diff --git a/packages/babel-helper-transform-fixture-test-runner/src/index.js b/packages/babel-helper-transform-fixture-test-runner/src/index.js
index 0ec7c043c1..416d03c544 100644
--- a/packages/babel-helper-transform-fixture-test-runner/src/index.js
+++ b/packages/babel-helper-transform-fixture-test-runner/src/index.js
@@ -297,20 +297,25 @@ function validateFile(actualCode, expectedLoc, expectedCode) {
 }
 
 function normalizeOutput(code) {
+  const projectRoot = path.resolve(__dirname, "../../../");
+  const cwdSymbol = "<CWD>";
   let result = code
     .trim()
-    .replace(
-      new RegExp(escapeRegExp(path.resolve(__dirname, "../../../")), "g"),
-      "<CWD>",
-    );
+    // (non-win32) /foo/babel/packages -> <CWD>/packages
+    // (win32) C:\foo\babel\packages -> <CWD>\packages
+    .replace(new RegExp(escapeRegExp(projectRoot), "g"), cwdSymbol);
   if (process.platform === "win32") {
-    result = result.replace(
-      new RegExp(
-        escapeRegExp(path.resolve(__dirname, "../../../").replace(/\\/g, "/")),
-        "g",
-      ),
-      "<CWD>",
-    );
+    result = result
+      // C:/foo/babel/packages -> <CWD>/packages
+      .replace(
+        new RegExp(escapeRegExp(projectRoot.replace(/\\/g, "/")), "g"),
+        cwdSymbol,
+      )
+      // C:\\foo\\babel\\packages -> <CWD>\\packages (in js string literal)
+      .replace(
+        new RegExp(escapeRegExp(projectRoot.replace(/\\/g, "\\\\")), "g"),
+        cwdSymbol,
+      );
   }
   return result;
 }
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/auto-import-dev-windows/output.mjs b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/auto-import-dev-windows/output.mjs
index d9eda42cc0..f77614cefd 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/auto-import-dev-windows/output.mjs
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/auto-import-dev-windows/output.mjs
@@ -1,7 +1,7 @@
 import { createElement as _createElement } from "react";
 import { jsxDEV as _jsxDEV } from "react/jsx-dev-runtime";
 import { Fragment as _Fragment } from "react/jsx-dev-runtime";
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\auto-import-dev-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\auto-import-dev-windows\\input.js";
 
 var x = /*#__PURE__*/_jsxDEV(_Fragment, {
   children: /*#__PURE__*/_jsxDEV("div", {
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/classic-runtime-windows/output.js b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/classic-runtime-windows/output.js
index 793689c1cc..7596d192ae 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/classic-runtime-windows/output.js
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/classic-runtime-windows/output.js
@@ -1,4 +1,4 @@
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\classic-runtime-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\classic-runtime-windows\\input.js";
 var x = /*#__PURE__*/React.createElement(React.Fragment, null, /*#__PURE__*/React.createElement("div", {
   __source: {
     fileName: _jsxFileName,
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/fragments-windows/output.js b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/fragments-windows/output.js
index 5810f0270c..9dd8a9878a 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/fragments-windows/output.js
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/fragments-windows/output.js
@@ -1,6 +1,6 @@
 var _reactJsxDevRuntime = require("react/jsx-dev-runtime");
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\fragments-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\fragments-windows\\input.js";
 
 var x = /*#__PURE__*/_reactJsxDevRuntime.jsxDEV(_reactJsxDevRuntime.Fragment, {
   children: /*#__PURE__*/_reactJsxDevRuntime.jsxDEV("div", {}, void 0, false, {
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-fragments-with-key-windows/output.js b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-fragments-with-key-windows/output.js
index 24bb6c8330..84f83813b0 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-fragments-with-key-windows/output.js
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-fragments-with-key-windows/output.js
@@ -1,6 +1,6 @@
 var _reactJsxDevRuntime = require("react/jsx-dev-runtime");
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-fragments-with-key-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-fragments-with-key-windows\\input.js";
 
 var x = /*#__PURE__*/_reactJsxDevRuntime.jsxDEV(React.Fragment, {}, 'foo', false, {
   fileName: _jsxFileName,
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-nonstatic-children-windows/output.js b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-nonstatic-children-windows/output.js
index 71a0eb0c2b..50193748b4 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-nonstatic-children-windows/output.js
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-nonstatic-children-windows/output.js
@@ -1,6 +1,6 @@
 var _reactJsxDevRuntime = require("react/jsx-dev-runtime");
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-nonstatic-children-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-nonstatic-children-windows\\input.js";
 
 var x = /*#__PURE__*/_reactJsxDevRuntime.jsxDEV("div", {
   children: [/*#__PURE__*/_reactJsxDevRuntime.jsxDEV("span", {}, '0', false, {
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-static-children-windows/output.js b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-static-children-windows/output.js
index af06d57aee..38817a08da 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-static-children-windows/output.js
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/handle-static-children-windows/output.js
@@ -1,6 +1,6 @@
 var _reactJsxDevRuntime = require("react/jsx-dev-runtime");
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-static-children-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\handle-static-children-windows\\input.js";
 
 var x = /*#__PURE__*/_reactJsxDevRuntime.jsxDEV("div", {
   children: [/*#__PURE__*/_reactJsxDevRuntime.jsxDEV("span", {}, void 0, false, {
diff --git a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/self-inside-arrow-windows/output.mjs b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/self-inside-arrow-windows/output.mjs
index cbd8fff42f..67fb4e7805 100644
--- a/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/self-inside-arrow-windows/output.mjs
+++ b/packages/babel-plugin-transform-react-jsx-development/test/fixtures/windows/self-inside-arrow-windows/output.mjs
@@ -1,6 +1,6 @@
 import { jsxDEV as _jsxDEV } from "react/jsx-dev-runtime";
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\self-inside-arrow-windows\\input.mjs",
+var _jsxFileName = "<CWD>\\packages\\babel-plugin-transform-react-jsx-development\\test\\fixtures\\windows\\self-inside-arrow-windows\\input.mjs",
     _this = this;
 
 /*#__PURE__*/
diff --git a/packages/babel-preset-react/test/fixtures/preset-options/development-runtime-automatic-windows/output.js b/packages/babel-preset-react/test/fixtures/preset-options/development-runtime-automatic-windows/output.js
index 57fb253af7..baa69a7eb2 100644
--- a/packages/babel-preset-react/test/fixtures/preset-options/development-runtime-automatic-windows/output.js
+++ b/packages/babel-preset-react/test/fixtures/preset-options/development-runtime-automatic-windows/output.js
@@ -1,6 +1,6 @@
 var _reactJsxDevRuntime = require("react/jsx-dev-runtime");
 
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-preset-react\\test\\fixtures\\preset-options\\development-runtime-automatic-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-preset-react\\test\\fixtures\\preset-options\\development-runtime-automatic-windows\\input.js";
 
 /*#__PURE__*/
 _reactJsxDevRuntime.jsxDEV(Foo, {
diff --git a/packages/babel-preset-react/test/fixtures/preset-options/development-windows/output.js b/packages/babel-preset-react/test/fixtures/preset-options/development-windows/output.js
index ad9f242c65..bad7508ddc 100644
--- a/packages/babel-preset-react/test/fixtures/preset-options/development-windows/output.js
+++ b/packages/babel-preset-react/test/fixtures/preset-options/development-windows/output.js
@@ -1,4 +1,4 @@
-var _jsxFileName = "C:\\Users\\travis\\build\\babel\\babel\\packages\\babel-preset-react\\test\\fixtures\\preset-options\\development-windows\\input.js";
+var _jsxFileName = "<CWD>\\packages\\babel-preset-react\\test\\fixtures\\preset-options\\development-windows\\input.js";
 
 /*#__PURE__*/
 React.createElement(Foo, {