diff --git a/packages/react-native/src/private/renderer/core/__tests__/EventDispatching-benchmark-itest.js b/packages/react-native/src/private/renderer/core/__tests__/EventDispatching-benchmark-itest.js
index 94a87f2c26b1..4c6b1309f5f2 100644
--- a/packages/react-native/src/private/renderer/core/__tests__/EventDispatching-benchmark-itest.js
+++ b/packages/react-native/src/private/renderer/core/__tests__/EventDispatching-benchmark-itest.js
@@ -261,5 +261,66 @@ if (isOSS) {
           root.destroy();
         },
       },
+    )
+    .test(
+      'dispatch event, nested 50 deep (bubbling), stable tree',
+      () => {
+        Fantom.dispatchNativeEvent(
+          ref,
+          'onPointerUp',
+          {x: 0, y: 0},
+          {
+            category: Fantom.NativeEventCategory.Discrete,
+          },
+        );
+      },
+      {
+        beforeAll: () => {
+          ref = React.createRef();
+          root = Fantom.createRoot();
+          Fantom.runTask(() => {
+            root.render(createNestedViews(50, ref));
+          });
+        },
+        afterAll: () => {
+          root.destroy();
+        },
+      },
+    )
+    .test(
+      'dispatch event, nested 50 deep (no handlers on ancestors), stable tree',
+      () => {
+        Fantom.dispatchNativeEvent(
+          ref,
+          'onPointerUp',
+          {x: 0, y: 0},
+          {
+            category: Fantom.NativeEventCategory.Discrete,
+          },
+        );
+      },
+      {
+        beforeAll: () => {
+          ref = React.createRef();
+          root = Fantom.createRoot();
+          Fantom.runTask(() => {
+            let views: React.MixedElement = (
+              <View
+                ref={ref}
+                collapsable={false}
+                onPointerUp={() => {}}
+                style={{width: 10, height: 10}}
+              />
+            );
+            for (let i = 0; i < 50; i++) {
+              views = <View collapsable={false}>{views}</View>;
+            }
+            root.render(views);
+          });
+        },
+        afterAll: () => {
+          root.destroy();
+        },
+      },
     );
 }
diff --git a/packages/react-native/src/private/renderer/events/ReactNativeResponder.js b/packages/react-native/src/private/renderer/events/ReactNativeResponder.js
index 63a9c6269e14..1323f08c4a0a 100644
--- a/packages/react-native/src/private/renderer/events/ReactNativeResponder.js
+++ b/packages/react-native/src/private/renderer/events/ReactNativeResponder.js
@@ -18,6 +18,7 @@ import {
   setCurrentTarget,
   setTarget,
 } from '../../webapis/dom/events/internals/EventInternals';
+import {getEventTargetParent} from '../../webapis/dom/events/internals/EventTargetInternals';
 import {
   getCurrentProps,
   getNativeElementReference,
@@ -78,6 +79,23 @@ function isEndish(topLevelType: string): boolean {
   return topLevelType === 'topTouchEnd' || topLevelType === 'topTouchCancel';
 }
 
+// Routes through the event-dispatch parent cache (shared with
+// `EventTarget.getEventPath`) and stops the walk when the parent is not
+// an element (e.g., when reaching the document at the top of the tree).
+function getResponderParentElement(
+  node: ReadOnlyElement,
+): ReadOnlyElement | null {
+  // `ReadOnlyElement` extends `EventTarget` at runtime when the new
+  // event-dispatching pipeline is enabled (the only case this module runs in).
+  // $FlowFixMe[incompatible-type]
+  const eventTarget: EventTarget = node;
+  const parent = getEventTargetParent(eventTarget);
+  if (parent instanceof ReadOnlyElement) {
+    return parent;
+  }
+  return null;
+}
+
 /**
  * Return the lowest common ancestor of A and B, or null if they are in
  * different trees.
@@ -95,12 +113,12 @@ function getLowestCommonAncestor(
   }
 
   // Walk up from A until we find an ancestor that contains B
-  let current: ?ReadOnlyElement = instA.parentElement;
+  let current: ?ReadOnlyElement = getResponderParentElement(instA);
   while (current != null) {
     if (current.contains(instB)) {
       return current;
     }
-    current = current.parentElement;
+    current = getResponderParentElement(current);
   }
 
   return null;
@@ -265,7 +283,7 @@ function negotiateResponder(
   }
 
   const dispatchNode: ReadOnlyElement | null = skipSelf
-    ? negotiationNode.parentElement
+    ? getResponderParentElement(negotiationNode)
     : negotiationNode;
   if (dispatchNode == null) {
     return null;
@@ -276,7 +294,7 @@ function negotiateResponder(
   let node: ?ReadOnlyElement = dispatchNode;
   while (node != null) {
     path.unshift(node);
-    node = node.parentElement;
+    node = getResponderParentElement(node);
   }
 
   const dispatchConfig = responderEventTypes[shouldSetEventName];
diff --git a/packages/react-native/src/private/webapis/dom/events/EventTarget.js b/packages/react-native/src/private/webapis/dom/events/EventTarget.js
index ab75d2ab9b63..92bebb55c4a5 100644
--- a/packages/react-native/src/private/webapis/dom/events/EventTarget.js
+++ b/packages/react-native/src/private/webapis/dom/events/EventTarget.js
@@ -34,6 +34,7 @@ import {
   EVENT_TARGET_GET_DECLARATIVE_LISTENER_KEY,
   EVENT_TARGET_GET_THE_PARENT_KEY,
   INTERNAL_DISPATCH_METHOD_KEY,
+  getEventTargetParent,
 } from './internals/EventTargetInternals';
 
 export type EventCallback = (event: Event) => void;
@@ -341,8 +342,7 @@ function getEventPath(
 
   while (target != null) {
     path.push(target);
-    // $FlowExpectedError[prop-missing]
-    target = target[EVENT_TARGET_GET_THE_PARENT_KEY]();
+    target = getEventTargetParent(target);
   }
 
   return path;
diff --git a/packages/react-native/src/private/webapis/dom/events/internals/EventTargetInternals.js b/packages/react-native/src/private/webapis/dom/events/internals/EventTargetInternals.js
index fa7bed2b7e69..93bf4803feaf 100644
--- a/packages/react-native/src/private/webapis/dom/events/internals/EventTargetInternals.js
+++ b/packages/react-native/src/private/webapis/dom/events/internals/EventTargetInternals.js
@@ -47,6 +47,27 @@ export const INTERNAL_DISPATCH_METHOD_KEY: symbol = Symbol(
   'EventTarget[dispatch]',
 );
 
+const EVENT_DISPATCH_PARENT_CACHE_KEY: symbol = Symbol(
+  'EventTarget[dispatch parent cache]',
+);
+
+export function getEventTargetParent(target: EventTarget): EventTarget | null {
+  // The slot is `undefined` until populated; a populated slot may hold
+  // `null` (no parent), so check against `undefined` rather than nullishness.
+  // $FlowExpectedError[prop-missing] symbol-keyed slot
+  const cached: EventTarget | null | void =
+    // $FlowExpectedError[prop-missing] symbol-keyed slot
+    target[EVENT_DISPATCH_PARENT_CACHE_KEY];
+  if (cached !== undefined) {
+    return cached;
+  }
+  // $FlowExpectedError[prop-missing] symbol-keyed method
+  const parent: EventTarget | null = target[EVENT_TARGET_GET_THE_PARENT_KEY]();
+  // $FlowExpectedError[prop-missing] symbol-keyed slot
+  target[EVENT_DISPATCH_PARENT_CACHE_KEY] = parent;
+  return parent;
+}
+
 /**
  * Dispatches a trusted event to the given event target. Mirrors the
  * `dispatchEvent` method on `EventTarget`: returns `false` if the event