diff --git a/src/url.zig b/src/url.zig
index 3c1a029df3..8f0e7f7bb0 100644
--- a/src/url.zig
+++ b/src/url.zig
@@ -976,12 +976,21 @@ pub const FormData = struct {
     }
 
     pub const Field = struct {
-        value: bun.Semver.String = .{},
+        /// Offset into the input buffer for the value (binary-safe, no null-termination).
+        value_off: u32 = 0,
+        /// Length of the value (binary-safe, no null-termination).
+        value_len: u32 = 0,
         filename: bun.Semver.String = .{},
         content_type: bun.Semver.String = .{},
         is_file: bool = false,
         zero_count: u8 = 0,
 
+        /// Get the value slice from the buffer.
+        pub fn valueSlice(self: Field, buf: []const u8) []const u8 {
+            if (self.value_len == 0) return "";
+            return buf[self.value_off..][0..self.value_len];
+        }
+
         pub const Entry = union(enum) {
             field: Field,
             list: bun.BabyList(Field),
@@ -1088,7 +1097,7 @@ pub const FormData = struct {
             form: *jsc.DOMFormData,
 
             pub fn onEntry(wrap: *@This(), name: bun.Semver.String, field: Field, buf: []const u8) void {
-                const value_str = field.value.slice(buf);
+                const value_str = field.valueSlice(buf);
                 var key = jsc.ZigString.initUTF8(name.slice(buf));
 
                 if (field.is_file) {
@@ -1278,7 +1287,9 @@ pub const FormData = struct {
             if (strings.endsWithComptime(body, "\r\n")) {
                 body = body[0 .. body.len - 2];
             }
-            field.value = subslicer.sub(body).value();
+            // Store offset and length directly to preserve binary data with null bytes
+            field.value_off = @truncate(@intFromPtr(body.ptr) - @intFromPtr(input.ptr));
+            field.value_len = @truncate(body.len);
             field.filename = filename orelse .{};
             field.is_file = is_file;
 
diff --git a/test/regression/issue/26740.test.ts b/test/regression/issue/26740.test.ts
new file mode 100644
index 0000000000..629b6533da
--- /dev/null
+++ b/test/regression/issue/26740.test.ts
@@ -0,0 +1,88 @@
+import { expect, test } from "bun:test";
+
+// Regression test for https://github.com/oven-sh/bun/issues/26740
+// FormData multipart parsing was truncating binary file content at null bytes
+// for files 8 bytes or smaller due to Semver.String inline storage optimization.
+
+test("FormData preserves binary data with null bytes in small files", async () => {
+  const testCases = [
+    { name: "8 bytes with null at position 3", data: [0x01, 0x02, 0x03, 0x00, 0x05, 0x06, 0x07, 0x08] },
+    { name: "4 bytes with null at end", data: [0x1f, 0x8b, 0x08, 0x00] },
+    { name: "1 byte null", data: [0x00] },
+    { name: "all nulls (8 bytes)", data: [0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00] },
+    { name: "7 bytes ending with null", data: [0x01, 0x02, 0x03, 0x04, 0x05, 0x06, 0x00] },
+    { name: "6 bytes starting with null", data: [0x00, 0x02, 0x03, 0x04, 0x05, 0x06] },
+  ];
+
+  await using server = Bun.serve({
+    port: 0,
+    async fetch(req) {
+      const formData = await req.formData();
+      const file = formData.get("file") as File;
+      const bytes = new Uint8Array(await file.arrayBuffer());
+      return Response.json({
+        expectedSize: parseInt(req.headers.get("x-expected-size") || "0"),
+        actualSize: bytes.byteLength,
+        content: Array.from(bytes),
+      });
+    },
+  });
+
+  for (const tc of testCases) {
+    const content = new Uint8Array(tc.data);
+    const file = new File([content], "test.bin", { type: "application/octet-stream" });
+    const formData = new FormData();
+    formData.append("file", file);
+
+    const res = await fetch(`http://localhost:${server.port}`, {
+      method: "POST",
+      body: formData,
+      headers: { "x-expected-size": String(tc.data.length) },
+    });
+
+    const result = (await res.json()) as { expectedSize: number; actualSize: number; content: number[] };
+
+    expect(result.actualSize).toBe(result.expectedSize);
+    expect(result.content).toEqual(tc.data);
+  }
+});
+
+test("FormData preserves binary data in larger files (> 8 bytes)", async () => {
+  // This should have worked before the fix, but let's verify it still works
+  const testCases = [
+    { name: "16 bytes with nulls", data: Array.from({ length: 16 }, (_, i) => (i % 3 === 0 ? 0x00 : i)) },
+    { name: "9 bytes with null at start", data: [0x00, 0x01, 0x02, 0x03, 0x04, 0x05, 0x06, 0x07, 0x08] },
+  ];
+
+  await using server = Bun.serve({
+    port: 0,
+    async fetch(req) {
+      const formData = await req.formData();
+      const file = formData.get("file") as File;
+      const bytes = new Uint8Array(await file.arrayBuffer());
+      return Response.json({
+        expectedSize: parseInt(req.headers.get("x-expected-size") || "0"),
+        actualSize: bytes.byteLength,
+        content: Array.from(bytes),
+      });
+    },
+  });
+
+  for (const tc of testCases) {
+    const content = new Uint8Array(tc.data);
+    const file = new File([content], "test.bin", { type: "application/octet-stream" });
+    const formData = new FormData();
+    formData.append("file", file);
+
+    const res = await fetch(`http://localhost:${server.port}`, {
+      method: "POST",
+      body: formData,
+      headers: { "x-expected-size": String(tc.data.length) },
+    });
+
+    const result = (await res.json()) as { expectedSize: number; actualSize: number; content: number[] };
+
+    expect(result.actualSize).toBe(result.expectedSize);
+    expect(result.content).toEqual(tc.data);
+  }
+});