diff --git a/cranelift/codegen/src/simple_preopt.rs b/cranelift/codegen/src/simple_preopt.rs
index 9da90d2e4e..73c6a56148 100644
--- a/cranelift/codegen/src/simple_preopt.rs
+++ b/cranelift/codegen/src/simple_preopt.rs
@@ -585,6 +585,7 @@ fn simplify(pos: &mut FuncCursor, inst: Inst) {
         InstructionData::BinaryImm { opcode, arg, imm } => {
             let ty = pos.func.dfg.ctrl_typevar(inst);
 
+            let mut arg = arg;
             let mut imm = imm;
             match opcode {
                 Opcode::IaddImm
@@ -613,12 +614,13 @@ fn simplify(pos: &mut FuncCursor, inst: Inst) {
                                         _ => panic!("can't happen"),
                                     };
                                     let new_imm = immediates::Imm64::from(new_imm);
-                                    let arg = *prev_arg;
+                                    let new_arg = *prev_arg;
                                     pos.func
                                         .dfg
                                         .replace(inst)
-                                        .BinaryImm(opcode, ty, new_imm, arg);
+                                        .BinaryImm(opcode, ty, new_imm, new_arg);
                                     imm = new_imm;
+                                    arg = new_arg;
                                 }
                             }
                         }
diff --git a/cranelift/filetests/filetests/simple_preopt/simplify.clif b/cranelift/filetests/filetests/simple_preopt/simplify.clif
index 587f64617d..e74be4738a 100644
--- a/cranelift/filetests/filetests/simple_preopt/simplify.clif
+++ b/cranelift/filetests/filetests/simple_preopt/simplify.clif
@@ -278,3 +278,16 @@ ebb0:
 ; nextln:     v2 = sextend.i64 v3
 ; nextln:     return v2
 ; nextln: }
+
+function %add_imm_fold(i32) -> i32 {
+ebb0(v0: i32):
+  v1 = iadd_imm v0, 42
+  v2 = iadd_imm v1, -42
+  return v2
+}
+; sameln: function %add_imm_fold(i32)
+; nextln: ebb0(v0: i32):
+; nextln:    v2 -> v0
+; nextln:    v1 = iadd_imm v0, 42
+; nextln:    nop
+; nextln:    return v2