diff --git a/Library/Homebrew/cmd/update.rb b/Library/Homebrew/cmd/update.rb
index 200f039792..83350988b5 100644
--- a/Library/Homebrew/cmd/update.rb
+++ b/Library/Homebrew/cmd/update.rb
@@ -194,6 +194,8 @@ class Updater
 
     reset_on_interrupt { safe_system "git", *args }
 
+    @current_revision = read_current_revision
+
     if @initial_branch != "master" && !@initial_branch.empty?
       safe_system "git", "checkout", @initial_branch, *quiet
     end
@@ -206,8 +208,6 @@ class Updater
       end
       @stashed = false
     end
-
-    @current_revision = read_current_revision
   end
 
   def reset_on_interrupt
@@ -224,6 +224,8 @@ class Updater
     map = Hash.new { |h, k| h[k] = [] }
 
     if initial_revision && initial_revision != current_revision
+      wc_revision = read_current_revision
+
       diff.each_line do |line|
         status, *paths = line.split
         src = paths.first
@@ -239,7 +241,11 @@ class Updater
           file = repository.join(src)
           begin
             formula = Formulary.factory(file)
-            new_version = formula.pkg_version
+            new_version = if wc_revision == current_revision
+              formula.pkg_version
+            else
+              FormulaVersions.new(formula).formula_at_revision(@current_revision, &:pkg_version)
+            end
             old_version = FormulaVersions.new(formula).formula_at_revision(@initial_revision, &:pkg_version)
             next if new_version == old_version
           rescue FormulaUnavailableError, *FormulaVersions::IGNORED_EXCEPTIONS => e
diff --git a/Library/Homebrew/test/test_updater.rb b/Library/Homebrew/test/test_updater.rb
index 9c3c029796..87e175ea3a 100644
--- a/Library/Homebrew/test/test_updater.rb
+++ b/Library/Homebrew/test/test_updater.rb
@@ -64,6 +64,7 @@ class UpdaterTests < Homebrew::TestCase
     @updater.in_repo_expect("git pull --quiet origin refs/heads/master:refs/remotes/origin/master")
     @updater.in_repo_expect("git rev-parse -q --verify HEAD", "3456cdef")
     @updater.pull!(:silent => true)
+    @updater.in_repo_expect("git rev-parse -q --verify HEAD", "3456cdef")
     @report.update(@updater.report)
     assert_equal @updater.expected, @updater.called
   end