diff --git a/core/dbt/config/profile.py b/core/dbt/config/profile.py
index 618aecd8054..8fd1334c496 100644
--- a/core/dbt/config/profile.py
+++ b/core/dbt/config/profile.py
@@ -44,6 +44,10 @@
 {profiles_file}/profiles.yml
 """.format(profiles_file=PROFILES_DIR)
 
+EMPTY_PROFILE_MESSAGE = """
+dbt cannot run because profiles.yml is empty for this dbt project.
+"""
+
 
 def read_profile(profiles_dir: str) -> Dict[str, Any]:
     path = os.path.join(profiles_dir, 'profiles.yml')
@@ -52,7 +56,10 @@ def read_profile(profiles_dir: str) -> Dict[str, Any]:
     if os.path.isfile(path):
         try:
             contents = load_file_contents(path, strip=False)
-            return load_yaml_text(contents)
+            yaml_content = load_yaml_text(contents)
+            if not yaml_content:
+                raise DbtProfileError(EMPTY_PROFILE_MESSAGE)
+            return yaml_content
         except ValidationException as e:
             msg = INVALID_PROFILE_MESSAGE.format(error_string=e)
             raise ValidationException(msg) from e
diff --git a/test/unit/test_config.py b/test/unit/test_config.py
index 19a6f6ee231..af5c4b66e02 100644
--- a/test/unit/test_config.py
+++ b/test/unit/test_config.py
@@ -211,6 +211,10 @@ def write_profile(self, profile_data=None):
         with open(self.profile_path('profiles.yml'), 'w') as fp:
             yaml.dump(profile_data, fp)
 
+    def write_empty_profile(self):
+        with open(self.profile_path('profiles.yml'), 'w') as fp:
+            yaml.dump('', fp)
+
 
 class TestProfile(BaseConfigTest):
     def setUp(self):
@@ -530,6 +534,12 @@ def test_no_profile(self):
             self.from_args(project_profile_name=None)
         self.assertIn('no profile was specified', str(exc.exception))
 
+    def test_empty_profile(self):
+        self.write_empty_profile()
+        with self.assertRaises(dbt.exceptions.DbtProfileError) as exc:
+            self.from_args()
+        self.assertIn('profiles.yml is empty', str(exc.exception))
+
 
 class TestProject(BaseConfigTest):
     def setUp(self):