diff --git a/benchmark_encoder.py b/benchmark_encoder.py
new file mode 100644
index 000000000..c46ea3f1a
--- /dev/null
+++ b/benchmark_encoder.py
@@ -0,0 +1,60 @@
+import time
+from typing import List, Optional
+from pydantic import BaseModel
+from fastapi.encoders import jsonable_encoder
+
+
+class SubModel(BaseModel):
+    name: str
+    value: int = 42
+
+
+class MainModel(BaseModel):
+    id: int
+    title: str
+    sub: SubModel
+    items: List[SubModel]
+    maybe: Optional[str] = None
+
+
+def run_benchmark():
+    sub = SubModel(name="test")
+    model = MainModel(
+        id=1,
+        title="hello",
+        sub=sub,
+        items=[sub] * 50,  # 50 items to have a decent dictionary size
+    )
+
+    iterations = 20000
+    print(f"Benchmarking jsonable_encoder over {iterations} iterations...")
+
+    # 1. Optimized Path (Direct return)
+    # Warmup
+    for _ in range(100):
+        jsonable_encoder(model)
+
+    start_time = time.perf_counter()
+    for _ in range(iterations):
+        jsonable_encoder(model)
+    optimized_time = time.perf_counter() - start_time
+
+    # 2. Original Path (Double serialization via model_dump + recursive dict encoding)
+    # Warmup
+    for _ in range(100):
+        jsonable_encoder(model.model_dump(mode="json"))
+
+    start_time = time.perf_counter()
+    for _ in range(iterations):
+        # We simulate the exact old logic: model_dump(mode="json") followed by recursive jsonable_encoder
+        obj_dict = model.model_dump(mode="json")
+        jsonable_encoder(obj_dict)
+    original_time = time.perf_counter() - start_time
+
+    print(f"Original Code Path:  {original_time:.4f} seconds")
+    print(f"Optimized Code Path: {optimized_time:.4f} seconds")
+    print(f"Speedup: {original_time / optimized_time:.2f}x")
+
+
+if __name__ == "__main__":
+    run_benchmark()
diff --git a/fastapi/encoders.py b/fastapi/encoders.py
index d660d4642..06de643d4 100644
--- a/fastapi/encoders.py
+++ b/fastapi/encoders.py
@@ -241,6 +241,23 @@ def jsonable_encoder(
     if exclude is not None and not isinstance(exclude, (set, dict)):
         exclude = set(exclude)  # type: ignore[assignment]  # ty: ignore[invalid-assignment]
     if isinstance(obj, BaseModel):
+        if not exclude_none and not exclude_defaults:
+            obj_dict = obj.model_dump(
+                mode="json",
+                include=include,
+                exclude=exclude,
+                by_alias=by_alias,
+                exclude_unset=exclude_unset,
+                exclude_none=exclude_none,
+                exclude_defaults=exclude_defaults,
+            )
+            if not sqlalchemy_safe:
+                return obj_dict
+            return {
+                k: v for k, v in obj_dict.items()
+                if not (isinstance(k, str) and k.startswith("_sa"))
+            }
+        # Fallback to recursive call for recursive exclude_none/exclude_defaults cleanup
         obj_dict = obj.model_dump(
             mode="json",
             include=include,