diff --git a/drivers/net/phy/phylink.c b/drivers/net/phy/phylink.c
index 1e0e32c466ee4c38b348a6e0c1ed9ec0a261564e..8f3dc27db95d39ea397f706f868f9f4d7082920d 100644
--- a/drivers/net/phy/phylink.c
+++ b/drivers/net/phy/phylink.c
@@ -1230,44 +1230,66 @@ int phylink_ethtool_ksettings_set(struct phylink *pl,
 		__set_bit(ETHTOOL_LINK_MODE_Autoneg_BIT, config.advertising);
 	}
 
-	if (phylink_validate(pl, support, &config))
-		return -EINVAL;
-
-	/* If autonegotiation is enabled, we must have an advertisement */
-	if (config.an_enabled && phylink_is_empty_linkmode(config.advertising))
-		return -EINVAL;
-
-	our_kset = *kset;
-	linkmode_copy(our_kset.link_modes.advertising, config.advertising);
-	our_kset.base.speed = config.speed;
-	our_kset.base.duplex = config.duplex;
-
-	/* If we have a PHY, configure the phy */
 	if (pl->phydev) {
+		/* If we have a PHY, we process the kset change via phylib.
+		 * phylib will call our link state function if the PHY
+		 * parameters have changed, which will trigger a resolve
+		 * and update the MAC configuration.
+		 */
+		our_kset = *kset;
+		linkmode_copy(our_kset.link_modes.advertising,
+			      config.advertising);
+		our_kset.base.speed = config.speed;
+		our_kset.base.duplex = config.duplex;
+
 		ret = phy_ethtool_ksettings_set(pl->phydev, &our_kset);
 		if (ret)
 			return ret;
-	}
 
-	mutex_lock(&pl->state_mutex);
-	/* Configure the MAC to match the new settings */
-	linkmode_copy(pl->link_config.advertising, our_kset.link_modes.advertising);
-	pl->link_config.interface = config.interface;
-	pl->link_config.speed = our_kset.base.speed;
-	pl->link_config.duplex = our_kset.base.duplex;
-	pl->link_config.an_enabled = our_kset.base.autoneg != AUTONEG_DISABLE;
+		mutex_lock(&pl->state_mutex);
+		/* Save the new configuration */
+		linkmode_copy(pl->link_config.advertising,
+			      our_kset.link_modes.advertising);
+		pl->link_config.interface = config.interface;
+		pl->link_config.speed = our_kset.base.speed;
+		pl->link_config.duplex = our_kset.base.duplex;
+		pl->link_config.an_enabled = our_kset.base.autoneg !=
+					     AUTONEG_DISABLE;
+		mutex_unlock(&pl->state_mutex);
+	} else {
+		/* For a fixed link, this isn't able to change any parameters,
+		 * which just leaves inband mode.
+		 */
+		if (phylink_validate(pl, support, &config))
+			return -EINVAL;
 
-	/* If we have a PHY, phylib will call our link state function if the
-	 * mode has changed, which will trigger a resolve and update the MAC
-	 * configuration. For a fixed link, this isn't able to change any
-	 * parameters, which just leaves inband mode.
-	 */
-	if (pl->cur_link_an_mode == MLO_AN_INBAND &&
-	    !test_bit(PHYLINK_DISABLE_STOPPED, &pl->phylink_disable_state)) {
-		phylink_mac_config(pl, &pl->link_config);
-		phylink_mac_an_restart(pl);
+		/* If autonegotiation is enabled, we must have an advertisement */
+		if (config.an_enabled &&
+		    phylink_is_empty_linkmode(config.advertising))
+			return -EINVAL;
+
+		mutex_lock(&pl->state_mutex);
+		linkmode_copy(pl->link_config.advertising, config.advertising);
+		pl->link_config.interface = config.interface;
+		pl->link_config.speed = config.speed;
+		pl->link_config.duplex = config.duplex;
+		pl->link_config.an_enabled = kset->base.autoneg !=
+					     AUTONEG_DISABLE;
+
+		if (pl->cur_link_an_mode == MLO_AN_INBAND &&
+		    !test_bit(PHYLINK_DISABLE_STOPPED,
+			      &pl->phylink_disable_state)) {
+			/* If in 802.3z mode, this updates the advertisement.
+			 *
+			 * If we are in SGMII mode without a PHY, there is no
+			 * advertisement; the only thing we have is the pause
+			 * modes which can only come from a PHY.
+			 */
+			phylink_mac_config(pl, &pl->link_config);
+			phylink_mac_an_restart(pl);
+		}
+		mutex_unlock(&pl->state_mutex);
 	}
-	mutex_unlock(&pl->state_mutex);
 
 	return 0;
 }