diff --git a/arch/x86/kvm/mmu/tdp_mmu.c b/arch/x86/kvm/mmu/tdp_mmu.c
index fb1b2dc7a6d129b2476f1e6a5e226e1dd6cc64a5..85f69558b490944e264aff6b630bb4e3f2dac3e1 100644
--- a/arch/x86/kvm/mmu/tdp_mmu.c
+++ b/arch/x86/kvm/mmu/tdp_mmu.c
@@ -412,6 +412,7 @@ static void __handle_changed_spte(struct kvm *kvm, int as_id, gfn_t gfn,
 	bool was_leaf = was_present && is_last_spte(old_spte, level);
 	bool is_leaf = is_present && is_last_spte(new_spte, level);
 	bool pfn_changed = spte_to_pfn(old_spte) != spte_to_pfn(new_spte);
+	bool was_large, is_large;
 
 	WARN_ON(level > PT64_ROOT_MAX_LEVEL);
 	WARN_ON(level < PG_LEVEL_4K);
@@ -445,13 +446,6 @@ static void __handle_changed_spte(struct kvm *kvm, int as_id, gfn_t gfn,
 
 	trace_kvm_tdp_mmu_spte_changed(as_id, gfn, level, old_spte, new_spte);
 
-	if (is_large_pte(old_spte) != is_large_pte(new_spte)) {
-		if (is_large_pte(old_spte))
-			atomic64_sub(1, (atomic64_t*)&kvm->stat.lpages);
-		else
-			atomic64_add(1, (atomic64_t*)&kvm->stat.lpages);
-	}
-
 	/*
 	 * The only times a SPTE should be changed from a non-present to
 	 * non-present state is when an MMIO entry is installed/modified/
@@ -477,6 +471,18 @@ static void __handle_changed_spte(struct kvm *kvm, int as_id, gfn_t gfn,
 		return;
 	}
 
+	/*
+	 * Update large page stats if a large page is being zapped, created, or
+	 * is replacing an existing shadow page.
+	 */
+	was_large = was_leaf && is_large_pte(old_spte);
+	is_large = is_leaf && is_large_pte(new_spte);
+	if (was_large != is_large) {
+		if (was_large)
+			atomic64_sub(1, (atomic64_t *)&kvm->stat.lpages);
+		else
+			atomic64_add(1, (atomic64_t *)&kvm->stat.lpages);
+	}
 
 	if (was_leaf && is_dirty_spte(old_spte) &&
 	    (!is_present || !is_dirty_spte(new_spte) || pfn_changed))