diff --git a/tools/perf/util/annotate.c b/tools/perf/util/annotate.c
index 3e7f75827270..2fa1ce3a0858 100644
--- a/tools/perf/util/annotate.c
+++ b/tools/perf/util/annotate.c
@@ -810,7 +810,6 @@ static __maybe_unused void annotated_source__delete(struct annotated_source *src
 	if (src == NULL)
 		return;
 	zfree(&src->histograms);
-	zfree(&src->cycles_hist);
 	free(src);
 }
 
@@ -845,18 +844,6 @@ static int annotated_source__alloc_histograms(struct annotated_source *src,
 	return src->histograms ? 0 : -1;
 }
 
-/* The cycles histogram is lazily allocated. */
-static int symbol__alloc_hist_cycles(struct symbol *sym)
-{
-	struct annotation *notes = symbol__annotation(sym);
-	const size_t size = symbol__size(sym);
-
-	notes->src->cycles_hist = calloc(size, sizeof(struct cyc_hist));
-	if (notes->src->cycles_hist == NULL)
-		return -1;
-	return 0;
-}
-
 void symbol__annotate_zero_histograms(struct symbol *sym)
 {
 	struct annotation *notes = symbol__annotation(sym);
@@ -865,9 +852,10 @@ void symbol__annotate_zero_histograms(struct symbol *sym)
 	if (notes->src != NULL) {
 		memset(notes->src->histograms, 0,
 		       notes->src->nr_histograms * notes->src->sizeof_sym_hist);
-		if (notes->src->cycles_hist)
-			memset(notes->src->cycles_hist, 0,
-				symbol__size(sym) * sizeof(struct cyc_hist));
+	}
+	if (notes->branch && notes->branch->cycles_hist) {
+		memset(notes->branch->cycles_hist, 0,
+		       symbol__size(sym) * sizeof(struct cyc_hist));
 	}
 	annotation__unlock(notes);
 }
@@ -958,23 +946,33 @@ static int __symbol__inc_addr_samples(struct map_symbol *ms,
 	return 0;
 }
 
+static struct annotated_branch *annotation__get_branch(struct annotation *notes)
+{
+	if (notes == NULL)
+		return NULL;
+
+	if (notes->branch == NULL)
+		notes->branch = zalloc(sizeof(*notes->branch));
+
+	return notes->branch;
+}
+
 static struct cyc_hist *symbol__cycles_hist(struct symbol *sym)
 {
 	struct annotation *notes = symbol__annotation(sym);
+	struct annotated_branch *branch;
 
-	if (notes->src == NULL) {
-		notes->src = annotated_source__new();
-		if (notes->src == NULL)
-			return NULL;
-		goto alloc_cycles_hist;
-	}
+	branch = annotation__get_branch(notes);
+	if (branch == NULL)
+		return NULL;
+
+	if (branch->cycles_hist == NULL) {
+		const size_t size = symbol__size(sym);
 
-	if (!notes->src->cycles_hist) {
-alloc_cycles_hist:
-		symbol__alloc_hist_cycles(sym);
+		branch->cycles_hist = calloc(size, sizeof(struct cyc_hist));
 	}
 
-	return notes->src->cycles_hist;
+	return branch->cycles_hist;
 }
 
 struct annotated_source *symbol__hists(struct symbol *sym, int nr_hists)
@@ -1083,6 +1081,14 @@ static unsigned annotation__count_insn(struct annotation *notes, u64 start, u64
 	return n_insn;
 }
 
+static void annotated_branch__delete(struct annotated_branch *branch)
+{
+	if (branch) {
+		free(branch->cycles_hist);
+		free(branch);
+	}
+}
+
 static void annotation__count_and_fill(struct annotation *notes, u64 start, u64 end, struct cyc_hist *ch)
 {
 	unsigned n_insn;
@@ -1091,6 +1097,7 @@ static void annotation__count_and_fill(struct annotation *notes, u64 start, u64
 
 	n_insn = annotation__count_insn(notes, start, end);
 	if (n_insn && ch->num && ch->cycles) {
+		struct annotated_branch *branch;
 		float ipc = n_insn / ((double)ch->cycles / (double)ch->num);
 
 		/* Hide data when there are too many overlaps. */
@@ -1106,10 +1113,11 @@ static void annotation__count_and_fill(struct annotation *notes, u64 start, u64
 			}
 		}
 
-		if (cover_insn) {
-			notes->hit_cycles += ch->cycles;
-			notes->hit_insn += n_insn * ch->num;
-			notes->cover_insn += cover_insn;
+		branch = annotation__get_branch(notes);
+		if (cover_insn && branch) {
+			branch->hit_cycles += ch->cycles;
+			branch->hit_insn += n_insn * ch->num;
+			branch->cover_insn += cover_insn;
 		}
 	}
 }
@@ -1118,19 +1126,19 @@ void annotation__compute_ipc(struct annotation *notes, size_t size)
 {
 	s64 offset;
 
-	if (!notes->src || !notes->src->cycles_hist)
+	if (!notes->branch || !notes->branch->cycles_hist)
 		return;
 
-	notes->total_insn = annotation__count_insn(notes, 0, size - 1);
-	notes->hit_cycles = 0;
-	notes->hit_insn = 0;
-	notes->cover_insn = 0;
+	notes->branch->total_insn = annotation__count_insn(notes, 0, size - 1);
+	notes->branch->hit_cycles = 0;
+	notes->branch->hit_insn = 0;
+	notes->branch->cover_insn = 0;
 
 	annotation__lock(notes);
 	for (offset = size - 1; offset >= 0; --offset) {
 		struct cyc_hist *ch;
 
-		ch = &notes->src->cycles_hist[offset];
+		ch = &notes->branch->cycles_hist[offset];
 		if (ch && ch->cycles) {
 			struct annotation_line *al;
 
@@ -1147,7 +1155,6 @@ void annotation__compute_ipc(struct annotation *notes, size_t size)
 				al->cycles->max = ch->cycles_max;
 				al->cycles->min = ch->cycles_min;
 			}
-			notes->have_cycles = true;
 		}
 	}
 	annotation__unlock(notes);
@@ -1305,6 +1312,7 @@ int disasm_line__scnprintf(struct disasm_line *dl, char *bf, size_t size, bool r
 void annotation__exit(struct annotation *notes)
 {
 	annotated_source__delete(notes->src);
+	annotated_branch__delete(notes->branch);
 }
 
 static struct sharded_mutex *sharded_mutex;
@@ -3058,13 +3066,14 @@ static void disasm_line__write(struct disasm_line *dl, struct annotation *notes,
 static void ipc_coverage_string(char *bf, int size, struct annotation *notes)
 {
 	double ipc = 0.0, coverage = 0.0;
+	struct annotated_branch *branch = annotation__get_branch(notes);
 
-	if (notes->hit_cycles)
-		ipc = notes->hit_insn / ((double)notes->hit_cycles);
+	if (branch && branch->hit_cycles)
+		ipc = branch->hit_insn / ((double)branch->hit_cycles);
 
-	if (notes->total_insn) {
-		coverage = notes->cover_insn * 100.0 /
-			((double)notes->total_insn);
+	if (branch && branch->total_insn) {
+		coverage = branch->cover_insn * 100.0 /
+			((double)branch->total_insn);
 	}
 
 	scnprintf(bf, size, "(Average IPC: %.2f, IPC Coverage: %.1f%%)",
@@ -3089,7 +3098,7 @@ static void __annotation_line__write(struct annotation_line *al, struct annotati
 	int printed;
 
 	if (first_line && (al->offset == -1 || percent_max == 0.0)) {
-		if (notes->have_cycles && al->cycles) {
+		if (notes->branch && al->cycles) {
 			if (al->cycles->ipc == 0.0 && al->cycles->avg == 0)
 				show_title = true;
 		} else
@@ -3126,7 +3135,7 @@ static void __annotation_line__write(struct annotation_line *al, struct annotati
 		}
 	}
 
-	if (notes->have_cycles) {
+	if (notes->branch) {
 		if (al->cycles && al->cycles->ipc)
 			obj__printf(obj, "%*.2f ", ANNOTATION__IPC_WIDTH - 1, al->cycles->ipc);
 		else if (!show_title)
diff --git a/tools/perf/util/annotate.h b/tools/perf/util/annotate.h
index 16d27952fd5c..9c199629305d 100644
--- a/tools/perf/util/annotate.h
+++ b/tools/perf/util/annotate.h
@@ -271,17 +271,20 @@ struct annotated_source {
 	struct list_head   source;
 	int    		   nr_histograms;
 	size_t		   sizeof_sym_hist;
-	struct cyc_hist	   *cycles_hist;
 	struct sym_hist	   *histograms;
 };
 
-struct LOCKABLE annotation {
-	u64			max_coverage;
-	u64			start;
+struct annotated_branch {
 	u64			hit_cycles;
 	u64			hit_insn;
 	unsigned int		total_insn;
 	unsigned int		cover_insn;
+	struct cyc_hist		*cycles_hist;
+};
+
+struct LOCKABLE annotation {
+	u64			max_coverage;
+	u64			start;
 	struct annotation_options *options;
 	struct annotation_line	**offsets;
 	int			nr_events;
@@ -297,8 +300,8 @@ struct LOCKABLE annotation {
 		u8		max_addr;
 		u8		max_ins_name;
 	} widths;
-	bool			have_cycles;
 	struct annotated_source *src;
+	struct annotated_branch *branch;
 };
 
 static inline void annotation__init(struct annotation *notes __maybe_unused)
@@ -312,10 +315,10 @@ bool annotation__trylock(struct annotation *notes) EXCLUSIVE_TRYLOCK_FUNCTION(tr
 
 static inline int annotation__cycles_width(struct annotation *notes)
 {
-	if (notes->have_cycles && notes->options->show_minmax_cycle)
+	if (notes->branch && notes->options->show_minmax_cycle)
 		return ANNOTATION__IPC_WIDTH + ANNOTATION__MINMAX_CYCLES_WIDTH;
 
-	return notes->have_cycles ? ANNOTATION__IPC_WIDTH + ANNOTATION__CYCLES_WIDTH : 0;
+	return notes->branch ? ANNOTATION__IPC_WIDTH + ANNOTATION__CYCLES_WIDTH : 0;
 }
 
 static inline int annotation__pcnt_width(struct annotation *notes)
diff --git a/tools/perf/util/block-info.c b/tools/perf/util/block-info.c
index 591fc1edd385..08f82c1f166c 100644
--- a/tools/perf/util/block-info.c
+++ b/tools/perf/util/block-info.c
@@ -129,9 +129,9 @@ int block_info__process_sym(struct hist_entry *he, struct block_hist *bh,
 	al.sym = he->ms.sym;
 
 	notes = symbol__annotation(he->ms.sym);
-	if (!notes || !notes->src || !notes->src->cycles_hist)
+	if (!notes || !notes->branch || !notes->branch->cycles_hist)
 		return 0;
-	ch = notes->src->cycles_hist;
+	ch = notes->branch->cycles_hist;
 	for (unsigned int i = 0; i < symbol__size(he->ms.sym); i++) {
 		if (ch[i].num_aggr) {
 			struct block_info *bi;
diff --git a/tools/perf/util/sort.c b/tools/perf/util/sort.c
index 80e4f6132740..27b123ccd2d1 100644
--- a/tools/perf/util/sort.c
+++ b/tools/perf/util/sort.c
@@ -583,21 +583,21 @@ static int hist_entry__sym_ipc_snprintf(struct hist_entry *he, char *bf,
 {
 
 	struct symbol *sym = he->ms.sym;
-	struct annotation *notes;
+	struct annotated_branch *branch;
 	double ipc = 0.0, coverage = 0.0;
 	char tmp[64];
 
 	if (!sym)
 		return repsep_snprintf(bf, size, "%-*s", width, "-");
 
-	notes = symbol__annotation(sym);
+	branch = symbol__annotation(sym)->branch;
 
-	if (notes->hit_cycles)
-		ipc = notes->hit_insn / ((double)notes->hit_cycles);
+	if (branch && branch->hit_cycles)
+		ipc = branch->hit_insn / ((double)branch->hit_cycles);
 
-	if (notes->total_insn) {
-		coverage = notes->cover_insn * 100.0 /
-			((double)notes->total_insn);
+	if (branch && branch->total_insn) {
+		coverage = branch->cover_insn * 100.0 /
+			((double)branch->total_insn);
 	}
 
 	snprintf(tmp, sizeof(tmp), "%-5.2f [%5.1f%%]", ipc, coverage);
