diff --git a/packages/formatters/src/__tests__/markdown.test.ts b/packages/formatters/src/__tests__/markdown.test.ts
index 00036dd72..63fcfb19f 100644
--- a/packages/formatters/src/__tests__/markdown.test.ts
+++ b/packages/formatters/src/__tests__/markdown.test.ts
@@ -126,4 +126,16 @@ describe('Markdown formatter', () => {
 
     expect(normalizedMd).toEqual(normalizedExpectedMd);
   });
+
+  test('renders warnings regardless of failSeverity (#2928)', () => {
+    const CRLF = '\r\n';
+    // failSeverity defaults to "error"; warnings must still be rendered, since
+    // display-only-failures filtering already happens in the CLI before formatting.
+    const md = markdown(results, { failSeverity: DiagnosticSeverity.Error }, context);
+
+    const normalizedMd = md.replace(new RegExp(CRLF, 'g'), '\n').trim();
+    const normalizedExpectedMd = expectedMd.replace(new RegExp(CRLF, 'g'), '\n').trim();
+
+    expect(normalizedMd).toEqual(normalizedExpectedMd);
+  });
 });
diff --git a/packages/formatters/src/markdown.ts b/packages/formatters/src/markdown.ts
index cea57f6ed..56244de08 100644
--- a/packages/formatters/src/markdown.ts
+++ b/packages/formatters/src/markdown.ts
@@ -5,7 +5,7 @@ import { DiagnosticSeverity } from '@stoplight/types';
 import markdownEscape from 'markdown-escape';
 import { getRuleDocumentationUrl } from './utils/getDocumentationUrl';
 
-export const markdown: Formatter = (results, { failSeverity }, ctx?: FormatterContext) => {
+export const markdown: Formatter = (results, _options, ctx?: FormatterContext) => {
   const groupedResults = groupBySource(results);
 
   const lines: string[][] = [];
@@ -13,9 +13,7 @@ export const markdown: Formatter = (results, { failSeverity }, ctx?: FormatterCo
     validationResults.sort((a, b) => a.range.start.line - b.range.start.line);
 
     if (validationResults.length > 0) {
-      const filteredValidationResults = validationResults.filter(result => result.severity <= failSeverity);
-
-      for (const result of filteredValidationResults) {
+      for (const result of validationResults) {
         const ruleDocumentationUrl = getRuleDocumentationUrl(result.code, ctx);
         const codeWithOptionalLink =
           ruleDocumentationUrl != null