diff --git a/cmd/promtool/tsdb.go b/cmd/promtool/tsdb.go
index e1c6cf4298..cefacfec28 100644
--- a/cmd/promtool/tsdb.go
+++ b/cmd/promtool/tsdb.go
@@ -589,7 +589,10 @@ func analyzeBlock(ctx context.Context, path, blockID string, limit int, runExten
 		if err != nil {
 			return err
 		}
-		postings = index.Intersect(postings, index.NewListPostings(refs))
+		// Only intersect postings if matchers are specified.
+		if len(matchers) > 0 {
+			postings = index.Intersect(postings, index.NewListPostings(refs))
+		}
 		count := 0
 		for postings.Next() {
 			count++