diff --git a/src/Fields/Fieldtype.php b/src/Fields/Fieldtype.php
index 2195d284c73..ed8e493b5b9 100644
--- a/src/Fields/Fieldtype.php
+++ b/src/Fields/Fieldtype.php
@@ -4,6 +4,7 @@
 
 use Facades\Statamic\Fields\FieldtypeRepository;
 use Illuminate\Contracts\Support\Arrayable;
+use Illuminate\Support\Collection;
 use Statamic\Extend\HasHandle;
 use Statamic\Extend\RegistersItself;
 use Statamic\Facades\Blink;
@@ -11,6 +12,7 @@
 use Statamic\Query\Scopes\Filters\Fields\FieldtypeFilter;
 use Statamic\Statamic;
 use Statamic\Support\Str;
+use WeakMap;
 
 use function Statamic\trans as __;
 
@@ -38,6 +40,7 @@ abstract class Fieldtype implements Arrayable
     protected $defaultValue;
     protected $configFields = [];
     protected static $extraConfigFields = [];
+    private static ?WeakMap $configDefaults = null;
     protected $icon;
 
     public static function title()
@@ -378,15 +381,54 @@ public function config(?string $key = null, $fallback = null)
         }
 
         $fieldConfig = $this->field->config();
+        $fields = $this->configFields()->all();
 
-        $config = $this->configFields()->all()
-            ->reject(fn ($field, $handle) => array_key_exists($handle, $fieldConfig))
-            ->map->defaultValue()
-            ->merge($fieldConfig);
+        // Most calls ask for a single key, so answer those without building the whole config.
+        if (is_string($key) && $key !== '') {
+            if (array_key_exists($key, $fieldConfig)) {
+                return $fieldConfig[$key] ?? $fallback;
+            }
+
+            return ($fields->has($key) ? self::configDefault($fields, $key) : null) ?? $fallback;
+        }
+
+        $config = [];
+
+        foreach ($fields as $handle => $field) {
+            if (! array_key_exists($handle, $fieldConfig)) {
+                $config[$handle] = self::configDefault($fields, $handle);
+            }
+        }
+
+        $config = array_merge($config, $fieldConfig);
 
         return $key
-            ? ($config->get($key) ?? $fallback)
-            : $config->all();
+            ? ($config[$key] ?? $fallback)
+            : $config;
+    }
+
+    /**
+     * A config field's default value. It's worked out once per config fields
+     * collection, which Blink keeps for the request. Computed defaults are
+     * still resolved on every read.
+     */
+    private static function configDefault(Collection $fields, string $handle)
+    {
+        $field = $fields->get($handle);
+
+        if ($field->hasComputedDefault()) {
+            return $field->defaultValue();
+        }
+
+        self::$configDefaults ??= new WeakMap;
+        $defaults = self::$configDefaults[$fields] ?? [];
+
+        if (! array_key_exists($handle, $defaults)) {
+            $defaults[$handle] = $field->defaultValue();
+            self::$configDefaults[$fields] = $defaults;
+        }
+
+        return $defaults[$handle];
     }
 
     public function preload()
diff --git a/src/Fieldtypes/HasSelectOptions.php b/src/Fieldtypes/HasSelectOptions.php
index 0f04e6a38d7..338fa7af5de 100644
--- a/src/Fieldtypes/HasSelectOptions.php
+++ b/src/Fieldtypes/HasSelectOptions.php
@@ -145,9 +145,13 @@ private function getLabel($actualValue)
             $value = $this->castFromBoolean($value);
         }
 
-        $option = collect($this->getOptions())->filter(fn ($option) => $option['value'] === $value)->first();
+        foreach ($this->getOptions() as $option) {
+            if ($option['value'] === $value) {
+                return $option['label'] ?? $option['value'];
+            }
+        }
 
-        return $option ? ($option['label'] ?? $option['value']) : $actualValue;
+        return $actualValue;
     }
 
     private function castToBoolean($value)
diff --git a/tests/Fields/FieldtypeTest.php b/tests/Fields/FieldtypeTest.php
index e0bc5d2d0dd..c5a0cc3dad3 100644
--- a/tests/Fields/FieldtypeTest.php
+++ b/tests/Fields/FieldtypeTest.php
@@ -7,6 +7,8 @@
 use PHPUnit\Framework\Attributes\DataProvider;
 use PHPUnit\Framework\Attributes\Group;
 use PHPUnit\Framework\Attributes\Test;
+use Statamic\Facades\Blink;
+use Statamic\Facades\Field as FieldFacade;
 use Statamic\Fields\Blueprint;
 use Statamic\Fields\ConfigFields;
 use Statamic\Fields\Field;
@@ -793,6 +795,43 @@ public function it_only_computes_default_values_for_config_fields_missing_from_t
         $this->assertSame(1, FieldtypeWithCountedDefaultValue::$timesDefaultValueWasComputed);
     }
 
+    #[Test]
+    public function config_field_default_values_are_only_computed_once_per_request()
+    {
+        FieldtypeWithCountedDefaultValue::$timesDefaultValueWasComputed = 0;
+
+        (new FieldtypeWithCountedDefaultValue)::register();
+
+        foreach (range(1, 3) as $i) {
+            $fieldtype = (new TestFieldtypeWithCountedConfigField)->setField(new Field('test', []));
+
+            $this->assertEquals('default!', $fieldtype->config('alfa'));
+            $this->assertEquals(['alfa' => 'default!'], $fieldtype->config());
+        }
+
+        $this->assertSame(1, FieldtypeWithCountedDefaultValue::$timesDefaultValueWasComputed);
+
+        Blink::flush();
+
+        $this->assertEquals('default!', (new TestFieldtypeWithCountedConfigField)->setField(new Field('test', []))->config('alfa'));
+        $this->assertSame(2, FieldtypeWithCountedDefaultValue::$timesDefaultValueWasComputed);
+    }
+
+    #[Test]
+    public function computed_config_field_defaults_are_resolved_on_every_read()
+    {
+        $count = 0;
+        FieldFacade::computedDefault('counted', function () use (&$count) {
+            return 'computed '.++$count;
+        });
+
+        $fieldtype = (new TestFieldtypeWithComputedConfigField)->setField(new Field('test', []));
+
+        $this->assertEquals('computed 1', $fieldtype->config('alfa'));
+        $this->assertEquals('computed 2', $fieldtype->config('alfa'));
+        $this->assertEquals(['alfa' => 'computed 3'], $fieldtype->config());
+    }
+
     #[Test]
     #[Group('graphql')]
     public function it_gets_the_graphql_type_of_string_by_default()
@@ -1002,6 +1041,16 @@ class TestFieldtypeWithCountedConfigField extends Fieldtype
     ];
 }
 
+class TestFieldtypeWithComputedConfigField extends Fieldtype
+{
+    protected $configFields = [
+        'alfa' => [
+            'type' => 'text',
+            'default' => 'computed:counted',
+        ],
+    ];
+}
+
 class FieldtypeWithCountedDefaultValue extends Fieldtype
 {
     protected static $handle = 'counted_default';