diff --git a/drivers/net/ethernet/cadence/macb_main.c b/drivers/net/ethernet/cadence/macb_main.c
index abd6cc0cd641..5fb991835078 100644
--- a/drivers/net/ethernet/cadence/macb_main.c
+++ b/drivers/net/ethernet/cadence/macb_main.c
@@ -5070,6 +5070,9 @@ static int __maybe_unused macb_suspend(struct device *dev)
 	unsigned int q;
 	int err;
 
+	if (!device_may_wakeup(&bp->dev->dev))
+		phy_exit(bp->sgmii_phy);
+
 	if (!netif_running(netdev))
 		return 0;
 
@@ -5130,7 +5133,6 @@ static int __maybe_unused macb_suspend(struct device *dev)
 	if (!(bp->wol & MACB_WOL_ENABLED)) {
 		rtnl_lock();
 		phylink_stop(bp->phylink);
-		phy_exit(bp->sgmii_phy);
 		rtnl_unlock();
 		spin_lock_irqsave(&bp->lock, flags);
 		macb_reset_hw(bp);
@@ -5160,6 +5162,9 @@ static int __maybe_unused macb_resume(struct device *dev)
 	unsigned int q;
 	int err;
 
+	if (!device_may_wakeup(&bp->dev->dev))
+		phy_init(bp->sgmii_phy);
+
 	if (!netif_running(netdev))
 		return 0;
 
@@ -5220,8 +5225,6 @@ static int __maybe_unused macb_resume(struct device *dev)
 	macb_set_rx_mode(netdev);
 	macb_restore_features(bp);
 	rtnl_lock();
-	if (!device_may_wakeup(&bp->dev->dev))
-		phy_init(bp->sgmii_phy);
 
 	phylink_start(bp->phylink);
 	rtnl_unlock();