diff --git a/deepnote_toolkit/sql/sql_query_chaining.py b/deepnote_toolkit/sql/sql_query_chaining.py
index ec4a20e..66b39a7 100644
--- a/deepnote_toolkit/sql/sql_query_chaining.py
+++ b/deepnote_toolkit/sql/sql_query_chaining.py
@@ -1,3 +1,5 @@
+from functools import lru_cache
+
 import __main__
 import sqlparse
 from sqlparse.tokens import Keyword
@@ -67,34 +69,8 @@ def extract_table_reference_from_token(token):
 
 def extract_table_references(query):
     """Extract table references from SQL query including CTEs and subqueries."""
-    table_references = set()
-
-    try:
-        parsed = sqlparse.parse(query)
-    except Exception:
-        return []
-
-    # State to indicate the next token is a potential table name
-    expect_table = False
-
-    for statement in parsed:
-        # Flattening the statement will let us process tokens in linear sequence meaning we won't have to process groups of tokens (Identifier or IdentifierList)
-        for token in statement.flatten():
-            if token.is_whitespace or token.ttype == sqlparse.tokens.Punctuation:
-                continue
-
-            if expect_table:
-                table_references.update(extract_table_reference_from_token(token))
-                expect_table = False  # reset state after table name is found
-                continue
-
-            if token.ttype is Keyword:
-                normalized_token = token.normalized.upper()
-                # Check if token is "FROM" or contains "JOIN"
-                if normalized_token == "FROM" or "JOIN" in normalized_token:
-                    expect_table = True
-
-    return list(table_references)
+    # Uses tuple for immutability in cache, but returns a list for legacy compatibility
+    return list(_cached_extract_table_references(query))
 
 
 def find_query_preview_references(
@@ -140,13 +116,11 @@ def find_query_preview_references(
         # Check if the reference exists in the main module
         if hasattr(__main__, table_reference):
             variable_name = table_reference
+            if variable_name in query_preview_references:
+                # Already processed (no need for id/instance compare since variable name unique in dict)
+                continue
             variable = getattr(__main__, table_reference)
-            # If it's a QueryPreview object and not already in our list
-            # Use any() with a generator expression to check if the variable is already in the list
-            # This avoids using the pandas object in a boolean context
-            if isinstance(variable, DeepnoteQueryPreview) and not any(
-                id(variable) == id(ref) for ref in query_preview_references
-            ):
+            if isinstance(variable, DeepnoteQueryPreview):
                 # Add it to our list
                 query_preview_source = variable._deepnote_query
                 query_preview_references[variable_name] = query_preview_source
@@ -235,3 +209,39 @@ def unchain_sql_query(query):
     cte_sql = "WITH " + ",\n".join(cte_parts)
     final_query = f"{cte_sql}\n{query.strip()}"
     return final_query
+
+
+# LRU cache for table reference extraction per-normalized query (covers _extracted flattening work)
+@lru_cache(maxsize=64)
+def _cached_extract_table_references(query: str):
+    table_references = set()
+
+    try:
+        parsed = sqlparse.parse(query)
+    except Exception:
+        return tuple()
+
+    # State to indicate the next token is a potential table name
+
+    # State to indicate the next token is a potential table name
+    expect_table = False
+
+    for statement in parsed:
+        # Flattening the statement will let us process tokens in linear sequence meaning we won't have to process groups of tokens (Identifier or IdentifierList)
+        for token in statement.flatten():
+            if token.is_whitespace or token.ttype == sqlparse.tokens.Punctuation:
+                continue
+
+            if expect_table:
+                table_references.update(extract_table_reference_from_token(token))
+                expect_table = False  # reset state after table name is found
+                continue
+
+            ttype = token.ttype
+            if ttype is Keyword:
+                normalized_token = token.normalized.upper()
+                # Check if token is "FROM" or contains "JOIN"
+                if normalized_token == "FROM" or "JOIN" in normalized_token:
+                    expect_table = True
+
+    return tuple(table_references)
diff --git a/deepnote_toolkit/sql/sql_utils.py b/deepnote_toolkit/sql/sql_utils.py
index d5e24f8..686512f 100644
--- a/deepnote_toolkit/sql/sql_utils.py
+++ b/deepnote_toolkit/sql/sql_utils.py
@@ -1,8 +1,11 @@
+from functools import lru_cache
+
 import sqlparse
 
 
 def is_single_select_query(sql_string):
-    parsed_queries = sqlparse.parse(sql_string)
+    parsed_queries = _cached_sqlparse_parse(sql_string)
+    # Check if there is only one query in the string
 
     # Check if there is only one query in the string
     if len(parsed_queries) != 1:
@@ -10,3 +13,9 @@ def is_single_select_query(sql_string):
 
     # Check if the query is a SELECT statement
     return parsed_queries[0].get_type() == "SELECT"
+
+
+# LRU cache for SQL parsing for up to 64 distinct queries
+@lru_cache(maxsize=64)
+def _cached_sqlparse_parse(sql_string: str):
+    return sqlparse.parse(sql_string)