diff --git a/drivers/xen/balloon.c b/drivers/xen/balloon.c
index 05f9f5983ee1..e8976b51c42b 100644
--- a/drivers/xen/balloon.c
+++ b/drivers/xen/balloon.c
@@ -694,6 +694,12 @@ int alloc_xenballooned_pages(int nr_pages, struct page **pages)
  out_undo:
 	mutex_unlock(&balloon_mutex);
 	free_xenballooned_pages(pgno, pages);
+	/*
+	 * NB: free_xenballooned_pages will only subtract pgno pages, but since
+	 * target_unpopulated is incremented with nr_pages at the start we need
+	 * to remove the remaining ones also, or accounting will be screwed.
+	 */
+	balloon_stats.target_unpopulated -= nr_pages - pgno;
 	return ret;
 }
 EXPORT_SYMBOL(alloc_xenballooned_pages);