diff --git a/core/fpdfapi/edit/cpdf_pagecontentgenerator.cpp b/core/fpdfapi/edit/cpdf_pagecontentgenerator.cpp
index dc09c61..807d7e2 100644
--- a/core/fpdfapi/edit/cpdf_pagecontentgenerator.cpp
+++ b/core/fpdfapi/edit/cpdf_pagecontentgenerator.cpp
@@ -41,6 +41,7 @@
 #include "core/fpdfapi/parser/fpdf_parser_utility.h"
 #include "core/fpdfapi/parser/object_tree_traversal_util.h"
 #include "core/fxcrt/check.h"
+#include "core/fxcrt/check_op.h"
 #include "core/fxcrt/containers/contains.h"
 #include "core/fxcrt/notreached.h"
 #include "core/fxcrt/numerics/safe_conversions.h"
@@ -179,11 +180,13 @@
   for (int32_t dirty_stream : all_dirty_streams) {
     fxcrt::ostringstream buf;
 
-    // Set the default graphic state values
+    // Set the default graphic state values. Update CTM to be the identity
+    // matrix for the duration of this stream, if it is not already.
     buf << "q\n";
-    const CFX_Matrix& ctm = m_pObjHolder->GetLastCTM();
+    const CFX_Matrix ctm =
+        m_pObjHolder->GetCTMAtBeginningOfStream(dirty_stream);
     if (!ctm.IsIdentity()) {
-      WriteMatrix(buf, ctm) << " cm\n";
+      WriteMatrix(buf, ctm.GetInverse()) << " cm\n";
     }
 
     ProcessDefaultGraphics(&buf);
@@ -208,15 +211,46 @@
 
   // Finish dirty streams.
   for (int32_t dirty_stream : all_dirty_streams) {
+    CFX_Matrix prev_ctm;
+    CFX_Matrix ctm;
+    bool affects_ctm;
+    if (dirty_stream == 0) {
+      // For the first stream, `prev_ctm` is the identity matrix.
+      ctm = m_pObjHolder->GetCTMAtEndOfStream(dirty_stream);
+      affects_ctm = !ctm.IsIdentity();
+    } else if (dirty_stream > 0) {
+      prev_ctm = m_pObjHolder->GetCTMAtEndOfStream(dirty_stream - 1);
+      ctm = m_pObjHolder->GetCTMAtEndOfStream(dirty_stream);
+      affects_ctm = prev_ctm != ctm;
+    } else {
+      CHECK_EQ(CPDF_PageObject::kNoContentStream, dirty_stream);
+      // This is the last stream, so there is no subsequent stream that it can
+      // affect.
+      affects_ctm = false;
+    }
+
+    const bool is_empty = pdfium::Contains(empty_streams, dirty_stream);
+
     fxcrt::ostringstream* buf = &streams[dirty_stream];
-    if (pdfium::Contains(empty_streams, dirty_stream)) {
+    if (is_empty && !affects_ctm) {
       // Clear to show that this stream needs to be deleted.
       buf->str("");
-    } else {
-      FinishMarks(buf, current_content_marks[dirty_stream]);
+      continue;
+    }
 
-      // Return graphics to original state
-      *buf << "Q\n";
+    if (!is_empty) {
+      FinishMarks(buf, current_content_marks[dirty_stream]);
+    }
+
+    // Return graphics to original state.
+    *buf << "Q\n";
+
+    if (affects_ctm) {
+      // Update CTM so the next stream gets the expected value.
+      CFX_Matrix ctm_difference = prev_ctm.GetInverse() * ctm;
+      if (!ctm_difference.IsIdentity()) {
+        WriteMatrix(*buf, ctm_difference) << " cm\n";
+      }
     }
   }
 
@@ -406,7 +440,7 @@
 
 void CPDF_PageContentGenerator::ProcessImage(fxcrt::ostringstream* buf,
                                              CPDF_ImageObject* pImageObj) {
-  CFX_Matrix matrix = pImageObj->matrix();
+  const CFX_Matrix& matrix = pImageObj->matrix();
   if ((matrix.a == 0 && matrix.b == 0) || (matrix.c == 0 && matrix.d == 0)) {
     return;
   }
@@ -421,12 +455,6 @@
 
   *buf << "q ";
 
-  if (pImageObj->UsesCTM()) {
-    const CFX_Matrix& ctm = m_pObjHolder->GetLastCTM();
-    if (!ctm.IsIdentity()) {
-      matrix.Concat(ctm.GetInverse());
-    }
-  }
   if (!matrix.IsIdentity()) {
     WriteMatrix(*buf, matrix) << " cm ";
   }
@@ -448,7 +476,7 @@
 
 void CPDF_PageContentGenerator::ProcessForm(fxcrt::ostringstream* buf,
                                             CPDF_FormObject* pFormObj) {
-  CFX_Matrix matrix = pFormObj->form_matrix();
+  const CFX_Matrix& matrix = pFormObj->form_matrix();
   if ((matrix.a == 0 && matrix.b == 0) || (matrix.c == 0 && matrix.d == 0)) {
     return;
   }
@@ -462,12 +490,6 @@
 
   *buf << "q\n";
 
-  if (pFormObj->UsesCTM()) {
-    const CFX_Matrix& ctm = m_pObjHolder->GetLastCTM();
-    if (!ctm.IsIdentity()) {
-      matrix.Concat(ctm.GetInverse());
-    }
-  }
   if (!matrix.IsIdentity()) {
     WriteMatrix(*buf, matrix) << " cm ";
   }
@@ -530,13 +552,7 @@
                                             CPDF_PathObject* pPathObj) {
   ProcessGraphics(buf, pPathObj);
 
-  CFX_Matrix matrix = pPathObj->matrix();
-  if (pPathObj->UsesCTM()) {
-    const CFX_Matrix& ctm = m_pObjHolder->GetLastCTM();
-    if (!ctm.IsIdentity()) {
-      matrix.Concat(ctm.GetInverse());
-    }
-  }
+  const CFX_Matrix& matrix = pPathObj->matrix();
   if (!matrix.IsIdentity()) {
     WriteMatrix(*buf, matrix) << " cm ";
   }
@@ -690,13 +706,7 @@
   ProcessGraphics(buf, pTextObj);
   *buf << "BT ";
 
-  CFX_Matrix matrix = pTextObj->GetTextMatrix();
-  if (pTextObj->UsesCTM()) {
-    const CFX_Matrix& ctm = m_pObjHolder->GetLastCTM();
-    if (!ctm.IsIdentity()) {
-      matrix.Concat(ctm.GetInverse());
-    }
-  }
+  const CFX_Matrix& matrix = pTextObj->GetTextMatrix();
   if (!matrix.IsIdentity()) {
     WriteMatrix(*buf, matrix) << " Tm ";
   }
diff --git a/core/fpdfapi/page/cpdf_contentparser.cpp b/core/fpdfapi/page/cpdf_contentparser.cpp
index b4efb88..20feada 100644
--- a/core/fpdfapi/page/cpdf_contentparser.cpp
+++ b/core/fpdfapi/page/cpdf_contentparser.cpp
@@ -118,6 +118,10 @@
 
 CPDF_ContentParser::~CPDF_ContentParser() = default;
 
+CPDF_PageObjectHolder::CTMMap CPDF_ContentParser::TakeAllCTMs() {
+  return m_pParser ? m_pParser->TakeAllCTMs() : CPDF_PageObjectHolder::CTMMap();
+}
+
 // Returning |true| means that there is more content to be processed and
 // Continue() should be called again. Returning |false| means that we've
 // completed the parse and Continue() is complete.
diff --git a/core/fpdfapi/page/cpdf_contentparser.h b/core/fpdfapi/page/cpdf_contentparser.h
index c2ed273..7105a70 100644
--- a/core/fpdfapi/page/cpdf_contentparser.h
+++ b/core/fpdfapi/page/cpdf_contentparser.h
@@ -13,6 +13,7 @@
 #include <vector>
 
 #include "core/fpdfapi/page/cpdf_form.h"
+#include "core/fpdfapi/page/cpdf_pageobjectholder.h"
 #include "core/fpdfapi/page/cpdf_streamcontentparser.h"
 #include "core/fxcrt/fixed_size_data_vector.h"
 #include "core/fxcrt/raw_span.h"
@@ -40,9 +41,8 @@
                      CPDF_Form::RecursionState* recursion_state);
   ~CPDF_ContentParser();
 
-  const CPDF_AllStates* GetCurStates() const {
-    return m_pParser ? m_pParser->GetCurStates() : nullptr;
-  }
+  CPDF_PageObjectHolder::CTMMap TakeAllCTMs();
+
   // Returns whether to continue or not.
   bool Continue(PauseIndicatorIface* pPause);
 
diff --git a/core/fpdfapi/page/cpdf_pageobject.h b/core/fpdfapi/page/cpdf_pageobject.h
index 999c942..4821321 100644
--- a/core/fpdfapi/page/cpdf_pageobject.h
+++ b/core/fpdfapi/page/cpdf_pageobject.h
@@ -62,8 +62,6 @@
 
   void SetDirty(bool value) { m_bDirty = value; }
   bool IsDirty() const { return m_bDirty; }
-  void SetUsesCTM(bool uses_ctm) { m_bUsesCTM = uses_ctm; }
-  bool UsesCTM() const { return m_bUsesCTM; }
   void TransformClipPath(const CFX_Matrix& matrix);
 
   void SetOriginalRect(const CFX_FloatRect& rect) { m_OriginalRect = rect; }
@@ -144,11 +142,6 @@
   CFX_FloatRect m_OriginalRect;
   CPDF_ContentMarks m_ContentMarks;
   bool m_bDirty = false;
-  // If a page object is created by CPDF_StreamContentParser, then it uses the
-  // current transformation matrix. If it is created by a public API and
-  // inserted into a page, then it does not use the CTM. True by default since
-  // the majority of CPDF_PageObjects are created by CPDF_StreamContentParser.
-  bool m_bUsesCTM = true;
   int32_t m_ContentStream;
   // The resource name for this object.
   ByteString m_ResourceName;
diff --git a/core/fpdfapi/page/cpdf_pageobjectholder.cpp b/core/fpdfapi/page/cpdf_pageobjectholder.cpp
index f1756fb..eaecc8d 100644
--- a/core/fpdfapi/page/cpdf_pageobjectholder.cpp
+++ b/core/fpdfapi/page/cpdf_pageobjectholder.cpp
@@ -69,9 +69,7 @@
 
   m_ParseState = ParseState::kParsed;
   m_pDocument->IncrementParsedPageCount();
-  if (m_pParser->GetCurStates()) {
-    m_LastCTM = m_pParser->GetCurStates()->current_transformation_matrix();
-  }
+  m_AllCTMs = m_pParser->TakeAllCTMs();
 
   m_pParser.reset();
 }
@@ -114,6 +112,36 @@
   m_FontsMap[fd] = str;
 }
 
+CFX_Matrix CPDF_PageObjectHolder::GetCTMAtBeginningOfStream(int32_t stream) {
+  CHECK(stream >= 0 || stream == CPDF_PageObject::kNoContentStream);
+
+  if (stream == 0 || m_AllCTMs.empty()) {
+    return CFX_Matrix();
+  }
+
+  if (stream == CPDF_PageObject::kNoContentStream) {
+    return m_AllCTMs.rbegin()->second;
+  }
+
+  // For all other cases, CTM at beginning of `stream` is the same value as CTM
+  // at the end of the previous stream.
+  return GetCTMAtEndOfStream(stream - 1);
+}
+
+CFX_Matrix CPDF_PageObjectHolder::GetCTMAtEndOfStream(int32_t stream) {
+  // This code should never need to calculate the CTM for the end of
+  // `CPDF_PageObject::kNoContentStream`, which uses a negative sentinel value.
+  // All other streams have a non-negative index.
+  CHECK_GE(stream, 0);
+
+  if (m_AllCTMs.empty()) {
+    return CFX_Matrix();
+  }
+
+  const auto it = m_AllCTMs.lower_bound(stream);
+  return it != m_AllCTMs.end() ? it->second : m_AllCTMs.rbegin()->second;
+}
+
 void CPDF_PageObjectHolder::LoadTransparencyInfo() {
   RetainPtr<const CPDF_Dictionary> pGroup = m_pDict->GetDictFor("Group");
   if (!pGroup)
diff --git a/core/fpdfapi/page/cpdf_pageobjectholder.h b/core/fpdfapi/page/cpdf_pageobjectholder.h
index 6afe13b..5a9b697 100644
--- a/core/fpdfapi/page/cpdf_pageobjectholder.h
+++ b/core/fpdfapi/page/cpdf_pageobjectholder.h
@@ -52,6 +52,10 @@
  public:
   enum class ParseState : uint8_t { kNotParsed, kParsing, kParsed };
 
+  // Key: The stream index.
+  // Value: The current transformation matrix at the end of the stream.
+  using CTMMap = std::map<int32_t, CFX_Matrix>;
+
   using iterator = std::deque<std::unique_ptr<CPDF_PageObject>>::iterator;
   using const_iterator =
       std::deque<std::unique_ptr<CPDF_PageObject>>::const_iterator;
@@ -96,7 +100,6 @@
   iterator end() { return m_PageObjectList.end(); }
   const_iterator end() const { return m_PageObjectList.end(); }
 
-  const CFX_Matrix& GetLastCTM() const { return m_LastCTM; }
   const CFX_FloatRect& GetBBox() const { return m_BBox; }
 
   const CPDF_Transparency& GetTransparency() const { return m_Transparency; }
@@ -119,6 +122,12 @@
   std::optional<ByteString> FontsMapSearch(const FontData& fd);
   void FontsMapInsert(const FontData& fd, const ByteString& str);
 
+  // `stream` must be non-negative or `CPDF_PageObject::kNoContentStream`.
+  CFX_Matrix GetCTMAtBeginningOfStream(int32_t stream);
+
+  // `stream` must be non-negative.
+  CFX_Matrix GetCTMAtEndOfStream(int32_t stream);
+
  protected:
   void LoadTransparencyInfo();
 
@@ -137,7 +146,8 @@
   std::vector<CFX_FloatRect> m_MaskBoundingBoxes;
   std::unique_ptr<CPDF_ContentParser> m_pParser;
   std::deque<std::unique_ptr<CPDF_PageObject>> m_PageObjectList;
-  CFX_Matrix m_LastCTM;
+
+  CTMMap m_AllCTMs;
 
   // The indexes of Content streams that are dirty and need to be regenerated.
   std::set<int32_t> m_DirtyStreams;
diff --git a/core/fpdfapi/page/cpdf_streamcontentparser.cpp b/core/fpdfapi/page/cpdf_streamcontentparser.cpp
index b28424d..a24280c 100644
--- a/core/fpdfapi/page/cpdf_streamcontentparser.cpp
+++ b/core/fpdfapi/page/cpdf_streamcontentparser.cpp
@@ -404,6 +404,10 @@
 
   // Add the sentinel.
   m_ContentMarksStack.push(std::make_unique<CPDF_ContentMarks>());
+
+  // Initialize `m_AllCTMs`, as there is a CTM, even if the stream contains no
+  // cm operators.
+  m_AllCTMs[0] = m_pCurStates->current_transformation_matrix();
 }
 
 CPDF_StreamContentParser::~CPDF_StreamContentParser() {
@@ -685,6 +689,8 @@
 
 void CPDF_StreamContentParser::Handle_ConcatMatrix() {
   m_pCurStates->prepend_to_current_transformation_matrix(GetMatrix());
+  m_AllCTMs[GetCurrentStreamIndex()] =
+      m_pCurStates->current_transformation_matrix();
   OnChangeTextMatrix();
 }
 
@@ -987,10 +993,14 @@
 }
 
 void CPDF_StreamContentParser::Handle_RestoreGraphState() {
-  if (m_StateStack.empty())
+  if (m_StateStack.empty()) {
     return;
+  }
+
   *m_pCurStates = *m_StateStack.back();
   m_StateStack.pop_back();
+  m_AllCTMs[GetCurrentStreamIndex()] =
+      m_pCurStates->current_transformation_matrix();
 }
 
 void CPDF_StreamContentParser::Handle_Rectangle() {
@@ -1175,6 +1185,12 @@
   return pFont;
 }
 
+CPDF_PageObjectHolder::CTMMap CPDF_StreamContentParser::TakeAllCTMs() {
+  CPDF_PageObjectHolder::CTMMap all_ctms;
+  all_ctms.swap(m_AllCTMs);
+  return all_ctms;
+}
+
 RetainPtr<CPDF_ColorSpace> CPDF_StreamContentParser::FindColorSpace(
     const ByteString& name) {
   if (name == "Pattern")
diff --git a/core/fpdfapi/page/cpdf_streamcontentparser.h b/core/fpdfapi/page/cpdf_streamcontentparser.h
index 176e675..6f8d8b9 100644
--- a/core/fpdfapi/page/cpdf_streamcontentparser.h
+++ b/core/fpdfapi/page/cpdf_streamcontentparser.h
@@ -14,6 +14,7 @@
 
 #include "core/fpdfapi/page/cpdf_contentmarks.h"
 #include "core/fpdfapi/page/cpdf_form.h"
+#include "core/fpdfapi/page/cpdf_pageobjectholder.h"
 #include "core/fxcrt/bytestring.h"
 #include "core/fxcrt/fx_coordinates.h"
 #include "core/fxcrt/fx_number.h"
@@ -32,7 +33,6 @@
 class CPDF_ImageObject;
 class CPDF_Object;
 class CPDF_PageObject;
-class CPDF_PageObjectHolder;
 class CPDF_Pattern;
 class CPDF_ShadingPattern;
 class CPDF_Stream;
@@ -64,6 +64,7 @@
   bool IsColored() const { return m_bColored; }
   pdfium::span<const float> GetType3Data() const { return m_Type3Data; }
   RetainPtr<CPDF_Font> FindFont(const ByteString& name);
+  CPDF_PageObjectHolder::CTMMap TakeAllCTMs();
 
   static ByteStringView FindKeyAbbreviationForTesting(ByteStringView abbr);
   static ByteStringView FindValueAbbreviationForTesting(ByteStringView abbr);
@@ -242,6 +243,7 @@
   std::vector<std::unique_ptr<CPDF_AllStates>> m_StateStack;
   std::array<float, 6> m_Type3Data = {};
   std::array<ContentParam, kParamBufSize> m_ParamBuf;
+  CPDF_PageObjectHolder::CTMMap m_AllCTMs;
 
   // The merged stream offsets at which a content stream ends and another
   // begins.
diff --git a/fpdfsdk/fpdf_editpage.cpp b/fpdfsdk/fpdf_editpage.cpp
index 512bbf8..e5c380a 100644
--- a/fpdfsdk/fpdf_editpage.cpp
+++ b/fpdfsdk/fpdf_editpage.cpp
@@ -257,7 +257,6 @@
   if (!IsPageObject(pPage))
     return;
 
-  pPageObj->SetUsesCTM(false);
   pPageObj->SetDirty(true);
   pPage->AppendPageObject(std::move(pPageObjHolder));
   CalcBoundingBox(pPageObj);
diff --git a/fpdfsdk/fpdf_editpath_embeddertest.cpp b/fpdfsdk/fpdf_editpath_embeddertest.cpp
index df2bd57..e23d98c 100644
--- a/fpdfsdk/fpdf_editpath_embeddertest.cpp
+++ b/fpdfsdk/fpdf_editpath_embeddertest.cpp
@@ -269,8 +269,6 @@
 
   UnloadPage(page);
 
-  // TODO(crbug.com/pdfium/2142): This is the wrong checksum. It should be
-  // RectanglesAndTriangleChecksum().
   VerifySavedDocument(kExpectedRectangleWidth, kExpectedRectangleHeight,
-                      RectanglesChecksum());
+                      RectanglesAndTriangleChecksum());
 }