diff --git a/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt b/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
index 4d60bb8e..6c995cdf 100644
--- a/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
+++ b/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
@@ -6,6 +6,8 @@ import com.instacart.formula.internal.ManagerDelegate
 import com.instacart.formula.internal.SynchronizedUpdateQueue
 import com.instacart.formula.plugin.Dispatcher
 import java.util.LinkedList
+import java.util.concurrent.atomic.AtomicBoolean
+import java.util.concurrent.atomic.AtomicReference
 
 /**
  * Takes a [Formula] and creates an Observable<Output> from it.
@@ -17,14 +19,15 @@ class FormulaRuntime<Input : Any, Output : Any>(
     private val isValidationEnabled: Boolean = false,
     inspector: Inspector? = null,
 ) : ManagerDelegate {
-    private val synchronizedUpdateQueue = SynchronizedUpdateQueue()
+    private val synchronizedUpdateQueue = SynchronizedUpdateQueue(
+        onEmpty = { emitOutputIfNeeded() }
+    )
     private val inspector = FormulaPlugins.inspector(type = formula.type(), local = inspector)
     private val implementation = formula.implementation()
 
+    @Volatile
     private var manager: FormulaManagerImpl<Input, *, Output>? = null
 
-    private var emitOutput = false
-    private var lastOutput: Output? = null
     private var input: Input? = null
     private var key: Any? = null
 
@@ -56,8 +59,15 @@ class FormulaRuntime<Input : Any, Output : Any>(
      * this [FormulaRuntime] instance. We will not accept any more [onInput] changes and will
      * not emit any new [Output] events.
      */
+    @Volatile
     private var isRuntimeTerminated: Boolean = false
 
+    /**
+     * Pending output to be emitted to the formula subscriber.
+     */
+    private var pendingOutput = AtomicReference<Output>()
+    private var isEmitting = AtomicBoolean(false)
+
     private fun isKeyValid(input: Input): Boolean {
         return this.input == null || key == formula.key(input)
     }
@@ -193,9 +203,6 @@ class FormulaRuntime<Input : Any, Output : Any>(
             if (isExecutingEffects) return
             executeTransitionEffects()
 
-            if (!manager.isTerminated()) {
-                emitOutputIfNeeded()
-            }
         } catch (e: Throwable) {
             isRunning = false
 
@@ -210,8 +217,7 @@ class FormulaRuntime<Input : Any, Output : Any>(
      */
     private fun runFormula(manager: FormulaManager<Input, Output>, currentInput: Input) {
         val result = manager.run(currentInput)
-        lastOutput = result.output
-        emitOutput = true
+        pendingOutput.set(result.output)
 
         if (isValidationEnabled) {
             try {
@@ -252,9 +258,25 @@ class FormulaRuntime<Input : Any, Output : Any>(
      * Emits output to the formula subscriber.
      */
     private fun emitOutputIfNeeded() {
-        if (emitOutput && !isRuntimeTerminated) {
-            emitOutput = false
-            onOutput(checkNotNull(lastOutput))
+        var output = pendingOutput.get()
+        while (output != null) {
+            if (isEmitting.compareAndSet(false, true)) {
+                if (!isRuntimeTerminated && manager?.isTerminated() != true) {
+                    onOutput(output)
+                }
+
+                // If it is still our output, we try to clear it
+                pendingOutput.compareAndSet(output, null)
+
+                // Allow others to take on the processing
+                isEmitting.set(false)
+
+                // Check if there is another update and try to process if no-one else has taken over
+                output = pendingOutput.get()
+            } else {
+                // Someone else is emitting the value
+                output = null
+            }
         }
     }
 
diff --git a/formula/src/main/java/com/instacart/formula/internal/FormulaManagerImpl.kt b/formula/src/main/java/com/instacart/formula/internal/FormulaManagerImpl.kt
index 9a6f7f86..83681e73 100644
--- a/formula/src/main/java/com/instacart/formula/internal/FormulaManagerImpl.kt
+++ b/formula/src/main/java/com/instacart/formula/internal/FormulaManagerImpl.kt
@@ -44,6 +44,7 @@ internal class FormulaManagerImpl<Input, State, Output>(
      * start new actions. And then, [performTerminationSideEffects] is called to clean
      * up this [formula] and its child formulas.
      */
+    @Volatile
     private var terminated = false
 
     /**
diff --git a/formula/src/main/java/com/instacart/formula/internal/ListenerImpl.kt b/formula/src/main/java/com/instacart/formula/internal/ListenerImpl.kt
index 3535617d..b0078aeb 100644
--- a/formula/src/main/java/com/instacart/formula/internal/ListenerImpl.kt
+++ b/formula/src/main/java/com/instacart/formula/internal/ListenerImpl.kt
@@ -9,10 +9,9 @@ import com.instacart.formula.Transition
 @PublishedApi
 internal class ListenerImpl<Input, State, EventT>(internal var key: Any) : Listener<EventT> {
 
-    internal var manager: FormulaManagerImpl<Input, State, *>? = null
-    internal var snapshotImpl: SnapshotImpl<Input, State>? = null
-
-    internal lateinit var transition: Transition<Input, State, EventT>
+    @Volatile internal var manager: FormulaManagerImpl<Input, State, *>? = null
+    @Volatile internal var snapshotImpl: SnapshotImpl<Input, State>? = null
+    @Volatile internal lateinit var transition: Transition<Input, State, EventT>
 
     override fun invoke(event: EventT) {
         // TODO: log if null listener (it might be due to formula removal or due to callback removal)
diff --git a/formula/src/main/java/com/instacart/formula/internal/SynchronizedUpdateQueue.kt b/formula/src/main/java/com/instacart/formula/internal/SynchronizedUpdateQueue.kt
index b3975ce8..3f812ec1 100644
--- a/formula/src/main/java/com/instacart/formula/internal/SynchronizedUpdateQueue.kt
+++ b/formula/src/main/java/com/instacart/formula/internal/SynchronizedUpdateQueue.kt
@@ -13,7 +13,9 @@ import java.util.concurrent.atomic.AtomicReference
  * that there is happens-before relationship between each thread and memory changes are visible
  * between them.
  */
-class SynchronizedUpdateQueue {
+class SynchronizedUpdateQueue(
+    private val onEmpty: (() -> Unit)? = null,
+) {
     /**
      * Defines a thread currently executing formula update. Null value indicates idle queue.
      *
@@ -79,6 +81,7 @@ class SynchronizedUpdateQueue {
                     return
                 }
             } else {
+                onEmpty?.invoke()
                 return
             }
         }