diff --git a/server/src/session/codex/translate.rs b/server/src/session/codex/translate.rs
index edf5a0a..ebc1eb4 100644
--- a/server/src/session/codex/translate.rs
+++ b/server/src/session/codex/translate.rs
@@ -17,7 +17,6 @@ pub(super) struct Translator {
     pub(super) thread_id: Option<String>,
     completed: bool,
     limited: bool,
-    pending_usage: Option<Usage>,
     subagents: Option<Arc<Subagents>>,
     children: HashMap<String, Translator>,
     prompts: HashMap<String, String>,
@@ -25,11 +24,6 @@ pub(super) struct Translator {
     in_turn: bool,
 }
 
-struct Usage {
-    tokens: u64,
-    context: Option<u64>,
-}
-
 impl Translator {
     pub(super) fn new(subagents: Arc<Subagents>, thread_id: Option<String>, in_turn: bool) -> Self {
         Self {
@@ -130,7 +124,6 @@ impl Translator {
             Some("turn.started") | Some("turn/started") => {
                 self.completed = false;
                 self.limited = false;
-                self.pending_usage = None;
                 vec![Event::Status {
                     state: SessionStatus::Running,
                 }]
@@ -191,27 +184,31 @@ impl Translator {
                     output: output.to_string(),
                 }]
             }
+            // One of these per *model request*, not per turn: app-server's `last` is the
+            // request that just finished, and a turn is as many requests as it made tool
+            // calls. Reported as each arrives, so `tokens` adds up to what the turn cost --
+            // held to the end of the turn it was the last request's cost alone, which on a
+            // two-request turn measured 28,878 against the 51,399 actually spent -- and so
+            // the context figure moves while a long turn is still running rather than
+            // standing at what it was before the turn began.
             Some("thread/tokenUsage/updated") => {
                 let last = &body["tokenUsage"]["last"];
-                self.pending_usage =
-                    last.get("totalTokens")
-                        .and_then(Value::as_u64)
-                        .map(|tokens| Usage {
-                            tokens,
-                            // Cached input is a subset of this figure, not an additional count.
-                            context: last.get("inputTokens").and_then(Value::as_u64),
-                        });
-                Vec::new()
+                last.get("totalTokens")
+                    .and_then(Value::as_u64)
+                    .map(|tokens| Event::UsageDelta {
+                        tokens,
+                        // Cached input is a subset of this figure, not an additional count.
+                        context: last.get("inputTokens").and_then(Value::as_u64),
+                    })
+                    .into_iter()
+                    .collect()
             }
             Some("turn.completed") | Some("turn/completed") => {
                 self.completed = true;
                 let mut events = Vec::new();
-                if let Some(usage) = self.pending_usage.take() {
-                    events.push(Event::UsageDelta {
-                        tokens: usage.tokens,
-                        context: usage.context,
-                    });
-                } else if let Some(usage) = line.get("usage") {
+                // The old `codex exec --json` dialect reports the turn's usage here and
+                // sends no `thread/tokenUsage/updated` at all.
+                if let Some(usage) = line.get("usage") {
                     let input = number(usage, "input_tokens");
                     let output = number(usage, "output_tokens");
                     if input.is_some() || output.is_some() {
@@ -1069,26 +1066,33 @@ mod tests {
                 text: "hello, revised".to_string()
             }]
         );
-        assert!(
-            translator
-                .translate(&line(
-                    r#"{"method":"thread/tokenUsage/updated","params":{"tokenUsage":{"last":{"inputTokens":39,"cachedInputTokens":30,"outputTokens":3,"reasoningOutputTokens":1,"totalTokens":42},"total":{"inputTokens":100,"cachedInputTokens":80,"outputTokens":9,"reasoningOutputTokens":2,"totalTokens":109},"modelContextWindow":258400}}}"#
-                ))
-                .is_empty()
+        // One per model request, as it arrives. A turn that made two of them costs both,
+        // and the context figure moves while the turn is still running.
+        assert_eq!(
+            translator.translate(&line(
+                r#"{"method":"thread/tokenUsage/updated","params":{"tokenUsage":{"last":{"inputTokens":39,"cachedInputTokens":30,"outputTokens":3,"reasoningOutputTokens":1,"totalTokens":42},"total":{"inputTokens":100,"cachedInputTokens":80,"outputTokens":9,"reasoningOutputTokens":2,"totalTokens":109},"modelContextWindow":258400}}}"#
+            )),
+            vec![Event::UsageDelta {
+                tokens: 42,
+                context: Some(39)
+            }]
+        );
+        assert_eq!(
+            translator.translate(&line(
+                r#"{"method":"thread/tokenUsage/updated","params":{"tokenUsage":{"last":{"inputTokens":61,"cachedInputTokens":39,"outputTokens":4,"reasoningOutputTokens":1,"totalTokens":65},"total":{"inputTokens":161,"cachedInputTokens":119,"outputTokens":13,"reasoningOutputTokens":3,"totalTokens":174},"modelContextWindow":258400}}}"#
+            )),
+            vec![Event::UsageDelta {
+                tokens: 65,
+                context: Some(61)
+            }]
         );
         assert_eq!(
             translator.translate(&line(
                 r#"{"method":"turn/completed","params":{"turn":{"id":"turn-1","status":"completed","error":null}}}"#
             )),
-            vec![
-                Event::UsageDelta {
-                    tokens: 42,
-                    context: Some(39)
-                },
-                Event::Status {
-                    state: SessionStatus::Idle
-                }
-            ]
+            vec![Event::Status {
+                state: SessionStatus::Idle
+            }]
         );
     }