diff --git a/Changes b/Changes
index 182469cab..20a419128 100644
--- a/Changes
+++ b/Changes
@@ -43,6 +43,7 @@ Verilator 5.049 devel
 * Fix events in observed region (#7546). [Todd Strader]
 * Fix regression rejecting boolean `!x` inside sequence expressions (#7549) (#7551). [Yilou Wang]
 * Fix exponential expansion in V3Gate (#7550). [Geza Lore, Testorrent USA, Inc.]
+* Fix display of %m in non-first argument (#7574).
 
 
 Verilator 5.048 2026-04-26
diff --git a/src/V3AstNodeExpr.h b/src/V3AstNodeExpr.h
index ea75a24b9..ebe5dd4d7 100644
--- a/src/V3AstNodeExpr.h
+++ b/src/V3AstNodeExpr.h
@@ -2362,8 +2362,18 @@ public:
         return nullptr;
     }
     bool formatScopeTracking() const {  // Track scopeNamep();  Ok if false positive
-        return exprFormat() || name().find("%m") != string::npos
-               || name().find("%M") != string::npos;
+        if (exprFormat() || name().find("%m") != string::npos || name().find("%M") != string::npos)
+            return true;
+        for (const AstNode* exprp = this->exprsp(); exprp; exprp = exprp->nextp()) {
+            if (const AstConst* const fmtp = VN_CAST(exprp, Const)) {
+                if (fmtp->num().isFromString()) {
+                    const string str = fmtp->num().toString();
+                    if (str.find("%m") != string::npos || str.find("%M") != string::npos)
+                        return true;
+                }
+            }
+        }
+        return false;
     }
     bool hidden() const { return m_hidden; }
     bool exprFormat() const { return m_exprFormat; }
diff --git a/test_regress/t/t_display.out b/test_regress/t/t_display.out
index 95bc61e73..023e37097 100644
--- a/test_regress/t/t_display.out
+++ b/test_regress/t/t_display.out
@@ -106,4 +106,6 @@ XXXx
 [0] not-fmt %-d         60
 [0]  fmt-as-string-not-%0x         70
 s=[0]  fmt-string-not-%s
+atop.t
+ 12top.ttop.t
 *-* All Finished *-*
diff --git a/test_regress/t/t_display.v b/test_regress/t/t_display.v
index 75609e367..a2f6beda6 100644
--- a/test_regress/t/t_display.v
+++ b/test_regress/t/t_display.v
@@ -230,6 +230,10 @@ multiline", $time);
     s = $sformatf("[%0t] %s", $time, " fmt-string-not-%s");
     $display("s=%s", s);
 
+    // Issue #7574
+    $display("a", "%m");
+    $display(nine, "%m", "%M");
+
     $write("*-* All Finished *-*\n");
     $finish;
   end
diff --git a/test_regress/t/t_sys_sformat.v b/test_regress/t/t_sys_sformat.v
index c283ac9b6..8dbe49b34 100644
--- a/test_regress/t/t_sys_sformat.v
+++ b/test_regress/t/t_sys_sformat.v
@@ -72,6 +72,9 @@ module t (
     $swrite(str2, "mod=%m");
     `checks(str2, "mod=top.t");
 
+    $swrite(str2, "n=%0d mod=%m n=%0d mod_again=%m", 1, 2);
+    `checks(str2, "n=1 mod=top.t n=2 mod_again=top.t");
+
     $swrite(str2, "lib=%l");
     `checks(str2, "lib=work.t");