diff --git a/apps/api-extractor/src/analyzer/ExportAnalyzer.ts b/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
index ee5866578af..36c3bc2dfbf 100644
--- a/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
+++ b/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
@@ -376,14 +376,19 @@ export class ExportAnalyzer {
     symbol: ts.Symbol,
     referringModuleIsExternal: boolean
   ): AstEntity | undefined {
-    // eslint-disable-next-line no-bitwise
-    if ((symbol.flags & ts.SymbolFlags.FunctionScopedVariable) !== 0) {
+    if (
+      // eslint-disable-next-line no-bitwise
+      (symbol.flags & ts.SymbolFlags.FunctionScopedVariable) !== 0 &&
+      symbol.valueDeclaration?.kind !== ts.SyntaxKind.VariableDeclaration
+    ) {
       // If a symbol refers back to part of its own definition, don't follow that rabbit hole
       // Example:
       //
       // function f(x: number): typeof x {
       //    return 123;
       // }
+      //
+      // TypeScript also uses this flag for "var" declarations, which are followed normally.
       return undefined;
     }
 
diff --git a/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.json b/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.json
new file mode 100644
index 00000000000..9c4146ad6a3
--- /dev/null
+++ b/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.json
@@ -0,0 +1,240 @@
+{
+  "metadata": {
+    "toolPackage": "@microsoft/api-extractor",
+    "toolVersion": "[test mode]",
+    "schemaVersion": 1011,
+    "oldestForwardsCompatibleVersion": 1001,
+    "tsdocConfig": {
+      "$schema": "https://developer.microsoft.com/json-schemas/tsdoc/v0/tsdoc.schema.json",
+      "noStandardTags": true,
+      "tagDefinitions": [
+        {
+          "tagName": "@alpha",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@beta",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@defaultValue",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@decorator",
+          "syntaxKind": "block",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@deprecated",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@eventProperty",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@example",
+          "syntaxKind": "block",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@experimental",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@inheritDoc",
+          "syntaxKind": "inline"
+        },
+        {
+          "tagName": "@internal",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@label",
+          "syntaxKind": "inline"
+        },
+        {
+          "tagName": "@link",
+          "syntaxKind": "inline",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@override",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@packageDocumentation",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@param",
+          "syntaxKind": "block",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@privateRemarks",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@public",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@readonly",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@remarks",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@returns",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@sealed",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@see",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@throws",
+          "syntaxKind": "block",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@typeParam",
+          "syntaxKind": "block",
+          "allowMultiple": true
+        },
+        {
+          "tagName": "@virtual",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@jsx",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@jsxRuntime",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@jsxFrag",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@jsxImportSource",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@betaDocumentation",
+          "syntaxKind": "modifier"
+        },
+        {
+          "tagName": "@internalRemarks",
+          "syntaxKind": "block"
+        },
+        {
+          "tagName": "@preapproved",
+          "syntaxKind": "modifier"
+        }
+      ],
+      "supportForTags": {
+        "@alpha": true,
+        "@beta": true,
+        "@defaultValue": true,
+        "@decorator": true,
+        "@deprecated": true,
+        "@eventProperty": true,
+        "@example": true,
+        "@experimental": true,
+        "@inheritDoc": true,
+        "@internal": true,
+        "@label": true,
+        "@link": true,
+        "@override": true,
+        "@packageDocumentation": true,
+        "@param": true,
+        "@privateRemarks": true,
+        "@public": true,
+        "@readonly": true,
+        "@remarks": true,
+        "@returns": true,
+        "@sealed": true,
+        "@see": true,
+        "@throws": true,
+        "@typeParam": true,
+        "@virtual": true,
+        "@betaDocumentation": true,
+        "@internalRemarks": true,
+        "@preapproved": true
+      },
+      "reportUnsupportedHtmlElements": false
+    }
+  },
+  "kind": "Package",
+  "canonicalReference": "api-extractor-scenarios!",
+  "docComment": "",
+  "name": "api-extractor-scenarios",
+  "preserveMemberOrder": false,
+  "members": [
+    {
+      "kind": "EntryPoint",
+      "canonicalReference": "api-extractor-scenarios!",
+      "name": "",
+      "preserveMemberOrder": false,
+      "members": [
+        {
+          "kind": "Variable",
+          "canonicalReference": "api-extractor-scenarios!Var:var",
+          "docComment": "/**\n * @public\n */\n",
+          "excerptTokens": [
+            {
+              "kind": "Content",
+              "text": "_default: "
+            },
+            {
+              "kind": "Content",
+              "text": "{\n    a: string;\n}"
+            }
+          ],
+          "fileUrlPath": "src/exportVar/var.ts",
+          "isReadonly": false,
+          "releaseTag": "Public",
+          "name": "Var",
+          "variableTypeTokenRange": {
+            "startIndex": 1,
+            "endIndex": 2
+          }
+        },
+        {
+          "kind": "Variable",
+          "canonicalReference": "api-extractor-scenarios!zero:var",
+          "docComment": "/**\n * @public\n */\n",
+          "excerptTokens": [
+            {
+              "kind": "Content",
+              "text": "zero: "
+            },
+            {
+              "kind": "Content",
+              "text": "number"
+            }
+          ],
+          "fileUrlPath": "src/exportVar/index.ts",
+          "isReadonly": false,
+          "releaseTag": "Public",
+          "name": "zero",
+          "variableTypeTokenRange": {
+            "startIndex": 1,
+            "endIndex": 2
+          }
+        }
+      ]
+    }
+  ]
+}
diff --git a/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.md b/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.md
new file mode 100644
index 00000000000..547e35b87d4
--- /dev/null
+++ b/build-tests/api-extractor-scenarios/etc/exportVar/api-extractor-scenarios.api.md
@@ -0,0 +1,17 @@
+## API Report File for "api-extractor-scenarios"
+
+> Do not edit this file. It is a report generated by [API Extractor](https://api-extractor.com/).
+
+```ts
+
+// @public (undocumented)
+export var Var: {
+    a: string;
+};
+
+// @public (undocumented)
+export var zero: number;
+
+// (No @packageDocumentation comment for this package)
+
+```
diff --git a/build-tests/api-extractor-scenarios/etc/exportVar/rollup.d.ts b/build-tests/api-extractor-scenarios/etc/exportVar/rollup.d.ts
new file mode 100644
index 00000000000..15ab8e696aa
--- /dev/null
+++ b/build-tests/api-extractor-scenarios/etc/exportVar/rollup.d.ts
@@ -0,0 +1,9 @@
+/** @public */
+export declare var Var: {
+    a: string;
+};
+
+/** @public */
+export declare var zero: number;
+
+export { }
diff --git a/build-tests/api-extractor-scenarios/src/exportVar/index.ts b/build-tests/api-extractor-scenarios/src/exportVar/index.ts
new file mode 100644
index 00000000000..305b93e5f76
--- /dev/null
+++ b/build-tests/api-extractor-scenarios/src/exportVar/index.ts
@@ -0,0 +1,9 @@
+// Copyright (c) Microsoft Corporation. All rights reserved. Licensed under the MIT license.
+// See LICENSE in the project root for license information.
+
+import Var from './var';
+
+export { Var };
+
+/** @public */
+export declare var zero: number;
diff --git a/build-tests/api-extractor-scenarios/src/exportVar/var.ts b/build-tests/api-extractor-scenarios/src/exportVar/var.ts
new file mode 100644
index 00000000000..09987bec901
--- /dev/null
+++ b/build-tests/api-extractor-scenarios/src/exportVar/var.ts
@@ -0,0 +1,6 @@
+// Copyright (c) Microsoft Corporation. All rights reserved. Licensed under the MIT license.
+// See LICENSE in the project root for license information.
+
+/** @public */
+declare var _default: { a: string };
+export default _default;
diff --git a/common/changes/@microsoft/api-extractor/api-extractor-var-exports_2026-10-19-10-30-50.json b/common/changes/@microsoft/api-extractor/api-extractor-var-exports_2026-10-19-10-30-50.json
new file mode 100644
index 00000000000..9a03f80a4ef
--- /dev/null
+++ b/common/changes/@microsoft/api-extractor/api-extractor-var-exports_2026-10-19-10-30-50.json
@@ -0,0 +1,11 @@
+{
+  "changes": [
+    {
+      "comment": "Fix an issue where an exported `var` declaration lost its name in the .d.ts rollup or caused an \"Unable to analyze the export\" error",
+      "type": "patch",
+      "packageName": "@microsoft/api-extractor"
+    }
+  ],
+  "packageName": "@microsoft/api-extractor",
+  "email": "yashvt9404@gmail.com"
+}
\ No newline at end of file