diff --git a/drivers/phy/qualcomm/phy-qcom-snps-femto-v2.c b/drivers/phy/qualcomm/phy-qcom-snps-femto-v2.c
index eb0b0f61d98e..980ad1fb1e2e 100644
--- a/drivers/phy/qualcomm/phy-qcom-snps-femto-v2.c
+++ b/drivers/phy/qualcomm/phy-qcom-snps-femto-v2.c
@@ -599,8 +599,18 @@ static int qcom_snps_hsphy_probe(struct platform_device *pdev)
 		return dev_err_probe(dev, ret,
 				     "failed to get regulator supplies\n");
 
+	/*
+	 * Enable runtime PM before creating the PHY, phy_create() only enables
+	 * it on the PHY device if already enabled on the parent. Hold a usage
+	 * reference so callbacks cannot run before the PHY is ready.
+	 */
+	pm_runtime_get_noresume(dev);
 	pm_runtime_set_active(dev);
-	pm_runtime_enable(dev);
+	ret = devm_pm_runtime_enable(dev);
+	if (ret) {
+		pm_runtime_put_noidle(dev);
+		return ret;
+	}
 	/*
 	 * Prevent runtime pm from being ON by default. Users can enable
 	 * it using power/control in sysfs.
@@ -611,6 +621,7 @@ static int qcom_snps_hsphy_probe(struct platform_device *pdev)
 	if (IS_ERR(generic_phy)) {
 		ret = PTR_ERR(generic_phy);
 		dev_err(dev, "failed to create phy, %d\n", ret);
+		pm_runtime_put_noidle(dev);
 		return ret;
 	}
 	hsphy->phy = generic_phy;
@@ -620,12 +631,15 @@ static int qcom_snps_hsphy_probe(struct platform_device *pdev)
 	qcom_snps_hsphy_read_override_param_seq(dev);
 
 	phy_provider = devm_of_phy_provider_register(dev, of_phy_simple_xlate);
-	if (!IS_ERR(phy_provider))
-		dev_dbg(dev, "Registered Qcom-SNPS HS phy\n");
-	else
-		pm_runtime_disable(dev);
+	if (IS_ERR(phy_provider)) {
+		pm_runtime_put_noidle(dev);
+		return PTR_ERR(phy_provider);
+	}
 
-	return PTR_ERR_OR_ZERO(phy_provider);
+	dev_dbg(dev, "Registered Qcom-SNPS HS phy\n");
+	pm_runtime_put(dev);
+
+	return 0;
 }
 
 static struct platform_driver qcom_snps_hsphy_driver = {