diff --git a/package.json b/package.json
index cbe08c3f89..b001fe4c37 100644
--- a/package.json
+++ b/package.json
@@ -36,7 +36,7 @@
     "eslint-plugin-flowtype": "^3.2.1",
     "eslint-plugin-prettier": "^3.0.1",
     "fancy-log": "^1.3.3",
-    "flow-bin": "^0.87.0",
+    "flow-bin": "^0.92.1",
     "graceful-fs": "^4.1.15",
     "gulp": "^4.0.0",
     "gulp-babel": "^8.0.0",
diff --git a/packages/babel-core/src/config/caching.js b/packages/babel-core/src/config/caching.js
index 54b6260f73..5b915e7f77 100644
--- a/packages/babel-core/src/config/caching.js
+++ b/packages/babel-core/src/config/caching.js
@@ -43,7 +43,6 @@ export function makeWeakCache<
 >(
   handler: (ArgT, CacheConfigurator<SideChannel>) => ResultT,
 ): (ArgT, SideChannel) => ResultT {
-  // $FlowIssue https://github.com/facebook/flow/issues/4528
   return makeCachedFunction(new WeakMap(), handler);
 }
 
diff --git a/packages/babel-core/src/config/files/configuration.js b/packages/babel-core/src/config/files/configuration.js
index 279da6b7cf..9088bb4c1d 100644
--- a/packages/babel-core/src/config/files/configuration.js
+++ b/packages/babel-core/src/config/files/configuration.js
@@ -10,7 +10,7 @@ import {
   makeWeakCache,
   type CacheConfigurator,
 } from "../caching";
-import makeAPI from "../helpers/config-api";
+import makeAPI, { type PluginAPI } from "../helpers/config-api";
 import { makeStaticFileCache } from "./utils";
 import pathPatternToRegex from "../pattern-to-regex";
 import type { FilePackageData, RelativeConfig, ConfigFile } from "./types";
@@ -150,7 +150,7 @@ const LOADING_CONFIGS = new Set();
 
 const readConfigJS = makeStrongCache(
   (
-    filepath,
+    filepath: string,
     cache: CacheConfigurator<{
       envName: string,
       caller: CallerMetadata | void,
@@ -193,7 +193,7 @@ const readConfigJS = makeStrongCache(
     }
 
     if (typeof options === "function") {
-      options = options(makeAPI(cache));
+      options = ((options: any): (api: PluginAPI) => {})(makeAPI(cache));
 
       if (!cache.configured()) throwConfigError();
     }
diff --git a/packages/babel-core/src/transformation/index.js b/packages/babel-core/src/transformation/index.js
index 8174f7bd82..3bfd82ab03 100644
--- a/packages/babel-core/src/transformation/index.js
+++ b/packages/babel-core/src/transformation/index.js
@@ -131,6 +131,7 @@ function isThenable(val: mixed): boolean {
   return (
     !!val &&
     (typeof val === "object" || typeof val === "function") &&
+    !!val.then &&
     typeof val.then === "function"
   );
 }
diff --git a/yarn.lock b/yarn.lock
index 32676c3d55..3fdb8ee8af 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3806,9 +3806,10 @@ flat-cache@^1.2.1:
     graceful-fs "^4.1.2"
     write "^0.2.1"
 
-flow-bin@^0.87.0:
-  version "0.87.0"
-  resolved "https://registry.yarnpkg.com/flow-bin/-/flow-bin-0.87.0.tgz#fab7f984d8cc767e93fa9eb01cf7d57ed744f19d"
+flow-bin@^0.92.1:
+  version "0.92.1"
+  resolved "https://registry.yarnpkg.com/flow-bin/-/flow-bin-0.92.1.tgz#32c136c07235f30c42dc0549a0790f370fad4070"
+  integrity sha512-F5kC5oQOR2FXROAeybJHFqgZP+moKV9fa/53QK4Q4WayTQHdA0KSl48KD1gP0A9mioRLiKUegTva/7I15cX3Iw==
 
 flush-write-stream@^1.0.0, flush-write-stream@^1.0.2:
   version "1.0.3"