diff --git a/net/core/dev.c b/net/core/dev.c
index f55fb4536016..6aa43cd8cbb5 100644
--- a/net/core/dev.c
+++ b/net/core/dev.c
@@ -5400,12 +5400,12 @@ static struct net_device *netdev_next_lower_dev(struct net_device *dev,
 {
 	struct netdev_adjacent *lower;
 
-	lower = list_entry(*iter, struct netdev_adjacent, list);
+	lower = list_entry((*iter)->next, struct netdev_adjacent, list);
 
 	if (&lower->list == &dev->adj_list.lower)
 		return NULL;
 
-	*iter = lower->list.next;
+	*iter = &lower->list;
 
 	return lower->dev;
 }