diff --git a/src/Stache/Stores/TaxonomyTermsStore.php b/src/Stache/Stores/TaxonomyTermsStore.php
index 1d3081d0afd..70842f1054e 100644
--- a/src/Stache/Stores/TaxonomyTermsStore.php
+++ b/src/Stache/Stores/TaxonomyTermsStore.php
@@ -73,20 +73,30 @@ public function getItem($key)
         $this->handleFileChanges();
 
         if ($item = $this->getCachedItem($key)) {
+            // Items cached by an older version won't have had their original state synced when
+            // they were hydrated, and would never get one. We only backfill it when it's
+            // missing, since re-syncing would discard changes made to a term being saved.
+            if (empty($item->term()->getOriginal())) {
+                $item->term()->syncOriginal();
+            }
+
             return $item;
         }
 
         [$site, $slug] = explode('::', $key);
 
         if ($path = $this->getPath($key)) {
-            $item = $this->makeItemFromFile($path, File::get($path))->in($site);
+            $term = $this->makeItemFromFile($path, File::get($path));
         } else {
-            $item = Term::make($slug)
+            $term = Term::make($slug)
                 ->taxonomy($this->childKey())
-                ->set('title', $this->index('title')->get($key))
-                ->in($site);
+                ->set('title', $this->index('title')->get($key));
         }
 
+        $term->syncOriginal();
+
+        $item = $term->in($site);
+
         $this->cacheItem($item);
 
         return $item;
diff --git a/tests/Listeners/UpdateTermReferencesTest.php b/tests/Listeners/UpdateTermReferencesTest.php
index 11f98d0a9ce..3aa9874ef21 100644
--- a/tests/Listeners/UpdateTermReferencesTest.php
+++ b/tests/Listeners/UpdateTermReferencesTest.php
@@ -2,8 +2,10 @@
 
 namespace Tests\Listeners;
 
+use Illuminate\Support\Facades\Event;
 use Orchestra\Testbench\Attributes\DefineEnvironment;
 use PHPUnit\Framework\Attributes\Test;
+use Statamic\Events\TermSaving;
 use Statamic\Facades;
 use Statamic\Support\Arr;
 use Tests\PreventSavingStacheItemsToDisk;
@@ -314,6 +316,151 @@ public function it_updates_scoped_term_fields_regardless_of_max_items_setting()
         $this->assertEquals('topics::norris', $entry->fresh()->get('non_favourites'));
     }
 
+    #[Test]
+    public function it_nullifies_references_when_deleting_a_term_loaded_from_its_file()
+    {
+        $collection = tap(Facades\Collection::make('articles'))->save();
+
+        $this->setInBlueprints('collections/articles', [
+            'fields' => [
+                [
+                    'handle' => 'favourites',
+                    'field' => [
+                        'type' => 'terms',
+                        'taxonomies' => ['topics'],
+                        'mode' => 'select',
+                    ],
+                ],
+            ],
+        ]);
+
+        $entry = tap(Facades\Entry::make()->collection($collection)->data([
+            'favourites' => ['hoff', 'norris'],
+        ]))->save();
+
+        $this->assertEquals(['hoff', 'norris'], $entry->get('favourites'));
+
+        Facades\Stache::store('terms')->store('topics')->forgetItem('en::hoff');
+
+        Facades\Term::find('topics::hoff')->delete();
+
+        $this->assertEquals(['norris'], $entry->fresh()->get('favourites'));
+    }
+
+    /** @see https://github.com/statamic/cms/issues/11264 */
+    #[Test]
+    public function it_nullifies_references_when_deleting_a_term_that_only_exists_in_entry_data()
+    {
+        $collection = tap(Facades\Collection::make('articles')->taxonomies(['topics']))->save();
+
+        $this->setInBlueprints('collections/articles', [
+            'fields' => [
+                [
+                    'handle' => 'topics',
+                    'field' => [
+                        'type' => 'terms',
+                        'taxonomies' => ['topics'],
+                        'mode' => 'select',
+                    ],
+                ],
+            ],
+        ]);
+
+        $entry = tap(Facades\Entry::make()->collection($collection)->data([
+            'topics' => ['hoff', 'ghost'],
+        ]))->save();
+
+        $this->assertEquals(['hoff', 'ghost'], $entry->get('topics'));
+
+        Facades\Term::find('topics::ghost')->delete();
+
+        $this->assertEquals(['hoff'], $entry->fresh()->get('topics'));
+        $this->assertNull(Facades\Term::find('topics::ghost'));
+    }
+
+    #[Test]
+    public function it_updates_references_when_renaming_a_term_retrieved_from_the_stache()
+    {
+        $collection = tap(Facades\Collection::make('articles'))->save();
+
+        $this->setInBlueprints('collections/articles', [
+            'fields' => [
+                [
+                    'handle' => 'favourite',
+                    'field' => [
+                        'type' => 'terms',
+                        'taxonomies' => ['topics'],
+                        'max_items' => 1,
+                        'mode' => 'select',
+                    ],
+                ],
+            ],
+        ]);
+
+        $entry = tap(Facades\Entry::make()->collection($collection)->data([
+            'favourite' => 'hoff',
+        ]))->save();
+
+        $term = Facades\Term::find('topics::hoff');
+        $term->slug('hoff-new');
+        $term->save();
+
+        $this->assertEquals('hoff-new', $entry->fresh()->get('favourite'));
+    }
+
+    #[Test]
+    public function it_nullifies_references_when_deleting_a_term_cached_without_its_original_state()
+    {
+        $collection = tap(Facades\Collection::make('articles'))->save();
+
+        $this->setInBlueprints('collections/articles', [
+            'fields' => [
+                [
+                    'handle' => 'favourites',
+                    'field' => [
+                        'type' => 'terms',
+                        'taxonomies' => ['topics'],
+                        'mode' => 'select',
+                    ],
+                ],
+            ],
+        ]);
+
+        $entry = tap(Facades\Entry::make()->collection($collection)->data([
+            'favourites' => ['hoff', 'norris'],
+        ]))->save();
+
+        // Mimic an item cached by a version that didn't sync the original state.
+        $store = Facades\Stache::store('terms')->store('topics');
+        $item = Facades\Term::find('topics::hoff');
+        (function () {
+            $this->original = [];
+        })->call($item->term());
+        (function () use ($item) {
+            $this->cacheItem($item);
+        })->call($store);
+
+        Facades\Term::find('topics::hoff')->delete();
+
+        $this->assertEquals(['norris'], $entry->fresh()->get('favourites'));
+    }
+
+    #[Test]
+    public function it_keeps_a_term_retrieved_from_the_stache_dirty_until_it_has_been_saved()
+    {
+        $dirty = null;
+
+        Event::listen(TermSaving::class, function ($event) use (&$dirty) {
+            $dirty = $event->term->isDirty('title');
+        });
+
+        $term = Facades\Term::find('topics::hoff');
+        $term->set('title', 'The Hoff');
+        $term->save();
+
+        $this->assertTrue($dirty);
+    }
+
     #[Test]
     public function it_nullifies_references_when_deleting_a_scoped_term()
     {