diff --git a/.changeset/wild-moons-repeat.md b/.changeset/wild-moons-repeat.md
new file mode 100644
index 0000000000..8227c4a7d7
--- /dev/null
+++ b/.changeset/wild-moons-repeat.md
@@ -0,0 +1,5 @@
+---
+'@tanstack/form-core': patch
+---
+
+Report `isValidating` on every async validation run instead of only the first one.
diff --git a/packages/form-core/src/FieldApi.ts b/packages/form-core/src/FieldApi.ts
index 80770f8897..4f01e011fe 100644
--- a/packages/form-core/src/FieldApi.ts
+++ b/packages/form-core/src/FieldApi.ts
@@ -1513,6 +1513,14 @@ export class FieldApi<
 
               field.timeoutIds.validations[validateObj.cause] = setTimeout(
                 async () => {
+                  // The timer has fired, so this run is no longer waiting on a
+                  // debounce. Release the id right away: the branch above uses a
+                  // stored id to mean "a previous run is still pending" and
+                  // compensates for it with `endValidation()`. Leaving a fired id
+                  // behind makes the next run decrement the pending-validation
+                  // counter for a run that already finished, which clears
+                  // `isValidating` while that next run is still in flight.
+                  field.timeoutIds.validations[validateObj.cause] = null
                   if (controller.signal.aborted) return rawResolve(undefined)
                   try {
                     rawResolve(
diff --git a/packages/form-core/tests/FieldApi.spec.ts b/packages/form-core/tests/FieldApi.spec.ts
index 7c9a468ab8..f44bc19e10 100644
--- a/packages/form-core/tests/FieldApi.spec.ts
+++ b/packages/form-core/tests/FieldApi.spec.ts
@@ -892,6 +892,50 @@ describe('field api', () => {
     storeunsub()
   })
 
+  it('should set isValidating again on every async validation run after the first', async () => {
+    // Test for https://github.com/TanStack/form/issues/2372
+    vi.useFakeTimers()
+
+    const form = new FormApi({
+      defaultValues: {
+        name: '',
+      },
+    })
+
+    form.mount()
+
+    const field = new FieldApi({
+      form,
+      name: 'name',
+      validators: {
+        onChangeAsync: async ({ value }) => {
+          await sleep(1000)
+          if (value === 'admin') return 'Username is already taken'
+          return
+        },
+      },
+    })
+
+    field.mount()
+
+    // First run: isValidating is reported while the validator is pending.
+    field.setValue('admin')
+    await vi.advanceTimersByTimeAsync(0)
+    expect(field.getMeta().isValidating).toBe(true)
+    await vi.runAllTimersAsync()
+    expect(field.getMeta().isValidating).toBe(false)
+    expect(field.getMeta().errors).toContain('Username is already taken')
+
+    // Second run: the validator is pending again, so isValidating must be
+    // reported again instead of staying false for the whole run.
+    field.setValue('asdf')
+    await vi.advanceTimersByTimeAsync(0)
+    expect(field.getMeta().isValidating).toBe(true)
+    await vi.runAllTimersAsync()
+    expect(field.getMeta().isValidating).toBe(false)
+    expect(field.getMeta().errors.length).toBe(0)
+  })
+
   it('should run async validation onChange', async () => {
     vi.useFakeTimers()