diff --git a/tools/perf/util/unwind-libdw.c b/tools/perf/util/unwind-libdw.c
index f90e11a555b2..943a06291587 100644
--- a/tools/perf/util/unwind-libdw.c
+++ b/tools/perf/util/unwind-libdw.c
@@ -168,12 +168,16 @@ frame_callback(Dwfl_Frame *state, void *arg)
 {
 	struct unwind_info *ui = arg;
 	Dwarf_Addr pc;
+	bool isactivation;
 
-	if (!dwfl_frame_pc(state, &pc, NULL)) {
+	if (!dwfl_frame_pc(state, &pc, &isactivation)) {
 		pr_err("%s", dwfl_errmsg(-1));
 		return DWARF_CB_ABORT;
 	}
 
+	if (!isactivation)
+		--pc;
+
 	return entry(pc, ui) || !(--ui->max_stack) ?
 	       DWARF_CB_ABORT : DWARF_CB_OK;
 }
diff --git a/tools/perf/util/unwind-libunwind-local.c b/tools/perf/util/unwind-libunwind-local.c
index f8455bed6e65..672c2ada9357 100644
--- a/tools/perf/util/unwind-libunwind-local.c
+++ b/tools/perf/util/unwind-libunwind-local.c
@@ -692,6 +692,17 @@ static int get_entries(struct unwind_info *ui, unwind_entry_cb_t cb,
 
 		while (!ret && (unw_step(&c) > 0) && i < max_stack) {
 			unw_get_reg(&c, UNW_REG_IP, &ips[i]);
+
+			/*
+			 * Decrement the IP for any non-activation frames.
+			 * this is required to properly find the srcline
+			 * for caller frames.
+			 * See also the documentation for dwfl_frame_pc(),
+			 * which this code tries to replicate.
+			 */
+			if (unw_is_signal_frame(&c) <= 0)
+				--ips[i];
+
 			++i;
 		}