diff --git a/fastapi/dependencies/utils.py b/fastapi/dependencies/utils.py
index b73473484..dc6eab8b2 100644
--- a/fastapi/dependencies/utils.py
+++ b/fastapi/dependencies/utils.py
@@ -542,7 +542,8 @@ async def solve_dependencies(
         response = Response()
         del response.headers["content-length"]
         response.status_code = None  # type: ignore
-    dependency_cache = dependency_cache or {}
+    if dependency_cache is None:
+        dependency_cache = {}
     sub_dependant: Dependant
     for sub_dependant in dependant.dependencies:
         sub_dependant.call = cast(Callable[..., Any], sub_dependant.call)
@@ -566,6 +567,13 @@ async def solve_dependencies(
                 name=sub_dependant.name,
                 security_scopes=sub_dependant.security_scopes,
             )
+        if sub_dependant.use_cache and sub_dependant.cache_key in dependency_cache:
+            solved = dependency_cache[sub_dependant.cache_key]
+
+            if sub_dependant.name is not None:
+                values[sub_dependant.name] = solved
+
+            continue
 
         solved_result = await solve_dependencies(
             request=request,
@@ -588,8 +596,6 @@ async def solve_dependencies(
         if sub_errors:
             errors.extend(sub_errors)
             continue
-        if sub_dependant.use_cache and sub_dependant.cache_key in dependency_cache:
-            solved = dependency_cache[sub_dependant.cache_key]
         elif is_gen_callable(call) or is_async_gen_callable(call):
             solved = await solve_generator(
                 call=call, stack=async_exit_stack, sub_values=sub_values
diff --git a/tests/test_dependency_cache.py b/tests/test_dependency_cache.py
index 691a62b45..a1719d808 100644
--- a/tests/test_dependency_cache.py
+++ b/tests/test_dependency_cache.py
@@ -1,14 +1,24 @@
 from fastapi import Depends, FastAPI, Security
+from fastapi._compat import PYDANTIC_V2
 from fastapi.testclient import TestClient
-from pydantic import BaseModel, root_validator
+from pydantic import BaseModel
 
 app = FastAPI()
 
 counter_holder = {"counter": 0, "parsing_counter": 0}
 
+if PYDANTIC_V2:
+    from pydantic import model_validator
+
+    decorator = model_validator(mode="before")
+else:
+    from pydantic import root_validator
+
+    decorator = root_validator
+
 
 class Model(BaseModel):
-    @root_validator
+    @decorator
     def __validate__(cls, _):
         counter_holder["parsing_counter"] += 1
         return {}