diff --git a/drivers/net/ethernet/stmicro/stmmac/stmmac_mdio.c b/drivers/net/ethernet/stmicro/stmmac/stmmac_mdio.c
index b750074f8f9cf1006556a332b4752b7039ae37b9..e293bf1ce9f3742e7cb7b336b76ad1ee436dbd03 100644
--- a/drivers/net/ethernet/stmicro/stmmac/stmmac_mdio.c
+++ b/drivers/net/ethernet/stmicro/stmmac/stmmac_mdio.c
@@ -503,6 +503,12 @@ int stmmac_mdio_register(struct net_device *ndev)
 		found = 1;
 	}
 
+	if (!found && !mdio_node) {
+		dev_warn(dev, "No PHY found\n");
+		err = -ENODEV;
+		goto no_phy_found;
+	}
+
 	/* Try to probe the XPCS by scanning all addresses. */
 	if (priv->hw->xpcs) {
 		struct mdio_xpcs_args *xpcs = &priv->hw->xpcs_args;
@@ -511,6 +517,7 @@ int stmmac_mdio_register(struct net_device *ndev)
 
 		xpcs->bus = new_bus;
 
+		found = 0;
 		for (addr = 0; addr < max_addr; addr++) {
 			xpcs->addr = addr;
 
@@ -520,13 +527,12 @@ int stmmac_mdio_register(struct net_device *ndev)
 				break;
 			}
 		}
-	}
 
-	if (!found && !mdio_node) {
-		dev_warn(dev, "No PHY found\n");
-		mdiobus_unregister(new_bus);
-		mdiobus_free(new_bus);
-		return -ENODEV;
+		if (!found && !mdio_node) {
+			dev_warn(dev, "No XPCS found\n");
+			err = -ENODEV;
+			goto no_xpcs_found;
+		}
 	}
 
 bus_register_done:
@@ -534,6 +540,9 @@ int stmmac_mdio_register(struct net_device *ndev)
 
 	return 0;
 
+no_xpcs_found:
+no_phy_found:
+	mdiobus_unregister(new_bus);
 bus_register_fail:
 	mdiobus_free(new_bus);
 	return err;