diff --git a/ghost/core/core/server/services/email-analytics/lib/queries.js b/ghost/core/core/server/services/email-analytics/lib/queries.js
index c641496db8a6..fbe2019fdc3a 100644
--- a/ghost/core/core/server/services/email-analytics/lib/queries.js
+++ b/ghost/core/core/server/services/email-analytics/lib/queries.js
@@ -41,12 +41,14 @@ module.exports = {
     },
 
     async aggregateEmailStats(emailId) {
-        const [deliveredCount] = await db.knex('email_recipients').count('id as count').whereRaw('email_id = ? AND delivered_at IS NOT NULL', [emailId]);
+        const {totalCount} = await db.knex('emails').select(db.knex.raw('email_count as totalCount')).where('id', emailId).first() || {totalCount: 0};
+        // use IS NULL here because that will typically match far fewer rows than IS NOT NULL making the query faster
+        const [undeliveredCount] = await db.knex('email_recipients').count('id as count').whereRaw('email_id = ? AND delivered_at IS NULL', [emailId]);
         const [openedCount] = await db.knex('email_recipients').count('id as count').whereRaw('email_id = ? AND opened_at IS NOT NULL', [emailId]);
         const [failedCount] = await db.knex('email_recipients').count('id as count').whereRaw('email_id = ? AND failed_at IS NOT NULL', [emailId]);
 
         await db.knex('emails').update({
-            delivered_count: deliveredCount.count,
+            delivered_count: totalCount - undeliveredCount.count,
             opened_count: openedCount.count,
             failed_count: failedCount.count
         }).where('id', emailId);
diff --git a/ghost/core/test/utils/fixtures/data-generator.js b/ghost/core/test/utils/fixtures/data-generator.js
index d671503b014b..6a2d650fa037 100644
--- a/ghost/core/test/utils/fixtures/data-generator.js
+++ b/ghost/core/test/utils/fixtures/data-generator.js
@@ -731,7 +731,7 @@ DataGenerator.Content = {
             id: ObjectId().toHexString(),
             uuid: '6b6afda6-4b5e-4893-bff6-f16859e8349a',
             status: 'submitted',
-            email_count: 2,
+            email_count: 6, // match the number of email_recipients relations below
             recipient_filter: 'all',
             subject: 'You got mailed!',
             html: '<p>Look! I\'m an email</p>',
@@ -745,7 +745,7 @@ DataGenerator.Content = {
             uuid: '365daa11-4bf0-4614-ad43-6346387ffa00',
             status: 'failed',
             error: 'Everything went south',
-            email_count: 3,
+            email_count: 0, // match the number of email_recipient relations below
             subject: 'You got mailed! Again!',
             html: '<p>What\'s that? Another email!</p>',
             plaintext: 'yes this is an email',