diff --git a/bfd/ChangeLog b/bfd/ChangeLog
index c5f7ec7874..7e9fb6837c 100644
--- a/bfd/ChangeLog
+++ b/bfd/ChangeLog
@@ -1,3 +1,8 @@
+2018-10-24  Alan Modra  <amodra@gmail.com>
+
+	* elf32-arm.c (elf32_arm_size_stubs): Ignore as-needed libs that
+	were not needed.
+
 2018-10-23  Alan Modra  <amodra@gmail.com>
 
 	PR 23806
diff --git a/bfd/elf32-arm.c b/bfd/elf32-arm.c
index 2c321bbcb6..5adec5e473 100644
--- a/bfd/elf32-arm.c
+++ b/bfd/elf32-arm.c
@@ -6449,7 +6449,8 @@ elf32_arm_size_stubs (bfd *output_bfd,
 	  asection *section;
 	  Elf_Internal_Sym *local_syms = NULL;
 
-	  if (!is_arm_elf (input_bfd))
+	  if (!is_arm_elf (input_bfd)
+	      || (elf_dyn_lib_class (input_bfd) & DYN_AS_NEEDED) != 0)
 	    continue;
 
 	  num_a8_relocs = 0;