diff --git a/Lib/test/test_compile.py b/Lib/test/test_compile.py
index ce9c060641d6c5..9cc025d85e168a 100644
--- a/Lib/test/test_compile.py
+++ b/Lib/test/test_compile.py
@@ -1636,6 +1636,16 @@ async def name_4():
                     pass
             [[]]
 
+    def test_globals_dict_subclass(self):
+        # gh-132386
+        class WeirdDict(dict):
+            pass
+
+        ns = {}
+        exec('def foo(): return a', WeirdDict(), ns)
+
+        self.assertRaises(NameError, ns['foo'])
+
 class TestBooleanExpression(unittest.TestCase):
     class Value:
         def __init__(self):
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-04-11-18-46-37.gh-issue-132386.pMBFTe.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-04-11-18-46-37.gh-issue-132386.pMBFTe.rst
new file mode 100644
index 00000000000000..65ba7fc182b674
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-04-11-18-46-37.gh-issue-132386.pMBFTe.rst
@@ -0,0 +1,2 @@
+Fix crash when passing a dict subclass as the ``globals`` parameter to
+:func:`exec`.
diff --git a/Python/ceval.c b/Python/ceval.c
index 8ab0c6318c1c91..e4a63ad9287783 100644
--- a/Python/ceval.c
+++ b/Python/ceval.c
@@ -3312,6 +3312,8 @@ _PyEval_LoadGlobalStackRef(PyObject *globals, PyObject *builtins, PyObject *name
                 _PyEval_FormatExcCheckArg(
                             PyThreadState_GET(), PyExc_NameError,
                             NAME_ERROR_MSG, name);
+                *writeto = PyStackRef_NULL;
+                return;
             }
         }
         *writeto = PyStackRef_FromPyObjectSteal(res);