           specifier,
           parentURL,
diff --git a/lib/internal/util.js b/lib/internal/util.js
index 75083d259a7e57..e6d925f909388a 100644
--- a/lib/internal/util.js
+++ b/lib/internal/util.js
@@ -358,22 +358,30 @@ function getConstructorOf(obj) {
   return null;
 }
 
+let cachedURL;
+let cachedCWD;
+
 /**
  * Get the current working directory while accounting for the possibility that it has been deleted.
  * `process.cwd()` can fail if the parent directory is deleted while the process runs.
- * @returns {string} The current working directory or the volume root if it cannot be determined.
+ * @returns {URL} The current working directory or the volume root if it cannot be determined.
  */
-function getCwdSafe() {
+function getCWDURL() {
   const { sep } = require('path');
-  let cwd = '';
+  const { pathToFileURL } = require('url');
+
+  let cwd;
 
   try {
-    cwd = process.cwd();
-  } catch {
-    /**/
+    cwd = process.cwd() + sep;
+  } catch {}
+
+  if (cwd != null && cwd !== cachedCWD) {
+    cachedURL = pathToFileURL(cwd);
+    cachedCWD = cwd;
   }
 
-  return cwd + sep;
+  return cachedURL;
 }
 
 function getSystemErrorName(err) {
@@ -871,7 +879,7 @@ module.exports = {
   filterDuplicateStrings,
   filterOwnProperties,
   getConstructorOf,
-  getCwdSafe,
+  getCWDURL,
   getInternalGlobal,
   getSystemErrorMap,
   getSystemErrorName,