diff --git a/qmake/library/qmakebuiltins.cpp b/qmake/library/qmakebuiltins.cpp
index 272b0cc30d..c1d23295e7 100644
--- a/qmake/library/qmakebuiltins.cpp
+++ b/qmake/library/qmakebuiltins.cpp
@@ -1027,7 +1027,11 @@ ProStringList QMakeEvaluator::evaluateBuiltinExpand(
             QString rstr = QDir::cleanPath(
                     QDir(args.count() > 1 ? args.at(1).toQString(m_tmp2) : currentDirectory())
                     .absoluteFilePath(args.at(0).toQString(m_tmp1)));
-            ret << (rstr.isSharedWith(m_tmp1) ? args.at(0) : ProString(rstr).setSource(args.at(0)));
+            ret << (rstr.isSharedWith(m_tmp1)
+                        ? args.at(0)
+                        : args.count() > 1 && rstr.isSharedWith(m_tmp2)
+                            ? args.at(1)
+                            : ProString(rstr).setSource(args.at(0)));
         }
         break;
     case E_RELATIVE_PATH:
diff --git a/tests/auto/tools/qmakelib/evaltest.cpp b/tests/auto/tools/qmakelib/evaltest.cpp
index f70ee683e2..09482d86d9 100644
--- a/tests/auto/tools/qmakelib/evaltest.cpp
+++ b/tests/auto/tools/qmakelib/evaltest.cpp
@@ -2482,6 +2482,14 @@ void tst_qmakelib::proEval_data()
                "Project MESSAGE: assign split joined: word: this is a test:done\n"
                "Project MESSAGE: assign split quoted: word   this   is a     test done"
             << true;
+
+    // Raw data leak with empty file name. Verify with Valgrind or asan.
+    QTest::newRow("QTBUG-54550")
+            << "FULL = /there/is\n"
+               "VAR = $$absolute_path(, $$FULL/nothing/here/really)"
+            << "VAR = /there/is/nothing/here/really"
+            << ""
+            << true;
 }
 
 static QString formatValue(const ProStringList &vals)