diff --git a/CHANGES.rst b/CHANGES.rst
index ad6d698341a..64e7554158b 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -4,6 +4,11 @@ Release 9.1.1 (in development)
 Bugs fixed
 ----------
 
+* #14354: autodoc: execute PEP 561 ``.pyi`` stub files with deferred
+  annotation semantics, as if they began with ``from __future__ import
+  annotations``, so that forward references in stub annotations no longer
+  raise ``NameError`` at import time.
+
 * #14465: LaTeX: PDF build crash since LaTeX June 2026 release if tables are
   styled with ``'colorrows'`` (which is the default).
   Patch by Jean-François B.
diff --git a/sphinx/ext/autodoc/_dynamic/_importer.py b/sphinx/ext/autodoc/_dynamic/_importer.py
index 10d885a0800..e9dd6bf9345 100644
--- a/sphinx/ext/autodoc/_dynamic/_importer.py
+++ b/sphinx/ext/autodoc/_dynamic/_importer.py
@@ -1,6 +1,7 @@
 """Importer utilities for autodoc"""
 
 from __future__ import annotations
+import __future__
 
 import contextlib
 import importlib
@@ -220,11 +221,36 @@ def _import_module(modname: str, try_reload: bool = False) -> Any:
         if skip_pyi or pyi_path is None:
             module = importlib.import_module(modname)
         else:
-            if spec.loader is None:
+            loader = spec.loader
+            if loader is None:
                 msg = 'missing loader'
                 raise ImportError(msg, name=spec.name)  # NoQA: TRY301
             sys.modules[modname] = module = module_from_spec(spec)
-            spec.loader.exec_module(module)
+            if isinstance(loader, _StubFileLoader):
+                # PEP 484 requires stub files to be treated as if all type
+                # annotations were lazily evaluated, i.e. as if each file began
+                # with ``from __future__ import annotations``. Executing the stub
+                # as a plain module would otherwise fail on forward references
+                # (https://github.com/sphinx-doc/sphinx/issues/14354). Python 3.14
+                # defers annotations by default, so the flag is only applied when
+                # the running Python provides it.
+                feature = getattr(__future__, 'CO_FUTURE_ANNOTATIONS', None)
+                flags = (
+                    int(getattr(feature, 'compiler_flag', feature))
+                    if feature is not None
+                    else 0
+                )
+                code = compile(
+                    loader.get_source(modname),
+                    str(pyi_path),
+                    'exec',
+                    flags=flags,
+                    dont_inherit=True,
+                )
+                # Executing the stub is the whole purpose of this loader.
+                exec(code, module.__dict__)  # noqa: S102
+            else:
+                loader.exec_module(module)
     except ImportError:
         raise
     except BaseException as exc:
diff --git a/tests/roots/test-ext-apidoc-duplicates/fish_licence/halibut.pyi b/tests/roots/test-ext-apidoc-duplicates/fish_licence/halibut.pyi
index e69de29bb2d..7e1536dcf5f 100644
--- a/tests/roots/test-ext-apidoc-duplicates/fish_licence/halibut.pyi
+++ b/tests/roots/test-ext-apidoc-duplicates/fish_licence/halibut.pyi
@@ -0,0 +1,2 @@
+class Fish:
+    def __init__(self, other: Fish) -> None: ...
diff --git a/tests/test_ext_autodoc/test_ext_autodoc_autofunction.py b/tests/test_ext_autodoc/test_ext_autodoc_autofunction.py
index 485329ebb37..1095593de34 100644
--- a/tests/test_ext_autodoc/test_ext_autodoc_autofunction.py
+++ b/tests/test_ext_autodoc/test_ext_autodoc_autofunction.py
@@ -6,6 +6,9 @@
 
 from __future__ import annotations
 
+import re
+import time
+
 import pytest
 
 from tests.test_ext_autodoc.autodoc_util import do_autodoc
@@ -122,10 +125,16 @@ def test_singledispatch() -> None:
 
 
 def test_cfunction() -> None:
+    # CPython has renamed the argument in time.asctime()'s signature
+    # between releases ('tuple' vs 'time_tuple'); autodoc renders whatever
+    # the running interpreter's docstring says, so derive it at runtime.
+    match = re.search(r'asctime\(\[(\w+)\]\)', time.asctime.__doc__ or '')
+    assert match is not None
+    asctime_arg = match.group(1)
     actual = do_autodoc('function', 'time.asctime')
     assert actual == [
         '',
-        '.. py:function:: asctime([tuple]) -> string',
+        f'.. py:function:: asctime([{asctime_arg}]) -> string',
         '   :module: time',
         '',
         "   Convert a time tuple to a string, e.g. 'Sat Jun 06 16:26:11 1998'.",
diff --git a/tests/test_ext_autodoc/test_ext_autodoc_importer.py b/tests/test_ext_autodoc/test_ext_autodoc_importer.py
index 8142af0282d..b437b5bd192 100644
--- a/tests/test_ext_autodoc/test_ext_autodoc_importer.py
+++ b/tests/test_ext_autodoc/test_ext_autodoc_importer.py
@@ -20,3 +20,20 @@ def test_import_native_module_stubs(rootdir: Path) -> None:
     halibut_path = Path(halibut.__file__).resolve()
     assert halibut_path.is_file()
     assert halibut_path == fish_licence_root / 'fish_licence' / 'halibut.pyi'
+
+
+def test_import_native_module_stubs_defer_annotations(rootdir: Path) -> None:
+    # PEP 484: stub files are compiled as if they began with
+    # ``from __future__ import annotations``, so forward references in
+    # annotations must not fail at import time (issue #14354).
+    fish_licence_root = rootdir / 'test-ext-apidoc-duplicates'
+
+    sys_path = list(sys.path)
+    sys.path.insert(0, str(fish_licence_root))
+    try:
+        halibut = _import_module('fish_licence.halibut')
+    finally:
+        sys.path[:] = sys_path
+
+    annotations = halibut.Fish.__init__.__annotations__
+    assert annotations['other'] == 'Fish'