diff --git a/plugins/serializers/json/json.go b/plugins/serializers/json/json.go
index 2a2bfff50..dc783d66e 100644
--- a/plugins/serializers/json/json.go
+++ b/plugins/serializers/json/json.go
@@ -25,7 +25,7 @@ type Serializer struct {
 	TimestampUnits  time.Duration
 	TimestampFormat string
 
-	transformation *jsonata.Expr
+	transformation string
 	nestedfields   filter.Filter
 }
 
@@ -33,14 +33,7 @@ func NewSerializer(cfg FormatConfig) (*Serializer, error) {
 	s := &Serializer{
 		TimestampUnits:  truncateDuration(cfg.TimestampUnits),
 		TimestampFormat: cfg.TimestampFormat,
-	}
-
-	if cfg.Transformation != "" {
-		e, err := jsonata.Compile(cfg.Transformation)
-		if err != nil {
-			return nil, err
-		}
-		s.transformation = e
+		transformation:  cfg.Transformation,
 	}
 
 	if len(cfg.NestedFieldsInclude) > 0 || len(cfg.NestedFieldsExclude) > 0 {
@@ -58,7 +51,7 @@ func (s *Serializer) Serialize(metric telegraf.Metric) ([]byte, error) {
 	var obj interface{}
 	obj = s.createObject(metric)
 
-	if s.transformation != nil {
+	if s.transformation != "" {
 		var err error
 		if obj, err = s.transform(obj); err != nil {
 			if errors.Is(err, jsonata.ErrUndefined) {
@@ -89,7 +82,7 @@ func (s *Serializer) SerializeBatch(metrics []telegraf.Metric) ([]byte, error) {
 		"metrics": objects,
 	}
 
-	if s.transformation != nil {
+	if s.transformation != "" {
 		var err error
 		if obj, err = s.transform(obj); err != nil {
 			if errors.Is(err, jsonata.ErrUndefined) {
@@ -150,7 +143,12 @@ func (s *Serializer) createObject(metric telegraf.Metric) map[string]interface{}
 }
 
 func (s *Serializer) transform(obj interface{}) (interface{}, error) {
-	return s.transformation.Eval(obj)
+	transformation, err := jsonata.Compile(s.transformation)
+	if err != nil {
+		return nil, err
+	}
+
+	return transformation.Eval(obj)
 }
 
 func truncateDuration(units time.Duration) time.Duration {
diff --git a/plugins/serializers/json/json_test.go b/plugins/serializers/json/json_test.go
index a2d3c40dd..4526db272 100644
--- a/plugins/serializers/json/json_test.go
+++ b/plugins/serializers/json/json_test.go
@@ -335,6 +335,67 @@ func TestSerializeTransformationBatch(t *testing.T) {
 	}
 }
 
+func TestSerializeTransformationIssue12734(t *testing.T) {
+	input := []telegraf.Metric{
+		metric.New(
+			"data",
+			map[string]string{"key": "a"},
+			map[string]interface{}{"value": 10.1},
+			time.Unix(0, 1676285135457000000),
+		),
+		metric.New(
+			"data",
+			map[string]string{"key": "b"},
+			map[string]interface{}{"value": 20.2},
+			time.Unix(0, 1676285135457000000),
+		),
+		metric.New(
+			"data",
+			map[string]string{"key": "c"},
+			map[string]interface{}{"value": 30.3},
+			time.Unix(0, 1676285135457000000),
+		),
+	}
+
+	transformation := `
+	{
+		"valueRows": metrics{$string(timestamp): fields.value[]} ~> $each(function($v, $k) {
+			{
+				"timestamp": $number($k),
+				"values": $v
+			}
+		})
+	}
+	`
+
+	expected := map[string]interface{}{
+		"valueRows": map[string]interface{}{
+			"timestamp": 1.676285135e+9,
+			"values":    []interface{}{10.1, 20.2, 30.3},
+		},
+	}
+
+	// Setup serializer
+	serializer, err := NewSerializer(
+		FormatConfig{
+			Transformation: transformation,
+		},
+	)
+	require.NoError(t, err)
+
+	// Check multiple serializations as issue #12734 shows that the
+	// transformation breaks after the first iteration
+	for i := 1; i <= 3; i++ {
+		buf, err := serializer.SerializeBatch(input)
+		require.NoErrorf(t, err, "broke in iteration %d", i)
+
+		// Compare
+		var actual interface{}
+		require.NoError(t, json.Unmarshal(buf, &actual))
+		require.EqualValuesf(t, expected, actual, "broke in iteration %d", i)
+	}
+}
+
 func TestSerializeNesting(t *testing.T) {
 	var tests = []struct {
 		name     string