diff --git a/src/revwalk.c b/src/revwalk.c
index c2c098cf8bd..4b7bf8fd071 100644
--- a/src/revwalk.c
+++ b/src/revwalk.c
@@ -697,6 +697,13 @@ static int prepare_walk(git_revwalk *walk)
 	commit_object *next, *two;
 	commit_list *bases = NULL;
 
+	/*
+	 * If walk->one is NULL, there were no positive references,
+	 * so we know that the walk is already over.
+	 */
+	if (walk->one == NULL)
+		return GIT_EREVWALKOVER;
+
 	/* first figure out what the merge bases are */
 	if (merge_bases_many(&bases, walk, walk->one, &walk->twos) < 0)
 		return -1;
@@ -849,7 +856,7 @@ int git_revwalk_next(git_oid *oid, git_revwalk *walk)
 
 	if (!walk->walking) {
 		if ((error = prepare_walk(walk)) < 0)
-			return -1;
+			return error;
 	}
 
 	error = walk->get_next(&next, walk);