diff --git a/Include/internal/pycore_object.h b/Include/internal/pycore_object.h
index 0b1df7e68b8dfa..3eb7f33de406fd 100644
--- a/Include/internal/pycore_object.h
+++ b/Include/internal/pycore_object.h
@@ -261,17 +261,53 @@ _Py_DECREF_NO_DEALLOC(PyObject *op)
 }
 
 #else
-// TODO: implement Py_DECREF specializations for Py_GIL_DISABLED build
+
 static inline void
 _Py_DECREF_SPECIALIZED(PyObject *op, const destructor destruct)
 {
-    Py_DECREF(op);
+    if (_Py_IsOwnedByCurrentThread(op) &&
+            _Py_atomic_load_ssize_relaxed(&op->ob_ref_shared) == 0) {
+        uint32_t local = _Py_atomic_load_uint32_relaxed(&op->ob_ref_local);
+        if (local == _Py_IMMORTAL_REFCNT_LOCAL) {
+            _Py_DECREF_IMMORTAL_STAT_INC();
+            return;
+        }
+        _Py_DECREF_STAT_INC();
+#ifdef Py_REF_DEBUG
+        _Py_DECREF_DecRefTotal();
+#endif
+        local--;
+        _Py_atomic_store_uint32_relaxed(&op->ob_ref_local, local);
+        if (local == 0) {
+            destruct(op);
+        }
+    }
+    else {
+        Py_DECREF(op);
+    }
 }
 
 static inline void
 _Py_DECREF_NO_DEALLOC(PyObject *op)
 {
-    Py_DECREF(op);
+    if (_Py_IsOwnedByCurrentThread(op) &&
+            _Py_atomic_load_ssize_relaxed(&op->ob_ref_shared) == 0) {
+        uint32_t local = _Py_atomic_load_uint32_relaxed(&op->ob_ref_local);
+        if (local == _Py_IMMORTAL_REFCNT_LOCAL) {
+            _Py_DECREF_IMMORTAL_STAT_INC();
+            return;
+        }
+        _Py_DECREF_STAT_INC();
+#ifdef Py_REF_DEBUG
+        _Py_DECREF_DecRefTotal();
+#endif
+        local--;
+        assert(local > 0);
+        _Py_atomic_store_uint32_relaxed(&op->ob_ref_local, local);
+    }
+    else {
+        Py_DECREF(op);
+    }
 }
 
 static inline int
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-02-05-11-11-40.gh-issue-129695.qt2Jsz.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-05-11-11-40.gh-issue-129695.qt2Jsz.rst
new file mode 100644
index 00000000000000..55fc7f31d88ead
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-05-11-11-40.gh-issue-129695.qt2Jsz.rst
@@ -0,0 +1,2 @@
+Add an optimized version of the ``_PyFloat_FromDouble_ConsumeInputs``
+function for the free-threaded build.
diff --git a/Objects/floatobject.c b/Objects/floatobject.c
index 7ca43033d722ab..363a7354f80f7f 100644
--- a/Objects/floatobject.c
+++ b/Objects/floatobject.c
@@ -134,27 +134,16 @@ PyFloat_FromDouble(double fval)
     return (PyObject *) op;
 }
 
-#ifdef Py_GIL_DISABLED
-
-PyObject *_PyFloat_FromDouble_ConsumeInputs(_PyStackRef left, _PyStackRef right, double value)
-{
-    PyStackRef_CLOSE(left);
-    PyStackRef_CLOSE(right);
-    return PyFloat_FromDouble(value);
-}
-
-#else // Py_GIL_DISABLED
-
 PyObject *_PyFloat_FromDouble_ConsumeInputs(_PyStackRef left, _PyStackRef right, double value)
 {
     PyObject *left_o = PyStackRef_AsPyObjectSteal(left);
     PyObject *right_o = PyStackRef_AsPyObjectSteal(right);
-    if (Py_REFCNT(left_o) == 1) {
+    if (_PyObject_IsUniquelyReferenced(left_o)) {
         ((PyFloatObject *)left_o)->ob_fval = value;
         _Py_DECREF_SPECIALIZED(right_o, _PyFloat_ExactDealloc);
         return left_o;
     }
-    else if (Py_REFCNT(right_o) == 1)  {
+    else if (_PyObject_IsUniquelyReferenced(right_o))  {
         ((PyFloatObject *)right_o)->ob_fval = value;
         _Py_DECREF_NO_DEALLOC(left_o);
         return right_o;
@@ -167,8 +156,6 @@ PyObject *_PyFloat_FromDouble_ConsumeInputs(_PyStackRef left, _PyStackRef right,
     }
 }
 
-#endif // Py_GIL_DISABLED
-
 static PyObject *
 float_from_string_inner(const char *s, Py_ssize_t len, void *obj)
 {