diff --git a/ld/ChangeLog b/ld/ChangeLog
index 3b9a426697..d81ebcc6c0 100644
--- a/ld/ChangeLog
+++ b/ld/ChangeLog
@@ -1,3 +1,10 @@
+2020-09-11  Jeremy Drake  <sourceware-bugzilla@jdrake.com>
+
+	PR 26588
+	* emultempl/pe.em (_finish): Only generate a import library if not
+	exporting relocs.
+	* emultempl/pep.em: Likewise.
+
 2020-09-10  Siddhesh Poyarekar  <siddesh.poyarekar@arm.com>
 
 	* testsuite/ld-aarch64/emit-relocs-560.d: Expect error instead
diff --git a/ld/emultempl/pe.em b/ld/emultempl/pe.em
index 9d2097f486..055d08d184 100644
--- a/ld/emultempl/pe.em
+++ b/ld/emultempl/pe.em
@@ -1996,7 +1996,8 @@ gld_${EMULATION_NAME}_finish (void)
     )
     {
       pe_dll_fill_sections (link_info.output_bfd, &link_info);
-      if (command_line.out_implib_filename)
+      if (command_line.out_implib_filename
+          && pe_def_file->num_exports != 0)
 	pe_dll_generate_implib (pe_def_file, command_line.out_implib_filename,
 				&link_info);
     }
diff --git a/ld/emultempl/pep.em b/ld/emultempl/pep.em
index 7d9395168d..f161cce2b5 100644
--- a/ld/emultempl/pep.em
+++ b/ld/emultempl/pep.em
@@ -1823,7 +1823,8 @@ gld_${EMULATION_NAME}_finish (void)
 	  && pep_def_file->num_exports != 0))
     {
       pep_dll_fill_sections (link_info.output_bfd, &link_info);
-      if (command_line.out_implib_filename)
+      if (command_line.out_implib_filename
+          && pep_def_file->num_exports != 0)
 	pep_dll_generate_implib (pep_def_file,
 				 command_line.out_implib_filename, &link_info);
     }