diff --git a/.changeset/calm-rivers-report-graph-parse-errors.md b/.changeset/calm-rivers-report-graph-parse-errors.md
new file mode 100644
index 000000000..b6486f613
--- /dev/null
+++ b/.changeset/calm-rivers-report-graph-parse-errors.md
@@ -0,0 +1,5 @@
+---
+'@shopify/theme-graph': patch
+---
+
+Include Liquid parse errors in the theme graph and its serialized output.
diff --git a/packages/theme-graph/src/graph/build.spec.ts b/packages/theme-graph/src/graph/build.spec.ts
index 821089947..4b065cc43 100644
--- a/packages/theme-graph/src/graph/build.spec.ts
+++ b/packages/theme-graph/src/graph/build.spec.ts
@@ -1,7 +1,9 @@
 import { path as pathUtils, SourceCodeType } from '@shopify/theme-check-common';
 import { assert, beforeAll, beforeEach, describe, expect, it } from 'vitest';
 import { buildThemeGraph } from '../index';
+import { toSourceCode } from '../toSourceCode';
 import { Dependencies, JsonModuleKind, LiquidModuleKind, ModuleType, ThemeGraph } from '../types';
+import { serializeThemeGraph } from './serialize';
 import { getDependencies, skeleton, themeAppExtension } from './test-helpers';
 
 describe('Module: index', () => {
@@ -20,6 +22,32 @@ describe('Module: index', () => {
       expect(graph).toBeDefined();
     });
 
+    it('reports Liquid files that fail to parse', async () => {
+      const uri = p('sections/custom-section.liquid');
+      const brokenSource = await toSourceCode(
+        uri,
+        `{{ 'used-by-broken.css' | asset_url | stylesheet_tag }}\n{% if true %}<div class="a {% endif %}">x</div>`,
+      );
+      assert(brokenSource.type === SourceCodeType.LiquidHtml);
+      assert(brokenSource.ast instanceof Error);
+
+      const graph = await buildThemeGraph(
+        rootUri,
+        {
+          ...dependencies,
+          getSourceCode: async (sourceUri) =>
+            sourceUri === uri ? brokenSource : dependencies.getSourceCode(sourceUri),
+        },
+        [uri],
+      );
+
+      expect(graph.parseErrors).toEqual([
+        expect.objectContaining({ uri, message: expect.any(String) }),
+      ]);
+      expect(graph.modules[p('assets/used-by-broken.css')]).toBeUndefined();
+      expect(serializeThemeGraph(graph).parseErrors).toEqual(graph.parseErrors);
+    });
+
     describe('with a valid theme graph', () => {
       let graph: ThemeGraph;
 
diff --git a/packages/theme-graph/src/graph/build.ts b/packages/theme-graph/src/graph/build.ts
index 594b07557..44d5b60e0 100644
--- a/packages/theme-graph/src/graph/build.ts
+++ b/packages/theme-graph/src/graph/build.ts
@@ -43,6 +43,7 @@ export async function buildThemeGraph(
   const graph: ThemeGraph = {
     entryPoints: [],
     modules: {},
+    parseErrors: [],
     rootUri,
   };
 
diff --git a/packages/theme-graph/src/graph/serialize.ts b/packages/theme-graph/src/graph/serialize.ts
index a3e4e505d..58d329e7f 100644
--- a/packages/theme-graph/src/graph/serialize.ts
+++ b/packages/theme-graph/src/graph/serialize.ts
@@ -16,5 +16,6 @@ export function serializeThemeGraph(graph: ThemeGraph): SerializableGraph {
     rootUri: graph.rootUri,
     nodes,
     edges,
+    parseErrors: graph.parseErrors ?? [],
   };
 }
diff --git a/packages/theme-graph/src/graph/traverse.ts b/packages/theme-graph/src/graph/traverse.ts
index 2751b5b13..f7b97b053 100644
--- a/packages/theme-graph/src/graph/traverse.ts
+++ b/packages/theme-graph/src/graph/traverse.ts
@@ -92,7 +92,10 @@ async function traverseLiquidModule(
 ) {
   const sourceCode = await deps.getSourceCode(module.uri);
 
-  if (sourceCode.ast instanceof Error) return; // can't visit what you can't parse
+  if (sourceCode.ast instanceof Error) {
+    themeGraph.parseErrors?.push({ uri: module.uri, message: sourceCode.ast.message });
+    return; // can't visit what you can't parse
+  }
 
   const visitor: Visitor<
     SourceCodeType.LiquidHtml,
diff --git a/packages/theme-graph/src/types.ts b/packages/theme-graph/src/types.ts
index 5aba6f3f9..8961c19ef 100644
--- a/packages/theme-graph/src/types.ts
+++ b/packages/theme-graph/src/types.ts
@@ -48,6 +48,12 @@ export interface ThemeGraph {
   rootUri: UriString;
   entryPoints: ThemeModule[];
   modules: Record<UriString, ThemeModule>;
+  parseErrors?: GraphParseError[];
+}
+
+export interface GraphParseError {
+  uri: UriString;
+  message: string;
 }
 
 export type ThemeModule =
@@ -70,6 +76,7 @@ export interface SerializableGraph {
   rootUri: UriString;
   nodes: SerializableNode[];
   edges: SerializableEdge[];
+  parseErrors?: GraphParseError[];
 }
 
 export interface SerializableEdge {