diff --git a/fs/netfs/buffered_read.c b/fs/netfs/buffered_read.c
index 7ac34550c403..4404f3c6ec3e 100644
--- a/fs/netfs/buffered_read.c
+++ b/fs/netfs/buffered_read.c
@@ -95,7 +95,7 @@ static size_t netfs_load_buffer_from_ra(struct netfs_io_request *rreq,
 }
 
 /*
- * netfs_prepare_read_iterator - Prepare the subreq iterator for I/O
+ * __netfs_prepare_read_iterator - Prepare the subreq iterator for I/O
  * @subreq: The subrequest to be set up
  *
  * Prepare the I/O iterator representing the read buffer on a subrequest for
@@ -109,7 +109,7 @@ static size_t netfs_load_buffer_from_ra(struct netfs_io_request *rreq,
  * [!] NOTE: This must be run in the same thread as ->issue_read() was called
  * in as we access the readahead_control struct.
  */
-static ssize_t netfs_prepare_read_iterator(struct netfs_io_subrequest *subreq)
+static ssize_t __netfs_prepare_read_iterator(struct netfs_io_subrequest *subreq)
 {
 	struct netfs_io_request *rreq = subreq->rreq;
 	size_t rsize = subreq->len;
@@ -174,6 +174,21 @@ static ssize_t netfs_prepare_read_iterator(struct netfs_io_subrequest *subreq)
 	return subreq->len;
 }
 
+/* Wrap the above by handling possible -ENOMEM and
+ * marking the corresponding subrequest as cancelled.
+ */
+static inline ssize_t netfs_prepare_read_iterator(struct netfs_io_subrequest *subreq)
+{
+	struct netfs_io_request *rreq = subreq->rreq;
+	ssize_t slice = __netfs_prepare_read_iterator(subreq);
+
+	if (unlikely(slice < 0)) {
+		atomic_dec(&rreq->nr_outstanding);
+		netfs_put_subrequest(subreq, false, netfs_sreq_trace_put_cancel);
+	}
+	return slice;
+}
+
 static enum netfs_io_source netfs_cache_prepare_read(struct netfs_io_request *rreq,
 						     struct netfs_io_subrequest *subreq,
 						     loff_t i_size)
@@ -285,9 +300,7 @@ static void netfs_read_to_pagecache(struct netfs_io_request *rreq)
 			}
 
 			slice = netfs_prepare_read_iterator(subreq);
-			if (slice < 0) {
-				atomic_dec(&rreq->nr_outstanding);
-				netfs_put_subrequest(subreq, false, netfs_sreq_trace_put_cancel);
+			if (unlikely(slice < 0)) {
 				ret = slice;
 				break;
 			}
@@ -302,6 +315,10 @@ static void netfs_read_to_pagecache(struct netfs_io_request *rreq)
 			trace_netfs_sreq(subreq, netfs_sreq_trace_submit);
 			netfs_stat(&netfs_n_rh_zero);
 			slice = netfs_prepare_read_iterator(subreq);
+			if (unlikely(slice < 0)) {
+				ret = slice;
+				break;
+			}
 			__set_bit(NETFS_SREQ_CLEAR_TAIL, &subreq->flags);
 			netfs_read_subreq_terminated(subreq, 0, false);
 			goto done;
@@ -310,6 +327,10 @@ static void netfs_read_to_pagecache(struct netfs_io_request *rreq)
 		if (source == NETFS_READ_FROM_CACHE) {
 			trace_netfs_sreq(subreq, netfs_sreq_trace_submit);
 			slice = netfs_prepare_read_iterator(subreq);
+			if (unlikely(slice < 0)) {
+				ret = slice;
+				break;
+			}
 			netfs_read_cache_to_pagecache(rreq, subreq);
 			goto done;
 		}