diff --git a/tools/perf/util/python.c b/tools/perf/util/python.c
index 2ff87ad8d7e8..594c738e4930 100644
--- a/tools/perf/util/python.c
+++ b/tools/perf/util/python.c
@@ -1036,6 +1036,7 @@ static PyObject *pyrf_evlist__read_on_cpu(struct pyrf_evlist *pevlist,
 
 		evsel = perf_evlist__event2evsel(evlist, event);
 		if (!evsel) {
+			Py_DECREF(pyevent);
 			Py_INCREF(Py_None);
 			return Py_None;
 		}
@@ -1047,9 +1048,12 @@ static PyObject *pyrf_evlist__read_on_cpu(struct pyrf_evlist *pevlist,
 		/* Consume the even only after we parsed it out. */
 		perf_mmap__consume(md);
 
-		if (err)
+		if (err) {
+			Py_DECREF(pyevent);
 			return PyErr_Format(PyExc_OSError,
 					    "perf: can't parse sample, err=%d", err);
+		}
+
 		return pyevent;
 	}
 end: