diff --git a/arch/x86/kernel/unwind_orc.c b/arch/x86/kernel/unwind_orc.c
index 73f800100066..2a1d47f47eee 100644
--- a/arch/x86/kernel/unwind_orc.c
+++ b/arch/x86/kernel/unwind_orc.c
@@ -471,7 +471,7 @@ bool unwind_next_frame(struct unwind_state *state)
 		break;
 
 	case ORC_REG_SP_INDIRECT:
-		sp = state->sp + orc->sp_offset;
+		sp = state->sp;
 		indirect = true;
 		break;
 
@@ -521,6 +521,9 @@ bool unwind_next_frame(struct unwind_state *state)
 	if (indirect) {
 		if (!deref_stack_reg(state, sp, &sp))
 			goto err;
+
+		if (orc->sp_reg == ORC_REG_SP_INDIRECT)
+			sp += orc->sp_offset;
 	}
 
 	/* Find IP, SP and possibly regs: */
diff --git a/tools/objtool/orc_dump.c b/tools/objtool/orc_dump.c
index c53fae9dbe93..f5a8508c42d6 100644
--- a/tools/objtool/orc_dump.c
+++ b/tools/objtool/orc_dump.c
@@ -55,7 +55,7 @@ static void print_reg(unsigned int reg, int offset)
 	if (reg == ORC_REG_BP_INDIRECT)
 		printf("(bp%+d)", offset);
 	else if (reg == ORC_REG_SP_INDIRECT)
-		printf("(sp%+d)", offset);
+		printf("(sp)%+d", offset);
 	else if (reg == ORC_REG_UNDEFINED)
 		printf("(und)");
 	else