diff --git a/core/modules/views/src/Entity/Render/EntityFieldRenderer.php b/core/modules/views/src/Entity/Render/EntityFieldRenderer.php
index d19e105..7dc07b9 100644
--- a/core/modules/views/src/Entity/Render/EntityFieldRenderer.php
+++ b/core/modules/views/src/Entity/Render/EntityFieldRenderer.php
@@ -124,16 +124,25 @@ public function query(QueryPluginBase $query, $relationship = NULL) {
    * @see \Drupal\Core\Entity\Entity\EntityViewDisplay
    */
   protected function buildFields(array $values) {
-    $build = &$this->build;
-
+    $build = [];
     if ($renderable_fields = $this->getRenderableFieldIds()) {
-      // Retrieve entity translations to be processed, and group them by bundle.
-      /** @var \Drupal\Core\Entity\FieldableEntityInterface[][] $entities */
+      // Identify all relationships. We will also need one representative field
+      // for each relationship.
+      $relationhips = [];
+      foreach ($renderable_fields as $field_id) {
+        /** @var \Drupal\views\Plugin\views\field\Field $field */
+        $field = $this->view->field[$field_id];
+        $relationhips[$field->options['relationship']] = $field;
+      }
+
+      // For each row, and each relationship in the row, retrieve the entity to
+      // be processed, and take the correct translation.
       $entities = [];
-      $field = $this->view->field[reset($renderable_fields)];
       foreach ($values as $result_row) {
-        $entity = $field->getEntity($result_row);
-        $entities[$entity->bundle()][$result_row->index] = $this->getEntityTranslation($entity, $result_row);
+        foreach ($relationhips as $relationhip_id => $field) {
+          $entity = $field->getEntity($result_row);
+          $entities[$relationhip_id][$entity->bundle()][$result_row->index] = $this->getEntityTranslation($entity, $result_row);
+        }
       }
 
       // @todo Note : given the current code in EVD->buildFieldMultiple(), we don't
@@ -151,8 +160,9 @@ protected function buildFields(array $values) {
         /** @var \Drupal\views\Plugin\views\field\Field $field */
         $field = $this->view->field[$field_id];
 
-        // Build field render array for each bundle.
-        foreach ($entities as $bundle => $bundle_entities) {
+        // Run the formatter across all entities for the field's relationship,
+        // grouping entities by bundle.
+        foreach ($entities[$field->options['relationship']] as $bundle => $bundle_entities) {
           // At this point, we can use the "real" field definition for the bundle
           // we are rendering.
           $field_definition = $this->entityManager->getFieldDefinitions($this->getEntityTypeId(), $bundle)[$field->definition['field_name']];
@@ -164,7 +174,7 @@ protected function buildFields(array $values) {
       }
     }
 
-
+    return $build;
   }
 
   /**
@@ -206,6 +216,15 @@ protected function getEntityTranslation(EntityInterface $entity, ResultRow $row)
   }
 
   /**
+   * {@inheritdoc}
+   */
+  public function preRender(array $result) {
+    // For efficient preRender() populated $this->build with the render arrays for all fields
+      // in all rows
+    $this->build = $this->buildFields($result);
+  }
+
+  /**
    * Renders entity field data.
    *
    * @param \Drupal\views\ResultRow $row
@@ -217,26 +236,34 @@ protected function getEntityTranslation(EntityInterface $entity, ResultRow $row)
    *   A renderable array for the entity data contained in the result row.
    */
   public function render(ResultRow $row, Field $field = NULL) {
-    if (!isset($this->build)) {
-      $this->buildFields($this->view->result);
-    }
-
     if (isset($field)) {
       $field_id = $field->options['id'];
-      if (!isset($this->build[$row->index][$field_id])) {
-        $this->buildFields([$row]);
+      // preRender() initializes $this->build with the render arrays for all
+      // fields across all rows. We simply pick the one for the row / field we
+      // are being asked to render, and remove it from $this->build to free
+      // memory as we progress.
+      if (isset($this->build[$row->index][$field_id])) {
+        $build = $this->build[$row->index][$field_id];
+        unset($this->build[$row->index][$field_id]);
+      }
+      else {
+        // In the uncommon case where a field gets rendered several times
+        // (typically through direct Views API calls), the pre-computed render
+        // array was removed be the unset() above. We the manually rebuild the
+        // render array for the row.
+        $build = $this->buildFields([$row])[$row->index][$field_id];
       }
-      $build = $this->build[$row->index][$field_id];
-      // Free static cache to save memory.
-      unset($this->build[$row->index][$field_id]);
     }
     else {
-      if (!isset($this->build[$row->index])) {
-        $this->buildFields([$row]);
+      // Same logic as above, in the case where we are being called for a whole
+      // row.
+      if (isset($this->build[$row->index])) {
+        $build = $this->build[$row->index];
+        unset($this->build[$row->index]);
+      }
+      else {
+        $build = $this->buildFields([$row])[$row->index];
       }
-      $build = $this->build[$row->index];
-      // Free static cache to save memory.
-      unset($this->build[$row->index]);
     }
 
     return $build;