diff --git a/src/nvim/context.c b/src/nvim/context.c
index 7afab8d891..27fa060de6 100644
--- a/src/nvim/context.c
+++ b/src/nvim/context.c
@@ -311,13 +311,14 @@ static void ctx_localdirs_restore(CtxSwitch *cs, win_T *cwp, tabpage_T *tp, bool
   if (!(persist && cs->cs_globaldir == NULL && globaldir != NULL)) {
     xfree(globaldir);
     globaldir = cs->cs_globaldir;
+    cs->cs_globaldir = NULL;
   }
 }
 
 /// Saves the dir state to be restored by ctx_dirs_restore():
-/// - kCtxKeepCwd or kCtxKeepDirs: the CWD, so any directory change caused by switching to `wp`
-///   ('autochdir', win/tab-local directories) can be undone.
-/// - kCtxKeepDirs: also copies of the target context's dir scopes (w/b/tp-local, global).
+/// - kCtxKeepCwd or kCtxKeepDirs: the CWD and `globaldir`, so any directory change caused by
+///   switching to `wp` ('autochdir', win/tab-local directories) can be undone.
+/// - kCtxKeepDirs: also copies of the target context's dir scopes (w/b/tp-local).
 static void ctx_dirs_save(CtxSwitch *cs, win_T *wp, tabpage_T *tp, buf_T *buf)
   FUNC_ATTR_NONNULL_ARG(1, 2, 3)
 {
@@ -325,6 +326,9 @@ static void ctx_dirs_save(CtxSwitch *cs, win_T *wp, tabpage_T *tp, buf_T *buf)
     return;
   }
 
+  // `globaldir` is where to return when no local dir applies (NULL: the CWD is already there).
+  cs->cs_globaldir = globaldir == NULL ? NULL : xstrdup(globaldir);
+
   // kCtxKeepDirs: also save copies of the target context's dir scopes.
   if (cs->cs_flags & kCtxKeepDirs) {
     buf_T *target_buf = buf != NULL ? buf : wp->w_buffer;
@@ -332,7 +336,6 @@ static void ctx_dirs_save(CtxSwitch *cs, win_T *wp, tabpage_T *tp, buf_T *buf)
     cs->cs_w_localdir = wp->w_localdir == NULL ? NULL : xstrdup(wp->w_localdir);
     cs->cs_b_localdir = target_buf->b_localdir == NULL ? NULL : xstrdup(target_buf->b_localdir);
     cs->cs_tp_localdir = tp->tp_localdir == NULL ? NULL : xstrdup(tp->tp_localdir);
-    cs->cs_globaldir = globaldir == NULL ? NULL : xstrdup(globaldir);
   }
 
   // Getting and setting directory can be slow on some systems, only do this when the current or
@@ -367,8 +370,12 @@ static void ctx_dirs_save(CtxSwitch *cs, win_T *wp, tabpage_T *tp, buf_T *buf)
 /// target window/buffer/tab may have been closed meanwhile.
 static void ctx_dirs_restore(CtxSwitch *cs)
 {
-  // kCtxKeepDirs: restore the saved dir scopes. But not for hidden buf (ctx_win).
-  if ((cs->cs_flags & kCtxKeepDirs) && cs->cs_ctxwin_idx < 0) {
+  if (cs->cs_ctxwin_idx >= 0) {
+    return;  // Hidden-buffer target: ctx_localdirs_restore() already restored dirs.
+  }
+
+  // kCtxKeepDirs: restore the saved dir scopes.
+  if (cs->cs_flags & kCtxKeepDirs) {
     tabpage_T *dirs_tab = NULL;
     FOR_ALL_TABS(tp) {
       if (tp->handle == cs->cs_dirs_tab) {
@@ -377,7 +384,13 @@ static void ctx_dirs_restore(CtxSwitch *cs)
       }
     }
     ctx_localdirs_restore(cs, NULL, dirs_tab, false);
+  } else if (cs->cs_cwd != NULL && !_ctx_did_chdir) {
+    // Pairs with the CWD restore below.
+    xfree(globaldir);
+    globaldir = cs->cs_globaldir;
+    cs->cs_globaldir = NULL;
   }
+  XFREE_CLEAR(cs->cs_globaldir);
 
   // Restore the CWD itself.
   if (cs->cs_apply_acd) {
diff --git a/src/nvim/context_defs.h b/src/nvim/context_defs.h
index c45e744fec..ad93343700 100644
--- a/src/nvim/context_defs.h
+++ b/src/nvim/context_defs.h
@@ -106,9 +106,10 @@ typedef struct {
   // State kept across the switch:
   bool cs_did_chdir;              ///< saved `ctx_did_chdir` of the enclosing context
   handle_T cs_dirs_tab;           ///< kCtxKeepDirs: tabpage that owns cs_tp_localdir.
-  // Saved dir state. Two users:
+  // Saved dir state. Three users:
   // 1. hidden-buffer target always saves b/tp/globaldir (so the temp context starts dir-neutral)
-  // 2. kCtxKeepDirs saves copies of all four.
+  // 2. kCtxKeepCwd saves globaldir.
+  // 3. kCtxKeepDirs also saves w/b/tp-localdir.
   char *cs_w_localdir;            ///< Saved w_localdir of the target window
   char *cs_b_localdir;            ///< Saved b_localdir of the target buffer
   char *cs_tp_localdir;           ///< Saved tp_localdir
diff --git a/test/functional/ex_cmds/cd_spec.lua b/test/functional/ex_cmds/cd_spec.lua
index 59ddd67870..fb1193379d 100644
--- a/test/functional/ex_cmds/cd_spec.lua
+++ b/test/functional/ex_cmds/cd_spec.lua
@@ -543,6 +543,14 @@ describe('cd during temp context-switch', function()
     eq({ 1, windir, startdir }, { lwd(2), cwd(2), cwd() })
     command('only')
 
+    -- Entering a hidden buffer must not consume the global dir.
+    command('lcd ' .. windir)
+    exec_lua(function(b)
+      vim.api.nvim_buf_call(b, function() end)
+    end, hidden)
+    eq({ windir, startdir }, { cwd(), cwd(-1, -1) })
+    command('lcd!')
+
     -- An autocmd handler targeting a hidden buffer can set its buffer-local dir; the caller's
     -- cwd is unchanged.
     local hidden2 = hidden_buf('Xtest-cd-hidden2')
@@ -558,9 +566,10 @@ describe('cd during temp context-switch', function()
     end, hidden2, bufdir)
     eq({ 1, bufdir, startdir }, { lwd(-1, -1, hidden2), cwd(-1, -1, hidden2), cwd() })
 
-    -- :tcd via nvim_buf_call() persists, and the tab scope claims the new cwd.
+    -- :tcd targets the tabpage, shared with the temp context: it persists and changes the caller's
+    -- cwd. `globaldir` (the pre-switch cwd, set by :tcd) is kept, so :tcd! can return to it.
     cd_in_buf_call(hidden, 'tcd', tabdir)
-    eq({ 1, tabdir, tabdir }, { tlwd(), tcwd(), cwd() })
+    eq({ 1, tabdir, tabdir, startdir }, { tlwd(), tcwd(), cwd(), cwd(-1, -1) })
   end)
 
   it("nvim_open_win / nvim_win_set_buf keep the caller's cwd", function()
@@ -584,6 +593,16 @@ describe('cd during temp context-switch', function()
     call('nvim_win_close', float, true)
     eq(bufdir, cwd())
     command('bcd!')
+
+    -- Switching to a window with no local dir must not consume the global dir. #41238
+    local windir = join(startdir, directories.window)
+    command('split')
+    command('lcd ' .. windir)
+    call('nvim_win_set_buf', call('win_getid', 2), call('nvim_create_buf', true, true))
+    eq({ windir, startdir }, { cwd(), cwd(-1, -1) })
+    command('wincmd w')
+    eq({ startdir, startdir }, { cwd(), cwd(-1, -1) })
+    command('only')
   end)
 end)