diff --git a/src/models-report.ts b/src/models-report.ts
index b784e15a..34d8cafc 100644
--- a/src/models-report.ts
+++ b/src/models-report.ts
@@ -3,7 +3,7 @@ import stripAnsi from 'strip-ansi'
 
 import { codexCredits } from './codex-credits.js'
 import { formatCost, formatTokens } from './format.js'
-import { fallbackRawModelDisplayName, getShortModelName, sanitizeModelForDisplay } from './models.js'
+import { fallbackRawModelDisplayName, getShortModelName, resolveCanonicalModelId, sanitizeModelForDisplay } from './models.js'
 import { getProvider } from './providers/index.js'
 import { CATEGORY_LABELS, type ProjectSummary, type TaskCategory } from './types.js'
 
@@ -28,8 +28,12 @@ export type ModelReportRow = {
   savingsBaselineModel: string
   calls: number
   /// Codex credit consumption (issues #408/#495). null for non-Codex models or
-  /// Codex models without a known credit rate.
+  /// Codex models without a known credit rate. A merged row that mixed rated
+  /// and unrated buckets stores the partial sum of the rated ones.
   credits: number | null
+  /// True when `credits` is a partial sum because some contributing buckets
+  /// had no known credit rate.
+  creditsIncomplete?: boolean
   topCategory?: TaskCategory
   topCategoryCost?: number
   topCategoryShare?: number
@@ -74,9 +78,9 @@ function bucketKey(provider: string, model: string, category: TaskCategory | nul
 
 /// Walks every parsed turn, attributes each assistant call to a
 /// (provider, raw-model, category, agent) bucket, then merges buckets that
-/// resolve to the same provider + display name. Returned rows are keyed by
-/// (provider, display name) by default, plus category under `byTask` or agent
-/// under `byAgent`.
+/// resolve to the same provider + alias-resolved canonical id. Display names
+/// stay cosmetic. Returned rows are keyed by (provider, canonical id) by
+/// default, plus category under `byTask` or agent under `byAgent`.
 ///
 /// Default view: rows sorted by cost descending.
 /// byTask / byAgent view: rows grouped by (provider, model) so the renderer can
@@ -175,11 +179,13 @@ export async function aggregateModels(projects: ProjectSummary[], opts: Aggregat
   for (const bucket of buckets.values()) {
     const meta = await resolveProvider(bucket.provider)
     const modelDisplayName = meta.formatModel(bucket.model)
-    const resolvedKey = bucketKey(bucket.provider, modelDisplayName, bucket.category, bucket.agentType)
-    const displayModelKey = `${bucket.provider} ${modelDisplayName}`
+    const canonicalId = resolveCanonicalModelId(bucket.model)
+    const resolvedKey = bucketKey(bucket.provider, canonicalId, bucket.category, bucket.agentType)
+    const foldKey = `${bucket.provider} ${canonicalId}`
     const total = bucket.inputTokens + bucket.outputTokens + bucket.cacheWriteTokens + bucket.cacheReadTokens
-    // Credits are per raw id (aliases can have different rates). Sum only when
-    // every contributing bucket has a known rate; otherwise the merged row is null.
+    // Credits are per raw id (aliases can have different rates). Sum the
+    // rated buckets and flag the row incomplete when any contributor is
+    // unrated — nulling the whole merge would zero a real menubar total.
     const bucketCredits = bucket.provider === 'codex'
       ? codexCredits(bucket.model, {
           inputTokens: bucket.inputTokens,
@@ -203,10 +209,11 @@ export async function aggregateModels(projects: ProjectSummary[], opts: Aggregat
       existing.costUSD += bucket.costUSD
       existing.savingsUSD += bucket.savingsUSD
       existing.calls += bucket.calls
-      if (bucket.model < existing.model) existing.model = bucket.model
       existing.savingsBaselineModel = resolvedBaseline
-      if (existing.credits === null || bucketCredits === null) existing.credits = null
-      else existing.credits += bucketCredits
+      const existingRated = existing.credits !== null
+      const incomingRated = bucketCredits !== null
+      if (incomingRated) existing.credits = (existing.credits ?? 0) + bucketCredits
+      if (existingRated !== incomingRated) existing.creditsIncomplete = true
     } else {
       rowsByKey.set(resolvedKey, {
         provider: bucket.provider,
@@ -233,18 +240,18 @@ export async function aggregateModels(projects: ProjectSummary[], opts: Aggregat
       foldedRawSeen.add(rawKey)
       const rawCat = perModelCategoryCost.get(rawKey)
       if (rawCat) {
-        let folded = foldedCategoryCost.get(displayModelKey)
+        let folded = foldedCategoryCost.get(foldKey)
         if (!folded) {
           folded = new Map()
-          foldedCategoryCost.set(displayModelKey, folded)
+          foldedCategoryCost.set(foldKey, folded)
         }
         for (const [cat, cost] of rawCat) {
           folded.set(cat, (folded.get(cat) ?? 0) + cost)
         }
       }
       foldedTotalCost.set(
-        displayModelKey,
-        (foldedTotalCost.get(displayModelKey) ?? 0) + (perModelTotalCost.get(rawKey) ?? 0),
+        foldKey,
+        (foldedTotalCost.get(foldKey) ?? 0) + (perModelTotalCost.get(rawKey) ?? 0),
       )
     }
   }
@@ -252,7 +259,7 @@ export async function aggregateModels(projects: ProjectSummary[], opts: Aggregat
   const rows = [...rowsByKey.values()]
   for (const row of rows) {
     if (opts.byTask || opts.byAgent) continue
-    const perCat = foldedCategoryCost.get(`${row.provider} ${row.modelDisplayName}`)
+    const perCat = foldedCategoryCost.get(`${row.provider} ${resolveCanonicalModelId(row.model)}`)
     if (!perCat || perCat.size === 0) continue
     let topCat: TaskCategory = 'general'
     let topCost = -1
@@ -271,8 +278,8 @@ export async function aggregateModels(projects: ProjectSummary[], opts: Aggregat
 
   if (opts.byTask || opts.byAgent) {
     rows.sort((a, b) => {
-      const aTotal = foldedTotalCost.get(`${a.provider} ${a.modelDisplayName}`) ?? 0
-      const bTotal = foldedTotalCost.get(`${b.provider} ${b.modelDisplayName}`) ?? 0
+      const aTotal = foldedTotalCost.get(`${a.provider} ${resolveCanonicalModelId(a.model)}`) ?? 0
+      const bTotal = foldedTotalCost.get(`${b.provider} ${resolveCanonicalModelId(b.model)}`) ?? 0
       if (aTotal !== bTotal) return bTotal - aTotal
       if (a.provider !== b.provider) return a.provider.localeCompare(b.provider)
       if (a.modelDisplayName !== b.modelDisplayName) return a.modelDisplayName.localeCompare(b.modelDisplayName)
@@ -657,6 +664,7 @@ export function renderJson(rows: ModelReportRow[]): string {
       savingsUSD: r.savingsUSD,
       savingsBaselineModel: r.savingsBaselineModel,
       credits: r.credits,
+      creditsIncomplete: r.creditsIncomplete === true,
     })),
     null,
     2,
diff --git a/src/models.ts b/src/models.ts
index 1abbd348..3225686a 100644
--- a/src/models.ts
+++ b/src/models.ts
@@ -616,6 +616,19 @@ function getCanonicalName(model: string): string {
   )
 }
 
+/// Alias-resolved identity for report merge. Display names stay cosmetic —
+/// prefix matches in SHORT_NAMES must not fold distinct SKUs into one row.
+/// Path-form ids (`accounts/fireworks/models/<slug>`, `cline-pass/<slug>`)
+/// peel to the leaf so they share a bucket with the bare slug.
+export function resolveCanonicalModelId(model: string): string {
+  const viaUser = Object.hasOwn(userAliases, model) ? userAliases[model]! : model
+  const aliased = resolveAlias(getCanonicalName(viaUser))
+  if (!aliased.includes('/')) return aliased
+  const leaf = aliased.slice(aliased.lastIndexOf('/') + 1)
+  if (!leaf) return aliased
+  return resolveAlias(getCanonicalName(leaf))
+}
+
 // Namespaces the pricing catalog itself uses, plus the ones below. An unknown
 // `provider/model` must stay unpriced — do not treat `/` as authority. Derived
 // rather than hand-listed so a vendor LiteLLM already knows (`x-ai/`, `qwen/`,
diff --git a/tests/models-report.test.ts b/tests/models-report.test.ts
index 5c933eac..31152156 100644
--- a/tests/models-report.test.ts
+++ b/tests/models-report.test.ts
@@ -8,6 +8,7 @@ import chalk from 'chalk'
 import stripAnsi from 'strip-ansi'
 
 import { aggregateModels, renderTable, renderMarkdown, renderJson, renderCsv, type ModelReportRow } from '../src/models-report.js'
+import { setModelAliases } from '../src/models.js'
 import type {
   ProjectSummary,
   SessionSummary,
@@ -169,6 +170,32 @@ describe('aggregateModels', () => {
     expect(byKey['codex:gpt-5.5']!.credits).toBeCloseTo(887.5, 6)
     expect(byKey['codex:gpt-5']!.credits).toBeNull()
     expect(byKey['claude:claude-sonnet-4-6']!.credits).toBeNull()
+    expect(byKey['codex:gpt-5.5']!.creditsIncomplete).toBeFalsy()
+  })
+
+  it('partial-sums Codex credits when a merge mixes rated and unrated ids', async () => {
+    setModelAliases({ 'codex-house-sku': 'gpt-5.5' })
+    try {
+      const rows = await aggregateModels([makeProject([
+        makeTurn('feature', [
+          makeCall({ provider: 'codex', model: 'gpt-5.5', input: 0, output: 1_000_000, costUSD: 9 }),
+        ]),
+        makeTurn('feature', [
+          makeCall({ provider: 'codex', model: 'codex-house-sku', input: 0, output: 1_000_000, costUSD: 9 }),
+        ]),
+      ])])
+      expect(rows).toHaveLength(1)
+      expect(rows[0]!.model).toBe('gpt-5.5')
+      // gpt-5.5 output is 750 credits/M; the aliased house SKU has no rate.
+      expect(rows[0]!.credits).toBeCloseTo(750, 6)
+      expect(rows[0]!.creditsIncomplete).toBe(true)
+      expect(rows[0]!.calls).toBe(2)
+      const parsed = JSON.parse(renderJson(rows))
+      expect(parsed[0].credits).toBeCloseTo(750, 6)
+      expect(parsed[0].creditsIncomplete).toBe(true)
+    } finally {
+      setModelAliases({})
+    }
   })
 
   it('includes credits in the JSON output', async () => {
@@ -210,20 +237,22 @@ describe('aggregateModels', () => {
     expect(rows[0]!.model).toBe('accounts/fireworks/models/kimi-k2p6')
   })
 
-  it('merges two raw ids that resolve to the same provider + display name', async () => {
+  it('merges two raw ids that resolve to the same alias-resolved canonical id', async () => {
     const rows = await aggregateModels([makeProject([
       makeTurn('testing', [makeCall({
         provider: 'cline-cli', model: 'accounts/fireworks/models/glm-5p2',
         input: 800, output: 67, costUSD: 0.246,
       })]),
       makeTurn('conversation', [makeCall({
-        provider: 'cline-cli', model: 'GLM-5.2',
+        provider: 'cline-cli', model: 'glm-5p2',
         input: 15, output: 1, costUSD: 0.019,
       })]),
     ])])
     expect(rows).toHaveLength(1)
     expect(rows[0]!.provider).toBe('cline-cli')
     expect(rows[0]!.modelDisplayName).toBe('GLM-5.2')
+    // First-seen raw id, not the lexicographically-smallest of the merge.
+    expect(rows[0]!.model).toBe('accounts/fireworks/models/glm-5p2')
     expect(rows[0]!.inputTokens).toBe(815)
     expect(rows[0]!.outputTokens).toBe(68)
     expect(rows[0]!.costUSD).toBeCloseTo(0.265, 6)
@@ -232,24 +261,53 @@ describe('aggregateModels', () => {
     expect(rows[0]!.topCategoryShare).toBeCloseTo(0.246 / 0.265, 3)
   })
 
+  it('does not pick the lexicographically-smallest raw id after a merge', async () => {
+    const rows = await aggregateModels([makeProject([
+      makeTurn('feature', [makeCall({ provider: 'codex', model: 'kimi-k3', costUSD: 2 })]),
+      makeTurn('feature', [makeCall({ provider: 'codex', model: 'k3', costUSD: 1 })]),
+    ])])
+    expect(rows).toHaveLength(1)
+    expect(rows[0]!.model).toBe('kimi-k3')
+    expect(rows[0]!.modelDisplayName).toBe('Kimi K3')
+    expect(rows[0]!.calls).toBe(2)
+  })
+
+  it('does not merge same-provider ids that only share a display name', async () => {
+    const rows = await aggregateModels([makeProject([
+      makeTurn('feature', [makeCall({ provider: 'codex', model: 'gpt-5', costUSD: 3 })]),
+      makeTurn('feature', [makeCall({ provider: 'codex', model: 'gpt-5-untracked-xyz', costUSD: 1 })]),
+      makeTurn('feature', [makeCall({ provider: 'cline-cli', model: 'glm-5p2', costUSD: 1 })]),
+      makeTurn('feature', [makeCall({ provider: 'cline-cli', model: 'GLM-5.2', costUSD: 2 })]),
+    ])])
+    const codex = rows.filter(r => r.provider === 'codex')
+    expect(codex).toHaveLength(2)
+    expect(codex.every(r => r.modelDisplayName === 'GPT-5')).toBe(true)
+    expect(new Set(codex.map(r => r.model))).toEqual(new Set(['gpt-5', 'gpt-5-untracked-xyz']))
+
+    const cline = rows.filter(r => r.provider === 'cline-cli')
+    expect(cline).toHaveLength(2)
+    expect(cline.every(r => r.modelDisplayName === 'GLM-5.2')).toBe(true)
+    expect(new Set(cline.map(r => r.model))).toEqual(new Set(['glm-5p2', 'GLM-5.2']))
+  })
+
   it('clears a merged savings baseline when three raw ids disagree', async () => {
     const rows = await aggregateModels([makeProject([
       makeTurn('feature', [makeCall({
-        provider: 'cline-cli', model: 'glm-5p2',
+        provider: 'codex', model: 'k3',
         costUSD: 1, savingsUSD: 2, savingsBaselineModel: 'gpt-4o',
       })]),
       makeTurn('feature', [makeCall({
-        provider: 'cline-cli', model: 'GLM-5.2',
+        provider: 'codex', model: 'kimi-k3',
         costUSD: 1, savingsUSD: 2, savingsBaselineModel: 'claude-sonnet-4-6',
       })]),
       makeTurn('feature', [makeCall({
-        provider: 'cline-cli', model: 'accounts/fireworks/models/glm-5p2',
+        provider: 'codex', model: 'k3-agent',
         costUSD: 1, savingsUSD: 2, savingsBaselineModel: 'gpt-5',
       })]),
     ])])
     expect(rows).toHaveLength(1)
-    expect(rows[0]!.provider).toBe('cline-cli')
-    expect(rows[0]!.modelDisplayName).toBe('GLM-5.2')
+    expect(rows[0]!.provider).toBe('codex')
+    expect(rows[0]!.modelDisplayName).toBe('Kimi K3')
     expect(rows[0]!.savingsUSD).toBe(6)
     expect(rows[0]!.savingsBaselineModel).toBe('')
     expect(rows[0]!.calls).toBe(3)
diff --git a/tests/models.test.ts b/tests/models.test.ts
index b644b784..c9dcba48 100644
--- a/tests/models.test.ts
+++ b/tests/models.test.ts
@@ -7,6 +7,7 @@ import {
   findUnpricedModels,
   getModelCosts,
   getShortModelName,
+  resolveCanonicalModelId,
   calculateCost,
   loadPricing,
   setModelAliases,
@@ -123,6 +124,22 @@ describe('getModelCosts', () => {
   })
 })
 
+describe('resolveCanonicalModelId', () => {
+  it('aliases, peels path-form ids, and leaves display-only collisions distinct', () => {
+    expect(resolveCanonicalModelId('k3')).toBe('kimi-k3')
+    expect(resolveCanonicalModelId('k3-agent')).toBe('kimi-k3')
+    expect(resolveCanonicalModelId('kimi-k3')).toBe('kimi-k3')
+    expect(resolveCanonicalModelId('accounts/fireworks/models/glm-5p2')).toBe('glm-5p2')
+    expect(resolveCanonicalModelId('glm-5p2')).toBe('glm-5p2')
+    expect(resolveCanonicalModelId('GLM-5.2')).toBe('glm-5p1')
+    expect(resolveCanonicalModelId('gpt-5-fast')).toBe('gpt-5')
+    expect(resolveCanonicalModelId('gpt-5-untracked-xyz')).toBe('gpt-5-untracked-xyz')
+    expect(resolveCanonicalModelId('claude-opus-4.6')).toBe('claude-opus-4-6')
+    expect(resolveCanonicalModelId('kimi-code')).toBe('kimi-k2-thinking')
+    expect(resolveCanonicalModelId('cline-pass/kimi-k3')).toBe('kimi-k3')
+  })
+})
+
 describe('getShortModelName', () => {
   it('maps gpt-4o-mini correctly (not gpt-4o)', () => {
     expect(getShortModelName('gpt-4o-mini-2024-07-18')).toBe('GPT-4o Mini')