diff --git a/lib/bundler/cli/outdated.rb b/lib/bundler/cli/outdated.rb
index 75fcdca6412c0d..1be44ff4b4c87c 100644
--- a/lib/bundler/cli/outdated.rb
+++ b/lib/bundler/cli/outdated.rb
@@ -26,13 +26,15 @@ def initialize(options, gems)
     def run
       check_for_deployment_mode!
 
-      gems.each do |gem_name|
-        Bundler::CLI::Common.select_spec(gem_name)
-      end
-
       Bundler.definition.validate_runtime!
       current_specs = Bundler.ui.silence { Bundler.definition.resolve }
 
+      gems.each do |gem_name|
+        if current_specs[gem_name].empty?
+          raise GemNotFound, "Could not find gem '#{gem_name}'."
+        end
+      end
+
       current_dependencies = Bundler.ui.silence do
         Bundler.load.dependencies.map {|dep| [dep.name, dep] }.to_h
       end
diff --git a/spec/bundler/commands/outdated_spec.rb b/spec/bundler/commands/outdated_spec.rb
index 449fba5935ff37..38121ce50e8b6d 100644
--- a/spec/bundler/commands/outdated_spec.rb
+++ b/spec/bundler/commands/outdated_spec.rb
@@ -526,6 +526,44 @@ def test_group_option(group)
 
       expect(out).to match(Regexp.new(expected_output))
     end
+
+    it "does not require gems to be installed" do
+      build_repo4 do
+        build_gem "zeitwerk", "1.0.0"
+        build_gem "zeitwerk", "2.0.0"
+      end
+
+      gemfile <<-G
+        source "https://gem.repo4"
+        gem "zeitwerk"
+      G
+
+      lockfile <<~L
+        GEM
+          remote: https://gem.repo4/
+          specs:
+            zeitwerk (1.0.0)
+
+        PLATFORMS
+          #{lockfile_platforms}
+
+        DEPENDENCIES
+          zeitwerk
+
+        BUNDLED WITH
+           #{Bundler::VERSION}
+      L
+
+      bundle "outdated zeitwerk", raise_on_error: false
+
+      expected_output = <<~TABLE.tr(".", "\.").strip
+        Gem       Current  Latest  Requested  Groups
+        zeitwerk  1.0.0    2.0.0   >= 0       default
+      TABLE
+
+      expect(out).to match(Regexp.new(expected_output))
+      expect(err).to be_empty
+    end
   end
 
   describe "pre-release gems" do