diff --git a/highlighters/main/main-highlighter.zsh b/highlighters/main/main-highlighter.zsh
index e59c61c..1a633f7 100644
--- a/highlighters/main/main-highlighter.zsh
+++ b/highlighters/main/main-highlighter.zsh
@@ -1182,98 +1182,117 @@ _zsh_highlight_main_highlighter_highlight_path_separators()
 # $2 should be non-zero iff we're in command position.
 _zsh_highlight_main_highlighter_check_path()
 {
-  _zsh_highlight_main_highlighter_expand_path "$1"
-  local expanded_path="$REPLY" tmp_path
-  integer in_command_position=$2
-
-  if [[ $zsyh_user_options[autocd] == on ]]; then
-    integer autocd=1
-  else
-    integer autocd=0
-  fi
-
-  if (( in_command_position )); then
-    # ### Currently, this value is never returned: either it's overwritten
-    # ### below, or the return code is non-zero
-    REPLY=arg0
-  else
-    REPLY=path
-  fi
-
-  if [[ ${1[1]} == '=' && $1 == ??* && ${1[2]} != $'\x28' && $zsyh_user_options[equals] == 'on' && $expanded_path[1] != '/' ]]; then
-    REPLY=unknown-token # will error out if executed
-    return 0
-  fi
-
-  [[ -z $expanded_path ]] && return 1
-
-  # Check if this is a blacklisted path
-  if [[ $expanded_path[1] == / ]]; then
-    tmp_path=$expanded_path
-  else
-    tmp_path=$PWD/$expanded_path
-  fi
-  tmp_path=$tmp_path:a
-
-  while [[ $tmp_path != / ]]; do
-    [[ -n ${(M)ZSH_HIGHLIGHT_DIRS_BLACKLIST:#$tmp_path} ]] && return 1
-    tmp_path=$tmp_path:h
-  done
-
-  if (( in_command_position )); then
-    if [[ -x $expanded_path ]]; then
-      if (( autocd )); then
-        if [[ -d $expanded_path ]]; then
-          REPLY=autodirectory
-        fi
-        return 0
-      elif [[ ! -d $expanded_path ]]; then
-        # ### This seems unreachable for the current callers
-        return 0
-      fi
+  if (( $+_zsh_highlight_main__path_cache )); then
+    local cache_key=$1$'\0'$2
+    if (( has_end && len == end_pos && !in_alias )) && [[ $WIDGET != zle-line-finish ]]; then
+      cache_key+=$'\0'
     fi
-  else
-    if [[ -L $expanded_path || -e $expanded_path ]]; then
+    local cache_val=$_zsh_highlight_main__path_cache[$cache_key]
+    if [[ -n $cache_val ]]; then
+      REPLY=${cache_val:1}
+      return $cache_val[1]
+    fi
+  fi
+
+  {
+    _zsh_highlight_main_highlighter_expand_path "$1"
+    local expanded_path="$REPLY" tmp_path
+    integer in_command_position=$2
+
+    if [[ $zsyh_user_options[autocd] == on ]]; then
+      integer autocd=1
+    else
+      integer autocd=0
+    fi
+
+    if (( in_command_position )); then
+      # ### Currently, this value is never returned: either it's overwritten
+      # ### below, or the return code is non-zero
+      REPLY=arg0
+    else
+      REPLY=path
+    fi
+
+    if [[ ${1[1]} == '=' && $1 == ??* && ${1[2]} != $'\x28' && $zsyh_user_options[equals] == 'on' && $expanded_path[1] != '/' ]]; then
+      REPLY=unknown-token # will error out if executed
       return 0
     fi
-  fi
 
-  # Search the path in CDPATH
-  if [[ $expanded_path != /* ]] && (( autocd || ! in_command_position )); then
-    # TODO: When we've dropped support for pre-5.0.6 zsh, use the *(Y1) glob qualifier here.
-    local cdpath_dir
-    for cdpath_dir in $cdpath ; do
-      if [[ -d "$cdpath_dir/$expanded_path" && -x "$cdpath_dir/$expanded_path" ]]; then
-        if (( in_command_position && autocd )); then
-          REPLY=autodirectory
+    [[ -z $expanded_path ]] && return 1
+
+    # Check if this is a blacklisted path
+    if [[ $expanded_path[1] == / ]]; then
+      tmp_path=$expanded_path
+    else
+      tmp_path=$PWD/$expanded_path
+    fi
+    tmp_path=$tmp_path:a
+
+    while [[ $tmp_path != / ]]; do
+      [[ -n ${(M)ZSH_HIGHLIGHT_DIRS_BLACKLIST:#$tmp_path} ]] && return 1
+      tmp_path=$tmp_path:h
+    done
+
+    if (( in_command_position )); then
+      if [[ -x $expanded_path ]]; then
+        if (( autocd )); then
+          if [[ -d $expanded_path ]]; then
+            REPLY=autodirectory
+          fi
+          return 0
+        elif [[ ! -d $expanded_path ]]; then
+          # ### This seems unreachable for the current callers
+          return 0
         fi
+      fi
+    else
+      if [[ -L $expanded_path || -e $expanded_path ]]; then
         return 0
       fi
-    done
-  fi
-
-  # If dirname($1) doesn't exist, neither does $1.
-  [[ ! -d ${expanded_path:h} ]] && return 1
-
-  # If this word ends the buffer, check if it's the prefix of a valid path.
-  if (( has_end && (len == end_pos) )) &&
-     (( ! in_alias )) &&
-     [[ $WIDGET != zle-line-finish ]]; then
-    # TODO: When we've dropped support for pre-5.0.6 zsh, use the *(Y1) glob qualifier here.
-    local -a tmp
-    if (( in_command_position )); then
-      # We include directories even when autocd is enabled, because those
-      # directories might contain executable files: e.g., BUFFER="/bi" en route
-      # to typing "/bin/sh".
-      tmp=( ${expanded_path}*(N-*,N-/) )
-    else
-      tmp=( ${expanded_path}*(N) )
     fi
-    (( ${+tmp[1]} )) && REPLY=path_prefix && return 0
-  fi
 
-  # It's not a path.
-  return 1
+    # Search the path in CDPATH
+    if [[ $expanded_path != /* ]] && (( autocd || ! in_command_position )); then
+      # TODO: When we've dropped support for pre-5.0.6 zsh, use the *(Y1) glob qualifier here.
+      local cdpath_dir
+      for cdpath_dir in $cdpath ; do
+        if [[ -d "$cdpath_dir/$expanded_path" && -x "$cdpath_dir/$expanded_path" ]]; then
+          if (( in_command_position && autocd )); then
+            REPLY=autodirectory
+          fi
+          return 0
+        fi
+      done
+    fi
+
+    # If dirname($1) doesn't exist, neither does $1.
+    [[ ! -d ${expanded_path:h} ]] && return 1
+
+    # If this word ends the buffer, check if it's the prefix of a valid path.
+    if (( has_end && (len == end_pos) )) &&
+      (( ! in_alias )) &&
+      [[ $WIDGET != zle-line-finish ]]; then
+      # TODO: When we've dropped support for pre-5.0.6 zsh, use the *(Y1) glob qualifier here.
+      local -a tmp
+      if (( in_command_position )); then
+        # We include directories even when autocd is enabled, because those
+        # directories might contain executable files: e.g., BUFFER="/bi" en route
+        # to typing "/bin/sh".
+        tmp=( ${expanded_path}*(N-*,N-/) )
+      else
+        tmp=( ${expanded_path}*(N) )
+      fi
+      (( ${+tmp[1]} )) && REPLY=path_prefix && return 0
+    fi
+
+    # It's not a path.
+    return 1
+  } always {
+    local -i ret=$((!!$?))
+    if (( $+_zsh_highlight_main__path_cache )); then
+      _zsh_highlight_main__path_cache[$cache_key]=$ret$REPLY
+    fi
+  }
 }
 
 # Highlight an argument and possibly special chars in quotes starting at $1 in $arg
@@ -1809,15 +1828,16 @@ _zsh_highlight_main__precmd_hook() {
   fi
 
   _zsh_highlight_main__command_type_cache=()
+  _zsh_highlight_main__path_cache=()
 }
 
 autoload -Uz add-zsh-hook
 if add-zsh-hook precmd _zsh_highlight_main__precmd_hook 2>/dev/null; then
-  # Initialize command type cache
-  typeset -gA _zsh_highlight_main__command_type_cache
+  # Initialize caches
+  typeset -gA _zsh_highlight_main__command_type_cache _zsh_highlight_main__path_cache
 else
   print -r -- >&2 'zsh-syntax-highlighting: Failed to load add-zsh-hook. Some speed optimizations will not be used.'
-  # Make sure the cache is unset
-  unset _zsh_highlight_main__command_type_cache
+  # Make sure the caches are unset
+  unset _zsh_highlight_main__command_type_cache _zsh_highlight_main__path_cache
 fi
 typeset -ga ZSH_HIGHLIGHT_DIRS_BLACKLIST