diff --git a/library/std/src/sys_common/backtrace.rs b/library/std/src/sys_common/backtrace.rs
index a549770d8b378..e6a099f0e81a0 100644
--- a/library/std/src/sys_common/backtrace.rs
+++ b/library/std/src/sys_common/backtrace.rs
@@ -75,7 +75,7 @@ unsafe fn _print_fmt(fmt: &mut fmt::Formatter<'_>, print_fmt: PrintFmt) -> fmt::
             hit = true;
             if print_fmt == PrintFmt::Short {
                 if let Some(sym) = symbol.name().and_then(|s| s.as_str()) {
-                    if sym.contains("__rust_begin_short_backtrace") {
+                    if start && sym.contains("__rust_begin_short_backtrace") {
                         stop = true;
                         return;
                     }
diff --git a/src/test/ui/panics/panic-short-backtrace-windows-x86_64.rs b/src/test/ui/panics/panic-short-backtrace-windows-x86_64.rs
new file mode 100644
index 0000000000000..fd01337296fb7
--- /dev/null
+++ b/src/test/ui/panics/panic-short-backtrace-windows-x86_64.rs
@@ -0,0 +1,49 @@
+// Regression test for #87481: short backtrace formatting cut off the entire stack trace.
+
+// Codegen-units is specified here so that we can replicate a typical rustc invocation which
+// is not normally limited to 1 CGU. This is important so that the `__rust_begin_short_backtrace`
+// and `__rust_end_short_backtrace` symbols are not marked internal to the CGU and thus will be
+// named in the symbol table.
+// compile-flags: -O -Ccodegen-units=8
+
+// run-fail
+// check-run-results
+// exec-env:RUST_BACKTRACE=1
+
+// We need to normalize out frame 5 because without debug info, dbghelp.dll doesn't know where CGU
+// internal functions like `main` start or end and so it will return whatever symbol happens
+// to be located near the address.
+// normalize-stderr-test: "5: .*" -> "5: some Rust fn"
+
+// Backtraces are pretty broken in general on i686-pc-windows-msvc (#62897).
+// only-x86_64-pc-windows-msvc
+
+fn main() {
+    a();
+}
+
+// Make these no_mangle so dbghelp.dll can figure out the symbol names.
+
+#[no_mangle]
+#[inline(never)]
+fn a() {
+    b();
+}
+
+#[no_mangle]
+#[inline(never)]
+fn b() {
+    c();
+}
+
+#[no_mangle]
+#[inline(never)]
+fn c() {
+    d();
+}
+
+#[no_mangle]
+#[inline(never)]
+fn d() {
+    panic!("d was called");
+}
diff --git a/src/test/ui/panics/panic-short-backtrace-windows-x86_64.run.stderr b/src/test/ui/panics/panic-short-backtrace-windows-x86_64.run.stderr
new file mode 100644
index 0000000000000..799a8b30e997b
--- /dev/null
+++ b/src/test/ui/panics/panic-short-backtrace-windows-x86_64.run.stderr
@@ -0,0 +1,9 @@
+thread 'main' panicked at 'd was called', $DIR/panic-short-backtrace-windows-x86_64.rs:48:5
+stack backtrace:
+   0: std::panicking::begin_panic
+   1: d
+   2: c
+   3: b
+   4: a
+   5: some Rust fn
+note: Some details are omitted, run with `RUST_BACKTRACE=full` for a verbose backtrace.