diff --git a/sequencer.c b/sequencer.c
index 7f017a88e9..d4437f5db9 100644
--- a/sequencer.c
+++ b/sequencer.c
@@ -1249,8 +1249,6 @@ static int parse_insn_buffer(char *buf, struct todo_list *todo_list)
 			fixup_okay = 1;
 		p = *eol ? eol + 1 : eol;
 	}
-	if (!todo_list->nr)
-		return error(_("No commits parsed."));
 	return res;
 }
 
@@ -1273,6 +1271,9 @@ static int read_populate_todo(struct todo_list *todo_list,
 	res = parse_insn_buffer(todo_list->buf.buf, todo_list);
 	if (res)
 		return error(_("Unusable instruction sheet: %s"), todo_file);
+	if (!todo_list->nr &&
+	    (!is_rebase_i(opts) || !file_exists(rebase_path_done())))
+		return error(_("No commits parsed."));
 	return 0;
 }