diff --git a/Misc/NEWS.d/next/Core and Builtins/2022-06-20-13-48-57.gh-issue-94021.o78q3G.rst b/Misc/NEWS.d/next/Core and Builtins/2022-06-20-13-48-57.gh-issue-94021.o78q3G.rst
new file mode 100644
index 00000000000000..0724c517b2ba06
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2022-06-20-13-48-57.gh-issue-94021.o78q3G.rst	
@@ -0,0 +1 @@
+Fix unreachable code warning in ``Python/specialize.c``.
diff --git a/Python/specialize.c b/Python/specialize.c
index 70ccf68a117591..3922b1eec79277 100644
--- a/Python/specialize.c
+++ b/Python/specialize.c
@@ -1911,13 +1911,14 @@ _Py_Specialize_CompareOp(PyObject *lhs, PyObject *rhs, _Py_CODEUNIT *instr,
 #ifndef Py_STATS
         _Py_SET_OPCODE(*instr, COMPARE_OP);
         return;
-#endif
+#else
         if (next_opcode == EXTENDED_ARG) {
             SPECIALIZATION_FAIL(COMPARE_OP, SPEC_FAIL_COMPARE_OP_EXTENDED_ARG);
             goto failure;
         }
         SPECIALIZATION_FAIL(COMPARE_OP, SPEC_FAIL_COMPARE_OP_NOT_FOLLOWED_BY_COND_JUMP);
         goto failure;
+#endif
     }
     assert(oparg <= Py_GE);
     int when_to_jump_mask = compare_masks[oparg];