diff --git a/lib/stream/xlsx/hyperlink-reader.js b/lib/stream/xlsx/hyperlink-reader.js
index 58ea60627..91156ba0f 100644
--- a/lib/stream/xlsx/hyperlink-reader.js
+++ b/lib/stream/xlsx/hyperlink-reader.js
@@ -78,7 +78,7 @@ utils.inherits(HyperlinkReader, events.EventEmitter, {
     });
 
     // create a down-stream flow-control to regulate the stream
-    var flowControl = this.workbook.flowControl.createChild();
+    var flowControl = this._workbook.flowControl.createChild();
     flowControl.pipe(parser, {sync: true});
     entry.pipe(flowControl);
   }
diff --git a/lib/stream/xlsx/worksheet-reader.js b/lib/stream/xlsx/worksheet-reader.js
index 6f60e5489..c6aa9e053 100644
--- a/lib/stream/xlsx/worksheet-reader.js
+++ b/lib/stream/xlsx/worksheet-reader.js
@@ -310,6 +310,14 @@ utils.inherits(WorksheetReader, events.EventEmitter, {
                     break;
                 }
               }
+              if (hyperlinks) {
+                var hyperlink = hyperlinks[c.ref];
+                if (hyperlink) {
+                  cell.text = cell.value;
+                  cell.value = undefined;
+                  cell.hyperlink = hyperlink;
+                }
+              }
               c = null;
             }
             break;
diff --git a/lib/xlsx/xform/sheet/cell-xform.js b/lib/xlsx/xform/sheet/cell-xform.js
index 2fb075333..b1defe9b9 100644
--- a/lib/xlsx/xform/sheet/cell-xform.js
+++ b/lib/xlsx/xform/sheet/cell-xform.js
@@ -427,9 +427,14 @@ utils.inherits(CellXform, BaseXform, {
     // look for hyperlink
     var hyperlink = options.hyperlinkMap[model.address];
     if (hyperlink) {
+      if (model.type === Enums.ValueType.Formula) {
+        model.text = model.result;
+        model.result = undefined;
+      } else {
+        model.text = model.value;
+        model.value = undefined;
+      }
       model.type = Enums.ValueType.Hyperlink;
-      model.text = model.value;
-      model.value = undefined;
       model.hyperlink = hyperlink;
     }
   }
diff --git a/spec/integration/data/formulas.xlsx b/spec/integration/data/formulas.xlsx
new file mode 100644
index 000000000..b5c4225b8
Binary files /dev/null and b/spec/integration/data/formulas.xlsx differ
diff --git a/spec/integration/workbook-xlsx-reader.spec.js b/spec/integration/workbook-xlsx-reader.spec.js
index 89378dabb..1909f2f42 100644
--- a/spec/integration/workbook-xlsx-reader.spec.js
+++ b/spec/integration/workbook-xlsx-reader.spec.js
@@ -63,4 +63,57 @@ describe('WorkbookReader', function() {
       });
     });
   });
+
+  describe('with a spreadsheet that contains formulas', function() {
+    before(function() {
+      var testContext = this;
+      var workbook = new Excel.Workbook();
+      return workbook.xlsx.read(fs.createReadStream('./spec/integration/data/formulas.xlsx'))
+        .then(function() {
+          testContext.worksheet = workbook.getWorksheet();
+        });
+    });
+
+    describe('with a cell that contains a regular formula', function() {
+      beforeEach(function() {
+        this.cell = this.worksheet.getCell('A2');
+      });
+
+      it('should be classified as a formula cell', function() {
+        expect(this.cell.type).to.equal(Excel.ValueType.Formula);
+        expect(this.cell.isFormula).to.be.true;
+      });
+
+      it('should have text corresponding to the evaluated formula result', function() {
+        expect(this.cell.text).to.equal('someone@example.com');
+      });
+
+      it('should have the formula source', function() {
+        expect(this.cell.model.formula).to.equal('_xlfn.CONCAT("someone","@example.com")');
+      });
+    });
+
+    describe('with a cell that contains a hyperlinked formula', function() {
+      beforeEach(function() {
+        this.cell = this.worksheet.getCell('A1');
+      });
+
+      it('should be classified as a formula cell', function() {
+        expect(this.cell.type).to.equal(Excel.ValueType.Hyperlink);
+      });
+
+      it('should have text corresponding to the evaluated formula result', function() {
+        expect(this.cell.value.text).to.equal('someone@example.com');
+      });
+
+      it('should have the formula source', function() {
+        expect(this.cell.model.formula).to.equal('_xlfn.CONCAT("someone","@example.com")');
+      });
+
+      it('should contain the linked url', function() {
+        expect(this.cell.value.hyperlink).to.equal('mailto:someone@example.com');
+        expect(this.cell.hyperlink).to.equal('mailto:someone@example.com');
+      });
+    });
+  });
 });