diff --git a/Lib/test/test_free_threading/test_itertools.py b/Lib/test/test_free_threading/test_itertools.py
index 7392bd739acd709..afcf77c8d3bad3f 100644
--- a/Lib/test/test_free_threading/test_itertools.py
+++ b/Lib/test/test_free_threading/test_itertools.py
@@ -4,6 +4,7 @@
     batched,
     chain,
     combinations_with_replacement,
+    count,
     cycle,
     permutations,
     tee,
@@ -142,5 +143,32 @@ def consume():
         self.assertEqual(errors, [], msg=f"unexpected errors: {errors}")
 
 
+class TestCountConcurrent(unittest.TestCase):
+    @staticmethod
+    def _spin_next(it, n=2000):
+        for _ in range(n):
+            next(it)
+
+    @staticmethod
+    def _spin_repr(it, n=2000):
+        for _ in range(n):
+            repr(it)
+
+    @threading_helper.reap_threads
+    def test_repr_racing_next_fast_mode(self):
+        for _ in range(10):
+            it = count()
+            workers = [self._spin_next] * 2 + [self._spin_repr] * 4
+            threading_helper.run_concurrently(workers, args=(it,))
+
+    @threading_helper.reap_threads
+    def test_repr_racing_next_slow_mode(self):
+        for _ in range(10):
+            # Large count to trigger "slow mode"
+            it = count(10**18, 2)
+            workers = [self._spin_next] * 2 + [self._spin_repr] * 4
+            threading_helper.run_concurrently(workers, args=(it,))
+
+
 if __name__ == "__main__":
     unittest.main()
diff --git a/Misc/NEWS.d/next/Library/2026-07-18-14-47-52.gh-issue-153981.yZcmKQ.rst b/Misc/NEWS.d/next/Library/2026-07-18-14-47-52.gh-issue-153981.yZcmKQ.rst
new file mode 100644
index 000000000000000..3fc3c3cca437c4b
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-07-18-14-47-52.gh-issue-153981.yZcmKQ.rst
@@ -0,0 +1 @@
+Fix use-after-free race condition when calling :func:`repr` on :class:`itertools.count` under the :term:`free-threaded build`.
diff --git a/Modules/itertoolsmodule.c b/Modules/itertoolsmodule.c
index c0023c839ca7fe3..c77bae8a1eaea50 100644
--- a/Modules/itertoolsmodule.c
+++ b/Modules/itertoolsmodule.c
@@ -3675,27 +3675,51 @@ static PyObject *
 count_repr(PyObject *op)
 {
     countobject *lz = countobject_CAST(op);
-    if (lz->long_cnt == NULL) {
-        Py_ssize_t cnt = FT_ATOMIC_LOAD_SSIZE_RELAXED(lz->cnt);
-        return PyUnicode_FromFormat("%s(%zd)",
-                                    _PyType_Name(Py_TYPE(lz)), cnt);
+    PyObject *long_cnt, *long_step;
+
+    Py_BEGIN_CRITICAL_SECTION(lz);
+    long_cnt = Py_XNewRef(lz->long_cnt);
+    long_step = Py_NewRef(lz->long_step);
+    Py_END_CRITICAL_SECTION();
+
+    if (long_cnt == NULL) {
+        /* Fast mode: cnt is advanced by count_next()'s lock-free atomic CAS,
+           which never takes the critical section above, so read it atomically.
+           Fast mode also implies that long_step is the integer 1. */
+        long_cnt = PyLong_FromSsize_t(FT_ATOMIC_LOAD_SSIZE_RELAXED(lz->cnt));
     }
 
-    if (PyLong_Check(lz->long_step)) {
-        long step = PyLong_AsLong(lz->long_step);
+    /* Don't display step when it is an integer equal to 1 */
+    int hide_step = 0;
+    if (PyLong_Check(long_step)) {
+        long step = PyLong_AsLong(long_step);
         if (step == -1 && PyErr_Occurred()) {
             PyErr_Clear();
         }
-        if (step == 1) {
-            /* Don't display step when it is an integer equal to 1 */
-            return PyUnicode_FromFormat("%s(%R)",
-                                        _PyType_Name(Py_TYPE(lz)),
-                                        lz->long_cnt);
-        }
+        hide_step = (step == 1);
+    }
+
+    PyUnicodeWriter *writer = PyUnicodeWriter_Create(0);
+    int rc = (writer == NULL || long_cnt == NULL) ? -1 : 0;
+    if (rc == 0) {
+        rc = PyUnicodeWriter_Format(writer, "%s(%R",
+                                    _PyType_Name(Py_TYPE(lz)), long_cnt);
+    }
+    if (rc == 0 && !hide_step) {
+        rc = PyUnicodeWriter_Format(writer, ", %R", long_step);
+    }
+    if (rc == 0) {
+        rc = PyUnicodeWriter_WriteChar(writer, ')');
+    }
+
+    Py_XDECREF(long_cnt);
+    Py_DECREF(long_step);
+
+    if (rc < 0) {
+        PyUnicodeWriter_Discard(writer);
+        return NULL;
     }
-    return PyUnicode_FromFormat("%s(%R, %R)",
-                                _PyType_Name(Py_TYPE(lz)),
-                                lz->long_cnt, lz->long_step);
+    return PyUnicodeWriter_Finish(writer);
 }
 
 static PyType_Slot count_slots[] = {