diff --git a/mercurial/tags.py b/mercurial/tags.py
--- a/mercurial/tags.py
+++ b/mercurial/tags.py
@@ -117,8 +117,8 @@
     """
     if oldfnodes == newfnodes:
         return []
-    oldtags = _tagsfromfnodes(ui, repo, oldfnodes)
-    newtags = _tagsfromfnodes(ui, repo, newfnodes)
+    oldtags = _tagsfromfnodes(ui, repo, oldfnodes)[0]
+    newtags = _tagsfromfnodes(ui, repo, newfnodes)[0]
 
     # list of (tag, old, new): None means missing
     entries = []
@@ -200,7 +200,7 @@
             head
         ), b"tag cache returned bogus head %s" % short(head)
     fnodes = _filterfnodes(tagfnode, reversed(heads))
-    alltags = _tagsfromfnodes(ui, repo, fnodes)
+    alltags, invalidnodes = _tagsfromfnodes(ui, repo, fnodes)
 
     # and update the cache (if necessary)
     if shouldwrite:
@@ -225,21 +225,27 @@
 
 
 def _tagsfromfnodes(ui, repo, fnodes):
-    """return a tagsmap from a list of file-node
+    """return a tuple
+    (tagsmap from a list of file-node, list of invalid fnodes)
 
     tagsmap: tag name to (node, hist) 2-tuples.
 
     The order of the list matters."""
     alltags = {}
+    invalidfnodes = set()
     fctx = None
     for fnode in fnodes:
         if fctx is None:
             fctx = repo.filectx(b'.hgtags', fileid=fnode)
         else:
             fctx = fctx.filectx(fnode)
-        filetags = _readtags(ui, repo, fctx.data().splitlines(), fctx)
+        try:
+            filetags = _readtags(ui, repo, fctx.data().splitlines(), fctx)
+        except error.LookupError:
+            # some fnodes can be invalid because of broken cache
+            invalidfnodes.add(fnode)
         _updatetags(filetags, alltags)
-    return alltags
+    return (alltags, invalidfnodes)
 
 
 def readlocaltags(ui, repo, alltags, tagtypes):
diff --git a/tests/test-tags.t b/tests/test-tags.t
--- a/tests/test-tags.t
+++ b/tests/test-tags.t
@@ -452,8 +452,8 @@
   5 8dbfe60eff306a54259cfe007db9e330e7ecf866 0c04f2a8deadde17fab7422878ee5a2dadbc943d (invalid node)
 
   $ hg tags
-  abort: data/.hgtags.i@0c04f2a8deadde17fab7422878ee5a2dadbc943d: no match found
-  [50]
+  tip                                5:8dbfe60eff30
+  bar                                1:78391a272241
 
 BUG: Unless this file is restored, the `hg tags` in the next unix-permissions
 conditional will fail: "abort: data/.hgtags.i@0c04f2a8dead: no match found"