A multirate execution unit is capable of being operated in a plurality of modes, with the execution unit being capable of clocked at multiple different rates relative to a multithreaded issue unit such that, in applications where maximum performance is desired, the execution unit can be clocked at a rate that is faster than the clock rate for the multithreaded issue unit, and in applications where a lower power profile is desired, the execution unit can be throttled back to a slower rate to reduce the power consumption of the execution unit. When the execution unit is clocked at a faster rate than the multithreaded issue unit, the issue unit is permitted to issue more instructions per cycle than when the execution unit is throttled to the slower rate to increase overall instruction throughput.