diff --git a/CHANGES b/CHANGES
index 2ce9ac36649..646687cdb65 100644
--- a/CHANGES
+++ b/CHANGES
@@ -16,6 +16,9 @@ Features added
 Bugs fixed
 ----------
 
+* #10110: sphinx-build: exit code is not changed when error is raised on
+  builder-finished event
+
 Testing
 --------
 
diff --git a/sphinx/application.py b/sphinx/application.py
index fd8b65b6ef6..ff9509a3369 100644
--- a/sphinx/application.py
+++ b/sphinx/application.py
@@ -336,6 +336,8 @@ def build(self, force_all: bool = False, filenames: List[str] = None) -> None:
                 self.builder.compile_update_catalogs()
                 self.builder.build_update()
 
+            self.events.emit('build-finished', None)
+
             if self._warncount and self.keep_going:
                 self.statuscode = 1
 
@@ -370,8 +372,6 @@ def build(self, force_all: bool = False, filenames: List[str] = None) -> None:
                 os.unlink(envfile)
             self.events.emit('build-finished', err)
             raise
-        else:
-            self.events.emit('build-finished', None)
         self.builder.cleanup()
 
     # ---- general extensibility interface -------------------------------------