diff --git a/arch/x86/kvm/svm/nested.c b/arch/x86/kvm/svm/nested.c
index 2ef31efd4c9d..3a90b7f83d8e 100644
--- a/arch/x86/kvm/svm/nested.c
+++ b/arch/x86/kvm/svm/nested.c
@@ -1150,10 +1150,8 @@ int nested_svm_vmrun(struct kvm_vcpu *vcpu)
 	if (!svm_skip_emulated_instruction(vcpu))
 		return 0;
 
-	kvm_pmu_instruction_retired(vcpu);
-
 	if (ret)
-		return 1;
+		goto insn_retired;
 
 	/*
 	 * Since vmcb01 is not in use, we can use it to store some of the L1
@@ -1183,6 +1181,12 @@ int nested_svm_vmrun(struct kvm_vcpu *vcpu)
 		nested_svm_vmexit(svm);
 	}
 
+insn_retired:
+	/*
+	 * A successful VMRUN is counted by the PMU in guest mode, so only
+	 * retire the instruction after potentially entering guest mode.
+	 */
+	kvm_pmu_instruction_retired(vcpu);
 	return 1;
 }