diff --git a/drivers/net/ethernet/pensando/ionic/ionic_dev.c b/drivers/net/ethernet/pensando/ionic/ionic_dev.c
index 3838c4a70766..648d9d24be85 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_dev.c
+++ b/drivers/net/ethernet/pensando/ionic/ionic_dev.c
@@ -1076,3 +1076,13 @@ bool ionic_q_is_posted(struct ionic_queue *q, unsigned int pos)
 
 	return ((pos - tail) & mask) < ((head - tail) & mask);
 }
+
+void ionic_reset_link_down_count(struct ionic_dev *idev)
+{
+	if (!READ_ONCE(idev->link_down_count_init)) {
+		idev->link_down_count_total = 0;
+		idev->link_down_count_last =
+			le16_to_cpu(idev->port_info->status.link_down_count);
+		WRITE_ONCE(idev->link_down_count_init, true);
+	}
+}
diff --git a/drivers/net/ethernet/pensando/ionic/ionic_dev.h b/drivers/net/ethernet/pensando/ionic/ionic_dev.h
index 5f677bcbaf02..db90e39a1442 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_dev.h
+++ b/drivers/net/ethernet/pensando/ionic/ionic_dev.h
@@ -185,6 +185,9 @@ struct ionic_dev {
 	struct ionic_port_info *port_info;
 	dma_addr_t port_info_pa;
 	struct ionic_port_extra_stats port_extra_stats_cache;
+	bool link_down_count_init;
+	u16 link_down_count_last;
+	u32 link_down_count_total;
 
 	struct ionic_devinfo dev_info;
 };
@@ -395,4 +398,6 @@ bool ionic_adminq_poke_doorbell(struct ionic_queue *q);
 bool ionic_txq_poke_doorbell(struct ionic_queue *q);
 bool ionic_rxq_poke_doorbell(struct ionic_queue *q);
 
+void ionic_reset_link_down_count(struct ionic_dev *idev);
+
 #endif /* _IONIC_DEV_H_ */
diff --git a/drivers/net/ethernet/pensando/ionic/ionic_ethtool.c b/drivers/net/ethernet/pensando/ionic/ionic_ethtool.c
index 6069fa460913..c4ab4b5caa0a 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_ethtool.c
+++ b/drivers/net/ethernet/pensando/ionic/ionic_ethtool.c
@@ -115,16 +115,32 @@ static void ionic_get_link_ext_stats(struct net_device *netdev,
 				     struct ethtool_link_ext_stats *stats)
 {
 	struct ionic_lif *lif = netdev_priv(netdev);
+	struct ionic *ionic = lif->ionic;
+	u64 link_down_count_total;
+	u16 link_down_count_fw;
 
-	if (lif->ionic->pdev->is_virtfn)
+	if (ionic->pdev->is_virtfn)
 		return;
 
-	if (!lif->ionic->idev.port_info) {
+	if (!ionic->idev.port_info) {
 		netdev_err_once(netdev, "port_info not initialized\n");
 		return;
 	}
 
-	stats->link_down_events = lif->link_down_count;
+	link_down_count_fw =
+	    le16_to_cpu(ionic->idev.port_info->status.link_down_count);
+	link_down_count_total = ionic->idev.link_down_count_total +
+				link_down_count_fw -
+				ionic->idev.link_down_count_last;
+
+	/* The firmware counter is only 16 bits and can wraparound */
+	if (link_down_count_fw < ionic->idev.link_down_count_last)
+		link_down_count_total += BIT(16);
+
+	ionic->idev.link_down_count_last = link_down_count_fw;
+	ionic->idev.link_down_count_total = link_down_count_total;
+
+	stats->link_down_events = link_down_count_total;
 }
 
 static int ionic_get_link_ksettings(struct net_device *netdev,
diff --git a/drivers/net/ethernet/pensando/ionic/ionic_lif.c b/drivers/net/ethernet/pensando/ionic/ionic_lif.c
index 637e635bbf03..fd3ee9820531 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_lif.c
+++ b/drivers/net/ethernet/pensando/ionic/ionic_lif.c
@@ -140,6 +140,7 @@ void ionic_lif_deferred_enqueue(struct ionic_lif *lif,
 
 static void ionic_link_status_check(struct ionic_lif *lif)
 {
+	struct ionic_dev *idev = &lif->ionic->idev;
 	struct net_device *netdev = lif->netdev;
 	u16 link_status;
 	bool link_up;
@@ -153,6 +154,8 @@ static void ionic_link_status_check(struct ionic_lif *lif)
 		return;
 	}
 
+	ionic_reset_link_down_count(idev);
+
 	link_status = le16_to_cpu(lif->info->status.link_status);
 	link_up = link_status == IONIC_PORT_OPER_STATUS_UP;
 
@@ -179,7 +182,6 @@ static void ionic_link_status_check(struct ionic_lif *lif)
 		}
 	} else {
 		if (netif_carrier_ok(netdev)) {
-			lif->link_down_count++;
 			netdev_info(netdev, "Link down\n");
 			netif_carrier_off(netdev);
 		}
diff --git a/drivers/net/ethernet/pensando/ionic/ionic_lif.h b/drivers/net/ethernet/pensando/ionic/ionic_lif.h
index 8e10f66dc50e..d34692462036 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_lif.h
+++ b/drivers/net/ethernet/pensando/ionic/ionic_lif.h
@@ -214,7 +214,6 @@ struct ionic_lif {
 	bool registered;
 	bool doorbell_wa;
 	u16 lif_type;
-	unsigned int link_down_count;
 	unsigned int nmcast;
 	unsigned int nucast;
 	unsigned int nvlans;
diff --git a/drivers/net/ethernet/pensando/ionic/ionic_main.c b/drivers/net/ethernet/pensando/ionic/ionic_main.c
index 306d9d160e17..6e6f3ed07271 100644
--- a/drivers/net/ethernet/pensando/ionic/ionic_main.c
+++ b/drivers/net/ethernet/pensando/ionic/ionic_main.c
@@ -737,6 +737,8 @@ int ionic_port_init(struct ionic *ionic)
 	memset(&idev->port_info->extra_stats, 0xff,
 	       sizeof(idev->port_info->extra_stats));
 
+	WRITE_ONCE(idev->link_down_count_init, false);
+
 	sz = min(sizeof(ident->port.config), sizeof(idev->dev_cmd_regs->data));
 
 	mutex_lock(&ionic->dev_cmd_lock);