diff --git a/lib/internal/util/inspect.js b/lib/internal/util/inspect.js
index 3a41f781e0d3a0..1c777389751e6b 100644
--- a/lib/internal/util/inspect.js
+++ b/lib/internal/util/inspect.js
@@ -193,7 +193,7 @@ function inspect(value, opts) {
   }
   if (ctx.colors) ctx.stylize = stylizeWithColor;
   if (ctx.maxArrayLength === null) ctx.maxArrayLength = Infinity;
-  return formatValue(ctx, value, ctx.depth);
+  return formatValue(ctx, value, 0);
 }
 inspect.custom = customInspectSymbol;
 
@@ -407,11 +407,10 @@ function getCtxStyle(constructor, tag) {
 }
 
 function formatProxy(ctx, proxy, recurseTimes) {
-  if (recurseTimes != null) {
-    if (recurseTimes < 0)
-      return ctx.stylize('Proxy [Array]', 'special');
-    recurseTimes -= 1;
+  if (recurseTimes > ctx.depth && ctx.depth !== null) {
+    return ctx.stylize('Proxy [Array]', 'special');
   }
+  recurseTimes += 1;
   ctx.indentationLvl += 2;
   const res = [
     formatValue(ctx, proxy[0], recurseTimes),
@@ -526,7 +525,10 @@ function formatValue(ctx, value, recurseTimes, typedArray) {
         maybeCustom !== inspect &&
         // Also filter out any prototype objects using the circular check.
         !(value.constructor && value.constructor.prototype === value)) {
-      const ret = maybeCustom.call(value, recurseTimes, ctx);
+      // This makes sure the recurseTimes are reported as before while using
+      // a counter internally.
+      const depth = ctx.depth === null ? null : ctx.depth - recurseTimes;
+      const ret = maybeCustom.call(value, depth, ctx);
 
       // If the custom inspection method returned `this`, don't go into
       // infinite recursion.
@@ -643,7 +645,7 @@ function formatRaw(ctx, value, recurseTimes, typedArray) {
       const prefix = getPrefix(constructor, tag, 'RegExp');
       if (prefix !== 'RegExp ')
         base = `${prefix}${base}`;
-      if (keys.length === 0 || recurseTimes < 0)
+      if (keys.length === 0 || recurseTimes > ctx.depth && ctx.depth !== null)
         return ctx.stylize(base, 'regexp');
     } else if (isDate(value)) {
       // Make dates with properties first say the date
@@ -757,11 +759,10 @@ function formatRaw(ctx, value, recurseTimes, typedArray) {
     }
   }
 
-  if (recurseTimes != null) {
-    if (recurseTimes < 0)
-      return ctx.stylize(`[${getCtxStyle(constructor, tag)}]`, 'special');
-    recurseTimes -= 1;
+  if (recurseTimes > ctx.depth && ctx.depth !== null) {
+    return ctx.stylize(`[${getCtxStyle(constructor, tag)}]`, 'special');
   }
+  recurseTimes += 1;
 
   ctx.seen.push(value);
   let output;