diff --git a/drivers/net/ethernet/intel/ice/ice_ptp.c b/drivers/net/ethernet/intel/ice/ice_ptp.c
index 45ae97b8b97db3..836c67f1aa4659 100644
--- a/drivers/net/ethernet/intel/ice/ice_ptp.c
+++ b/drivers/net/ethernet/intel/ice/ice_ptp.c
@@ -499,12 +499,19 @@ ice_ptp_read_src_clk_reg(struct ice_pf *pf, struct ptp_system_timestamp *sts)
  * This function must be called periodically to ensure that the cached value
  * is never more than 2 seconds old. It must also be called whenever the PHC
  * time has been changed.
+ *
+ * Return:
+ * * 0 - OK, successfully updated
+ * * -EAGAIN - PF was busy, need to reschedule the update
  */
-static void ice_ptp_update_cached_phctime(struct ice_pf *pf)
+static int ice_ptp_update_cached_phctime(struct ice_pf *pf)
 {
 	u64 systime;
 	int i;
 
+	if (test_and_set_bit(ICE_CFG_BUSY, pf->state))
+		return -EAGAIN;
+
 	/* Read the current PHC time */
 	systime = ice_ptp_read_src_clk_reg(pf, NULL);
 
@@ -527,6 +534,9 @@ static void ice_ptp_update_cached_phctime(struct ice_pf *pf)
 			WRITE_ONCE(vsi->rx_rings[j]->cached_phctime, systime);
 		}
 	}
+	clear_bit(ICE_CFG_BUSY, pf->state);
+
+	return 0;
 }
 
 /**
@@ -2322,17 +2332,18 @@ static void ice_ptp_periodic_work(struct kthread_work *work)
 {
 	struct ice_ptp *ptp = container_of(work, struct ice_ptp, work.work);
 	struct ice_pf *pf = container_of(ptp, struct ice_pf, ptp);
+	int err;
 
 	if (!test_bit(ICE_FLAG_PTP, pf->flags))
 		return;
 
-	ice_ptp_update_cached_phctime(pf);
+	err = ice_ptp_update_cached_phctime(pf);
 
 	ice_ptp_tx_tstamp_cleanup(&pf->hw, &pf->ptp.port.tx);
 
-	/* Run twice a second */
+	/* Run twice a second or reschedule if phc update failed */
 	kthread_queue_delayed_work(ptp->kworker, &ptp->work,
-				   msecs_to_jiffies(500));
+				   msecs_to_jiffies(err ? 10 : 500));
 }
 
 /**