diff --git a/spring-core/src/main/java/org/springframework/core/ReactiveAdapterRegistry.java b/spring-core/src/main/java/org/springframework/core/ReactiveAdapterRegistry.java
index 7d66979afb25..5be957ecc2b8 100644
--- a/spring-core/src/main/java/org/springframework/core/ReactiveAdapterRegistry.java
+++ b/spring-core/src/main/java/org/springframework/core/ReactiveAdapterRegistry.java
@@ -71,6 +71,8 @@ public class ReactiveAdapterRegistry {
 
 	private static final boolean MUTINY_PRESENT;
 
+	private static final boolean CONTEXT_PROPAGATION_PRESENT;
+
 	static {
 		ClassLoader classLoader = ReactiveAdapterRegistry.class.getClassLoader();
 		REACTIVE_STREAMS_PRESENT = ClassUtils.isPresent("org.reactivestreams.Publisher", classLoader);
@@ -78,6 +80,7 @@ public class ReactiveAdapterRegistry {
 		RXJAVA_3_PRESENT = ClassUtils.isPresent("io.reactivex.rxjava3.core.Flowable", classLoader);
 		COROUTINES_REACTOR_PRESENT = ClassUtils.isPresent("kotlinx.coroutines.reactor.MonoKt", classLoader);
 		MUTINY_PRESENT = ClassUtils.isPresent("io.smallrye.mutiny.Multi", classLoader);
+		CONTEXT_PROPAGATION_PRESENT = ClassUtils.isPresent("io.micrometer.context.ContextSnapshotFactory", classLoader);
 	}
 
 	private final List<ReactiveAdapter> adapters = new ArrayList<>();
@@ -356,7 +359,9 @@ void registerAdapters(ReactiveAdapterRegistry registry) {
 
 			registry.registerReactiveType(
 					ReactiveTypeDescriptor.multiValue(kotlinx.coroutines.flow.Flow.class, kotlinx.coroutines.flow.FlowKt::emptyFlow),
-					source -> kotlinx.coroutines.reactor.ReactorFlowKt.asFlux((kotlinx.coroutines.flow.Flow<?>) source),
+					CONTEXT_PROPAGATION_PRESENT ?
+							source -> kotlinx.coroutines.reactor.ReactorFlowKt.asFlux((kotlinx.coroutines.flow.Flow<?>) source, new PropagationContextElement()) :
+							source -> kotlinx.coroutines.reactor.ReactorFlowKt.asFlux((kotlinx.coroutines.flow.Flow<?>) source),
 					kotlinx.coroutines.reactive.ReactiveFlowKt::asFlow);
 		}
 	}
diff --git a/spring-core/src/test/kotlin/org/springframework/core/ReactiveAdapterRegistryKotlinTests.kt b/spring-core/src/test/kotlin/org/springframework/core/ReactiveAdapterRegistryKotlinTests.kt
index 817fecbed5b1..540337db6580 100644
--- a/spring-core/src/test/kotlin/org/springframework/core/ReactiveAdapterRegistryKotlinTests.kt
+++ b/spring-core/src/test/kotlin/org/springframework/core/ReactiveAdapterRegistryKotlinTests.kt
@@ -16,13 +16,18 @@
 
 package org.springframework.core
 
+import io.micrometer.observation.Observation
+import io.micrometer.observation.tck.TestObservationRegistry
 import kotlinx.coroutines.Deferred
 import kotlinx.coroutines.DelicateCoroutinesApi
+import kotlinx.coroutines.Dispatchers
 import kotlinx.coroutines.GlobalScope
 import kotlinx.coroutines.async
 import kotlinx.coroutines.flow.Flow
 import kotlinx.coroutines.flow.flow
 import kotlinx.coroutines.flow.toList
+import kotlinx.coroutines.reactive.awaitSingle
+import kotlinx.coroutines.runBlocking
 import org.assertj.core.api.Assertions.assertThat
 import org.junit.jupiter.api.Test
 import org.reactivestreams.Publisher
@@ -40,6 +45,8 @@ import kotlin.reflect.KClass
 @OptIn(DelicateCoroutinesApi::class)
 class ReactiveAdapterRegistryKotlinTests {
 
+	private val observationRegistry = TestObservationRegistry.create()
+
 	private val registry = ReactiveAdapterRegistry.getSharedInstance()
 
 	@Test
@@ -82,6 +89,23 @@ class ReactiveAdapterRegistryKotlinTests {
 		assertThat((target as Flow<*>).toList()).contains(1, 2, 3)
 	}
 
+	@Test
+	fun propagateMicrometerContextToFlow() {
+		val observation = Observation.createNotStarted("coroutine", observationRegistry)
+		observation.observe {
+			val source = flow {
+				val currentObservation = observationRegistry.currentObservation
+				assertThat(currentObservation).isNotNull
+				emit(currentObservation?.context?.name)
+			}
+			val target: Publisher<String> = getAdapter(Flow::class).toPublisher(source)
+			val result = runBlocking(Dispatchers.IO) {
+				target.awaitSingle()
+			}
+			assertThat(result).isEqualTo("coroutine")
+		}
+	}
+
 	private fun getAdapter(reactiveType: KClass<*>): ReactiveAdapter {
 		return this.registry.getAdapter(reactiveType.java)!!
 	}
diff --git a/spring-webflux/src/test/kotlin/org/springframework/web/reactive/result/method/annotation/CoroutinesIntegrationTests.kt b/spring-webflux/src/test/kotlin/org/springframework/web/reactive/result/method/annotation/CoroutinesIntegrationTests.kt
index b932e5204b42..6850468bb22a 100644
--- a/spring-webflux/src/test/kotlin/org/springframework/web/reactive/result/method/annotation/CoroutinesIntegrationTests.kt
+++ b/spring-webflux/src/test/kotlin/org/springframework/web/reactive/result/method/annotation/CoroutinesIntegrationTests.kt
@@ -16,18 +16,16 @@
 
 package org.springframework.web.reactive.result.method.annotation
 
-import kotlinx.coroutines.Deferred
-import kotlinx.coroutines.DelicateCoroutinesApi
-import kotlinx.coroutines.GlobalScope
-import kotlinx.coroutines.async
-import kotlinx.coroutines.delay
+import io.micrometer.observation.ObservationRegistry
+import io.micrometer.observation.tck.TestObservationRegistry
+import kotlinx.coroutines.*
 import kotlinx.coroutines.flow.Flow
 import kotlinx.coroutines.flow.flow
 import org.assertj.core.api.Assertions.assertThat
 import org.assertj.core.api.Assertions.assertThatExceptionOfType
-import org.junit.jupiter.api.Assumptions.assumeFalse
 import org.springframework.context.ApplicationContext
 import org.springframework.context.annotation.AnnotationConfigApplicationContext
+import org.springframework.context.annotation.Bean
 import org.springframework.context.annotation.ComponentScan
 import org.springframework.context.annotation.Configuration
 import org.springframework.http.HttpHeaders
@@ -86,6 +84,15 @@ class CoroutinesIntegrationTests : AbstractRequestMappingIntegrationTests() {
 		assertThat(entity.body).isEqualTo("foobar")
 	}
 
+	@ParameterizedHttpServerTest
+	fun `Handler method returning Flow with observation`(httpServer: HttpServer) {
+		startServer(httpServer)
+
+		val entity = performGet("/flow-observation", HttpHeaders.EMPTY, String::class.java)
+		assertThat(entity.statusCode).isEqualTo(HttpStatus.OK)
+		assertThat(entity.body).isEqualTo("http.server.requests")
+	}
+
 	@ParameterizedHttpServerTest
 	fun `Suspending handler method returning Flow`(httpServer: HttpServer) {
 		startServer(httpServer)
@@ -135,11 +142,16 @@ class CoroutinesIntegrationTests : AbstractRequestMappingIntegrationTests() {
 	@Configuration
 	@EnableWebFlux
 	@ComponentScan(resourcePattern = "**/CoroutinesIntegrationTests*")
-	open class WebConfig
+	open class WebConfig {
+
+		@Bean
+		open fun observationRegistry(): ObservationRegistry = TestObservationRegistry.create()
+
+	}
 
 	@OptIn(DelicateCoroutinesApi::class)
 	@RestController
-	class CoroutinesController {
+	class CoroutinesController(private val observationRegistry: ObservationRegistry) {
 
 		@GetMapping("/suspend")
 		suspend fun suspendingEndpoint(): String {
@@ -167,6 +179,15 @@ class CoroutinesIntegrationTests : AbstractRequestMappingIntegrationTests() {
 			delay(1)
 		}
 
+		@GetMapping("/flow-observation")
+		fun flowObservationEndpoint(): Flow<String?> {
+			return flow {
+				val currentObservation = observationRegistry.currentObservation
+				assertThat(currentObservation).isNotNull
+				emit(currentObservation?.context?.name)
+			}
+		}
+
 		@GetMapping("/suspending-flow")
 		suspend fun suspendingFlowEndpoint(): Flow<String> {
 			delay(1)