diff --git a/src/Test.jl b/src/Test.jl
index 3fb64bd..2081425 100644
--- a/src/Test.jl
+++ b/src/Test.jl
@@ -1100,6 +1100,7 @@ function testset_beginend(args, tests, source)
     # action (such as reporting the results)
     ex = quote
         _check_testset($testsettype, $(QuoteNode(testsettype.args[1])))
+        local ret
         local ts = $(testsettype)($desc; $options...)
         push_testset(ts)
         # we reproduce the logic of guardseed, but this function
@@ -1120,9 +1121,10 @@ function testset_beginend(args, tests, source)
             record(ts, Error(:nontest_error, Expr(:tuple), err, Base.catch_stack(), $(QuoteNode(source))))
         finally
             copy!(RNG, oldrng)
+            pop_testset()
+            ret = finish(ts)
         end
-        pop_testset()
-        finish(ts)
+        ret
     end
     # preserve outer location if possible
     if tests isa Expr && tests.head === :block && !isempty(tests.args) && tests.args[1] isa LineNumberNode
diff --git a/test/runtests.jl b/test/runtests.jl
index f3c0d49..3307fd4 100644
--- a/test/runtests.jl
+++ b/test/runtests.jl
@@ -919,3 +919,14 @@ end
 # Issue 20620
 @test @inferred(.![true, false]) == [false, true]
 @test @inferred([3, 4] .- [1, 2] .+ [-2, -2]) == [0, 0]
+
+@testset "push/pop_testset invariance (Issue 32937)" begin
+    io = IOBuffer()
+    path = joinpath(@__DIR__(), "test_pop_testset_exec.jl")
+    cmd = `$(Base.julia_cmd()) $path`
+    ok = !success(pipeline(cmd; stdout = io, stderr = io))
+    if !ok
+        @error "push/pop_testset invariance test failed" cmd Text(String(take!(io)))
+    end
+    @test ok
+end
diff --git a/test/test_pop_testset_exec.jl b/test/test_pop_testset_exec.jl
new file mode 100644
index 0000000..3c5fde6
--- /dev/null
+++ b/test/test_pop_testset_exec.jl
@@ -0,0 +1,6 @@
+using Test
+
+@testset begin
+    @test false
+    return
+end