diff --git a/src/pages/inbox/ReportNotFoundGuard.tsx b/src/pages/inbox/ReportNotFoundGuard.tsx
index c5ce99b3becf6..18043205baefc 100644
--- a/src/pages/inbox/ReportNotFoundGuard.tsx
+++ b/src/pages/inbox/ReportNotFoundGuard.tsx
@@ -20,18 +20,25 @@ type ReportNotFoundGuardProps = {
     children: ReactNode;
 };
 
+/**
+ * Two-level gate: the outer guard subscribes to lightweight keys to determine
+ * whether the report clearly exists. When it does (and the report is not a
+ * transaction thread), children render directly without the cost of
+ * parentReportMetadata / useParentReportAction subscriptions.
+ *
+ * The inner gate mounts only when the "not found" path is plausible:
+ * the report is missing, the path is invalid, or the report is a transaction
+ * thread whose parent action may have been deleted.
+ */
 // eslint-disable-next-line rulesdir/no-negated-variables
 function ReportNotFoundGuard({children}: ReportNotFoundGuardProps) {
-    const styles = useThemeStyles();
     const route = useRoute();
     const routeParams = route.params as {reportID?: string} | undefined;
     const reportIDFromRoute = getNonEmptyStringOnyxID(routeParams?.reportID);
 
     const {isOffline} = useNetwork();
-    const {shouldUseNarrowLayout} = useResponsiveLayout();
 
     const [report] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT}${reportIDFromRoute}`);
-    const [parentReportMetadata] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_METADATA}${report?.parentReportID}`);
     const [userLeavingStatus = false] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_USER_IS_LEAVING_ROOM}${reportIDFromRoute}`);
     const [isLoadingInitialReportActions = true] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_METADATA}${reportIDFromRoute}`, {
         selector: isLoadingInitialReportActionsSelector,
@@ -40,9 +47,60 @@ function ReportNotFoundGuard({children}: ReportNotFoundGuardProps) {
     const [isLoadingApp] = useOnyx(ONYXKEYS.IS_LOADING_APP);
     const [deleteTransactionNavigateBackUrl] = useOnyx(ONYXKEYS.NVP_DELETE_TRANSACTION_NAVIGATE_BACK_URL);
 
+    const reportID = report?.reportID;
+    const isOptimisticDelete = report?.statusNum === CONST.REPORT.STATUS_NUM.CLOSED;
+    const isInvalidReportPath = !!routeParams?.reportID && !isValidReportIDFromPath(routeParams.reportID);
+    const isLoading = isLoadingApp !== false || isLoadingReportData || (!isOffline && !!isLoadingInitialReportActions);
+    const mayBeTransactionThread = isReportTransactionThread(report);
+
+    // Fast path: skip the expensive inner guard (parentReportMetadata, useParentReportAction)
+    // when we can determine shouldShowNotFoundPage is definitely false.
+    //
+    // shouldShowNotFoundPage is false when:
+    //  - deleteTransactionNavigateBackUrl is set (always suppresses not-found), OR
+    //  - path is valid AND report is not a transaction thread AND (still loading OR report exists)
+    const reportClearlyExists = !!reportID || isOptimisticDelete || userLeavingStatus;
+    const canSkipInnerGuard = !!deleteTransactionNavigateBackUrl || (!isInvalidReportPath && !mayBeTransactionThread && (isLoading || reportClearlyExists));
+    if (canSkipInnerGuard) {
+        return children;
+    }
+
+    return <ReportNotFoundInnerGuard reportIDFromPath={routeParams?.reportID}>{children}</ReportNotFoundInnerGuard>;
+}
+
+type ReportNotFoundInnerGuardProps = {
+    reportIDFromPath: string | undefined;
+    children: ReactNode;
+};
+
+/**
+ * Inner guard that mounts only when the "not found" path is plausible.
+ * Re-derives all state from its own hooks (Onyx returns cached values
+ * synchronously, so the extra subscriptions are near-zero cost).
+ */
+// eslint-disable-next-line rulesdir/no-negated-variables
+function ReportNotFoundInnerGuard({reportIDFromPath, children}: ReportNotFoundInnerGuardProps) {
+    const styles = useThemeStyles();
+    const {shouldUseNarrowLayout} = useResponsiveLayout();
+    const {isOffline} = useNetwork();
+
+    const reportIDFromRoute = getNonEmptyStringOnyxID(reportIDFromPath);
+
+    const [report] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT}${reportIDFromRoute}`);
+    const [userLeavingStatus = false] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_USER_IS_LEAVING_ROOM}${reportIDFromRoute}`);
+    const [isLoadingInitialReportActions = true] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_METADATA}${reportIDFromRoute}`, {
+        selector: isLoadingInitialReportActionsSelector,
+    });
+    const [isLoadingReportData = true] = useOnyx(ONYXKEYS.IS_LOADING_REPORT_DATA);
+    const [isLoadingApp] = useOnyx(ONYXKEYS.IS_LOADING_APP);
+    const [deleteTransactionNavigateBackUrl] = useOnyx(ONYXKEYS.NVP_DELETE_TRANSACTION_NAVIGATE_BACK_URL);
+    const [parentReportMetadata] = useOnyx(`${ONYXKEYS.COLLECTION.REPORT_METADATA}${report?.parentReportID}`);
     const parentReportAction = useParentReportAction(report);
+
     const reportID = report?.reportID;
     const isOptimisticDelete = report?.statusNum === CONST.REPORT.STATUS_NUM.CLOSED;
+    const isInvalidReportPath = !!reportIDFromPath && !isValidReportIDFromPath(reportIDFromPath);
+    const isLoading = isLoadingApp !== false || isLoadingReportData || (!isOffline && !!isLoadingInitialReportActions);
 
     const {isParentActionMissingAfterLoad, isParentActionDeleted} = getParentReportActionDeletionStatus({
         parentReportID: report?.parentReportID,
@@ -53,8 +111,6 @@ function ReportNotFoundGuard({children}: ReportNotFoundGuardProps) {
     });
     const isDeletedTransactionThread = isReportTransactionThread(report) && (isParentActionDeleted || isParentActionMissingAfterLoad);
 
-    const isInvalidReportPath = !!routeParams?.reportID && !isValidReportIDFromPath(routeParams.reportID);
-    const isLoading = isLoadingApp !== false || isLoadingReportData || (!isOffline && !!isLoadingInitialReportActions);
     const reportExists = !!reportID || (!isDeletedTransactionThread && isOptimisticDelete) || userLeavingStatus;
 
     // eslint-disable-next-line rulesdir/no-negated-variables
@@ -73,7 +129,7 @@ function ReportNotFoundGuard({children}: ReportNotFoundGuardProps) {
             reportID,
             isOptimisticDelete,
             userLeavingStatus,
-            reportIDFromPath: routeParams?.reportID,
+            reportIDFromPath,
             deleteTransactionNavigateBackUrl,
             isDeletedTransactionThread,
             isParentActionDeleted,
@@ -88,7 +144,7 @@ function ReportNotFoundGuard({children}: ReportNotFoundGuardProps) {
         reportID,
         isOptimisticDelete,
         userLeavingStatus,
-        routeParams?.reportID,
+        reportIDFromPath,
         deleteTransactionNavigateBackUrl,
         isDeletedTransactionThread,
         isParentActionDeleted,