diff --git a/.changeset/fresh-mice-listen.md b/.changeset/fresh-mice-listen.md
new file mode 100644
index 0000000000..db592344ac
--- /dev/null
+++ b/.changeset/fresh-mice-listen.md
@@ -0,0 +1,5 @@
+---
+'@tanstack/query-core': patch
+---
+
+Skip unused result tracking when notifying `useQueries` listeners without a `combine` function.
diff --git a/packages/query-core/src/queriesObserver.ts b/packages/query-core/src/queriesObserver.ts
index c537b557ca..b3fb41991e 100644
--- a/packages/query-core/src/queriesObserver.ts
+++ b/packages/query-core/src/queriesObserver.ts
@@ -256,7 +256,7 @@ export class QueriesObserver<
 
   #shouldSkipCombine(): boolean {
     return (
-      this.#options?.combine !== undefined &&
+      !this.#options?.combine ||
       this.#observers.some((observer, index) => {
         return (
           observer.options.suspense && this.#result[index]?.data === undefined
@@ -310,12 +310,14 @@ export class QueriesObserver<
 
   #notify(): void {
     if (this.hasListeners()) {
-      const newTracked = this.#trackResult(this.#result, this.#observerMatches)
       const shouldSkipCombine = this.#shouldSkipCombine()
       const previousResult = this.#combinedResult
       const newResult = shouldSkipCombine
         ? previousResult
-        : this.#combineResult(newTracked, this.#options?.combine)
+        : this.#combineResult(
+            this.#trackResult(this.#result, this.#observerMatches),
+            this.#options?.combine,
+          )
 
       if (shouldSkipCombine || previousResult !== newResult) {
         notifyManager.batch(() => {