In aspects of multiplication operations on homomorphic encrypted data, a computing device stores homomorphic encrypted data as a dataset, and implements an encryption application that can perform multiplication operations on ciphertexts in the homomorphic encrypted data, where the ciphertexts include polynomial variables of the ciphertexts. The encryption application can compute and store intermediate polynomial variables that are computed as the multiplication operations are performed. The encryption application can then utilize one or more of the intermediate polynomial variables rather than recomputing the intermediate polynomial variables as the multiplication operations are performed on the ciphertexts.