diff --git a/Misc/NEWS.d/next/Build/2024-12-16-16-16-35.gh-issue-127951.lpE13-.rst b/Misc/NEWS.d/next/Build/2024-12-16-16-16-35.gh-issue-127951.lpE13-.rst
new file mode 100644
index 00000000000..0c1df0e6bd7
--- /dev/null
+++ b/Misc/NEWS.d/next/Build/2024-12-16-16-16-35.gh-issue-127951.lpE13-.rst
@@ -0,0 +1 @@
+Add option ``--pystats`` to the Windows build to enable performance statistics collection.
diff --git a/PCbuild/build.bat b/PCbuild/build.bat
index 6d3ce81651a..d3e3894c203 100644
--- a/PCbuild/build.bat
+++ b/PCbuild/build.bat
@@ -39,6 +39,7 @@ echo.  --regen        Regenerate all opcodes, grammar and tokens.
 echo.  --experimental-jit          Enable the experimental just-in-time compiler.
 echo.  --experimental-jit-off      Ditto but off by default (PYTHON_JIT=1 enables).
 echo.  --experimental-jit-interpreter  Enable the experimental Tier 2 interpreter.
+echo.  --pystats      Enable PyStats collection.
 echo.
 echo.Available flags to avoid building certain modules.
 echo.These flags have no effect if '-e' is not given:
@@ -93,6 +94,7 @@ if "%~1"=="--experimental-jit" (set UseJIT=true) & (set UseTIER2=1) & shift & go
 if "%~1"=="--experimental-jit-off" (set UseJIT=true) & (set UseTIER2=3) & shift & goto CheckOpts
 if "%~1"=="--experimental-jit-interpreter" (set UseTIER2=4) & shift & goto CheckOpts
 if "%~1"=="--experimental-jit-interpreter-off" (set UseTIER2=6) & shift & goto CheckOpts
+if "%~1"=="--pystats" (set PyStats=1) & shift & goto CheckOpts
 rem These use the actual property names used by MSBuild.  We could just let
 rem them in through the environment, but we specify them on the command line
 rem anyway for visibility so set defaults after this
@@ -186,6 +188,7 @@ echo on
  /p:UseTestMarker=%UseTestMarker% %GITProperty%^
  /p:UseJIT=%UseJIT%^
  /p:UseTIER2=%UseTIER2%^
+ /p:PyStats=%PyStats%^
  %1 %2 %3 %4 %5 %6 %7 %8 %9
 
 @echo off
diff --git a/PCbuild/pyproject.props b/PCbuild/pyproject.props
index c6534117937..17abfa85201 100644
--- a/PCbuild/pyproject.props
+++ b/PCbuild/pyproject.props
@@ -42,6 +42,8 @@
   <PropertyGroup>
     <_DebugPreprocessorDefinition>NDEBUG;</_DebugPreprocessorDefinition>
     <_DebugPreprocessorDefinition Condition="$(Configuration) == 'Debug'">_DEBUG;</_DebugPreprocessorDefinition>
+    <_PyStatsPreprocessorDefinition>PyStats;</_PyStatsPreprocessorDefinition>
+    <_PyStatsPreprocessorDefinition Condition="$(PySTATS) != ''">Py_STATS;</_PyStatsPreprocessorDefinition>
     <_PlatformPreprocessorDefinition>_WIN32;</_PlatformPreprocessorDefinition>
     <_PlatformPreprocessorDefinition Condition="$(Platform) == 'x64'">_WIN64;</_PlatformPreprocessorDefinition>
     <_PlatformPreprocessorDefinition Condition="$(Platform) == 'x64' and $(PlatformToolset) != 'ClangCL'">_M_X64;$(_PlatformPreprocessorDefinition)</_PlatformPreprocessorDefinition>
@@ -50,7 +52,7 @@
   <ItemDefinitionGroup>
     <ClCompile>
       <AdditionalIncludeDirectories>$(PySourcePath)Include;$(PySourcePath)Include\internal;$(PySourcePath)Include\internal\mimalloc;$(GeneratedPyConfigDir);$(PySourcePath)PC;%(AdditionalIncludeDirectories)</AdditionalIncludeDirectories>
-      <PreprocessorDefinitions>WIN32;$(_Py3NamePreprocessorDefinition);$(_PlatformPreprocessorDefinition)$(_DebugPreprocessorDefinition)$(_PydPreprocessorDefinition)%(PreprocessorDefinitions)</PreprocessorDefinitions>
+      <PreprocessorDefinitions>WIN32;$(_Py3NamePreprocessorDefinition);$(_PlatformPreprocessorDefinition)$(_DebugPreprocessorDefinition)$(_PyStatsPreprocessorDefinition)$(_PydPreprocessorDefinition)%(PreprocessorDefinitions)</PreprocessorDefinitions>
       <PreprocessorDefinitions Condition="'$(SupportPGO)' and ($(Configuration) == 'PGInstrument' or $(Configuration) == 'PGUpdate')">_Py_USING_PGO=1;%(PreprocessorDefinitions)</PreprocessorDefinitions>
 
       <Optimization>MaxSpeed</Optimization>