diff --git a/kernel/mmu.c b/kernel/mmu.c
index 1da5496e96..26a4ae2958 100644
--- a/kernel/mmu.c
+++ b/kernel/mmu.c
@@ -1239,8 +1239,6 @@ static bool do_page_fault(void *addr, bool pin)
 	}
 	result = true;
 
-	paging_stats_faults_inc(faulting_thread, key);
-
 	if (status == ARCH_PAGE_LOCATION_PAGED_IN) {
 		if (pin) {
 			/* It's a physical memory address */
@@ -1249,12 +1247,19 @@ static bool do_page_fault(void *addr, bool pin)
 			pf = z_phys_to_page_frame(phys);
 			pf->flags |= Z_PAGE_FRAME_PINNED;
 		}
-		/* We raced before locking IRQs, re-try */
+
+		/* This if-block is to pin the page if it is
+		 * already present in physical memory. There is
+		 * no need to go through the following code to
+		 * pull in the data pages. So skip to the end.
+		 */
 		goto out;
 	}
 	__ASSERT(status == ARCH_PAGE_LOCATION_PAGED_OUT,
 		 "unexpected status value %d", status);
 
+	paging_stats_faults_inc(faulting_thread, key);
+
 	pf = free_page_frame_list_get();
 	if (pf == NULL) {
 		/* Need to evict a page frame */