diff --git a/ref-filter.c b/ref-filter.c
index e53c77e86..432cea026 100644
--- a/ref-filter.c
+++ b/ref-filter.c
@@ -55,6 +55,18 @@ static struct {
 	{ "color" },
 };
 
+#define REF_FORMATTING_STATE_INIT  { 0, NULL }
+
+struct ref_formatting_stack {
+	struct ref_formatting_stack *prev;
+	struct strbuf output;
+};
+
+struct ref_formatting_state {
+	int quote_style;
+	struct ref_formatting_stack *stack;
+};
+
 struct atom_value {
 	const char *s;
 	unsigned long ul; /* used for sorting when not FIELD_STR */
@@ -129,6 +141,27 @@ int parse_ref_filter_atom(const char *atom, const char *ep)
 	return at;
 }
 
+static void push_stack_element(struct ref_formatting_stack **stack)
+{
+	struct ref_formatting_stack *s = xcalloc(1, sizeof(struct ref_formatting_stack));
+
+	strbuf_init(&s->output, 0);
+	s->prev = *stack;
+	*stack = s;
+}
+
+static void pop_stack_element(struct ref_formatting_stack **stack)
+{
+	struct ref_formatting_stack *current = *stack;
+	struct ref_formatting_stack *prev = current->prev;
+
+	if (prev)
+		strbuf_addbuf(&prev->output, &current->output);
+	strbuf_release(&current->output);
+	free(current);
+	*stack = prev;
+}
+
 /*
  * In a format string, find the next occurrence of %(atom).
  */
@@ -1195,30 +1228,27 @@ void ref_array_sort(struct ref_sorting *sorting, struct ref_array *array)
 	qsort(array->items, array->nr, sizeof(struct ref_array_item *), compare_refs);
 }
 
-static void print_value(struct atom_value *v, int quote_style)
+static void append_atom(struct atom_value *v, struct ref_formatting_state *state)
 {
-	struct strbuf sb = STRBUF_INIT;
-	switch (quote_style) {
+	struct strbuf *s = &state->stack->output;
+
+	switch (state->quote_style) {
 	case QUOTE_NONE:
-		fputs(v->s, stdout);
+		strbuf_addstr(s, v->s);
 		break;
 	case QUOTE_SHELL:
-		sq_quote_buf(&sb, v->s);
+		sq_quote_buf(s, v->s);
 		break;
 	case QUOTE_PERL:
-		perl_quote_buf(&sb, v->s);
+		perl_quote_buf(s, v->s);
 		break;
 	case QUOTE_PYTHON:
-		python_quote_buf(&sb, v->s);
+		python_quote_buf(s, v->s);
 		break;
 	case QUOTE_TCL:
-		tcl_quote_buf(&sb, v->s);
+		tcl_quote_buf(s, v->s);
 		break;
 	}
-	if (quote_style != QUOTE_NONE) {
-		fputs(sb.buf, stdout);
-		strbuf_release(&sb);
-	}
 }
 
 static int hex1(char ch)
@@ -1239,8 +1269,10 @@ static int hex2(const char *cp)
 		return -1;
 }
 
-static void emit(const char *cp, const char *ep)
+static void append_literal(const char *cp, const char *ep, struct ref_formatting_state *state)
 {
+	struct strbuf *s = &state->stack->output;
+
 	while (*cp && (!ep || cp < ep)) {
 		if (*cp == '%') {
 			if (cp[1] == '%')
@@ -1248,13 +1280,13 @@ static void emit(const char *cp, const char *ep)
 			else {
 				int ch = hex2(cp + 1);
 				if (0 <= ch) {
-					putchar(ch);
+					strbuf_addch(s, ch);
 					cp += 3;
 					continue;
 				}
 			}
 		}
-		putchar(*cp);
+		strbuf_addch(s, *cp);
 		cp++;
 	}
 }
@@ -1262,19 +1294,24 @@ static void emit(const char *cp, const char *ep)
 void show_ref_array_item(struct ref_array_item *info, const char *format, int quote_style)
 {
 	const char *cp, *sp, *ep;
+	struct strbuf *final_buf;
+	struct ref_formatting_state state = REF_FORMATTING_STATE_INIT;
+
+	state.quote_style = quote_style;
+	push_stack_element(&state.stack);
 
 	for (cp = format; *cp && (sp = find_next(cp)); cp = ep + 1) {
 		struct atom_value *atomv;
 
 		ep = strchr(sp, ')');
 		if (cp < sp)
-			emit(cp, sp);
+			append_literal(cp, sp, &state);
 		get_ref_atom_value(info, parse_ref_filter_atom(sp + 2, ep), &atomv);
-		print_value(atomv, quote_style);
+		append_atom(atomv, &state);
 	}
 	if (*cp) {
 		sp = cp + strlen(cp);
-		emit(cp, sp);
+		append_literal(cp, sp, &state);
 	}
 	if (need_color_reset_at_eol) {
 		struct atom_value resetv;
@@ -1283,8 +1320,11 @@ void show_ref_array_item(struct ref_array_item *info, const char *format, int qu
 		if (color_parse("reset", color) < 0)
 			die("BUG: couldn't parse 'reset' as a color");
 		resetv.s = color;
-		print_value(&resetv, quote_style);
+		append_atom(&resetv, &state);
 	}
+	final_buf = &state.stack->output;
+	fwrite(final_buf->buf, 1, final_buf->len, stdout);
+	pop_stack_element(&state.stack);
 	putchar('\n');
 }