diff --git a/drivers/phy/qualcomm/phy-qcom-qmp-combo.c b/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
index 322bd5b75e06..b75bed1f0744 100644
--- a/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
+++ b/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
@@ -5318,10 +5318,16 @@ static int qmp_combo_probe(struct platform_device *pdev)
 	if (ret)
 		goto err_node_put;
 
+	/*
+	 * Enable runtime PM before creating the PHYs, phy_create() only enables
+	 * it on the PHY devices if already enabled on the parent. Hold a usage
+	 * reference so callbacks cannot run until the PHY is ready.
+	 */
+	pm_runtime_get_noresume(dev);
 	pm_runtime_set_active(dev);
 	ret = devm_pm_runtime_enable(dev);
 	if (ret)
-		goto err_node_put;
+		goto err_pm_put;
 	/*
 	 * Prevent runtime pm from being ON by default. Users can enable
 	 * it using power/control in sysfs.
@@ -5330,14 +5336,13 @@ static int qmp_combo_probe(struct platform_device *pdev)
 
 	ret = qmp_combo_register_clocks(qmp, usb_np, dp_np);
 	if (ret)
-		goto err_node_put;
-
+		goto err_pm_put;
 
 	qmp->usb_phy = devm_phy_create(dev, usb_np, &qmp_combo_usb_phy_ops);
 	if (IS_ERR(qmp->usb_phy)) {
 		ret = PTR_ERR(qmp->usb_phy);
 		dev_err(dev, "failed to create USB PHY: %d\n", ret);
-		goto err_node_put;
+		goto err_pm_put;
 	}
 
 	phy_set_drvdata(qmp->usb_phy, qmp);
@@ -5346,7 +5351,7 @@ static int qmp_combo_probe(struct platform_device *pdev)
 	if (IS_ERR(qmp->dp_phy)) {
 		ret = PTR_ERR(qmp->dp_phy);
 		dev_err(dev, "failed to create DP PHY: %d\n", ret);
-		goto err_node_put;
+		goto err_pm_put;
 	}
 
 	phy_set_drvdata(qmp->dp_phy, qmp);
@@ -5356,11 +5361,20 @@ static int qmp_combo_probe(struct platform_device *pdev)
 	else
 		phy_provider = devm_of_phy_provider_register(dev, of_phy_simple_xlate);
 
+	if (IS_ERR(phy_provider)) {
+		ret = PTR_ERR(phy_provider);
+		goto err_pm_put;
+	}
+
 	of_node_put(usb_np);
 	of_node_put(dp_np);
 
-	return PTR_ERR_OR_ZERO(phy_provider);
+	pm_runtime_put(dev);
 
+	return 0;
+
+err_pm_put:
+	pm_runtime_put_noidle(dev);
 err_node_put:
 	of_node_put(usb_np);
 	of_node_put(dp_np);