C++ FAQ Celebrating Twenty-One Years of the C++ FAQ!!!
(Click here for a personal note from Marshall Cline.)
Section 31:
[31.6] Are "inline virtual" member functions ever actually "inlined"?

Occasionally...

When the object is referenced via a pointer or a reference, a call to a virtual function cannot be inlined, since the call must be resolved dynamically. Reason: the compiler can't know which actual code to call until run-time (i.e., dynamically), since the code may be from a derived class that was created after the caller was compiled.

Therefore the only time an inline virtual call can be inlined is when the compiler knows the "exact class" of the object which is the target of the virtual function call. This can happen only when the compiler has an actual object rather than a pointer or reference to an object. I.e., either with a local object, a global/static object, or a fully contained object inside a composite.

Note that the difference between inlining and non-inlining is normally much more significant than the difference between a regular function call and a virtual function call. For example, the difference between a regular function call and a virtual function call is often just two extra memory references, but the difference between an inline function and a non-inline function can be as much as an order of magnitude (for zillions of calls to insignificant member functions, loss of inlining virtual functions can result in 25X speed degradation! [Doug Lea, "Customization in C++," proc Usenix C++ 1990]).

A practical consequence of this insight: don't get bogged down in the endless debates (or sales tactics!) of compiler/language vendors who compare the cost of a virtual function call on their language/compiler with the same on another language/compiler. Such comparisons are largely meaningless when compared with the ability of the language/compiler to "inline expand" member function calls. I.e., many language implementation vendors make a big stink about how good their dispatch strategy is, but if these implementations don't inline member function calls, the overall system performance would be poor, since it is inlining —not dispatching— that has the greatest performance impact.

Note: Please read the next two FAQs to see the other side of this coin!