diff --git a/dvc/command/pipeline.py b/dvc/command/pipeline.py
index d788031660..4d1f3b9cc3 100644
--- a/dvc/command/pipeline.py
+++ b/dvc/command/pipeline.py
@@ -4,7 +4,6 @@
 from dvc.command.base import CmdBase, append_doc_link, fix_subparsers
 from dvc.exceptions import DvcException
 
-
 logger = logging.getLogger(__name__)
 
 
@@ -32,6 +31,31 @@ def _show(self, target, commands, outs, locked):
             else:
                 logger.info(stage.addressing)
 
+    @staticmethod
+    def _build_output_graph(G, target_stage):
+        import networkx
+        from itertools import product
+
+        nodes = {str(out) for out in target_stage.outs}
+        edges = []
+
+        for from_stage, to_stage in networkx.edge_dfs(G, target_stage):
+            from_stage_deps = {dep.path_info.parts for dep in from_stage.deps}
+            to_outs = {
+                to_out
+                for to_out in to_stage.outs
+                if to_out.path_info.parts in from_stage_deps
+            }
+            from_outs = {
+                from_out
+                for from_out in from_stage.outs
+                if str(from_out) in nodes
+            }
+            nodes |= {str(to_out) for to_out in to_outs}
+            for from_out, to_out in product(from_outs, to_outs):
+                edges.append((str(from_out), str(to_out)))
+        return nodes, edges
+
     def _build_graph(self, target, commands=False, outs=False):
         import networkx
         from dvc import dvcfile
@@ -48,10 +72,7 @@ def _build_graph(self, target, commands=False, outs=False):
                 if stage.cmd is None:
                     continue
                 nodes.add(stage.cmd)
-            elif outs:
-                for out in stage.outs:
-                    nodes.add(str(out))
-            else:
+            elif not outs:
                 nodes.add(stage.addressing)
 
         edges = []
@@ -60,13 +81,12 @@ def _build_graph(self, target, commands=False, outs=False):
                 if to_stage.cmd is None:
                     continue
                 edges.append((from_stage.cmd, to_stage.cmd))
-            elif outs:
-                for from_out in from_stage.outs:
-                    for to_out in to_stage.outs:
-                        edges.append((str(from_out), str(to_out)))
-            else:
+            elif not outs:
                 edges.append((from_stage.addressing, to_stage.addressing))
 
+        if outs:
+            nodes, edges = self._build_output_graph(G, target_stage)
+
         return list(nodes), edges, networkx.is_tree(G)
 
     def _show_ascii(self, target, commands, outs):
diff --git a/tests/func/test_pipeline.py b/tests/func/test_pipeline.py
index eda4a14713..7d39ce30a0 100644
--- a/tests/func/test_pipeline.py
+++ b/tests/func/test_pipeline.py
@@ -275,7 +275,7 @@ def test_split_pipeline(tmp_dir, scm, dvc):
     )
 
     command = CmdPipelineShow([])
-    nodes, edges, is_tree = command._build_graph(
+    nodes, edges, _ = command._build_graph(
         stage.path, commands=False, outs=True
     )
     assert set(nodes) == {"data", "data_train", "data_valid", "result"}
@@ -320,11 +320,36 @@ def test_pipeline_ascii_multistage(tmp_dir, dvc, run_copy):
     run_copy("foo", "bar", name="copy-foo-bar")
     run_copy("bar", "foobar", single_stage=True)
     command = CmdPipelineShow([])
-    nodes, edges, is_tree = command._build_graph("foobar.dvc")
+    nodes, edges, _ = command._build_graph("foobar.dvc")
     assert set(nodes) == {"dvc.yaml:copy-foo-bar", "foobar.dvc"}
     assert set(edges) == {
         ("foobar.dvc", "dvc.yaml:copy-foo-bar"),
     }
 
-    nodes, edges, is_tree = command._build_graph("dvc.yaml:copy-foo-bar")
+    nodes, *_ = command._build_graph("dvc.yaml:copy-foo-bar")
     assert set(nodes) == {"dvc.yaml:copy-foo-bar"}
+
+
+def test_pipeline_multi_outputs_stages(dvc):
+    dvc.run(
+        outs=["alice", "bob"],
+        cmd="echo alice>alice && echo bob>bob",
+        single_stage=True,
+    )
+    dvc.run(
+        deps=["alice"],
+        outs=["mary", "mike"],
+        cmd="echo mary>mary && echo mike>mike",
+        single_stage=True,
+    )
+    stage = dvc.run(
+        deps=["mary"],
+        outs=["carol"],
+        cmd="echo carol>carol",
+        single_stage=True,
+    )
+
+    command = CmdPipelineShow([])
+    nodes, edges, _ = command._build_graph(stage.path, outs=True)
+    assert set(nodes) == {"alice", "mary", "carol"}
+    assert set(edges) == {("carol", "mary"), ("mary", "alice")}