diff --git a/gateway/slash_commands_session.py b/gateway/slash_commands_session.py
index 4e580dc768..bfdb3cb730 100644
--- a/gateway/slash_commands_session.py
+++ b/gateway/slash_commands_session.py
@@ -708,7 +708,8 @@ class GatewaySessionCommandsMixin:
         """Handle /save — export the current session and send it as a document."""
         import tempfile
         from hermes_cli.session_export import (
-            SAVE_USAGE, default_save_filename, normalize_save_format, render_session_for_save)
+            SAVE_TRANSCRIPT_FORMATS, SAVE_USAGE, default_save_filename, normalize_save_format,
+            render_session_for_save)
 
         parts = event.get_command_args().split()
         redact = bool(parts) and parts[-1].lower() in ("redact", "--redact")
@@ -729,7 +730,7 @@ class GatewaySessionCommandsMixin:
         # Never trust path separators from chat input; the filename is only echoed to the platform.
         filename = parts[1] if len(parts) > 1 else default_save_filename(session_id, fmt)
         filename = os.path.basename(filename) or default_save_filename(session_id, fmt)
-        export_data = await self._session_db.export_session(session_id)
+        export_data = await self._session_db.export_session(session_id, include_compacted=fmt in SAVE_TRANSCRIPT_FORMATS)
         if not export_data:
             return f"No stored messages found for this session ({session_id})."
         if redact:
diff --git a/hermes_cli/cli_session_mixin.py b/hermes_cli/cli_session_mixin.py
index 8be28c7ca8..f785283881 100644
--- a/hermes_cli/cli_session_mixin.py
+++ b/hermes_cli/cli_session_mixin.py
@@ -626,7 +626,7 @@ class CLISessionMixin:
         """
         from cli import datetime
         from hermes_cli.session_export import (
-            SAVE_USAGE, normalize_save_format, render_session_for_save)
+            SAVE_TRANSCRIPT_FORMATS, SAVE_USAGE, normalize_save_format, render_session_for_save)
 
         parts = cmd.split()[1:]
         redact = bool(parts) and parts[-1].lower() in ("redact", "--redact")
@@ -650,7 +650,7 @@ class CLISessionMixin:
         _sid = getattr(self, "session_id", None)
         if _db and _sid:
             try:
-                session_data = _db.export_session(_sid)
+                session_data = _db.export_session(_sid, include_compacted=fmt in SAVE_TRANSCRIPT_FORMATS)
             except Exception:
                 session_data = None
         if not session_data:
diff --git a/hermes_cli/session_export.py b/hermes_cli/session_export.py
index 819d6e8fff..188ba4ca8b 100644
--- a/hermes_cli/session_export.py
+++ b/hermes_cli/session_export.py
@@ -207,6 +207,9 @@ def _fenced_text(text: str, *, language: str = "text") -> str:
 # --- Current-session save helper (shared by CLI /save and gateway /save) ---
 
 SAVE_FORMATS = ("json", "md", "html")
+# Transcripts show what the user sees, compaction-archived turns included. JSON stays the live rows that
+# import_sessions restores: it would replay archived turns as live context.
+SAVE_TRANSCRIPT_FORMATS = frozenset({"md", "html"})
 
 SAVE_USAGE = """/save — export the current session to a file
 Usage: /save <format> [filename] [redact]
diff --git a/hermes_cli/sessions_cmd.py b/hermes_cli/sessions_cmd.py
index 1778f5dce9..4488d221cf 100644
--- a/hermes_cli/sessions_cmd.py
+++ b/hermes_cli/sessions_cmd.py
@@ -332,11 +332,15 @@ def _cmd_export(db, args):
         from hermes_cli.session_export_md import redact_session_data
         return redact_session_data(data)
 
+    # HTML and --only are read by people, so they carry the turns in-place compaction archived; JSONL stays the
+    # live rows import_sessions restores.
+    shown = args.format == "html" or bool(getattr(args, "only", None))
+
     def _collect_sessions():
         """--session-id / filters / bare export -> redacted session dicts, or None after printing an error."""
         if args.session_id:
             resolved = db.resolve_session_id(args.session_id)
-            data = _redact(db.export_session(resolved)) if resolved else None
+            data = _redact(db.export_session(resolved, include_compacted=shown)) if resolved else None
             if not data:
                 _not_found(args.session_id)
                 return None
@@ -345,10 +349,10 @@ def _cmd_export(db, args):
             candidates = db.list_prune_candidates(**filters)
             if args.dry_run:
                 return _print_dry_run_preview(candidates, filters)
-            return [s for s in (_redact(db.export_session(row["id"])) for row in candidates) if s]
+            return [s for s in (_redact(db.export_session(row["id"], include_compacted=shown)) for row in candidates) if s]
         if args.dry_run:
             return print("--dry-run requires at least one filter.")
-        return [_redact(s) for s in db.export_all(source=None)]
+        return [_redact(s) for s in db.export_all(source=None, include_compacted=shown)]
     if getattr(args, "only", None):
         return _export_flat("only", args, _collect_sessions)
     if args.format == "trace":
@@ -472,7 +476,10 @@ def _export_markdown(db, args, filters, redact):
     output_dir = _export_dir(args.output)
 
     def _export_one(session_id: str, *, include_lineage: bool = False):
-        data = db.export_session_lineage(session_id) if include_lineage else db.export_session(session_id)
+        # The history the user sees, not only the live rows: in-place compaction archives earlier turns under
+        # the same id, and --delete-after-verified removes every row of it.
+        export = db.export_session_lineage if include_lineage else db.export_session
+        data = export(session_id, include_compacted=True)
         if not data:
             return None, None
         data = redact(data)
@@ -538,6 +545,14 @@ def _export_markdown_single(db, args, export_one, output_dir, lineage_is_logical
         return
     for data, exported_path in exported_items:
         ok, reason = verify_export_file(exported_path, data)
+        # The file only proves it matches the dict it was written from; the delete removes what the store holds
+        # now, so re-count the store just before it (like the adoption retire loop, outside its transaction).
+        exported = len(data.get("messages") or [])
+        shown = sum(len(db.get_messages(sid, include_compacted=True))
+                    for sid in data.get("lineage_session_ids") or [data["id"]])
+        if ok and shown != exported:
+            ok, reason = False, (f"the session changed after it was exported ({shown} messages now, {exported} in "
+                                 "the file); run the export again")
         if not ok:
             print(f"Export verification failed; not deleting session '{data.get('id')}': {reason}")
             return
diff --git a/hermes_state_portability.py b/hermes_state_portability.py
index 147c34abd1..8e18e70ee4 100644
--- a/hermes_state_portability.py
+++ b/hermes_state_portability.py
@@ -276,21 +276,23 @@ class SessionPortabilityMixin:
 
     # ── Export ─────────────────────────────────────────────────────────────
 
-    def _with_messages(self, session: Dict[str, Any]) -> Dict[str, Any]:
-        messages = self.get_messages(session["id"])
+    def _with_messages(self, session: Dict[str, Any], include_compacted: bool = False) -> Dict[str, Any]:
+        messages = self.get_messages(session["id"], include_compacted=include_compacted)
         return {**session, "messages": messages, "timings": _export_timings(messages, session["id"])}
 
-    def export_session(self, session_id: str) -> Optional[Dict[str, Any]]:
-        """Export a single session with all its messages as a dict."""
+    def export_session(self, session_id: str, include_compacted: bool = False) -> Optional[Dict[str, Any]]:
+        """Export a single session with all its messages as a dict. ``include_compacted`` adds the turns
+        in-place compaction archived (the history the user still sees); it stays off for payloads that go
+        back through :meth:`import_sessions`, which would insert those turns as live context."""
         session = self.get_session(session_id)
-        return self._with_messages(session) if session else None
+        return self._with_messages(session, include_compacted) if session else None
 
-    def export_session_lineage(self, session_id: str) -> Optional[Dict[str, Any]]:
-        """Export a compression lineage as one logical session dict."""
+    def export_session_lineage(self, session_id: str, include_compacted: bool = False) -> Optional[Dict[str, Any]]:
+        """Export a compression lineage as one logical session dict (``include_compacted`` as in :meth:`export_session`)."""
         lineage_ids = self.get_compression_lineage(session_id)
         if not lineage_ids:
             return None
-        segments = [seg for seg in map(self.export_session, lineage_ids) if seg]
+        segments = [seg for seg in (self.export_session(sid, include_compacted) for sid in lineage_ids) if seg]
         if not segments:
             return None
         messages = [msg for seg in segments for msg in (seg.get("messages") or [])]
@@ -300,9 +302,12 @@ class SessionPortabilityMixin:
             "messages": messages, "timings": _export_timings(messages, session_id),
         }
 
-    def export_all(self, source: str = None) -> List[Dict[str, Any]]:
-        """Export all sessions (with messages) as dicts, e.g. for JSONL backup."""
+    def export_all(self, source: str = None, include_compacted: bool = False) -> List[Dict[str, Any]]:
+        """Export all sessions (with messages) as dicts, e.g. for JSONL backup (``include_compacted`` as in
+        :meth:`export_session`; that display read dedupes per session, so it skips the batched read)."""
         sessions = self.search_sessions(source=source, limit=100000)
+        if include_compacted:
+            return [self._with_messages(session, True) for session in sessions]
         messages_by_session = {session["id"]: [] for session in sessions}
         session_ids = list(messages_by_session)
         # Stay below SQLite's legacy 999-variable limit while replacing the per-session N+1 reads.
diff --git a/tests/hermes_cli/test_save_transcript_history.py b/tests/hermes_cli/test_save_transcript_history.py
new file mode 100644
index 0000000000..a296b43ba4
--- /dev/null
+++ b/tests/hermes_cli/test_save_transcript_history.py
@@ -0,0 +1,67 @@
+"""/save md|html is a transcript: after in-place compaction it still holds every turn the chat shows.
+/save json stays the live rows import_sessions restores."""
+import asyncio
+from datetime import datetime
+from types import SimpleNamespace
+from unittest.mock import AsyncMock, MagicMock
+
+import pytest
+
+
+def _compacted_store(path):
+    from hermes_state import SessionDB
+
+    db = SessionDB(db_path=path)
+    db.create_session("s1", "telegram")
+    for i in range(1, 7):
+        db.append_message("s1", "user", f"question {i}")
+        db.append_message("s1", "assistant", f"answer {i}")
+    tail = [{"role": "user", "content": "question 6"}, {"role": "assistant", "content": "answer 6"}]
+    db.archive_and_compact("s1", [{"role": "user", "content": "[CONTEXT COMPACTION] summary"}, *tail],
+                           watermark=db.get_active_message_watermark("s1"), tail_count=len(tail))
+    return db
+
+
+def _cli_save(db, fmt, out):
+    import cli
+
+    stub = SimpleNamespace(_session_db=db, session_id="s1", conversation_history=[], model="m",
+                           session_start=datetime(2026, 1, 1))
+    cli.HermesCLI.save_conversation(stub, f"/save {fmt} {out}")
+    return out.read_text(encoding="utf-8")
+
+
+def _gateway_save(db, fmt, out):
+    from gateway.config import Platform
+    from gateway.platforms.event import MessageEvent
+    from gateway.run import GatewayRunner
+    from gateway.session import SessionEntry, SessionSource, build_session_key
+    from hermes_state import AsyncSessionDB
+
+    source = SessionSource(platform=Platform.TELEGRAM, user_id="u1", chat_id="c1", user_name="t", chat_type="dm")
+    runner = object.__new__(GatewayRunner)
+    delivered = {}
+    adapter = MagicMock()
+    adapter.send_document = AsyncMock(side_effect=lambda **kw: delivered.update(
+        text=open(kw["file_path"], encoding="utf-8").read()))
+    runner.adapters, runner._profile_adapters = {Platform.TELEGRAM: adapter}, {}
+    runner.session_store = MagicMock()
+    runner.session_store.get_or_create_session.return_value = SessionEntry(
+        session_key=build_session_key(source), session_id="s1", created_at=datetime.now(),
+        updated_at=datetime.now(), platform=Platform.TELEGRAM, chat_type="dm")
+    runner._session_db = AsyncSessionDB(db)
+    event = MessageEvent(text=f"/save {fmt} {out.name}", source=source, message_id="m1")
+    assert asyncio.run(runner._handle_save_command(event)) == "Export complete."
+    return delivered["text"]
+
+
+@pytest.mark.parametrize("save", [_cli_save, _gateway_save], ids=["cli", "gateway"])
+@pytest.mark.parametrize("fmt, expected", [("md", 6), ("html", 6), ("json", 1)])
+def test_save_transcript_holds_every_turn_the_chat_shows(tmp_path, monkeypatch, save, fmt, expected):
+    monkeypatch.setenv("HERMES_HOME", str(tmp_path))
+    db = _compacted_store(tmp_path / "state.db")
+    try:
+        text = save(db, fmt, tmp_path / f"saved.{fmt}")
+    finally:
+        db.close()
+    assert sum(f"answer {i}" in text for i in range(1, 7)) == expected
diff --git a/tests/hermes_cli/test_session_export.py b/tests/hermes_cli/test_session_export.py
index 4e76e84f57..cc2e3990f5 100644
--- a/tests/hermes_cli/test_session_export.py
+++ b/tests/hermes_cli/test_session_export.py
@@ -106,7 +106,7 @@ def test_sessions_export_cli_prompt_only_stdout(monkeypatch, capsys):
             captured["resolved_from"] = session_id
             return "sess-123"
 
-        def export_session(self, session_id):
+        def export_session(self, session_id, include_compacted=False):
             captured["exported"] = session_id
             return _sample_session()
 
diff --git a/tests/hermes_cli/test_sessions_export_md_cli.py b/tests/hermes_cli/test_sessions_export_md_cli.py
index 3c2048b435..36c855fd2f 100644
--- a/tests/hermes_cli/test_sessions_export_md_cli.py
+++ b/tests/hermes_cli/test_sessions_export_md_cli.py
@@ -1,5 +1,7 @@
 import sys
 
+import pytest
+
 
 def test_sessions_export_md_writes_single_session(monkeypatch, tmp_path, capsys):
     import hermes_cli.main as main_mod
@@ -12,7 +14,7 @@ def test_sessions_export_md_writes_single_session(monkeypatch, tmp_path, capsys)
             captured["resolved_from"] = session_id
             return "20260706_123456_abcd1234"
 
-        def export_session(self, session_id):
+        def export_session(self, session_id, include_compacted=False):
             captured["exported"] = session_id
             return {
                 "id": session_id,
@@ -74,7 +76,7 @@ def test_sessions_export_redact_scrubs_secrets(monkeypatch, tmp_path):
         def resolve_session_id(self, session_id):
             return "s1"
 
-        def export_session(self, session_id):
+        def export_session(self, session_id, include_compacted=False):
             return {
                 "id": "s1",
                 "title": "Redact",
@@ -101,3 +103,110 @@ def test_sessions_export_redact_scrubs_secrets(monkeypatch, tmp_path):
     text = next(tmp_path.glob("*.md")).read_text(encoding="utf-8")
     assert secret not in text
     assert "api key:" in text
+
+
+def _real_store(monkeypatch, tmp_path):
+    """Point the CLI's SessionDB at one real file; returns an opener for the test's own handles."""
+    import hermes_state
+
+    real_session_db = hermes_state.SessionDB
+    db_path = tmp_path / "state.db"
+
+    class _StoreAtTmp(real_session_db):
+        def __init__(self, *args, **kwargs):
+            super().__init__(db_path=db_path)
+
+    monkeypatch.setattr(hermes_state, "SessionDB", _StoreAtTmp)
+    return _StoreAtTmp
+
+
+def _seed_six_turns(open_db, session_id, *, compact):
+    db = open_db()
+    try:
+        db.create_session(session_id, "cli")
+        for i in range(1, 7):
+            db.append_message(session_id, "user", f"question {i}")
+            db.append_message(session_id, "assistant", f"answer {i}")
+        if compact:
+            # Default in-place compaction, production shape: watermark from compression start, last turn carried.
+            watermark = db.get_active_message_watermark(session_id)
+            tail = [{"role": "user", "content": "question 6"}, {"role": "assistant", "content": "answer 6"}]
+            db.archive_and_compact(session_id, [{"role": "user", "content": "[CONTEXT COMPACTION] summary"}, *tail],
+                                   watermark=watermark, tail_count=len(tail))
+    finally:
+        db.close()
+
+
+def _export_and_delete(monkeypatch, out_dir, session_id, *extra):
+    import hermes_cli.main as main_mod
+
+    monkeypatch.setattr(sys, "argv", [
+        "hermes", "sessions", "export", "--format", "md", "--session-id", session_id,
+        "--delete-after-verified", "--yes", *extra, str(out_dir),
+    ])
+    main_mod.main()
+
+
+@pytest.mark.parametrize("lineage", ["single", "logical"])
+def test_delete_after_verified_exports_the_turns_in_place_compaction_archived(monkeypatch, tmp_path, capsys, lineage):
+    open_db = _real_store(monkeypatch, tmp_path)
+    _seed_six_turns(open_db, "s1", compact=True)
+
+    _export_and_delete(monkeypatch, tmp_path / "out", "s1", "--lineage", lineage)
+
+    text = next((tmp_path / "out").glob("*.md")).read_text(encoding="utf-8")
+    assert [f"answer {i}" in text for i in range(1, 7)] == [True] * 6
+    assert "Deleted exported session 's1'." in capsys.readouterr().out
+    db = open_db()
+    try:
+        assert db.get_session("s1") is None
+    finally:
+        db.close()
+
+
+def test_delete_after_verified_keeps_a_session_that_gained_a_message_after_the_export(monkeypatch, tmp_path, capsys):
+    import hermes_cli.session_export_md as session_export_md
+
+    open_db = _real_store(monkeypatch, tmp_path)
+    _seed_six_turns(open_db, "s1", compact=False)
+    write_session_markdown = session_export_md.write_session_markdown
+
+    def write_then_a_turn_lands(*args, **kwargs):
+        path = write_session_markdown(*args, **kwargs)
+        writer = open_db()
+        try:
+            writer.append_message("s1", "user", "sent after the export was read")
+        finally:
+            writer.close()
+        return path
+
+    monkeypatch.setattr(session_export_md, "write_session_markdown", write_then_a_turn_lands)
+    _export_and_delete(monkeypatch, tmp_path / "out", "s1")
+
+    assert "Export verification failed; not deleting session 's1'" in capsys.readouterr().out
+    db = open_db()
+    try:
+        assert db.get_messages("s1")[-1]["content"] == "sent after the export was read"
+    finally:
+        db.close()
+
+
+@pytest.mark.parametrize("argv, marker, expected", [
+    pytest.param(["--format", "html", "--session-id", "s1"], "answer", 6, id="html"),
+    pytest.param(["--format", "html"], "answer", 6, id="html-every-session"),
+    pytest.param(["--format", "md", "--only", "user-prompts", "--session-id", "s1"], "question", 6, id="only-prompts"),
+    # The importable payload keeps the live rows: import_sessions would replay archived turns as live context.
+    pytest.param(["--format", "jsonl", "--session-id", "s1"], "answer", 1, id="jsonl-live-only"),
+])
+def test_human_readable_exports_carry_the_turns_in_place_compaction_archived(
+        monkeypatch, tmp_path, argv, marker, expected):
+    import hermes_cli.main as main_mod
+
+    open_db = _real_store(monkeypatch, tmp_path)
+    _seed_six_turns(open_db, "s1", compact=True)
+    out = tmp_path / "export.out"
+    monkeypatch.setattr(sys, "argv", ["hermes", "sessions", "export", *argv, str(out)])
+    main_mod.main()
+
+    text = out.read_text(encoding="utf-8")
+    assert sum(f"{marker} {i}" in text for i in range(1, 7)) == expected
diff --git a/tests/hermes_cli/test_sessions_export_output_dir.py b/tests/hermes_cli/test_sessions_export_output_dir.py
index f2d26ee264..42f1f965d6 100644
--- a/tests/hermes_cli/test_sessions_export_output_dir.py
+++ b/tests/hermes_cli/test_sessions_export_output_dir.py
@@ -11,7 +11,7 @@ class _FakeDB:
     def resolve_session_id(self, session_id):
         return "sess-123"
 
-    def export_session(self, session_id):
+    def export_session(self, session_id, include_compacted=False):
         return {"id": "sess-123", "source": "cli", "messages": [{"role": "user", "content": "hi"}]}
 
     def close(self):
diff --git a/website/docs/user-guide/sessions.md b/website/docs/user-guide/sessions.md
index 08a7f887ea..10531c2004 100644
--- a/website/docs/user-guide/sessions.md
+++ b/website/docs/user-guide/sessions.md
@@ -456,7 +456,7 @@ hermes sessions export --format md --model sonnet --min-messages 50 --redact
 hermes sessions export --format md --session-id 20250305_091523_a1b2c3d4 --delete-after-verified --yes
 ```
 
-Markdown/QMD export writes one `.md` or `.qmd` file per exported session plus a `manifest.jsonl` with the file path, message count, lineage ids, and SHA-256. Bulk export requires at least one filter; a bare bulk export is refused. `--delete-after-verified` is intentionally limited to `--session-id` and requires `--yes`. Because deleting a parent session also removes its delegate/subagent sessions, this mode exports and verifies each delegate in a separate file before deleting anything. If the delegate set changes during export, deletion is refused. `--redact` scrubs secrets (API keys, tokens, credentials) from message content and tool output before writing — recommended for any export you plan to share.
+Markdown/QMD export writes one `.md` or `.qmd` file per exported session plus a `manifest.jsonl` with the file path, message count, lineage ids, and SHA-256. Bulk export requires at least one filter; a bare bulk export is refused. `--delete-after-verified` is intentionally limited to `--session-id` and requires `--yes`. Because deleting a parent session also removes its delegate/subagent sessions, this mode exports and verifies each delegate in a separate file before deleting anything. If the delegate set changes during export, deletion is refused. Markdown/QMD files hold the full history you see in the session, including turns that in-place compaction summarized away, and deletion is also refused if a session's message count no longer matches its file. The same holds for `--format html`, `--only user-prompts` and `/save md` or `/save html`; JSON and JSONL exports carry only the live rows, because importing them would restore the summarized turns as live context. `--redact` scrubs secrets (API keys, tokens, credentials) from message content and tool output before writing — recommended for any export you plan to share.
 
 ### Delete a Session