diff --git a/include/exec/fork_join.hpp b/include/exec/fork_join.hpp
index 921c84d86..c23a5c8cc 100644
--- a/include/exec/fork_join.hpp
+++ b/include/exec/fork_join.hpp
@@ -39,8 +39,24 @@ namespace experimental::execution
       }
     };
 
+    template <class Completions,
+              bool = STDEXEC::__nothrow_decay_copyable_results_t<Completions>::value>
+    struct _cache_completions
+    {
+      using type = Completions;
+    };
+
+    template <class Completions>
+    struct _cache_completions<Completions, false>
+    {
+      using type =
+        STDEXEC::__concat_completion_signatures_t<Completions, STDEXEC::__eptr_completion_t>;
+    };
+
+    // Account that decay-copying into the cache may throw.
     template <class Completions>
-    using _variant_t = STDEXEC::__mapply_q<STDEXEC::__results_storage, Completions>;
+    using _variant_t = STDEXEC::__mapply_q<STDEXEC::__results_storage,
+                                           typename _cache_completions<Completions>::type>;
 
     template <class Domain>
     struct _env_t
@@ -281,16 +297,38 @@ namespace experimental::execution
 
   struct fork_join_t
   {
+    /// No closure given.
+    template <STDEXEC::sender Sndr>
+    STDEXEC_ATTRIBUTE(host, device)
+    constexpr auto operator()(Sndr&& sndr) const noexcept(STDEXEC::__nothrow_decay_copyable<Sndr>)
+    {
+      return static_cast<Sndr&&>(sndr);
+    }
+
+    /// Unary closure.
+    template <STDEXEC::sender Sndr, class Closure>
+      requires(!STDEXEC::sender<Closure>)
+    STDEXEC_ATTRIBUTE(host, device)
+    constexpr auto operator()(Sndr&& sndr, Closure&& clsr) const
+      noexcept(STDEXEC::__nothrow_callable<Closure, Sndr>)
+    {
+      return static_cast<Closure&&>(clsr)(static_cast<Sndr&&>(sndr));
+    }
+
+    /// One sender and multiple closures.
     template <STDEXEC::sender Sndr, class... Closures>
+      requires(sizeof...(Closures) > 1)
     STDEXEC_ATTRIBUTE(host, device)
-    constexpr auto operator()(Sndr&& sndr, Closures&&... closures) const  //
-      -> STDEXEC::__well_formed_sender auto
+    constexpr auto operator()(Sndr&& sndr, Closures&&... closures) const
+      noexcept(STDEXEC::__nothrow_decay_copyable<Sndr, Closures...>)
+        -> STDEXEC::__well_formed_sender auto
     {
       return STDEXEC::__sexpr{fork_join_t(),
                               STDEXEC::__tuple{static_cast<Closures&&>(closures)...},
                               static_cast<Sndr&&>(sndr)};
     }
 
+    /// One or more closures.
     template <class... Closures>
       requires((!STDEXEC::sender<Closures>) && ...)
     STDEXEC_ATTRIBUTE(host, device)
diff --git a/include/stdexec/__detail/__then.hpp b/include/stdexec/__detail/__then.hpp
index 1a86eece8..9a7ddbff1 100644
--- a/include/stdexec/__detail/__then.hpp
+++ b/include/stdexec/__detail/__then.hpp
@@ -239,7 +239,7 @@ namespace STDEXEC
     //!          sender `then(sndr, std::move(__fun))`.
     template <__movable_value _Fun>
     STDEXEC_ATTRIBUTE(always_inline, host, device)
-    constexpr auto operator()(_Fun __fun) const
+    constexpr auto operator()(_Fun __fun) const noexcept(__nothrow_decay_copyable<_Fun>)
     {
       return __closure(*this, static_cast<_Fun&&>(__fun));
     }
diff --git a/test/exec/test_fork_join.cpp b/test/exec/test_fork_join.cpp
index a2d6d41b7..dc23cc399 100644
--- a/test/exec/test_fork_join.cpp
+++ b/test/exec/test_fork_join.cpp
@@ -43,6 +43,30 @@ namespace
                      completion_signatures<set_value_t(), set_error_t(std::exception_ptr)>>);
   }
 
+  TEST_CASE("fork_join coalesces empty and unary calls", "[adaptors][fork_join]")
+  {
+    /// Empty (no closure given).
+    STDEXEC::sender auto empty = exec::fork_join(STDEXEC::just());
+    using empty_t              = decltype(empty);
+    STATIC_REQUIRE(std::same_as<empty_t, decltype(STDEXEC::just())>);
+    STATIC_REQUIRE(!exec::sender_for<empty_t, exec::fork_join_t>);
+    STATIC_REQUIRE(noexcept(exec::fork_join(STDEXEC::just())));
+
+    auto then = STDEXEC::then([]() noexcept {});
+
+    /// Unary closure.
+    STDEXEC::sender auto unary = exec::fork_join(STDEXEC::just(), then);
+    using unary_t              = decltype(unary);
+    STATIC_REQUIRE(std::same_as<unary_t, decltype(STDEXEC::just() | then)>);
+    STATIC_REQUIRE(!exec::sender_for<unary_t, exec::fork_join_t>);
+    STATIC_REQUIRE(noexcept(exec::fork_join(STDEXEC::just(), then)));
+
+    /// Multiple closures.
+    STDEXEC::sender auto multiple = STDEXEC::just() | exec::fork_join(then, then);
+    STATIC_REQUIRE(exec::sender_for<decltype(multiple), exec::fork_join_t>);
+    STATIC_REQUIRE(noexcept(exec::fork_join(STDEXEC::just(), then, then)));
+  }
+
   struct ForwardingThen
   {
     template <typename Value>
@@ -69,6 +93,35 @@ namespace
   };
 #endif
 
+  //! Count how many copies and moves are performed.
+  struct counter
+  {
+    inline static std::atomic<unsigned int> copy_constructions{0};
+    inline static std::atomic<unsigned int> copy_assignments{0};
+    inline static std::atomic<unsigned int> move_constructions{0};
+    inline static std::atomic<unsigned int> move_assignments{0};
+
+    counter() = default;
+    counter(counter const &) noexcept
+    {
+      copy_constructions.fetch_add(1, std::memory_order_relaxed);
+    }
+    counter &operator=(counter const &) noexcept
+    {
+      copy_assignments.fetch_add(1, std::memory_order_relaxed);
+      return *this;
+    }
+    counter(counter &&) noexcept
+    {
+      move_constructions.fetch_add(1, std::memory_order_relaxed);
+    }
+    counter &operator=(counter &&) noexcept
+    {
+      move_assignments.fetch_add(1, std::memory_order_relaxed);
+      return *this;
+    }
+  };
+
   template <char ID>
   struct identifiable_domain : public STDEXEC::default_domain
   {};
@@ -140,18 +193,43 @@ namespace
 #if !STDEXEC_NO_STDCPP_EXCEPTIONS()
   TEST_CASE("fork_join reports failures while caching results", "[adaptors][fork_join]")
   {
+    std::atomic<int> witness{0};
+
     auto sndr = exec::fork_join(exec::just_from(
                                   [](auto sink) noexcept
                                   {
                                     static throwing_copy value;
                                     return sink(value);
                                   }),
-                                then([](throwing_copy const &) noexcept {}));
+                                then([&witness](throwing_copy const &) noexcept { ++witness; }),
+                                then([&witness](throwing_copy const &) noexcept { ++witness; }));
 
     CHECK_THROWS_AS(sync_wait(std::move(sndr)), int);
+
+    CHECK(witness == 0);
   }
 #endif
 
+  TEST_CASE("fork_join caches without copying when results are movable and replays by reference to "
+            "children",
+            "[adaptors][fork_join]")
+  {
+    std::atomic<int> witness{0};
+
+    auto sndr = exec::fork_join(exec::just_from([](auto sink) noexcept { return sink(counter{}); }),
+                                STDEXEC::then([&witness](counter const &) noexcept { ++witness; }),
+                                STDEXEC::then([&witness](counter const &) noexcept { ++witness; }));
+
+    STDEXEC::sync_wait(std::move(sndr));
+
+    CHECK(counter::copy_constructions == 0);
+    CHECK(counter::copy_assignments == 0);
+    CHECK(counter::move_constructions == 1);
+    CHECK(counter::move_assignments == 0);
+
+    CHECK(witness == 2);
+  }
+
   TEST_CASE("fork_join can be nested", "[adaptors][fork_join]")
   {
     std::atomic<int> witness = 0;
diff --git a/test/stdexec/algos/adaptors/test_then.cpp b/test/stdexec/algos/adaptors/test_then.cpp
index 88e85e0c3..1292d522d 100644
--- a/test/stdexec/algos/adaptors/test_then.cpp
+++ b/test/stdexec/algos/adaptors/test_then.cpp
@@ -179,6 +179,17 @@ namespace
                                                    | ex::then([] { return std::string{"hello"}; }));
   }
 
+  TEST_CASE("then noexceptness", "[adaptors][then]")
+  {
+    auto func = [](){};
+
+    STATIC_REQUIRE(noexcept(ex::then(func)));
+
+    STATIC_REQUIRE(noexcept(STDEXEC::just() | STDEXEC::then(func)));
+
+    STATIC_REQUIRE(noexcept(STDEXEC::then(STDEXEC::just(), func)));
+  }
+
   TEST_CASE("then keeps error_types from input sender", "[adaptors][then]")
   {
     inline_scheduler     sched1{};