Embodiments of apparatuses, methods, and systems for virtualizing performance counters are disclosed. In one embodiment, an apparatus includes a counter, a counter enable storage location, counter enable logic, and virtual machine control logic. The counter enable storage location is store a counter enable indicator. The counter enable logic is to enable the counter, based on the counter enable indicator. The virtual machine control logic is to transfer control of the apparatus to a guest. The virtual machine control logic includes guest state load logic to cause a guest value from a virtual machine control structure to be loaded into the counter enable storage location in connection with a transfer of control of the apparatus to a guest.