diff --git a/public/app/plugins/panel/text/TextPanel.test.tsx b/public/app/plugins/panel/text/TextPanel.test.tsx
index 08f034dc3df..04c86415e67 100644
--- a/public/app/plugins/panel/text/TextPanel.test.tsx
+++ b/public/app/plugins/panel/text/TextPanel.test.tsx
@@ -60,6 +60,15 @@ describe('TextPanel', () => {
     expect(() => setup()).not.toThrow();
   });
 
+  it('should not throw an error when interpolating variables results in empty content', () => {
+    const contentTest = '${__all_variables}';
+    const props = Object.assign({}, defaultProps, {
+      options: { content: contentTest, mode: TextMode.HTML },
+    });
+
+    expect(() => setup(props)).not.toThrow();
+  });
+
   it('sanitizes content in html mode', () => {
     const contentTest = '<form><p>Form tags are sanitized.</p></form>\n<script>Script tags are sanitized.</script>';
     replaceVariablesMock.mockReturnValueOnce(contentTest);
diff --git a/public/app/plugins/panel/text/TextPanel.tsx b/public/app/plugins/panel/text/TextPanel.tsx
index 98762f4a106..4f0c15ffcec 100644
--- a/public/app/plugins/panel/text/TextPanel.tsx
+++ b/public/app/plugins/panel/text/TextPanel.tsx
@@ -64,14 +64,15 @@ export function TextPanel(props: Props) {
 
 function processContent(options: Options, interpolate: InterpolateFunction, disableSanitizeHtml: boolean): string {
   let { mode, content } = options;
-  if (!content) {
-    return ' ';
-  }
 
   // Variables must be interpolated before content is converted to markdown so using variables
   // in URLs work properly
   content = interpolate(content, {}, options.code?.language === 'json' ? 'json' : 'html');
 
+  if (!content) {
+    return ' ';
+  }
+
   switch (mode) {
     case TextMode.Code:
       break; // nothing