diff --git a/src/plugins/cmakeprojectmanager/cmakeproject.h b/src/plugins/cmakeprojectmanager/cmakeproject.h
index 09a10c29a6a..6187f92e19f 100644
--- a/src/plugins/cmakeprojectmanager/cmakeproject.h
+++ b/src/plugins/cmakeprojectmanager/cmakeproject.h
@@ -116,7 +116,7 @@ private:
     void handleActiveBuildConfigurationChanged();
     void handleParsingStarted(const Internal::CMakeBuildConfiguration *bc);
     void handleTreeScanningFinished();
-    void updateProjectData(Internal::CMakeBuildConfiguration *cmakeBc);
+    void updateProjectData(Internal::CMakeBuildConfiguration *bc);
     void handleParsingError(Internal::CMakeBuildConfiguration *bc);
     void updateQmlJSCodeModel();
 
diff --git a/src/plugins/projectexplorer/project.h b/src/plugins/projectexplorer/project.h
index d3582241b5b..4a11a1b32bd 100644
--- a/src/plugins/projectexplorer/project.h
+++ b/src/plugins/projectexplorer/project.h
@@ -85,7 +85,8 @@ public:
     enum ModelRoles {
         // Absolute file path
         FilePathRole = QFileSystemModel::FilePathRole,
-        EnabledRole
+        EnabledRole,
+        isParsingRole
     };
 
     Project(const QString &mimeType, const Utils::FileName &fileName,
diff --git a/src/plugins/projectexplorer/projectmodels.cpp b/src/plugins/projectexplorer/projectmodels.cpp
index 6faf60158ad..54b982524b4 100644
--- a/src/plugins/projectexplorer/projectmodels.cpp
+++ b/src/plugins/projectexplorer/projectmodels.cpp
@@ -32,15 +32,18 @@
 #include "session.h"
 
 #include <coreplugin/fileiconprovider.h>
+#include <utils/utilsicons.h>
 #include <utils/algorithm.h>
 #include <utils/dropsupport.h>
+#include <utils/theme/theme.h>
 
-#include <QDebug>
 #include <QFileInfo>
 #include <QFont>
 #include <QMimeData>
 #include <QLoggingCategory>
 
+#include <functional>
+
 using namespace Utils;
 
 namespace ProjectExplorer {
@@ -106,10 +109,19 @@ QVariant FlatModel::data(const QModelIndex &index, int role) const
         }
         case Qt::DecorationRole: {
             if (folderNode) {
-                result = folderNode->icon();
+                static QIcon emptyIcon = Utils::Icons::EMPTY16.icon();
                 if (ContainerNode *containerNode = folderNode->asContainerNode()) {
-                    if (ProjectNode *projectNode = containerNode->rootProjectNode())
-                        result = projectNode->icon();
+                    WrapperNode *wn = wrapperForNode(node);
+                    Project *project = Utils::findOrDefault(SessionManager::projects(), [this, wn](const Project *p) {
+                        return nodeForProject(p) == wn;
+                    });
+                    if (project->isParsing())
+                        result = emptyIcon;
+                    else
+                        result = containerNode->rootProjectNode() ? containerNode->rootProjectNode()->icon() :
+                                                                    folderNode->icon();
+                } else {
+                    result = folderNode->icon();
                 }
             } else {
                 result = Core::FileIconProvider::icon(node->filePath().toString());
@@ -133,6 +145,17 @@ QVariant FlatModel::data(const QModelIndex &index, int role) const
             result = node->isEnabled();
             break;
         }
+        case Project::isParsingRole: {
+            const Project *project = nullptr;
+            if (node->asContainerNode()) {
+                WrapperNode *wn = wrapperForNode(node);
+                project = Utils::findOrDefault(SessionManager::projects(), [this, wn](const Project *p) {
+                    return nodeForProject(p) == wn;
+                });
+            }
+            result = project ? project->isParsing() : false;
+            break;
+        }
         }
     }
 
@@ -216,6 +239,13 @@ void FlatModel::addOrRebuildProjectModel(Project *project)
         emit requestExpansion(container->index());
 }
 
+void FlatModel::parsingStateChanged(Project *project)
+{
+    const WrapperNode *const node = nodeForProject(project);
+    const QModelIndex nodeIdx = indexForNode(node->m_node);
+    emit dataChanged(nodeIdx, nodeIdx);
+}
+
 void FlatModel::updateSubtree(FolderNode *node)
 {
     // FIXME: This is still excessive, should be limited to the affected subtree.
@@ -261,6 +291,12 @@ ExpandData FlatModel::expandDataForNode(const Node *node) const
 
 void FlatModel::handleProjectAdded(Project *project)
 {
+    QTC_ASSERT(project, return);
+
+    connect(project, &Project::parsingStarted,
+            this, [this, project]() { parsingStateChanged(project); });
+    connect(project, &Project::parsingFinished,
+            this, [this, project]() { parsingStateChanged(project); });
     addOrRebuildProjectModel(project);
 }
 
@@ -269,7 +305,7 @@ void FlatModel::handleProjectRemoved(Project *project)
     destroyItem(nodeForProject(project));
 }
 
-WrapperNode *FlatModel::nodeForProject(Project *project)
+WrapperNode *FlatModel::nodeForProject(const Project *project) const
 {
     QTC_ASSERT(project, return nullptr);
     ContainerNode *containerNode = project->containerNode();
diff --git a/src/plugins/projectexplorer/projectmodels.h b/src/plugins/projectexplorer/projectmodels.h
index 18129a7ddce..1a1d02b620a 100644
--- a/src/plugins/projectexplorer/projectmodels.h
+++ b/src/plugins/projectexplorer/projectmodels.h
@@ -99,9 +99,11 @@ private:
     void saveExpandData();
     void handleProjectAdded(Project *project);
     void handleProjectRemoved(Project *project);
-    WrapperNode *nodeForProject(Project *project);
+    WrapperNode *nodeForProject(const Project *project) const;
     void addOrRebuildProjectModel(Project *project);
 
+    void parsingStateChanged(Project *project);
+
     QTimer m_timer;
     QSet<ExpandData> m_toExpand;
 };
diff --git a/src/plugins/projectexplorer/projecttreewidget.cpp b/src/plugins/projectexplorer/projecttreewidget.cpp
index 2a98fbe86e7..3cd66273016 100644
--- a/src/plugins/projectexplorer/projecttreewidget.cpp
+++ b/src/plugins/projectexplorer/projecttreewidget.cpp
@@ -40,23 +40,28 @@
 #include <coreplugin/editormanager/ieditor.h>
 #include <coreplugin/find/itemviewfind.h>
 
-#include <utils/navigationtreeview.h>
 #include <utils/algorithm.h>
+#include <utils/navigationtreeview.h>
+#include <utils/progressindicator.h>
 #include <utils/tooltip/tooltip.h>
 #include <utils/utilsicons.h>
 
-#include <QDebug>
+#include <QApplication>
 #include <QSettings>
 
 #include <QStyledItemDelegate>
 #include <QVBoxLayout>
 #include <QToolButton>
+#include <QPainter>
 #include <QAction>
 #include <QMenu>
 
+#include <memory>
+
 using namespace Core;
 using namespace ProjectExplorer;
 using namespace ProjectExplorer::Internal;
+using namespace Utils;
 
 QList<ProjectTreeWidget *> ProjectTreeWidget::m_projectTreeWidgets;
 
@@ -65,22 +70,78 @@ namespace {
 class ProjectTreeItemDelegate : public QStyledItemDelegate
 {
 public:
-    ProjectTreeItemDelegate(QObject *parent) : QStyledItemDelegate(parent)
-    { }
+    ProjectTreeItemDelegate(QTreeView *view) : QStyledItemDelegate(view),
+        m_view(view)
+    {
+        connect(m_view->model(), &QAbstractItemModel::modelReset,
+                this, &ProjectTreeItemDelegate::deleteAllIndicators);
 
-    void paint(QPainter *painter, const QStyleOptionViewItem &option, const QModelIndex &index) const
+        // Actually this only needs to delete the indicators in the effected rows and *after* it,
+        // but just be lazy and nuke all the indicators.
+        connect(m_view->model(), &QAbstractItemModel::rowsAboutToBeRemoved,
+                this, &ProjectTreeItemDelegate::deleteAllIndicators);
+        connect(m_view->model(), &QAbstractItemModel::rowsAboutToBeInserted,
+                this, &ProjectTreeItemDelegate::deleteAllIndicators);
+    }
+
+    ~ProjectTreeItemDelegate() override
+    {
+        deleteAllIndicators();
+    }
+
+    void paint(QPainter *painter, const QStyleOptionViewItem &option, const QModelIndex &index) const override
     {
         QStyleOptionViewItem opt = option;
         if (!index.data(Project::EnabledRole).toBool())
             opt.state &= ~QStyle::State_Enabled;
         QStyledItemDelegate::paint(painter, opt, index);
+
+        if (index.data(Project::isParsingRole).toBool()) {
+            initStyleOption(&opt, index);
+            ProgressIndicatorPainter *indicator = findOrCreateIndicatorPainter(index);
+
+            QStyle *style = option.widget ? option.widget->style() : QApplication::style();
+            const QRect rect = style->subElementRect(QStyle::SE_ItemViewItemDecoration, &opt, opt.widget);
+
+            indicator->paint(*painter, rect);
+        } else {
+            delete m_indicators.value(index);
+            m_indicators.remove(index);
+        }
     }
+
+private:
+    ProgressIndicatorPainter *findOrCreateIndicatorPainter(const QModelIndex &index) const
+    {
+        ProgressIndicatorPainter *indicator = m_indicators.value(index);
+        if (!indicator)
+            indicator = createIndicatorPainter(index);
+        return indicator;
+    }
+
+    ProgressIndicatorPainter *createIndicatorPainter(const QModelIndex &index) const
+    {
+        auto indicator = new ProgressIndicatorPainter(ProgressIndicatorSize::Small);
+        indicator->setUpdateCallback([index, this]() { m_view->update(index); });
+        indicator->startAnimation();
+        m_indicators.insert(index, indicator);
+        return indicator;
+    }
+
+    void deleteAllIndicators()
+    {
+        qDeleteAll(m_indicators);
+        m_indicators.clear();
+    }
+
+    mutable QHash<QModelIndex, ProgressIndicatorPainter *> m_indicators;
+    QTreeView *m_view;
 };
 
 bool debug = false;
 }
 
-class ProjectTreeView : public Utils::NavigationTreeView
+class ProjectTreeView : public NavigationTreeView
 {
 public:
     ProjectTreeView()
@@ -138,7 +199,7 @@ public:
             connect(newModel, &QAbstractItemModel::rowsRemoved,
                     this, &ProjectTreeView::invalidateSize);
         }
-        Utils::NavigationTreeView::setModel(newModel);
+        NavigationTreeView::setModel(newModel);
     }
 
     ~ProjectTreeView()
@@ -150,7 +211,7 @@ public:
     int sizeHintForColumn(int column) const override
     {
         if (m_cachedSize < 0)
-            m_cachedSize = Utils::NavigationTreeView::sizeHintForColumn(column);
+            m_cachedSize = NavigationTreeView::sizeHintForColumn(column);
 
         return m_cachedSize;
     }
@@ -172,7 +233,7 @@ ProjectTreeWidget::ProjectTreeWidget(QWidget *parent) : QWidget(parent)
     m_model = new FlatModel(this);
     m_view = new ProjectTreeView;
     m_view->setModel(m_model);
-    m_view->setItemDelegate(new ProjectTreeItemDelegate(this));
+    m_view->setItemDelegate(new ProjectTreeItemDelegate(m_view));
     setFocusProxy(m_view);
     m_view->installEventFilter(this);
 
@@ -211,7 +272,7 @@ ProjectTreeWidget::ProjectTreeWidget(QWidget *parent) : QWidget(parent)
             m_model, &FlatModel::onCollapsed);
 
     m_toggleSync = new QToolButton;
-    m_toggleSync->setIcon(Utils::Icons::LINK.icon());
+    m_toggleSync->setIcon(Icons::LINK.icon());
     m_toggleSync->setCheckable(true);
     m_toggleSync->setChecked(autoSynchronization());
     m_toggleSync->setToolTip(tr("Synchronize with Editor"));
@@ -270,7 +331,7 @@ void ProjectTreeWidget::rowsInserted(const QModelIndex &parent, int start, int e
     }
 }
 
-Node *ProjectTreeWidget::nodeForFile(const Utils::FileName &fileName)
+Node *ProjectTreeWidget::nodeForFile(const FileName &fileName)
 {
     Node *bestNode = nullptr;
     int bestNodeExpandCount = INT_MAX;
@@ -328,7 +389,7 @@ void ProjectTreeWidget::setAutoSynchronization(bool sync)
 
     if (m_autoSync) {
         // sync from document manager
-        Utils::FileName fileName;
+        FileName fileName;
         if (IDocument *doc = EditorManager::currentDocument())
             fileName = doc->filePath();
         if (!currentNode() || currentNode()->filePath() != fileName)
@@ -348,7 +409,7 @@ void ProjectTreeWidget::editCurrentItem()
         m_view->edit(m_view->selectionModel()->currentIndex());
 }
 
-void ProjectTreeWidget::renamed(const Utils::FileName &oldPath, const Utils::FileName &newPath)
+void ProjectTreeWidget::renamed(const FileName &oldPath, const FileName &newPath)
 {
     update();
     Q_UNUSED(oldPath);
@@ -400,8 +461,8 @@ void ProjectTreeWidget::showMessage(Node *node, const QString &message)
     m_view->scrollTo(idx);
 
     QPoint pos = m_view->mapToGlobal(m_view->visualRect(idx).bottomLeft());
-    pos -= Utils::ToolTip::offsetFromPosition();
-    Utils::ToolTip::show(pos, message);
+    pos -= ToolTip::offsetFromPosition();
+    ToolTip::show(pos, message);
 }
 
 void ProjectTreeWidget::showContextMenu(const QPoint &pos)
@@ -459,7 +520,7 @@ NavigationView ProjectTreeWidgetFactory::createWidget()
     n.widget = ptw;
 
     auto filter = new QToolButton;
-    filter->setIcon(Utils::Icons::FILTER.icon());
+    filter->setIcon(Icons::FILTER.icon());
     filter->setToolTip(tr("Filter Tree"));
     filter->setPopupMode(QToolButton::InstantPopup);
     filter->setProperty("noArrow", true);