diff --git a/ceilometer/network/floatingip.py b/ceilometer/network/floatingip.py
index 41ca6a200..5e0cc0dbd 100644
--- a/ceilometer/network/floatingip.py
+++ b/ceilometer/network/floatingip.py
@@ -35,9 +35,17 @@ class FloatingIPPollster(plugin.CentralPollster):
     def get_counter_names():
         return ['ip.floating']
 
-    def get_counters(self, manager, cache):
+    def _get_floating_ips(self):
         nv = nova_client.Client()
-        for ip in nv.floating_ip_get_all():
+        return nv.floating_ip_get_all()
+
+    def _iter_floating_ips(self, cache):
+        if 'floating_ips' not in cache:
+            cache['floating_ips'] = list(self._get_floating_ips())
+        return iter(cache['floating_ips'])
+
+    def get_counters(self, manager, cache):
+        for ip in self._iter_floating_ips(cache):
             self.LOG.info("FLOATING IP USAGE: %s" % ip.ip)
             # FIXME (flwang) Now Nova API /os-floating-ips can't provide those
             # attributes were used by Ceilometer, such as project id, host.
diff --git a/tests/network/test_floatingip.py b/tests/network/test_floatingip.py
index e54a49437..e7d3c94f0 100644
--- a/tests/network/test_floatingip.py
+++ b/tests/network/test_floatingip.py
@@ -85,3 +85,9 @@ class TestFloatingIPPollster(base.TestCase):
         counters = list(self.pollster.get_counters(self.manager, {}))
         self.assertEqual(set([c.name for c in counters]),
                          set(self.pollster.get_counter_names()))
+
+    def test_get_counters_cached(self):
+        cache = {}
+        cache['floating_ips'] = self.faux_get_ips(None)[:2]
+        counters = list(self.pollster.get_counters(self.manager, cache))
+        self.assertEqual(len(counters), 2)