diff --git a/IPython/core/magics/execution.py b/IPython/core/magics/execution.py
index 8a9e9cb..e2d550e 100644
--- a/IPython/core/magics/execution.py
+++ b/IPython/core/magics/execution.py
@@ -39,6 +39,7 @@ from IPython.utils.path import get_py_filename, shellglob
 from IPython.utils.timing import clock, clock2
 from warnings import warn
 from logging import error
+from pathlib import Path
 from io import StringIO
 from pathlib import Path
 
@@ -364,7 +365,10 @@ class ExecutionMagics(Magics):
                 f"\n*** Profile stats marshalled to file {repr(dump_file)}.{sys_exit}"
             )
         if text_file:
-            Path(text_file).write_text(output)
+            pfile = Path(text_file)
+            pfile.touch(exist_ok=True)
+            pfile.write_text(output)
+
             print(
                 f"\n*** Profile printout saved to text file {repr(text_file)}.{sys_exit}"
             )