diff --git a/kernel/include/kswap.h b/kernel/include/kswap.h
index a00f33846f8..917315d5899 100644
--- a/kernel/include/kswap.h
+++ b/kernel/include/kswap.h
@@ -90,6 +90,8 @@ static ALWAYS_INLINE unsigned int do_swap(unsigned int key,
 
 	z_check_stack_sentinel();
 
+	old_thread->swap_retval = -EAGAIN;
+
 	/* We always take the scheduler spinlock if we don't already
 	 * have it.  We "release" other spinlocks here.  But we never
 	 * drop the interrupt lock.
@@ -108,8 +110,6 @@ static ALWAYS_INLINE unsigned int do_swap(unsigned int key,
 		z_reset_time_slice();
 #endif
 
-		old_thread->swap_retval = -EAGAIN;
-
 #ifdef CONFIG_SMP
 		_current_cpu->swap_ok = 0;
 		new_thread->base.cpu = arch_curr_cpu()->id;