diff --git a/lodash.js b/lodash.js
index f2bfdf2ad..a70063fed 100644
--- a/lodash.js
+++ b/lodash.js
@@ -3488,7 +3488,7 @@
     function delayed() {
       timeoutId = null;
       if (!immediate) {
-        func.apply(thisArg, args);
+        result = func.apply(thisArg, args);
       }
     }
 
@@ -3674,7 +3674,7 @@
     function trailingCall() {
       lastCalled = new Date;
       timeoutId = null;
-      func.apply(thisArg, args);
+      result = func.apply(thisArg, args);
     }
 
     return function() {
diff --git a/test/test.js b/test/test.js
index 8c20b3e9a..f8243e949 100644
--- a/test/test.js
+++ b/test/test.js
@@ -318,7 +318,17 @@
   QUnit.module('lodash.debounce');
 
   (function() {
-    test('subsequent "immediate" debounced calls should return the result of the first call', function() {
+    asyncTest('subsequent debounced calls return the last `func` result', function() {
+      var debounced = _.debounce(function(value) { return value; }, 100);
+      debounced('x');
+
+      setTimeout(function() {
+        equal(debounced('y'), 'x');
+        QUnit.start();
+      }, 220);
+    });
+
+    test('subsequent "immediate" debounced calls return the last `func` result', function() {
       var debounced = _.debounce(function(value) { return value; }, 100, true),
           result = [debounced('x'), debounced('y')];