diff --git a/sequencer.c b/sequencer.c
index 59819dc95b..c301253e9b 100644
--- a/sequencer.c
+++ b/sequencer.c
@@ -1242,8 +1242,7 @@ 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;
 }
 
@@ -1267,6 +1266,10 @@ static int read_populate_todo(struct todo_list *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."));
+
 	if (!is_rebase_i(opts)) {
 		enum todo_command valid =
 			opts->action == REPLAY_PICK ? TODO_PICK : TODO_REVERT;