diff --git a/spring-context/src/main/java/org/springframework/cache/interceptor/CacheAspectSupport.java b/spring-context/src/main/java/org/springframework/cache/interceptor/CacheAspectSupport.java
index 57ad772ca7..df2ad3f56a 100644
--- a/spring-context/src/main/java/org/springframework/cache/interceptor/CacheAspectSupport.java
+++ b/spring-context/src/main/java/org/springframework/cache/interceptor/CacheAspectSupport.java
@@ -26,12 +26,12 @@ import java.util.Map;
 import java.util.Optional;
 import java.util.concurrent.CompletableFuture;
 import java.util.concurrent.ConcurrentHashMap;
+import java.util.concurrent.atomic.AtomicReference;
 import java.util.function.Supplier;
 
 import org.apache.commons.logging.Log;
 import org.apache.commons.logging.LogFactory;
-import org.reactivestreams.Subscriber;
-import org.reactivestreams.Subscription;
+import reactor.core.observability.DefaultSignalListener;
 import reactor.core.publisher.Flux;
 import reactor.core.publisher.Mono;
 
@@ -90,6 +90,7 @@ import org.springframework.util.function.SupplierUtils;
  * @author Sam Brannen
  * @author Stephane Nicoll
  * @author Sebastien Deleuze
+ * @author Simon Baslé
  * @since 3.1
  */
 public abstract class CacheAspectSupport extends AbstractCacheInvoker
@@ -1036,32 +1037,45 @@ public abstract class CacheAspectSupport extends AbstractCacheInvoker
 
 
 	/**
-	 * Reactive Streams Subscriber collection for collecting a List to cache.
+	 * Reactor stateful SignalListener for collecting a List to cache.
 	 */
-	private class CachePutListSubscriber implements Subscriber<Object> {
+	private class CachePutSignalListener extends DefaultSignalListener<Object> {
 
-		private final CachePutRequest request;
+		private final AtomicReference<CachePutRequest> request;
 
 		private final List<Object> cacheValue = new ArrayList<>();
 
-		public CachePutListSubscriber(CachePutRequest request) {
-			this.request = request;
+		public CachePutSignalListener(CachePutRequest request) {
+			this.request = new AtomicReference<>(request);
 		}
 
 		@Override
-		public void onSubscribe(Subscription s) {
-			s.request(Integer.MAX_VALUE);
-		}
-		@Override
-		public void onNext(Object o) {
+		public void doOnNext(Object o) {
 			this.cacheValue.add(o);
 		}
+
 		@Override
-		public void onError(Throwable t) {
+		public void doOnComplete() {
+			CachePutRequest r = this.request.get();
+			if (this.request.compareAndSet(r, null)) {
+				r.performCachePut(this.cacheValue);
+			}
 		}
+
 		@Override
-		public void onComplete() {
-			this.request.performCachePut(this.cacheValue);
+		public void doOnCancel() {
+			// Note: we don't use doFinally as we want to propagate the signal after cache put, not before
+			CachePutRequest r = this.request.get();
+			if (this.request.compareAndSet(r, null)) {
+				r.performCachePut(this.cacheValue);
+			}
+		}
+
+		@Override
+		public void doOnError(Throwable error) {
+			if (this.request.getAndSet(null) != null) {
+				this.cacheValue.clear();
+			}
 		}
 	}
 
@@ -1145,9 +1159,8 @@ public abstract class CacheAspectSupport extends AbstractCacheInvoker
 			ReactiveAdapter adapter = (result != null ? this.registry.getAdapter(result.getClass()) : null);
 			if (adapter != null) {
 				if (adapter.isMultiValue()) {
-					Flux<?> source = Flux.from(adapter.toPublisher(result));
-					source.subscribe(new CachePutListSubscriber(request));
-					return adapter.fromPublisher(source);
+					return adapter.fromPublisher(Flux.from(adapter.toPublisher(result))
+							.tap(() -> new CachePutSignalListener(request)));
 				}
 				else {
 					return adapter.fromPublisher(Mono.from(adapter.toPublisher(result))
diff --git a/spring-context/src/test/java/org/springframework/cache/annotation/ReactiveCachingTests.java b/spring-context/src/test/java/org/springframework/cache/annotation/ReactiveCachingTests.java
index 09d2869b73..7300ee59d4 100644
--- a/spring-context/src/test/java/org/springframework/cache/annotation/ReactiveCachingTests.java
+++ b/spring-context/src/test/java/org/springframework/cache/annotation/ReactiveCachingTests.java
@@ -61,7 +61,7 @@ class ReactiveCachingTests {
 		Long r3 = service.cacheFuture(key).join();
 
 		assertThat(r1).isNotNull();
-		assertThat(r1).isSameAs(r2).isSameAs(r3);
+		assertThat(r1).as("cacheFuture").isSameAs(r2).isSameAs(r3);
 
 		key = new Object();
 
@@ -70,7 +70,7 @@ class ReactiveCachingTests {
 		r3 = service.cacheMono(key).block();
 
 		assertThat(r1).isNotNull();
-		assertThat(r1).isSameAs(r2).isSameAs(r3);
+		assertThat(r1).as("cacheMono").isSameAs(r2).isSameAs(r3);
 
 		key = new Object();
 
@@ -79,7 +79,7 @@ class ReactiveCachingTests {
 		r3 = service.cacheFlux(key).blockFirst();
 
 		assertThat(r1).isNotNull();
-		assertThat(r1).isSameAs(r2).isSameAs(r3);
+		assertThat(r1).as("cacheFlux blockFirst").isSameAs(r2).isSameAs(r3);
 
 		key = new Object();
 
@@ -88,7 +88,7 @@ class ReactiveCachingTests {
 		List<Long> l3 = service.cacheFlux(key).collectList().block();
 
 		assertThat(l1).isNotNull();
-		assertThat(l1).isEqualTo(l2).isEqualTo(l3);
+		assertThat(l1).as("cacheFlux collectList").isEqualTo(l2).isEqualTo(l3);
 
 		key = new Object();
 
@@ -97,7 +97,7 @@ class ReactiveCachingTests {
 		r3 = service.cacheMono(key).block();
 
 		assertThat(r1).isNotNull();
-		assertThat(r1).isSameAs(r2).isSameAs(r3);
+		assertThat(r1).as("cacheMono common key").isSameAs(r2).isSameAs(r3);
 
 		// Same key as for Mono, reusing its cached value
 
@@ -106,12 +106,11 @@ class ReactiveCachingTests {
 		r3 = service.cacheFlux(key).blockFirst();
 
 		assertThat(r1).isNotNull();
-		assertThat(r1).isSameAs(r2).isSameAs(r3);
+		assertThat(r1).as("cacheFlux blockFirst common key").isSameAs(r2).isSameAs(r3);
 
 		ctx.close();
 	}
 
-
 	@CacheConfig(cacheNames = "first")
 	static class ReactiveCacheableService {
 
@@ -124,12 +123,16 @@ class ReactiveCachingTests {
 
 		@Cacheable
 		Mono<Long> cacheMono(Object arg) {
-			return Mono.just(this.counter.getAndIncrement());
+			// here counter not only reflects invocations of cacheMono but subscriptions to
+			// the returned Mono as well. See https://github.com/spring-projects/spring-framework/issues/32370
+			return Mono.defer(() -> Mono.just(this.counter.getAndIncrement()));
 		}
 
 		@Cacheable
 		Flux<Long> cacheFlux(Object arg) {
-			return Flux.just(this.counter.getAndIncrement(), 0L);
+			// here counter not only reflects invocations of cacheFlux but subscriptions to
+			// the returned Flux as well. See https://github.com/spring-projects/spring-framework/issues/32370
+			return Flux.defer(() -> Flux.just(this.counter.getAndIncrement(), 0L));
 		}
 	}