diff --git a/packages/reporters/cli/src/CLIReporter.js b/packages/reporters/cli/src/CLIReporter.js
index 6af571fef04..8ec6d2835e4 100644
--- a/packages/reporters/cli/src/CLIReporter.js
+++ b/packages/reporters/cli/src/CLIReporter.js
@@ -32,7 +32,9 @@ const THROTTLE_DELAY = 100;
 const seenWarnings = new Set();
 const seenPhases = new Set();
 const seenPhasesGen = new Set();
-const phaseStartTimes = {};
+
+let phaseStartTimes = {};
+let pendingIncrementalBuild = false;
 
 let statusThrottle = throttle((message: string) => {
   updateSpinner(message);
@@ -76,6 +78,13 @@ export async function _report(
         break;
       }
 
+      if (pendingIncrementalBuild) {
+        pendingIncrementalBuild = false;
+        phaseStartTimes = {};
+        seenPhasesGen.clear();
+        seenPhases.clear();
+      }
+
       if (!seenPhasesGen.has(event.phase)) {
         phaseStartTimes[event.phase] = Date.now();
         seenPhasesGen.add(event.phase);
@@ -127,9 +136,12 @@ export async function _report(
           options.projectRoot,
           options.detailedReport?.assetsPerBundle,
         );
-        if (process.env.PARCEL_SHOW_PHASE_TIMES) {
-          phaseReport(phaseStartTimes);
-        }
+      } else {
+        pendingIncrementalBuild = true;
+      }
+
+      if (process.env.PARCEL_SHOW_PHASE_TIMES) {
+        phaseReport(phaseStartTimes);
       }
       break;
     case 'buildFailure':
diff --git a/packages/reporters/cli/test/CLIReporter.test.js b/packages/reporters/cli/test/CLIReporter.test.js
index 4e2e9c033b4..3bf381f0515 100644
--- a/packages/reporters/cli/test/CLIReporter.test.js
+++ b/packages/reporters/cli/test/CLIReporter.test.js
@@ -1,12 +1,15 @@
 // @flow strict-local
 
 import assert from 'assert';
+import sinon from 'sinon';
 import {PassThrough} from 'stream';
 import {_report} from '../src/CLIReporter';
 import {_setStdio} from '../src/render';
 import {inputFS, outputFS} from '@parcel/test-utils';
 import {NodePackageManager} from '@parcel/package-manager';
 import stripAnsi from 'strip-ansi';
+import * as bundleReport from '../src/bundleReport';
+import * as render from '../src/render';
 
 const EMPTY_OPTIONS = {
   cacheDir: '.parcel-cache',
@@ -179,4 +182,50 @@ describe('CLIReporter', () => {
     await _report({type: 'buildProgress', phase: 'bundling'}, EMPTY_OPTIONS);
     assert.equal(stdoutOutput, 'Bundling...\n');
   });
+
+  it('writes phase timings to stdout when PARCEL_SHOW_PHASE_TIMES is set', async () => {
+    let oldPhaseTimings = process.env['PARCEL_SHOW_PHASE_TIMES'];
+    const bundleReportStub = sinon.stub(bundleReport, 'default');
+    const persistSpinnerStub = sinon.stub(render, 'persistSpinner');
+
+    after(() => {
+      bundleReportStub.restore();
+      persistSpinnerStub.restore();
+      process.env['PARCEL_SHOW_PHASE_TIMES'] = oldPhaseTimings;
+    });
+
+    // emit a buildSuccess event to reset the timings and seen phases
+    // from the previous test
+    process.env['PARCEL_SHOW_PHASE_TIMES'] = undefined;
+    // $FlowFixMe[incompatible-call]
+    await _report({type: 'buildSuccess'}, EMPTY_OPTIONS);
+
+    process.env['PARCEL_SHOW_PHASE_TIMES'] = 'true';
+    await _report(
+      {type: 'buildProgress', phase: 'transforming', filePath: 'foo.js'},
+      EMPTY_OPTIONS,
+    );
+    await _report({type: 'buildProgress', phase: 'bundling'}, EMPTY_OPTIONS);
+    // $FlowFixMe[incompatible-call]
+    await _report({type: 'buildProgress', phase: 'packaging'}, EMPTY_OPTIONS);
+    // $FlowFixMe[incompatible-call]
+    await _report({type: 'buildSuccess'}, EMPTY_OPTIONS);
+    const expected =
+      /Building...\nBundling...\nPackaging & Optimizing...\nTransforming finished in [0-9]ms\nBundling finished in [0-9]ms\nPackaging & Optimizing finished in [0-9]ms/;
+
+    assert.equal(expected.test(stdoutOutput), true);
+
+    stdoutOutput = '';
+
+    await _report(
+      {type: 'buildProgress', phase: 'transforming', filePath: 'foo.js'},
+      EMPTY_OPTIONS,
+    );
+    await _report({type: 'buildProgress', phase: 'bundling'}, EMPTY_OPTIONS);
+    // $FlowFixMe[incompatible-call]
+    await _report({type: 'buildProgress', phase: 'packaging'}, EMPTY_OPTIONS);
+    // $FlowFixMe[incompatible-call]
+    await _report({type: 'buildSuccess'}, EMPTY_OPTIONS);
+    assert.equal(expected.test(stdoutOutput), true);
+  });
 });