diff --git a/mm/migrate.c b/mm/migrate.c
index 46a1476e188c..9ff5d77b61a3 100644
--- a/mm/migrate.c
+++ b/mm/migrate.c
@@ -1044,7 +1044,7 @@ static void migrate_folio_done(struct folio *src,
 	 * not accounted to NR_ISOLATED_*. They can be recognized
 	 * as __PageMovable
 	 */
-	if (likely(!__folio_test_movable(src)))
+	if (likely(!__folio_test_movable(src)) && reason != MR_DEMOTION)
 		mod_node_page_state(folio_pgdat(src), NR_ISOLATED_ANON +
 				    folio_is_file_lru(src), -folio_nr_pages(src));