You are most likely confusing the concepts of a formula and of a function. Formulas are best described as relationships of two or more variables. In mathematics they are derived using mathematical logic, which can incorporate function(s). Formulas can be represented as functions (either one function or a number of functions.)
Here is an example of a formula.
Volume of a sphere: V = (4/3)*∏*r3
Functions (simplified) on the other hand are any relationship between two or more variables which do not have multiple different outputs for a given input. For a function with output y and input x (or any relationship of two variables) there must only be one y (output) for a given x (input.) So it is the opposite of what you said. You can't have many y for a given x, if you wish to have a function. The above formula for the volume of a sphere can be written as a function.
V (r) = (4/3)*∏*r3
Notice that V or V(r) is dependent on which specific value you choose for r. We give this type of variable a name. It is the dependent variable. We also give the type of variable that we see with r, or x, or any other input variable a name, it is called the independent variable.
So using this information, can you find a value for x, in the equation you gave, that has two values of y? If not, it is a function. If you can, then it is not a function.
Now if you are concerned with whether or not it is a formula, the answer is yes, it is. It represents a relationship of two (or more) variables, and therefore it qualifies as a formula. The only equations that are not formulas are those with only one variable.
I hope this has clarified your understanding.