diff --git a/drivers/net/ethernet/cadence/macb_main.c b/drivers/net/ethernet/cadence/macb_main.c
index 29a1199dad146..3fbe15b3ac627 100644
--- a/drivers/net/ethernet/cadence/macb_main.c
+++ b/drivers/net/ethernet/cadence/macb_main.c
@@ -5159,6 +5159,9 @@ 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;
 
@@ -5219,7 +5222,6 @@ 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);
@@ -5249,6 +5251,9 @@ 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;
 
@@ -5309,8 +5314,6 @@ 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();