diff --git a/arch/x86/kernel/cpu/perf_event_intel.c b/arch/x86/kernel/cpu/perf_event_intel.c
index 325ed90511cf..3572434a73cb 100644
--- a/arch/x86/kernel/cpu/perf_event_intel.c
+++ b/arch/x86/kernel/cpu/perf_event_intel.c
@@ -2513,7 +2513,7 @@ static int intel_pmu_hw_config(struct perf_event *event)
 		return ret;
 
 	if (event->attr.precise_ip) {
-		if (!(event->attr.freq || event->attr.wakeup_events)) {
+		if (!(event->attr.freq || (event->attr.wakeup_events && !event->attr.watermark))) {
 			event->hw.flags |= PERF_X86_EVENT_AUTO_RELOAD;
 			if (!(event->attr.sample_type &
 			      ~intel_pmu_free_running_flags(event)))