This paper describes the design and implementation of an optimizing compiler that automatically generates profile information to assist classic code optimizations. This compiler contains two new components, an execution profiler and a profile-based code optimizer, which are not commonly found in traditional optimizing compilers. The execution profiler inserts probes into the input program, executes the input program for several inputs, accumulates profile information and supplies this information to the optimizer. The profile-based code optimizer uses the profile information to expose new optimization opportunities that are not visible to traditional global optimization methods. Experimental results show that the profile-based code optimizer significantly improves the performance of production C programs that have already been optimized by a high-quality global code optimizer.