diff --git a/codex-rs/tui/src/app.rs b/codex-rs/tui/src/app.rs
index a58070c0..2585c6c2 100644
--- a/codex-rs/tui/src/app.rs
+++ b/codex-rs/tui/src/app.rs
@@ -140,10 +140,17 @@ impl App {
 
     fn handle_event(&mut self, tui: &mut tui::Tui, event: AppEvent) -> Result<bool> {
         match event {
-            AppEvent::InsertHistory(lines) => {
+            AppEvent::InsertHistoryLines(lines) => {
                 self.transcript_lines.extend(lines.clone());
                 tui.insert_history_lines(lines);
             }
+            AppEvent::InsertHistoryCell(cell) => {
+                self.transcript_lines.extend(cell.transcript_lines());
+                let display = cell.display_lines();
+                if !display.is_empty() {
+                    tui.insert_history_lines(display);
+                }
+            }
             AppEvent::StartCommitAnimation => {
                 if self
                     .commit_anim_running
diff --git a/codex-rs/tui/src/app_event.rs b/codex-rs/tui/src/app_event.rs
index 325b2d5b..31ac032b 100644
--- a/codex-rs/tui/src/app_event.rs
+++ b/codex-rs/tui/src/app_event.rs
@@ -2,6 +2,8 @@ use codex_core::protocol::Event;
 use codex_file_search::FileMatch;
 use ratatui::text::Line;
 
+use crate::history_cell::HistoryCell;
+
 use crate::slash_command::SlashCommand;
 use codex_core::protocol::AskForApproval;
 use codex_core::protocol::SandboxPolicy;
@@ -39,7 +41,8 @@ pub(crate) enum AppEvent {
     /// Result of computing a `/diff` command.
     DiffResult(String),
 
-    InsertHistory(Vec<Line<'static>>),
+    InsertHistoryLines(Vec<Line<'static>>),
+    InsertHistoryCell(Box<dyn HistoryCell>),
 
     StartCommitAnimation,
     StopCommitAnimation,
diff --git a/codex-rs/tui/src/chatwidget.rs b/codex-rs/tui/src/chatwidget.rs
index ca166d7b..b39cf7aa 100644
--- a/codex-rs/tui/src/chatwidget.rs
+++ b/codex-rs/tui/src/chatwidget.rs
@@ -98,6 +98,8 @@ pub(crate) struct ChatWidget {
     needs_redraw: bool,
     // Accumulates the current reasoning block text to extract a header
     reasoning_buffer: String,
+    // Accumulates full reasoning content for transcript-only recording
+    full_reasoning_buffer: String,
     session_id: Option<Uuid>,
     frame_requester: FrameRequester,
 }
@@ -138,7 +140,7 @@ impl ChatWidget {
         self.bottom_pane
             .set_history_metadata(event.history_log_id, event.history_entry_count);
         self.session_id = Some(event.session_id);
-        self.add_to_history(&history_cell::new_session_info(&self.config, event, true));
+        self.add_to_history(history_cell::new_session_info(&self.config, event, true));
         if let Some(user_message) = self.initial_user_message.take() {
             self.submit_user_message(user_message);
         }
@@ -172,13 +174,23 @@ impl ChatWidget {
     }
 
     fn on_agent_reasoning_final(&mut self) {
-        // Clear the reasoning buffer at the end of a reasoning block.
+        // At the end of a reasoning block, record transcript-only content.
+        self.full_reasoning_buffer.push_str(&self.reasoning_buffer);
+        if !self.full_reasoning_buffer.is_empty() {
+            self.add_to_history(history_cell::new_reasoning_block(
+                self.full_reasoning_buffer.clone(),
+                &self.config,
+            ));
+        }
         self.reasoning_buffer.clear();
+        self.full_reasoning_buffer.clear();
         self.mark_needs_redraw();
     }
 
     fn on_reasoning_section_break(&mut self) {
-        // Start a new reasoning block for header extraction.
+        // Start a new reasoning block for header extraction and accumulate transcript.
+        self.full_reasoning_buffer.push_str(&self.reasoning_buffer);
+        self.full_reasoning_buffer.push_str("\n\n");
         self.reasoning_buffer.clear();
     }
 
@@ -188,6 +200,7 @@ impl ChatWidget {
         self.bottom_pane.clear_ctrl_c_quit_hint();
         self.bottom_pane.set_task_running(true);
         self.stream.reset_headers_for_new_turn();
+        self.full_reasoning_buffer.clear();
         self.reasoning_buffer.clear();
         self.mark_needs_redraw();
     }
@@ -216,7 +229,7 @@ impl ChatWidget {
     }
 
     fn on_error(&mut self, message: String) {
-        self.add_to_history(&history_cell::new_error_event(message));
+        self.add_to_history(history_cell::new_error_event(message));
         self.bottom_pane.set_task_running(false);
         self.running_commands.clear();
         self.stream.clear_all();
@@ -224,7 +237,7 @@ impl ChatWidget {
     }
 
     fn on_plan_update(&mut self, update: codex_core::plan_tool::UpdatePlanArgs) {
-        self.add_to_history(&history_cell::new_plan_update(update));
+        self.add_to_history(history_cell::new_plan_update(update));
     }
 
     fn on_exec_approval_request(&mut self, id: String, ev: ExecApprovalRequestEvent) {
@@ -259,7 +272,7 @@ impl ChatWidget {
     }
 
     fn on_patch_apply_begin(&mut self, event: PatchApplyBeginEvent) {
-        self.add_to_history(&history_cell::new_patch_event(
+        self.add_to_history(history_cell::new_patch_event(
             PatchEventType::ApplyBegin {
                 auto_approved: event.auto_approved,
             },
@@ -386,7 +399,7 @@ impl ChatWidget {
             self.active_exec_cell = None;
             let pending = std::mem::take(&mut self.pending_exec_completions);
             for (command, parsed, output) in pending {
-                self.add_to_history(&history_cell::new_completed_exec_command(
+                self.add_to_history(history_cell::new_completed_exec_command(
                     command, parsed, output,
                 ));
             }
@@ -398,9 +411,9 @@ impl ChatWidget {
         event: codex_core::protocol::PatchApplyEndEvent,
     ) {
         if event.success {
-            self.add_to_history(&history_cell::new_patch_apply_success(event.stdout));
+            self.add_to_history(history_cell::new_patch_apply_success(event.stdout));
         } else {
-            self.add_to_history(&history_cell::new_patch_apply_failure(event.stderr));
+            self.add_to_history(history_cell::new_patch_apply_failure(event.stderr));
         }
     }
 
@@ -422,7 +435,7 @@ impl ChatWidget {
         ev: ApplyPatchApprovalRequestEvent,
     ) {
         self.flush_answer_stream_with_separator();
-        self.add_to_history(&history_cell::new_patch_event(
+        self.add_to_history(history_cell::new_patch_event(
             PatchEventType::ApprovalRequest,
             ev.changes.clone(),
         ));
@@ -464,11 +477,11 @@ impl ChatWidget {
 
     pub(crate) fn handle_mcp_begin_now(&mut self, ev: McpToolCallBeginEvent) {
         self.flush_answer_stream_with_separator();
-        self.add_to_history(&history_cell::new_active_mcp_tool_call(ev.invocation));
+        self.add_to_history(history_cell::new_active_mcp_tool_call(ev.invocation));
     }
     pub(crate) fn handle_mcp_end_now(&mut self, ev: McpToolCallEndEvent) {
         self.flush_answer_stream_with_separator();
-        self.add_to_history(&*history_cell::new_completed_mcp_tool_call(
+        self.add_boxed_history(history_cell::new_completed_mcp_tool_call(
             80,
             ev.invocation,
             ev.duration,
@@ -541,6 +554,7 @@ impl ChatWidget {
             interrupts: InterruptManager::new(),
             needs_redraw: false,
             reasoning_buffer: String::new(),
+            full_reasoning_buffer: String::new(),
             session_id: None,
         }
     }
@@ -573,14 +587,19 @@ impl ChatWidget {
     fn flush_active_exec_cell(&mut self) {
         if let Some(active) = self.active_exec_cell.take() {
             self.app_event_tx
-                .send(AppEvent::InsertHistory(active.display_lines()));
+                .send(AppEvent::InsertHistoryCell(Box::new(active)));
         }
     }
 
-    fn add_to_history(&mut self, cell: &dyn HistoryCell) {
+    fn add_to_history(&mut self, cell: impl HistoryCell + 'static) {
         self.flush_active_exec_cell();
         self.app_event_tx
-            .send(AppEvent::InsertHistory(cell.display_lines()));
+            .send(AppEvent::InsertHistoryCell(Box::new(cell)));
+    }
+
+    fn add_boxed_history(&mut self, cell: Box<dyn HistoryCell>) {
+        self.flush_active_exec_cell();
+        self.app_event_tx.send(AppEvent::InsertHistoryCell(cell));
     }
 
     fn submit_user_message(&mut self, user_message: UserMessage) {
@@ -616,7 +635,7 @@ impl ChatWidget {
 
         // Only show the text portion in conversation history.
         if !text.is_empty() {
-            self.add_to_history(&history_cell::new_user_prompt(text.clone()));
+            self.add_to_history(history_cell::new_user_prompt(text.clone()));
         }
     }
 
@@ -692,12 +711,12 @@ impl ChatWidget {
 
     pub(crate) fn add_diff_output(&mut self, diff_output: String) {
         self.bottom_pane.set_task_running(false);
-        self.add_to_history(&history_cell::new_diff_output(diff_output));
+        self.add_to_history(history_cell::new_diff_output(diff_output));
         self.mark_needs_redraw();
     }
 
     pub(crate) fn add_status_output(&mut self) {
-        self.add_to_history(&history_cell::new_status_output(
+        self.add_to_history(history_cell::new_status_output(
             &self.config,
             &self.total_token_usage,
             &self.session_id,
@@ -808,7 +827,7 @@ impl ChatWidget {
 
     pub(crate) fn add_mcp_output(&mut self) {
         if self.config.mcp_servers.is_empty() {
-            self.add_to_history(&history_cell::empty_mcp_output());
+            self.add_to_history(history_cell::empty_mcp_output());
         } else {
             self.submit_op(Op::ListMcpTools);
         }
@@ -856,7 +875,7 @@ impl ChatWidget {
     }
 
     fn on_list_mcp_tools(&mut self, ev: McpListToolsResponseEvent) {
-        self.add_to_history(&history_cell::new_mcp_tools_output(&self.config, ev.tools));
+        self.add_to_history(history_cell::new_mcp_tools_output(&self.config, ev.tools));
     }
 
     /// Programmatically submit a user text message as if typed in the
diff --git a/codex-rs/tui/src/chatwidget/tests.rs b/codex-rs/tui/src/chatwidget/tests.rs
index a7959b1f..42dcddeb 100644
--- a/codex-rs/tui/src/chatwidget/tests.rs
+++ b/codex-rs/tui/src/chatwidget/tests.rs
@@ -150,6 +150,7 @@ fn make_chatwidget_manual() -> (
         interrupts: InterruptManager::new(),
         needs_redraw: false,
         reasoning_buffer: String::new(),
+        full_reasoning_buffer: String::new(),
         session_id: None,
         frame_requester: crate::tui::FrameRequester::test_dummy(),
     };
@@ -161,8 +162,10 @@ fn drain_insert_history(
 ) -> Vec<Vec<ratatui::text::Line<'static>>> {
     let mut out = Vec::new();
     while let Ok(ev) = rx.try_recv() {
-        if let AppEvent::InsertHistory(lines) = ev {
-            out.push(lines);
+        match ev {
+            AppEvent::InsertHistoryLines(lines) => out.push(lines),
+            AppEvent::InsertHistoryCell(cell) => out.push(cell.display_lines()),
+            _ => {}
         }
     }
     out
@@ -336,13 +339,25 @@ async fn binary_size_transcript_matches_ideal_fixture() {
                     let ev: Event = serde_json::from_value(payload.clone()).expect("parse");
                     chat.handle_codex_event(ev);
                     while let Ok(app_ev) = rx.try_recv() {
-                        if let AppEvent::InsertHistory(lines) = app_ev {
-                            transcript.push_str(&lines_to_single_string(&lines));
-                            crate::insert_history::insert_history_lines_to_writer(
-                                &mut terminal,
-                                &mut ansi,
-                                lines,
-                            );
+                        match app_ev {
+                            AppEvent::InsertHistoryLines(lines) => {
+                                transcript.push_str(&lines_to_single_string(&lines));
+                                crate::insert_history::insert_history_lines_to_writer(
+                                    &mut terminal,
+                                    &mut ansi,
+                                    lines,
+                                );
+                            }
+                            AppEvent::InsertHistoryCell(cell) => {
+                                let lines = cell.display_lines();
+                                transcript.push_str(&lines_to_single_string(&lines));
+                                crate::insert_history::insert_history_lines_to_writer(
+                                    &mut terminal,
+                                    &mut ansi,
+                                    lines,
+                                );
+                            }
+                            _ => {}
                         }
                     }
                 }
@@ -353,13 +368,25 @@ async fn binary_size_transcript_matches_ideal_fixture() {
                 {
                     chat.on_commit_tick();
                     while let Ok(app_ev) = rx.try_recv() {
-                        if let AppEvent::InsertHistory(lines) = app_ev {
-                            transcript.push_str(&lines_to_single_string(&lines));
-                            crate::insert_history::insert_history_lines_to_writer(
-                                &mut terminal,
-                                &mut ansi,
-                                lines,
-                            );
+                        match app_ev {
+                            AppEvent::InsertHistoryLines(lines) => {
+                                transcript.push_str(&lines_to_single_string(&lines));
+                                crate::insert_history::insert_history_lines_to_writer(
+                                    &mut terminal,
+                                    &mut ansi,
+                                    lines,
+                                );
+                            }
+                            AppEvent::InsertHistoryCell(cell) => {
+                                let lines = cell.display_lines();
+                                transcript.push_str(&lines_to_single_string(&lines));
+                                crate::insert_history::insert_history_lines_to_writer(
+                                    &mut terminal,
+                                    &mut ansi,
+                                    lines,
+                                );
+                            }
+                            _ => {}
                         }
                     }
                 }
@@ -809,7 +836,7 @@ fn headers_emitted_on_stream_begin_for_answer_and_not_for_reasoning() {
     });
     let mut saw_codex_pre = false;
     while let Ok(ev) = rx.try_recv() {
-        if let AppEvent::InsertHistory(lines) = ev {
+        if let AppEvent::InsertHistoryLines(lines) = ev {
             let s = lines
                 .iter()
                 .flat_map(|l| l.spans.iter())
@@ -837,7 +864,7 @@ fn headers_emitted_on_stream_begin_for_answer_and_not_for_reasoning() {
     chat.on_commit_tick();
     let mut saw_codex_post = false;
     while let Ok(ev) = rx.try_recv() {
-        if let AppEvent::InsertHistory(lines) = ev {
+        if let AppEvent::InsertHistoryLines(lines) = ev {
             let s = lines
                 .iter()
                 .flat_map(|l| l.spans.iter())
@@ -865,7 +892,7 @@ fn headers_emitted_on_stream_begin_for_answer_and_not_for_reasoning() {
     });
     let mut saw_thinking = false;
     while let Ok(ev) = rx2.try_recv() {
-        if let AppEvent::InsertHistory(lines) = ev {
+        if let AppEvent::InsertHistoryLines(lines) = ev {
             let s = lines
                 .iter()
                 .flat_map(|l| l.spans.iter())
diff --git a/codex-rs/tui/src/history_cell.rs b/codex-rs/tui/src/history_cell.rs
index 40623935..8e3a5fb9 100644
--- a/codex-rs/tui/src/history_cell.rs
+++ b/codex-rs/tui/src/history_cell.rs
@@ -1,6 +1,7 @@
 use crate::diff_render::create_diff_summary;
 use crate::exec_command::relativize_to_home;
 use crate::exec_command::strip_bash_lc_and_escape;
+use crate::markdown::append_markdown;
 use crate::slash_command::SlashCommand;
 use crate::text_formatting::format_and_truncate_tool_result;
 use base64::Engine;
@@ -39,7 +40,7 @@ use std::time::Instant;
 use tracing::error;
 use uuid::Uuid;
 
-#[derive(Clone)]
+#[derive(Clone, Debug)]
 pub(crate) struct CommandOutput {
     pub(crate) exit_code: i32,
     pub(crate) stdout: String,
@@ -54,9 +55,13 @@ pub(crate) enum PatchEventType {
 /// Represents an event to display in the conversation history. Returns its
 /// `Vec<Line<'static>>` representation to make it easier to display in a
 /// scrollable list.
-pub(crate) trait HistoryCell {
+pub(crate) trait HistoryCell: std::fmt::Debug + Send + Sync {
     fn display_lines(&self) -> Vec<Line<'static>>;
 
+    fn transcript_lines(&self) -> Vec<Line<'static>> {
+        self.display_lines()
+    }
+
     fn desired_height(&self, width: u16) -> u16 {
         Paragraph::new(Text::from(self.display_lines()))
             .wrap(Wrap { trim: false })
@@ -66,6 +71,7 @@ pub(crate) trait HistoryCell {
     }
 }
 
+#[derive(Debug)]
 pub(crate) struct PlainHistoryCell {
     lines: Vec<Line<'static>>,
 }
@@ -76,6 +82,22 @@ impl HistoryCell for PlainHistoryCell {
     }
 }
 
+#[derive(Debug)]
+pub(crate) struct TranscriptOnlyHistoryCell {
+    lines: Vec<Line<'static>>,
+}
+
+impl HistoryCell for TranscriptOnlyHistoryCell {
+    fn display_lines(&self) -> Vec<Line<'static>> {
+        Vec::new()
+    }
+
+    fn transcript_lines(&self) -> Vec<Line<'static>> {
+        self.lines.clone()
+    }
+}
+
+#[derive(Debug)]
 pub(crate) struct ExecCell {
     pub(crate) command: Vec<String>,
     pub(crate) parsed: Vec<ParsedCommand>,
@@ -101,6 +123,7 @@ impl WidgetRef for &ExecCell {
     }
 }
 
+#[derive(Debug)]
 struct CompletedMcpToolCallWithImageOutput {
     _image: DynamicImage,
 }
@@ -930,6 +953,17 @@ pub(crate) fn new_patch_apply_success(stdout: String) -> PlainHistoryCell {
     PlainHistoryCell { lines }
 }
 
+pub(crate) fn new_reasoning_block(
+    full_reasoning_buffer: String,
+    config: &Config,
+) -> TranscriptOnlyHistoryCell {
+    let mut lines: Vec<Line<'static>> = Vec::new();
+    lines.push(Line::from("thinking".magenta().italic()));
+    append_markdown(&full_reasoning_buffer, &mut lines, config);
+    lines.push(Line::from(""));
+    TranscriptOnlyHistoryCell { lines }
+}
+
 fn output_lines(
     output: Option<&CommandOutput>,
     only_err: bool,
diff --git a/codex-rs/tui/src/session_log.rs b/codex-rs/tui/src/session_log.rs
index 03334f7f..d1dc4532 100644
--- a/codex-rs/tui/src/session_log.rs
+++ b/codex-rs/tui/src/session_log.rs
@@ -143,7 +143,7 @@ pub(crate) fn log_inbound_app_event(event: &AppEvent) {
             LOGGER.write_json_line(value);
         }
         // Internal UI events; still log for fidelity, but avoid heavy payloads.
-        AppEvent::InsertHistory(lines) => {
+        AppEvent::InsertHistoryLines(lines) => {
             let value = json!({
                 "ts": now_ts(),
                 "dir": "to_tui",
@@ -152,6 +152,15 @@ pub(crate) fn log_inbound_app_event(event: &AppEvent) {
             });
             LOGGER.write_json_line(value);
         }
+        AppEvent::InsertHistoryCell(cell) => {
+            let value = json!({
+                "ts": now_ts(),
+                "dir": "to_tui",
+                "kind": "insert_history_cell",
+                "lines": cell.transcript_lines().len(),
+            });
+            LOGGER.write_json_line(value);
+        }
         AppEvent::StartFileSearch(query) => {
             let value = json!({
                 "ts": now_ts(),
diff --git a/codex-rs/tui/src/streaming/controller.rs b/codex-rs/tui/src/streaming/controller.rs
index 050e6154..5fb60e78 100644
--- a/codex-rs/tui/src/streaming/controller.rs
+++ b/codex-rs/tui/src/streaming/controller.rs
@@ -17,7 +17,7 @@ pub(crate) struct AppEventHistorySink(pub(crate) crate::app_event_sender::AppEve
 impl HistorySink for AppEventHistorySink {
     fn insert_history(&self, lines: Vec<Line<'static>>) {
         self.0
-            .send(crate::app_event::AppEvent::InsertHistory(lines))
+            .send(crate::app_event::AppEvent::InsertHistoryLines(lines))
     }
     fn start_commit_animation(&self) {
         self.0
diff --git a/codex-rs/tui/src/user_approval_widget.rs b/codex-rs/tui/src/user_approval_widget.rs
index f55ebba7..deb2c8ff 100644
--- a/codex-rs/tui/src/user_approval_widget.rs
+++ b/codex-rs/tui/src/user_approval_widget.rs
@@ -328,7 +328,7 @@ impl UserApprovalWidget {
             }
         }
         lines.push(Line::from(""));
-        self.app_event_tx.send(AppEvent::InsertHistory(lines));
+        self.app_event_tx.send(AppEvent::InsertHistoryLines(lines));
 
         let op = match &self.approval_request {
             ApprovalRequest::Exec { id, .. } => Op::ExecApproval {