diff --git a/base/compiler/optimize.jl b/base/compiler/optimize.jl
index 580b307838110..1e812db13c9eb 100644
--- a/base/compiler/optimize.jl
+++ b/base/compiler/optimize.jl
@@ -188,81 +188,90 @@ function stmt_affects_purity(@nospecialize(stmt), ir)
 end
 
 """
-    stmt_effect_free(stmt, rt, src::Union{IRCode,IncrementalCompact})
+    stmt_effect_flags(stmt, rt, src::Union{IRCode,IncrementalCompact})
 
-Determine whether a `stmt` is "side-effect-free", i.e. may be removed if it has no uses.
+Returns a tuple of (effect_free_and_nothrow, nothrow) for a given statement.
 """
-function stmt_effect_free(@nospecialize(stmt), @nospecialize(rt), src::Union{IRCode,IncrementalCompact})
-    isa(stmt, PiNode) && return true
-    isa(stmt, PhiNode) && return true
-    isa(stmt, ReturnNode) && return false
-    isa(stmt, GotoNode) && return false
-    isa(stmt, GotoIfNot) && return false
-    isa(stmt, Slot) && return false # Slots shouldn't occur in the IR at this point, but let's be defensive here
-    isa(stmt, GlobalRef) && return isdefined(stmt.mod, stmt.name)
+function stmt_effect_flags(@nospecialize(stmt), @nospecialize(rt), src::Union{IRCode,IncrementalCompact})
+    # TODO: We're duplicating analysis from inference here.
+    isa(stmt, PiNode) && return (true, true)
+    isa(stmt, PhiNode) && return (true, true)
+    isa(stmt, ReturnNode) && return (false, true)
+    isa(stmt, GotoNode) && return (false, true)
+    isa(stmt, GotoIfNot) && return (false, argextype(stmt.cond, src) ⊑ Bool)
+    isa(stmt, Slot) && return (false, false) # Slots shouldn't occur in the IR at this point, but let's be defensive here
+    if isa(stmt, GlobalRef)
+        nothrow = isdefined(stmt.mod, stmt.name)
+        return (nothrow, nothrow)
+    end
     if isa(stmt, Expr)
         (; head, args) = stmt
         if head === :static_parameter
             etyp = (isa(src, IRCode) ? src.sptypes : src.ir.sptypes)[args[1]::Int]
             # if we aren't certain enough about the type, it might be an UndefVarError at runtime
-            return isa(etyp, Const)
+            nothrow = isa(etyp, Const)
+            return (nothrow, nothrow)
         end
         if head === :call
             f = argextype(args[1], src)
             f = singleton_type(f)
-            f === nothing && return false
+            f === nothing && return (false, false)
             if isa(f, IntrinsicFunction)
-                intrinsic_effect_free_if_nothrow(f) || return false
-                return intrinsic_nothrow(f,
-                        Any[argextype(args[i], src) for i = 2:length(args)])
+                nothrow = intrinsic_nothrow(f,
+                    Any[argextype(args[i], src) for i = 2:length(args)])
+                nothrow || return (false, false)
+                return (intrinsic_effect_free_if_nothrow(f), nothrow)
             end
-            contains_is(_PURE_BUILTINS, f) && return true
+            contains_is(_PURE_BUILTINS, f) && return (true, true)
             # `get_binding_type` sets the type to Any if the binding doesn't exist yet
             if f === Core.get_binding_type
                 length(args) == 3 || return false
                 M, s = argextype(args[2], src), argextype(args[3], src)
-                return get_binding_type_effect_free(M, s)
+                total = get_binding_type_effect_free(M, s)
+                return (total, total)
             end
-            contains_is(_EFFECT_FREE_BUILTINS, f) || return false
-            rt === Bottom && return false
-            return _builtin_nothrow(f, Any[argextype(args[i], src) for i = 2:length(args)], rt)
+            rt === Bottom && return (false, false)
+            nothrow = _builtin_nothrow(f, Any[argextype(args[i], src) for i = 2:length(args)], rt)
+            nothrow || return (false, false)
+            return (contains_is(_EFFECT_FREE_BUILTINS, f), nothrow)
         elseif head === :new
             typ = argextype(args[1], src)
             # `Expr(:new)` of unknown type could raise arbitrary TypeError.
             typ, isexact = instanceof_tfunc(typ)
-            isexact || return false
-            isconcretedispatch(typ) || return false
+            isexact || return (false, false)
+            isconcretedispatch(typ) || return (false, false)
             typ = typ::DataType
-            fieldcount(typ) >= length(args) - 1 || return false
+            fieldcount(typ) >= length(args) - 1 || return (false, false)
             for fld_idx in 1:(length(args) - 1)
                 eT = argextype(args[fld_idx + 1], src)
                 fT = fieldtype(typ, fld_idx)
-                eT ⊑ fT || return false
+                eT ⊑ fT || return (false, false)
             end
-            return true
+            return (true, true)
         elseif head === :foreigncall
-            return foreigncall_effect_free(stmt, src)
+            total = foreigncall_effect_free(stmt, src)
+            return (total, total)
         elseif head === :new_opaque_closure
-            length(args) < 4 && return false
+            length(args) < 4 && return (false, false)
             typ = argextype(args[1], src)
             typ, isexact = instanceof_tfunc(typ)
-            isexact || return false
-            typ ⊑ Tuple || return false
+            isexact || return (false, false)
+            typ ⊑ Tuple || return (false, false)
             rt_lb = argextype(args[2], src)
             rt_ub = argextype(args[3], src)
             src = argextype(args[4], src)
             if !(rt_lb ⊑ Type && rt_ub ⊑ Type && src ⊑ Method)
-                return false
+                return (false, false)
             end
-            return true
+            return (true, true)
         elseif head === :isdefined || head === :the_exception || head === :copyast || head === :inbounds || head === :boundscheck
-            return true
+            return (true, true)
         else
             # e.g. :loopinfo
-            return false
+            return (false, false)
         end
     end
-    return true
+    return (true, true)
 end
 
 function foreigncall_effect_free(stmt::Expr, src::Union{IRCode,IncrementalCompact})
@@ -421,7 +430,7 @@ function finish(interp::AbstractInterpreter, opt::OptimizationState,
             for i in 1:length(ir.stmts)
                 node = ir.stmts[i]
                 stmt = node[:inst]
-                if stmt_affects_purity(stmt, ir) && !stmt_effect_free(stmt, node[:type], ir)
+                if stmt_affects_purity(stmt, ir) && !stmt_effect_flags(stmt, node[:type], ir)[1]
                     proven_pure = false
                     break
                 end
diff --git a/base/compiler/ssair/EscapeAnalysis/EscapeAnalysis.jl b/base/compiler/ssair/EscapeAnalysis/EscapeAnalysis.jl
index 407b447a228a3..272ea0e8edbbc 100644
--- a/base/compiler/ssair/EscapeAnalysis/EscapeAnalysis.jl
+++ b/base/compiler/ssair/EscapeAnalysis/EscapeAnalysis.jl
@@ -31,7 +31,7 @@ import Core.Compiler: # Core.Compiler specific definitions
     isbitstype, isexpr, is_meta_expr_head, println, widenconst, argextype, singleton_type,
     fieldcount_noerror, try_compute_field, try_compute_fieldidx, hasintersect, ⊑,
     intrinsic_nothrow, array_builtin_common_typecheck, arrayset_typecheck,
-    setfield!_nothrow, alloc_array_ndims, stmt_effect_free, check_effect_free!
+    setfield!_nothrow, alloc_array_ndims, check_effect_free!
 
 include(x) = _TOP_MOD.include(@__MODULE__, x)
 if _TOP_MOD === Core.Compiler
@@ -1333,7 +1333,7 @@ function escape_call!(astate::AnalysisState, pc::Int, args::Vector{Any})
         return # ThrownEscape is already checked
     else
         # we escape statements with the `ThrownEscape` property using the effect-freeness
-        # computed by `stmt_effect_free` invoked within inlining
+        # computed by `stmt_effect_flags` invoked within inlining
         # TODO throwness ≠ "effect-free-ness"
         if is_effect_free(astate.ir, pc)
             add_liveness_changes!(astate, pc, args, 2)
diff --git a/base/compiler/ssair/inlining.jl b/base/compiler/ssair/inlining.jl
index 6b3c5b2e44c34..ca9eb818f0edb 100644
--- a/base/compiler/ssair/inlining.jl
+++ b/base/compiler/ssair/inlining.jl
@@ -935,7 +935,9 @@ function handle_single_case!(
         stmt.head = :invoke
         pushfirst!(stmt.args, case.invoke)
         if is_removable_if_unused(case.effects)
-            ir[SSAValue(idx)][:flag] |= IR_FLAG_EFFECT_FREE
+            ir[SSAValue(idx)][:flag] |= IR_FLAG_EFFECT_FREE | IR_FLAG_NOTHROW
+        elseif is_nothrow(case.effects)
+            ir[SSAValue(idx)][:flag] |= IR_FLAG_NOTHROW
         end
     elseif case === nothing
         # Do, well, nothing
@@ -1138,11 +1140,13 @@ end
 # For primitives, we do that right here. For proper calls, we will
 # discover this when we consult the caches.
 function check_effect_free!(ir::IRCode, idx::Int, @nospecialize(stmt), @nospecialize(rt))
-    if stmt_effect_free(stmt, rt, ir)
-        ir.stmts[idx][:flag] |= IR_FLAG_EFFECT_FREE
-        return true
+    (total, nothrow) = stmt_effect_flags(stmt, rt, ir)
+    if total
+        ir.stmts[idx][:flag] |= IR_FLAG_EFFECT_FREE | IR_FLAG_NOTHROW
+    elseif nothrow
+        ir.stmts[idx][:flag] |= IR_FLAG_NOTHROW
     end
-    return false
+    return total
 end
 
 # Handles all analysis and inlining of intrinsics and builtins. In particular,
diff --git a/base/compiler/ssair/ir.jl b/base/compiler/ssair/ir.jl
index 3d8c0b17c1725..93ca66cb7c931 100644
--- a/base/compiler/ssair/ir.jl
+++ b/base/compiler/ssair/ir.jl
@@ -250,7 +250,7 @@ function setindex!(is::InstructionStream, newval::Instruction, idx::Int)
     is.flag[idx] = newval[:flag]
     return is
 end
-function setindex!(is::InstructionStream, newval::AnySSAValue, idx::Int)
+function setindex!(is::InstructionStream, newval::Union{AnySSAValue, Nothing}, idx::Int)
     is.inst[idx] = newval
     return is
 end
@@ -343,7 +343,7 @@ function getindex(x::IRCode, s::SSAValue)
     end
 end
 
-function setindex!(x::IRCode, repl::Union{Instruction, AnySSAValue}, s::SSAValue)
+function setindex!(x::IRCode, repl::Union{Instruction, Nothing, AnySSAValue}, s::SSAValue)
     if s.id <= length(x.stmts)
         x.stmts[s.id] = repl
     else
@@ -509,8 +509,11 @@ function insert_node!(ir::IRCode, pos::Int, inst::NewInstruction, attach_after::
     node[:line] = something(inst.line, ir.stmts[pos][:line])
     flag = inst.flag
     if !inst.effect_free_computed
-        if stmt_effect_free(inst.stmt, inst.type, ir)
-            flag |= IR_FLAG_EFFECT_FREE
+        (effect_free_and_nothrow, nothrow) = stmt_effect_flags(inst.stmt, inst.type, ir)
+        if effect_free_and_nothrow
+            flag |= IR_FLAG_EFFECT_FREE | IR_FLAG_NOTHROW
+        elseif nothrow
+            flag |= IR_FLAG_NOTHROW
         end
     end
     node[:inst], node[:type], node[:flag] = inst.stmt, inst.type, flag
@@ -830,8 +833,13 @@ function insert_node_here!(compact::IncrementalCompact, inst::NewInstruction, re
         resize!(compact, result_idx)
     end
     flag = inst.flag
-    if !inst.effect_free_computed && stmt_effect_free(inst.stmt, inst.type, compact)
-        flag |= IR_FLAG_EFFECT_FREE
+    if !inst.effect_free_computed
+        (effect_free_and_nothrow, nothrow) = stmt_effect_flags(inst.stmt, inst.type, compact)
+        if effect_free_and_nothrow
+            flag |= IR_FLAG_EFFECT_FREE | IR_FLAG_NOTHROW
+        elseif nothrow
+            flag |= IR_FLAG_NOTHROW
+        end
     end
     node = compact.result[result_idx]
     node[:inst], node[:type], node[:line], node[:flag] = inst.stmt, inst.type, inst.line, flag
diff --git a/base/compiler/tfuncs.jl b/base/compiler/tfuncs.jl
index 1a0ac0539b307..096e47c1e500d 100644
--- a/base/compiler/tfuncs.jl
+++ b/base/compiler/tfuncs.jl
@@ -1758,6 +1758,10 @@ function _builtin_nothrow(@nospecialize(f), argtypes::Array{Any,1}, @nospecializ
         return argtypes[1] ⊑ Module && argtypes[2] ⊑ Symbol
     elseif f === donotdelete
         return true
+    elseif f === Core.finalizer
+        2 <= length(argtypes) <= 4 || return false
+        # Core.finalizer does no error checking - that's done in Base.finalizer
+        return true
     end
     return false
 end