diff --git a/lib/mix/tasks/hex.outdated.ex b/lib/mix/tasks/hex.outdated.ex
index ebf34be7..c2b9a966 100644
--- a/lib/mix/tasks/hex.outdated.ex
+++ b/lib/mix/tasks/hex.outdated.ex
@@ -198,21 +198,11 @@ defmodule Mix.Tasks.Hex.Outdated do
       diff_message = maybe_diff_message(diff_links)
       Hex.Shell.info(["\n", base_message, diff_message])
 
-      any_outdated? = any_outdated?(versions)
-      req_met? = any_req_matches?(versions)
+      outdated = outdated(versions)
+      any_updatable? = any_possible_to_update?(outdated)
 
-      cond do
-        any_outdated? && opts[:within_requirements] && req_met? ->
-          Mix.Tasks.Hex.set_exit_code(1)
-
-        any_outdated? && opts[:within_requirements] && not req_met? ->
-          nil
-
-        any_outdated? ->
-          Mix.Tasks.Hex.set_exit_code(1)
-
-        true ->
-          nil
+      if outdated != [] && (!opts[:within_requirements] || any_updatable?) do
+        Mix.Tasks.Hex.set_exit_code(1)
       end
     end
   end
@@ -325,8 +315,8 @@ defmodule Mix.Tasks.Hex.Outdated do
   defp version_match?(_version, nil), do: true
   defp version_match?(version, req), do: Version.match?(version, req)
 
-  defp any_outdated?(versions) do
-    Enum.any?(versions, fn [_package, _dep_only, lock, latest, _requirements] ->
+  defp outdated(versions) do
+    Enum.filter(versions, fn [_package, _dep_only, lock, latest, _requirements] ->
       Version.compare(lock, latest) == :lt
     end)
   end
@@ -355,8 +345,8 @@ defmodule Mix.Tasks.Hex.Outdated do
     end
   end
 
-  defp any_req_matches?(versions) do
-    Enum.any?(versions, fn [_package, _dep_only, _lock, latest, requirements] ->
+  defp any_possible_to_update?(outdated_versions) do
+    Enum.any?(outdated_versions, fn [_package, _dep_only, _lock, latest, requirements] ->
       req_matches?(requirements, latest)
     end)
   end
diff --git a/test/mix/tasks/hex.outdated_test.exs b/test/mix/tasks/hex.outdated_test.exs
index 0bf5e8a0..c98eff79 100644
--- a/test/mix/tasks/hex.outdated_test.exs
+++ b/test/mix/tasks/hex.outdated_test.exs
@@ -52,6 +52,19 @@ defmodule Mix.Tasks.Hex.OutdatedTest do
     end
   end
 
+  defmodule UpdateNotPossibleApp.MixProject do
+    def project do
+      [
+        app: :outdated_app,
+        version: "0.0.1",
+        deps: [
+          {:baz, "0.1.0"},
+          {:bar, "0.1.0"}
+        ]
+      ]
+    end
+  end
+
   defmodule WithoutHexDeps.MixProject do
     def project do
       [
@@ -323,6 +336,61 @@ defmodule Mix.Tasks.Hex.OutdatedTest do
     end)
   end
 
+  test "outdated --all --within-requirements (update not possible)" do
+    Mix.Project.push(UpdateNotPossibleApp.MixProject)
+
+    in_tmp(fn ->
+      set_home_tmp()
+      Mix.Dep.Lock.write(%{foo: {:hex, :foo, "0.1.0"}})
+
+      Mix.Task.run("deps.get")
+      flush()
+
+      assert Mix.Task.run("hex.outdated", ["--all", "--within-requirements"]) ==
+               nil
+
+      bar =
+        [
+          [:bright, "bar", :reset],
+          ["         ", :reset],
+          ["      ", "0.1.0", :reset],
+          ["    ", :green, "0.1.0", :reset],
+          ["   ", :green, "Up-to-date", :reset],
+          "           "
+        ]
+        |> IO.ANSI.format()
+        |> List.to_string()
+
+      baz =
+        [
+          [:bright, "baz", :reset],
+          ["         ", :reset],
+          ["      ", "0.1.0", :reset],
+          ["    ", :green, "0.1.0", :reset],
+          ["   ", :green, "Up-to-date", :reset],
+          "           "
+        ]
+        |> IO.ANSI.format()
+        |> List.to_string()
+
+      foo =
+        [
+          [:bright, "foo", :reset],
+          ["         ", :reset],
+          ["      ", "0.1.0", :reset],
+          ["    ", :red, "0.1.1", :reset],
+          ["   ", :red, "Update not possible", :reset],
+          "  "
+        ]
+        |> IO.ANSI.format()
+        |> List.to_string()
+
+      assert_received {:mix_shell, :info, [^bar]}
+      assert_received {:mix_shell, :info, [^baz]}
+      assert_received {:mix_shell, :info, [^foo]}
+    end)
+  end
+
   test "outdated --all --within-requirements (not outdated)" do
     Mix.Project.push(NotOutdatedApp.MixProject)
 
@@ -709,7 +777,7 @@ defmodule Mix.Tasks.Hex.OutdatedTest do
 
       catch_throw(Mix.Task.run("hex.outdated", ["--only", "dev,test"]))
 
-      # Should show dependencies with :only set to :dev or :test  
+      # Should show dependencies with :only set to :dev or :test
       # This should include ex_doc (dev) and plug (test)
       # bypass has [:dev, :test] which displays as "dev,test" but should match both "dev" and "test" individually
       output_lines =