diff --git a/libgfortran/ChangeLog b/libgfortran/ChangeLog
index d9397623ee1..f1f7cbe4eff 100644
--- a/libgfortran/ChangeLog
+++ b/libgfortran/ChangeLog
@@ -1,3 +1,9 @@
+2018-11-30  Janne Blomqvist  <jb@gcc.gnu.org>
+
+	PR libfortran/88137
+	* runtime/backtrace.c (show_backtrace): Make lbstate a static
+	variable, initialize once.
+
 2018-11-23  Janne Blomqvist  <jb@gcc.gnu.org>
 
 	* runtime/error.c (MAGIC): Remove.
diff --git a/libgfortran/runtime/backtrace.c b/libgfortran/runtime/backtrace.c
index e0c277044b6..3fc973a5e6d 100644
--- a/libgfortran/runtime/backtrace.c
+++ b/libgfortran/runtime/backtrace.c
@@ -146,11 +146,15 @@ full_callback (void *data, uintptr_t pc, const char *filename,
 void
 show_backtrace (bool in_signal_handler)
 {
-  struct backtrace_state *lbstate;
+  /* Note that libbacktrace allows the state to be accessed from
+     multiple threads, so we don't need to use a TLS variable for the
+     state here.  */
+  static struct backtrace_state *lbstate;
   struct mystate state = { 0, false, in_signal_handler };
- 
-  lbstate = backtrace_create_state (NULL, __gthread_active_p (),
-				    error_callback, NULL);
+
+  if (!lbstate)
+    lbstate = backtrace_create_state (NULL, __gthread_active_p (),
+				      error_callback, NULL);
 
   if (lbstate == NULL)
     return;