diff --git a/lyra/chat.py b/lyra/chat.py
index a67d43f..431e98b 100644
--- a/lyra/chat.py
+++ b/lyra/chat.py
@@ -69,6 +69,7 @@ def _mind_loop(messages, backend: Backend, model: str | None, tool_specs,
         messages.append(assistant_msg)
         for tc in tool_calls:
             result = toolkit.dispatch(tc["name"], tc["arguments"], ctx)
+            memory.add_tool_event(session_id, tc["name"], tc["arguments"], result)
             logbus.log("info", "tool call", session=session_id, tool=tc["name"], result=result[:80])
             messages.append({"role": "tool", "tool_call_id": tc["id"], "content": result})
             _maybe_switch_mode(session_id, tc["name"])
@@ -99,6 +100,9 @@ def respond(session_id: str, user_msg: str, backend: Backend = "cloud",
     tool_specs = toolkit.specs(turn.mode.tools) if backend in TOOL_BACKENDS else None
     ctx = {"session_id": session_id, "backend": backend}
 
+    # Persist the user turn before the tool loop so its timestamp precedes any
+    # tool events fired mid-turn (keeps the transcript export in true order).
+    memory.remember(session_id, "user", user_msg)
     reply, _ = _mind_loop(messages, backend, model, tool_specs, ctx, session_id)
     mouth = _mouth_target(cfg, backend, model)
     if mouth and reply:
@@ -107,7 +111,6 @@ def respond(session_id: str, user_msg: str, backend: Backend = "cloud",
         reply = _TANGLED
     logbus.log("info", "reply", session=session_id, chars=len(reply), voiced=bool(mouth))
 
-    memory.remember(session_id, "user", user_msg)
     memory.remember(session_id, "assistant", reply)
     summary.maybe_summarize_async(session_id)  # compact once enough new turns pile up
     return reply
@@ -128,6 +131,10 @@ def respond_stream(session_id: str, user_msg: str, backend: Backend = "cloud",
     ctx = {"session_id": session_id, "backend": backend}
     mouth = _mouth_target(cfg, backend, model)
 
+    # Persist the user turn up front (see respond): keeps tool events, which fire
+    # mid-turn, chronologically after the user message in the exported transcript.
+    memory.remember(session_id, "user", user_msg)
+
     if mouth is None:
         # No separate voice: stream the mind directly (the original path, unchanged).
         parts: list[str] = []
@@ -149,6 +156,7 @@ def respond_stream(session_id: str, user_msg: str, backend: Backend = "cloud",
             messages.append(assistant_msg)
             for tc in tool_calls:
                 result = toolkit.dispatch(tc["name"], tc["arguments"], ctx)
+                memory.add_tool_event(session_id, tc["name"], tc["arguments"], result)
                 logbus.log("info", "tool call", session=session_id, tool=tc["name"], result=result[:80])
                 messages.append({"role": "tool", "tool_call_id": tc["id"], "content": result})
                 _maybe_switch_mode(session_id, tc["name"])
@@ -177,7 +185,6 @@ def respond_stream(session_id: str, user_msg: str, backend: Backend = "cloud",
             yield ("delta", reply)
 
     logbus.log("info", "reply", session=session_id, chars=len(reply), voiced=bool(mouth))
-    memory.remember(session_id, "user", user_msg)
     memory.remember(session_id, "assistant", reply)
     summary.maybe_summarize_async(session_id)
     yield ("done", reply)
diff --git a/lyra/memory.py b/lyra/memory.py
index 0b9d633..7d361ad 100644
--- a/lyra/memory.py
+++ b/lyra/memory.py
@@ -29,6 +29,21 @@ CREATE TABLE IF NOT EXISTS exchanges (
 );
 CREATE INDEX IF NOT EXISTS idx_session_created ON exchanges(session_id, created_at);
 
+-- Lyra's actions within a chat: one row per tool call she runs mid-turn. The
+-- exchanges table only holds what was *said* (user/assistant text); this holds
+-- what she *did* (record_hand, log_stack, ...) so a full transcript export can
+-- interleave speech and actions, and so "did the tool actually fire?" is
+-- answerable after the fact instead of only from ephemeral logs.
+CREATE TABLE IF NOT EXISTS tool_events (
+    id INTEGER PRIMARY KEY AUTOINCREMENT,
+    session_id TEXT NOT NULL,
+    tool TEXT NOT NULL,
+    args TEXT,                 -- JSON of the call arguments
+    result TEXT,               -- the tool's returned string
+    created_at TEXT NOT NULL
+);
+CREATE INDEX IF NOT EXISTS idx_tool_events_session ON tool_events(session_id, created_at);
+
 CREATE TABLE IF NOT EXISTS sessions (
     id TEXT PRIMARY KEY,
     name TEXT,
@@ -313,6 +328,40 @@ def history(session_id: str) -> list[Exchange]:
     ]
 
 
+def add_tool_event(session_id: str, tool: str, args, result: str) -> int:
+    """Record one tool call Lyra ran in a chat turn. `args` is JSON-serialized
+    (a dict or already-JSON string); `result` is the tool's returned string."""
+    args_json = args if isinstance(args, str) else json.dumps(args, default=str)
+    now = datetime.now(timezone.utc).isoformat()
+    conn = _connection()
+    with conn:
+        cur = conn.execute(
+            "INSERT INTO tool_events (session_id, tool, args, result, created_at) "
+            "VALUES (?, ?, ?, ?, ?)",
+            (session_id, tool, args_json, result, now),
+        )
+    return int(cur.lastrowid)
+
+
+def tool_events(session_id: str) -> list[dict]:
+    """All tool calls for a session, oldest first. args is parsed back to an object."""
+    conn = _connection()
+    rows = conn.execute(
+        "SELECT id, session_id, tool, args, result, created_at FROM tool_events "
+        "WHERE session_id = ? ORDER BY id ASC",
+        (session_id,),
+    ).fetchall()
+    out = []
+    for r in rows:
+        d = dict(r)
+        try:
+            d["args"] = json.loads(d["args"]) if d["args"] else {}
+        except (TypeError, ValueError):
+            pass  # leave as the raw string if it wasn't JSON
+        out.append(d)
+    return out
+
+
 def delete_session(session_id: str) -> None:
     """Remove a session and all its exchanges."""
     conn = _connection()
@@ -320,6 +369,7 @@ def delete_session(session_id: str) -> None:
         conn.execute("DELETE FROM exchanges WHERE session_id = ?", (session_id,))
         conn.execute("DELETE FROM sessions WHERE id = ?", (session_id,))
         conn.execute("DELETE FROM summaries WHERE session_id = ?", (session_id,))
+        conn.execute("DELETE FROM tool_events WHERE session_id = ?", (session_id,))
 
 
 def recall(query: str, k: int = 5, session_id: str | None = None) -> list[Exchange]:
diff --git a/lyra/transcript.py b/lyra/transcript.py
new file mode 100644
index 0000000..2d505d2
--- /dev/null
+++ b/lyra/transcript.py
@@ -0,0 +1,77 @@
+"""Full-fidelity conversation export: interleave what was *said* (chat exchanges)
+with what Lyra *did* (tool calls) in chronological order.
+
+The chat only ever lives in SQLite (`exchanges` + `tool_events`); this is the one
+place that renders a whole session back out as a portable artifact — Markdown for
+reading / pasting into RTO or another model, JSON for machine reprocessing.
+"""
+from __future__ import annotations
+
+import json
+
+from lyra import clock, memory
+
+# How roles/actions are labeled in the Markdown transcript.
+_SPEAKER = {"user": "Brian", "assistant": "Lyra"}
+
+
+def _merged(session_id: str) -> list[dict]:
+    """Speech + actions for a session, merged oldest-first by wall-clock time."""
+    events: list[dict] = []
+    for e in memory.history(session_id):
+        events.append({"type": "message", "role": e.role, "content": e.content,
+                       "ts": e.created_at})
+    for t in memory.tool_events(session_id):
+        events.append({"type": "tool", "tool": t["tool"], "args": t["args"],
+                       "result": t["result"], "ts": t["created_at"]})
+    # created_at is an ISO string; lexicographic sort == chronological sort.
+    events.sort(key=lambda ev: ev["ts"])
+    return events
+
+
+def _fmt_args(args) -> str:
+    """Compact one-line rendering of a tool call's arguments."""
+    if isinstance(args, dict):
+        return ", ".join(f"{k}={json.dumps(v, default=str)}" for k, v in args.items())
+    return "" if args is None else str(args)
+
+
+def as_markdown(session_id: str, name: str | None = None) -> str:
+    events = _merged(session_id)
+    title = name or session_id
+    lines = [f"# Conversation — {title}",
+             f"_Exported {clock.stamp()} · session `{session_id}` · "
+             f"{len(events)} events_", ""]
+    for ev in events:
+        stamp = clock.short(ev["ts"])
+        if ev["type"] == "message":
+            who = _SPEAKER.get(ev["role"], ev["role"].capitalize())
+            lines.append(f"**{who}** · {stamp}")
+            lines.append((ev["content"] or "").rstrip())
+            lines.append("")
+        else:
+            result = (ev["result"] or "").strip().replace("\n", " ")
+            if len(result) > 200:
+                result = result[:197] + "…"
+            lines.append(f"  ⚙ `{ev['tool']}({_fmt_args(ev['args'])})` → {result}")
+            lines.append("")
+    return "\n".join(lines).rstrip() + "\n"
+
+
+def as_json(session_id: str, name: str | None = None) -> dict:
+    return {
+        "session_id": session_id,
+        "name": name,
+        "exported_at": clock.stamp(),
+        "events": _merged(session_id),
+    }
+
+
+def build(session_id: str, fmt: str = "md", name: str | None = None):
+    """Return (content_str, media_type, filename) for the requested format."""
+    safe = "".join(c if c.isalnum() or c in "-_" else "_" for c in session_id)[:60]
+    if fmt == "json":
+        body = json.dumps(as_json(session_id, name), indent=2, ensure_ascii=False)
+        return body, "application/json", f"lyra_{safe}.json"
+    body = as_markdown(session_id, name)
+    return body, "text/markdown; charset=utf-8", f"lyra_{safe}.md"
diff --git a/lyra/web/server.py b/lyra/web/server.py
index 921f21a..7af398b 100644
--- a/lyra/web/server.py
+++ b/lyra/web/server.py
@@ -18,7 +18,7 @@ from fastapi import FastAPI, Request, Response
 from fastapi.responses import FileResponse, StreamingResponse
 from fastapi.staticfiles import StaticFiles
 
-from lyra import chat, logbus, memory, modes, poker, self_state, summary, thoughts
+from lyra import chat, logbus, memory, modes, poker, self_state, summary, thoughts, transcript
 from lyra.llm import Backend
 
 
@@ -62,6 +62,15 @@ def create_app() -> FastAPI:
     async def get_session(session_id: str) -> list[dict]:
         return [{"role": ex.role, "content": ex.content} for ex in memory.history(session_id)]
 
+    @app.get("/sessions/{session_id}/export")
+    async def export_session(session_id: str, format: str = "md") -> Response:
+        """Full transcript — chat + interleaved tool calls — as Markdown or JSON."""
+        name = next((s["name"] for s in memory.list_sessions() if s["id"] == session_id), None)
+        body, media_type, filename = await asyncio.to_thread(
+            transcript.build, session_id, format, name)
+        return Response(content=body, media_type=media_type,
+                        headers={"Content-Disposition": f'attachment; filename="{filename}"'})
+
     @app.post("/sessions/{session_id}")
     async def save_session(session_id: str, request: Request) -> dict:
         # Messages are already persisted by chat.respond; just ensure the row exists.
diff --git a/lyra/web/static/index.html b/lyra/web/static/index.html
index cc525fc..a0db8ab 100644
--- a/lyra/web/static/index.html
+++ b/lyra/web/static/index.html
@@ -88,6 +88,7 @@
       <select id="sessions"></select>
       <button id="newSessionBtn">➕ New</button>
       <button id="renameSessionBtn">✏️ Rename</button>
+      <button id="exportSessionBtn" title="Download full transcript (chat + tool calls)">⬇ Export</button>
       <button id="thinkingStreamBtn" title="Show live activity log">📜 Live Log</button>
     </div>
 
@@ -987,6 +988,19 @@
 	  addMessage("system", `Session renamed to: ${newName}`);
 	});
 
+	document.getElementById("exportSessionBtn").addEventListener("click", () => {
+	  if (!currentSession) { addMessage("system", "No session to export."); return; }
+	  const fmt = window.confirm("Export as Markdown? (Cancel = JSON)") ? "md" : "json";
+	  // Hitting the download endpoint navigates a hidden anchor so the browser
+	  // saves the file (chat + interleaved tool calls) instead of rendering it.
+	  const a = document.createElement("a");
+	  a.href = `${RELAY_BASE}/sessions/${encodeURIComponent(currentSession)}/export?format=${fmt}`;
+	  a.download = "";
+	  document.body.appendChild(a);
+	  a.click();
+	  a.remove();
+	});
+
       // Settings Modal
       const settingsModal = document.getElementById("settingsModal");
       const settingsBtn = document.getElementById("settingsBtn");
diff --git a/tests/test_transcript.py b/tests/test_transcript.py
new file mode 100644
index 0000000..81e5811
--- /dev/null
+++ b/tests/test_transcript.py
@@ -0,0 +1,82 @@
+"""Conversation export: speech (exchanges) + actions (tool_events) merged in order."""
+from __future__ import annotations
+
+import importlib
+import json
+
+import pytest
+
+
+def _const_embed(texts):
+    return [[1e-6] * 8 for _ in texts]
+
+
+@pytest.fixture
+def mods(tmp_path, monkeypatch):
+    monkeypatch.setenv("LYRA_DB_PATH", str(tmp_path / "test.db"))
+    from lyra import llm
+    monkeypatch.setattr(llm, "embed", _const_embed)
+    import lyra.memory as memory
+    importlib.reload(memory)
+    import lyra.transcript as transcript
+    importlib.reload(transcript)
+    return memory, transcript
+
+
+def _seed(memory):
+    """A turn where Brian narrates a hand and Lyra logs it, then replies."""
+    memory.ensure_session("s1", name="Meadows 1/3")
+    memory.remember("s1", "user", "got it in with a set, he had the flush draw and bricked")
+    memory.add_tool_event("s1", "record_hand", {"result": "won", "pot": 750}, "hand #42 logged")
+    memory.add_tool_event("s1", "log_stack", {"amount": 750, "note": "doubled up"}, "ok")
+    memory.remember("s1", "assistant", "Clean stack-off — logged it to your timeline.")
+
+
+def test_tool_events_roundtrip_parses_args(mods):
+    memory, _ = mods
+    _seed(memory)
+    events = memory.tool_events("s1")
+    assert [e["tool"] for e in events] == ["record_hand", "log_stack"]
+    assert events[0]["args"] == {"result": "won", "pot": 750}   # parsed back to a dict
+    assert events[1]["result"] == "ok"
+
+
+def test_markdown_interleaves_speech_and_actions_in_order(mods):
+    memory, transcript = mods
+    _seed(memory)
+    md = transcript.as_markdown("s1", name="Meadows 1/3")
+    # user message, then both tool calls, then assistant reply — in that order
+    i_user = md.index("got it in with a set")
+    i_hand = md.index("record_hand")
+    i_stack = md.index("log_stack")
+    i_reply = md.index("Clean stack-off")
+    assert i_user < i_hand < i_stack < i_reply
+    assert "**Brian**" in md and "**Lyra**" in md
+    assert "⚙" in md
+
+
+def test_json_export_is_machine_readable(mods):
+    memory, transcript = mods
+    _seed(memory)
+    payload = transcript.as_json("s1", name="Meadows 1/3")
+    assert payload["session_id"] == "s1"
+    types = [e["type"] for e in payload["events"]]
+    assert types == ["message", "tool", "tool", "message"]
+    json.dumps(payload)  # must be serializable
+
+
+def test_build_returns_filename_and_media_type(mods):
+    memory, transcript = mods
+    _seed(memory)
+    body_md, mt_md, fn_md = transcript.build("s1", "md", "Meadows 1/3")
+    body_js, mt_js, fn_js = transcript.build("s1", "json", "Meadows 1/3")
+    assert fn_md.endswith(".md") and "markdown" in mt_md
+    assert fn_js.endswith(".json") and mt_js == "application/json"
+    assert body_md and body_js
+
+
+def test_delete_session_clears_tool_events(mods):
+    memory, _ = mods
+    _seed(memory)
+    memory.delete_session("s1")
+    assert memory.tool_events("s1") == []