diff --git a/drivers/phy/qualcomm/phy-qcom-qmp-combo.c b/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
index 6850e04c329b..87b17e5877ab 100644
--- a/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
+++ b/drivers/phy/qualcomm/phy-qcom-qmp-combo.c
@@ -2472,7 +2472,7 @@ static int qmp_combo_com_init(struct qmp_combo *qmp)
 	ret = regulator_bulk_enable(cfg->num_vregs, qmp->vregs);
 	if (ret) {
 		dev_err(qmp->dev, "failed to enable regulators, err=%d\n", ret);
-		goto err_unlock;
+		goto err_decrement_count;
 	}
 
 	ret = reset_control_bulk_assert(cfg->num_resets, qmp->resets);
@@ -2522,7 +2522,8 @@ static int qmp_combo_com_init(struct qmp_combo *qmp)
 	reset_control_bulk_assert(cfg->num_resets, qmp->resets);
 err_disable_regulators:
 	regulator_bulk_disable(cfg->num_vregs, qmp->vregs);
-err_unlock:
+err_decrement_count:
+	qmp->init_count--;
 	mutex_unlock(&qmp->phy_mutex);
 
 	return ret;