diff --git a/.changes/next-release/bugfix-AWSSDKforJavav2-02cbbff.json b/.changes/next-release/bugfix-AWSSDKforJavav2-02cbbff.json
new file mode 100644
index 000000000000..2f07db236873
--- /dev/null
+++ b/.changes/next-release/bugfix-AWSSDKforJavav2-02cbbff.json
@@ -0,0 +1,6 @@
+{
+    "type": "bugfix",
+    "category": "AWS SDK for Java v2",
+    "description": "Fixed a NullPointerException in EmittingSubscription when a subscription is cancelled while the emitting thread is signalling the downstream subscriber. This surfaced as an intermittent failure of parallel multipart downloads of single-part objects, for example S3TransferManager.downloadFile against an S3AsyncClient built with multipartEnabled(true).",
+    "contributor": "cthiebault"
+}
diff --git a/core/sdk-core/src/main/java/software/amazon/awssdk/core/internal/async/EmittingSubscription.java b/core/sdk-core/src/main/java/software/amazon/awssdk/core/internal/async/EmittingSubscription.java
index 25f1a78705ca..a36e925a288e 100644
--- a/core/sdk-core/src/main/java/software/amazon/awssdk/core/internal/async/EmittingSubscription.java
+++ b/core/sdk-core/src/main/java/software/amazon/awssdk/core/internal/async/EmittingSubscription.java
@@ -35,7 +35,7 @@
 public final class EmittingSubscription<T> implements Subscription {
     private static final Logger log = Logger.loggerFor(EmittingSubscription.class);
 
-    private Subscriber<? super T> downstreamSubscriber;
+    private volatile Subscriber<? super T> downstreamSubscriber;
     private final AtomicBoolean emitting;
     private final AtomicLong outstandingDemand;
     private final Runnable onCancel;
@@ -58,7 +58,10 @@ public static <T> Builder<T> builder() {
     @Override
     public void request(long n) {
         if (n <= 0) {
-            downstreamSubscriber.onError(new IllegalArgumentException("Amount requested must be positive"));
+            Subscriber<? super T> subscriber = downstreamSubscriber;
+            if (subscriber != null) {
+                subscriber.onError(new IllegalArgumentException("Amount requested must be positive"));
+            }
             return;
         }
         long newDemand = outstandingDemand.updateAndGet(current -> {
@@ -97,7 +100,10 @@ private boolean doEmit() {
         long demand = outstandingDemand.get();
 
         while (demand > 0) {
-            if (isCancelled.get()) {
+            // Read the subscriber once per iteration: cancel() nulls the field from another thread. Signalling a
+            // subscriber that cancelled mid-emit is permitted by the spec (rule 2.8); throwing an NPE is not.
+            Subscriber<? super T> subscriber = downstreamSubscriber;
+            if (isCancelled.get() || subscriber == null) {
                 return true;
             }
             if (outstandingDemand.get() > 0) {
@@ -106,10 +112,10 @@ private boolean doEmit() {
                 try {
                     value = supplier.get();
                 } catch (Exception e) {
-                    downstreamSubscriber.onError(e);
+                    subscriber.onError(e);
                     return true;
                 }
-                downstreamSubscriber.onNext(value);
+                subscriber.onNext(value);
             }
         }
         return false;
diff --git a/core/sdk-core/src/test/java/software/amazon/awssdk/core/internal/async/EmittingSubscriptionTest.java b/core/sdk-core/src/test/java/software/amazon/awssdk/core/internal/async/EmittingSubscriptionTest.java
new file mode 100644
index 000000000000..30ac7b6aae17
--- /dev/null
+++ b/core/sdk-core/src/test/java/software/amazon/awssdk/core/internal/async/EmittingSubscriptionTest.java
@@ -0,0 +1,119 @@
+/*
+ * Copyright Amazon.com, Inc. or its affiliates. All Rights Reserved.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License").
+ * You may not use this file except in compliance with the License.
+ * A copy of the License is located at
+ *
+ *  http://aws.amazon.com/apache2.0
+ *
+ * or in the "license" file accompanying this file. This file is distributed
+ * on an "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either
+ * express or implied. See the License for the specific language governing
+ * permissions and limitations under the License.
+ */
+
+package software.amazon.awssdk.core.internal.async;
+
+import static org.assertj.core.api.Assertions.assertThat;
+import static org.assertj.core.api.Assertions.assertThatCode;
+
+import java.util.concurrent.CountDownLatch;
+import java.util.concurrent.TimeUnit;
+import java.util.concurrent.atomic.AtomicBoolean;
+import java.util.concurrent.atomic.AtomicInteger;
+import java.util.concurrent.atomic.AtomicReference;
+import org.junit.jupiter.api.Test;
+import org.reactivestreams.Subscriber;
+import org.reactivestreams.Subscription;
+
+class EmittingSubscriptionTest {
+
+    @Test
+    void request_cancelledWhileEmitting_doesNotThrow() throws Exception {
+        CountDownLatch supplierEntered = new CountDownLatch(1);
+        CountDownLatch cancelCompleted = new CountDownLatch(1);
+        AtomicBoolean firstSupplierCall = new AtomicBoolean(true);
+        AtomicInteger onNextCount = new AtomicInteger();
+
+        EmittingSubscription<Object> subscription =
+            EmittingSubscription.builder()
+                                .downstreamSubscriber(subscriber(onNextCount, new AtomicReference<>()))
+                                .onCancel(() -> {
+                                })
+                                .supplier(() -> {
+                                    // Hold the emitting thread inside the supplier so cancel() lands between the
+                                    // isCancelled check and the downstream signal.
+                                    if (firstSupplierCall.compareAndSet(true, false)) {
+                                        supplierEntered.countDown();
+                                        await(cancelCompleted);
+                                    }
+                                    return new Object();
+                                })
+                                .build();
+
+        Thread canceller = new Thread(() -> {
+            await(supplierEntered);
+            subscription.cancel();
+            cancelCompleted.countDown();
+        });
+        canceller.start();
+
+        assertThatCode(() -> subscription.request(2)).doesNotThrowAnyException();
+
+        canceller.join(TimeUnit.SECONDS.toMillis(10));
+        // Signalling a subscriber that cancelled mid-emit is allowed (spec rule 2.8), but the loop must stop after it.
+        assertThat(onNextCount.get()).isLessThanOrEqualTo(1);
+    }
+
+    @Test
+    void request_negativeDemandAfterCancel_doesNotThrow() {
+        AtomicReference<Throwable> onErrorValue = new AtomicReference<>();
+
+        EmittingSubscription<Object> subscription =
+            EmittingSubscription.builder()
+                                .downstreamSubscriber(subscriber(new AtomicInteger(), onErrorValue))
+                                .onCancel(() -> {
+                                })
+                                .supplier(Object::new)
+                                .build();
+
+        subscription.cancel();
+
+        assertThatCode(() -> subscription.request(0)).doesNotThrowAnyException();
+        assertThat(onErrorValue.get()).isNull();
+    }
+
+    private static Subscriber<Object> subscriber(AtomicInteger onNextCount, AtomicReference<Throwable> onErrorValue) {
+        return new Subscriber<Object>() {
+            @Override
+            public void onSubscribe(Subscription s) {
+            }
+
+            @Override
+            public void onNext(Object o) {
+                onNextCount.incrementAndGet();
+            }
+
+            @Override
+            public void onError(Throwable t) {
+                onErrorValue.set(t);
+            }
+
+            @Override
+            public void onComplete() {
+            }
+        };
+    }
+
+    private static void await(CountDownLatch latch) {
+        try {
+            if (!latch.await(10, TimeUnit.SECONDS)) {
+                throw new IllegalStateException("Timed out waiting for latch");
+            }
+        } catch (InterruptedException e) {
+            Thread.currentThread().interrupt();
+            throw new IllegalStateException(e);
+        }
+    }
+}