A code region of an application is instrumented by a multi-pass profiler with first annotations for generating profile data. The application is executed with the first annotations, wherein executing the application with the first annotations generates first profile data for the code region. The multi-pass profiler identifies, from the first profile data, the code region as a delinquent code region. The multi-pass profiler determines second annotations based, at least in part, on the first profile data and the at least one of the first annotations that defines the delinquent code region. The multi-pass profiler instruments, based on the first profile data, a code sub-region of the delinquent code region with the second annotations for generating profile data. The application is executed with second annotations, wherein executing the application with the second annotations generates second profile data for the code sub-region.