diff --git a/src/Data/AugmentedCollection.php b/src/Data/AugmentedCollection.php
index a7acb624b51..1c630e649d2 100644
--- a/src/Data/AugmentedCollection.php
+++ b/src/Data/AugmentedCollection.php
@@ -10,6 +10,7 @@
 use Statamic\Contracts\Data\Augmentable;
 use Statamic\Contracts\Query\Builder as StatamicQueryBuilder;
 use Statamic\Fields\Value;
+use Statamic\Fieldtypes\Link\ArrayableLink;
 
 class AugmentedCollection extends Collection
 {
@@ -17,6 +18,13 @@ class AugmentedCollection extends Collection
     protected $shouldEvaluate = false;
     protected $withRelations = [];
 
+    /**
+     * The linked items that are currently being converted to an array. A link
+     * back to one of them is represented shallowly, otherwise entries that link
+     * to each other would be converted to arrays forever.
+     */
+    private static $expandingLinks = [];
+
     /**
      * Enables shallow augmentation on nested values when
      * converting to array or JSON serializing.
@@ -80,6 +88,10 @@ public function toArray()
                 $value = $value->value();
             }
 
+            if ($value instanceof ArrayableLink) {
+                return $this->linkToArray($value);
+            }
+
             if ($this->isQueryBuilder($value)) {
                 $value = $value->get();
             }
@@ -113,6 +125,29 @@ public function jsonSerialize(): array
         }, $this->all());
     }
 
+    private function linkToArray(ArrayableLink $link)
+    {
+        $item = $link->value();
+
+        if (! is_object($item)) {
+            return $link->toArray();
+        }
+
+        $reference = method_exists($item, 'reference') ? $item->reference() : spl_object_id($item);
+
+        if (in_array($reference, self::$expandingLinks, true)) {
+            return (new self($link->jsonSerialize()))->withEvaluation()->toArray();
+        }
+
+        self::$expandingLinks[] = $reference;
+
+        try {
+            return (new self($link->toArray()))->withEvaluation()->toArray();
+        } finally {
+            array_pop(self::$expandingLinks);
+        }
+    }
+
     private function isQueryBuilder($value)
     {
         return $value instanceof StatamicQueryBuilder
diff --git a/tests/Data/Entries/CyclicLinkTest.php b/tests/Data/Entries/CyclicLinkTest.php
new file mode 100644
index 00000000000..0bc15e02b0a
--- /dev/null
+++ b/tests/Data/Entries/CyclicLinkTest.php
@@ -0,0 +1,126 @@
+<?php
+
+namespace Tests\Data\Entries;
+
+use Facades\Statamic\Fields\BlueprintRepository;
+use Facades\Tests\Factories\EntryFactory;
+use LogicException;
+use PHPUnit\Framework\Attributes\Test;
+use Statamic\Facades\Blueprint;
+use Statamic\Facades\Collection;
+use Statamic\Fieldtypes\Link;
+use Tests\PreventSavingStacheItemsToDisk;
+use Tests\TestCase;
+
+class CyclicLinkTest extends TestCase
+{
+    use PreventSavingStacheItemsToDisk;
+
+    protected function setUp(): void
+    {
+        parent::setUp();
+
+        CountingLink::$augmentations = 0;
+        CountingLink::register();
+
+        $blueprint = Blueprint::makeFromFields(['link' => ['type' => 'counting_link']]);
+        BlueprintRepository::shouldReceive('in')->with('collections/pages')->andReturn(collect(['pages' => $blueprint]));
+
+        Collection::make('pages')->routes('{slug}')->save();
+    }
+
+    private function page(string $id, ?string $linksTo = null, array $data = [])
+    {
+        return EntryFactory::id($id)
+            ->collection('pages')
+            ->slug($id)
+            ->data(array_merge(['title' => strtoupper($id), 'link' => $linksTo ? "entry::$linksTo" : null], $data))
+            ->create();
+    }
+
+    #[Test]
+    public function it_converts_entries_that_link_to_each_other_to_an_array()
+    {
+        $a = $this->page('a', 'b');
+        $this->page('b', 'a');
+
+        $array = $a->toArray();
+
+        $this->assertSame('B', $array['link']['title']);
+        $this->assertSame('A', $array['link']['link']['title']);
+
+        // A -> B -> A is expanded in full, but the link back to B is shallow.
+        $this->assertSame('B', $array['link']['link']['link']['title']);
+        $this->assertArrayNotHasKey('link', $array['link']['link']['link']);
+    }
+
+    #[Test]
+    public function it_converts_an_entry_that_links_to_itself_to_an_array()
+    {
+        $a = $this->page('a', 'a');
+
+        $array = $a->toArray();
+
+        $this->assertSame('A', $array['link']['title']);
+    }
+
+    #[Test]
+    public function it_converts_a_longer_cycle_to_an_array()
+    {
+        $a = $this->page('a', 'b');
+        $this->page('b', 'c');
+        $this->page('c', 'a');
+
+        $array = $a->toArray();
+
+        $this->assertSame('B', $array['link']['title']);
+        $this->assertSame('C', $array['link']['link']['title']);
+    }
+
+    #[Test]
+    public function it_keeps_the_full_data_of_linked_entries_without_a_cycle()
+    {
+        $a = $this->page('a', 'b');
+        $this->page('b', 'c', ['extra' => 'b-data']);
+        $this->page('c', null, ['extra' => 'c-data']);
+
+        $array = $a->toArray();
+
+        $this->assertSame('b-data', $array['link']['extra']);
+        $this->assertSame('c-data', $array['link']['link']['extra']);
+    }
+
+    #[Test]
+    public function it_converts_to_the_same_array_when_called_again()
+    {
+        $a = $this->page('a', 'b');
+        $this->page('b', 'a');
+
+        $this->assertEquals($a->toArray(), $a->toArray());
+    }
+}
+
+/**
+ * A link fieldtype that stops runaway augmentation. Without the cycle guard,
+ * entries that link to each other are augmented forever, which would exhaust
+ * the memory of the test run. Throwing after a few augmentations makes the
+ * tests fail with a clear message instead.
+ */
+class CountingLink extends Link
+{
+    // The tests need at most 6 augmentations, this leaves some room.
+    private const MAX_AUGMENTATIONS = 25;
+
+    public static int $augmentations = 0;
+
+    protected static $handle = 'counting_link';
+
+    public function augment($value)
+    {
+        if (++self::$augmentations > self::MAX_AUGMENTATIONS) {
+            throw new LogicException('Links are being augmented recursively.');
+        }
+
+        return parent::augment($value);
+    }
+}