diff --git a/src/expand.cpp b/src/expand.cpp
index 76e3ae8e7..d28b0e9bd 100644
--- a/src/expand.cpp
+++ b/src/expand.cpp
@@ -881,6 +881,9 @@ wcstring replace_home_directory_with_tilde(const wcstring &str, const environmen
     if (string_prefixes_string(L"/", result)) {
         wcstring home_directory = L"~";
         expand_tilde(home_directory, vars);
+        // If we can't get a home directory, don't replace anything.
+        // This is the case e.g. with --no-execute.
+        if (home_directory.empty()) return result;
         if (!string_suffixes_string(L"/", home_directory)) {
             home_directory.push_back(L'/');
         }
diff --git a/tests/checks/no-execute.fish b/tests/checks/no-execute.fish
index 93241c58a..1e5f54e01 100644
--- a/tests/checks/no-execute.fish
+++ b/tests/checks/no-execute.fish
@@ -23,5 +23,14 @@ echo "begin; echo oops" | $fish -n
 echo $status
 #CHECK: 127
 
+echo "begin" > broken
+$fish -n $PWD/broken
+#CHECKERR: /{{.*}}broken (line 1): Missing end to balance this begin
+#CHECKERR: begin
+#CHECKERR: ^~~~^
+#CHECKERR: warning: Error while reading file /{{.*}}broken
+
+rm broken
+
 # Littlecheck assumes a status of 127 means the shebang was invalid.
 exit 0