diff --git a/codex-rs/core/src/exec.rs b/codex-rs/core/src/exec.rs
index 275f2fb85..ea23cb121 100644
--- a/codex-rs/core/src/exec.rs
+++ b/codex-rs/core/src/exec.rs
@@ -312,20 +312,7 @@ async fn exec_windows_sandbox(
         text: stderr_text,
         truncated_after_lines: None,
     };
-    // Best-effort aggregate: stdout then stderr (capped).
-    let mut aggregated = Vec::with_capacity(
-        stdout
-            .text
-            .len()
-            .saturating_add(stderr.text.len())
-            .min(EXEC_OUTPUT_MAX_BYTES),
-    );
-    append_capped(&mut aggregated, &stdout.text, EXEC_OUTPUT_MAX_BYTES);
-    append_capped(&mut aggregated, &stderr.text, EXEC_OUTPUT_MAX_BYTES);
-    let aggregated_output = StreamOutput {
-        text: aggregated,
-        truncated_after_lines: None,
-    };
+    let aggregated_output = aggregate_output(&stdout, &stderr);
 
     Ok(RawExecToolCallOutput {
         exit_status,
@@ -519,6 +506,39 @@ fn append_capped(dst: &mut Vec<u8>, src: &[u8], max_bytes: usize) {
     dst.extend_from_slice(&src[..take]);
 }
 
+fn aggregate_output(
+    stdout: &StreamOutput<Vec<u8>>,
+    stderr: &StreamOutput<Vec<u8>>,
+) -> StreamOutput<Vec<u8>> {
+    let total_len = stdout.text.len().saturating_add(stderr.text.len());
+    let max_bytes = EXEC_OUTPUT_MAX_BYTES;
+    let mut aggregated = Vec::with_capacity(total_len.min(max_bytes));
+
+    if total_len <= max_bytes {
+        aggregated.extend_from_slice(&stdout.text);
+        aggregated.extend_from_slice(&stderr.text);
+        return StreamOutput {
+            text: aggregated,
+            truncated_after_lines: None,
+        };
+    }
+
+    // Under contention, reserve 1/3 for stdout and 2/3 for stderr; rebalance unused stderr to stdout.
+    let want_stdout = stdout.text.len().min(max_bytes / 3);
+    let want_stderr = stderr.text.len();
+    let stderr_take = want_stderr.min(max_bytes.saturating_sub(want_stdout));
+    let remaining = max_bytes.saturating_sub(want_stdout + stderr_take);
+    let stdout_take = want_stdout + remaining.min(stdout.text.len().saturating_sub(want_stdout));
+
+    aggregated.extend_from_slice(&stdout.text[..stdout_take]);
+    aggregated.extend_from_slice(&stderr.text[..stderr_take]);
+
+    StreamOutput {
+        text: aggregated,
+        truncated_after_lines: None,
+    }
+}
+
 #[derive(Clone, Debug)]
 pub struct ExecToolCallOutput {
     pub exit_code: i32,
@@ -683,20 +703,7 @@ async fn consume_truncated_output(
         Duration::from_millis(IO_DRAIN_TIMEOUT_MS),
     )
     .await?;
-    // Best-effort aggregate: stdout then stderr (capped).
-    let mut aggregated = Vec::with_capacity(
-        stdout
-            .text
-            .len()
-            .saturating_add(stderr.text.len())
-            .min(EXEC_OUTPUT_MAX_BYTES),
-    );
-    append_capped(&mut aggregated, &stdout.text, EXEC_OUTPUT_MAX_BYTES);
-    append_capped(&mut aggregated, &stderr.text, EXEC_OUTPUT_MAX_BYTES * 2);
-    let aggregated_output = StreamOutput {
-        text: aggregated,
-        truncated_after_lines: None,
-    };
+    let aggregated_output = aggregate_output(&stdout, &stderr);
 
     Ok(RawExecToolCallOutput {
         exit_status,
@@ -771,6 +778,7 @@ fn synthetic_exit_status(code: i32) -> ExitStatus {
 #[cfg(test)]
 mod tests {
     use super::*;
+    use pretty_assertions::assert_eq;
     use std::time::Duration;
     use tokio::io::AsyncWriteExt;
 
@@ -846,6 +854,85 @@ mod tests {
         assert_eq!(out.text.len(), EXEC_OUTPUT_MAX_BYTES);
     }
 
+    #[test]
+    fn aggregate_output_prefers_stderr_on_contention() {
+        let stdout = StreamOutput {
+            text: vec![b'a'; EXEC_OUTPUT_MAX_BYTES],
+            truncated_after_lines: None,
+        };
+        let stderr = StreamOutput {
+            text: vec![b'b'; EXEC_OUTPUT_MAX_BYTES],
+            truncated_after_lines: None,
+        };
+
+        let aggregated = aggregate_output(&stdout, &stderr);
+        let stdout_cap = EXEC_OUTPUT_MAX_BYTES / 3;
+        let stderr_cap = EXEC_OUTPUT_MAX_BYTES.saturating_sub(stdout_cap);
+
+        assert_eq!(aggregated.text.len(), EXEC_OUTPUT_MAX_BYTES);
+        assert_eq!(aggregated.text[..stdout_cap], vec![b'a'; stdout_cap]);
+        assert_eq!(aggregated.text[stdout_cap..], vec![b'b'; stderr_cap]);
+    }
+
+    #[test]
+    fn aggregate_output_fills_remaining_capacity_with_stderr() {
+        let stdout_len = EXEC_OUTPUT_MAX_BYTES / 10;
+        let stdout = StreamOutput {
+            text: vec![b'a'; stdout_len],
+            truncated_after_lines: None,
+        };
+        let stderr = StreamOutput {
+            text: vec![b'b'; EXEC_OUTPUT_MAX_BYTES],
+            truncated_after_lines: None,
+        };
+
+        let aggregated = aggregate_output(&stdout, &stderr);
+        let stderr_cap = EXEC_OUTPUT_MAX_BYTES.saturating_sub(stdout_len);
+
+        assert_eq!(aggregated.text.len(), EXEC_OUTPUT_MAX_BYTES);
+        assert_eq!(aggregated.text[..stdout_len], vec![b'a'; stdout_len]);
+        assert_eq!(aggregated.text[stdout_len..], vec![b'b'; stderr_cap]);
+    }
+
+    #[test]
+    fn aggregate_output_rebalances_when_stderr_is_small() {
+        let stdout = StreamOutput {
+            text: vec![b'a'; EXEC_OUTPUT_MAX_BYTES],
+            truncated_after_lines: None,
+        };
+        let stderr = StreamOutput {
+            text: vec![b'b'; 1],
+            truncated_after_lines: None,
+        };
+
+        let aggregated = aggregate_output(&stdout, &stderr);
+        let stdout_len = EXEC_OUTPUT_MAX_BYTES.saturating_sub(1);
+
+        assert_eq!(aggregated.text.len(), EXEC_OUTPUT_MAX_BYTES);
+        assert_eq!(aggregated.text[..stdout_len], vec![b'a'; stdout_len]);
+        assert_eq!(aggregated.text[stdout_len..], vec![b'b'; 1]);
+    }
+
+    #[test]
+    fn aggregate_output_keeps_stdout_then_stderr_when_under_cap() {
+        let stdout = StreamOutput {
+            text: vec![b'a'; 4],
+            truncated_after_lines: None,
+        };
+        let stderr = StreamOutput {
+            text: vec![b'b'; 3],
+            truncated_after_lines: None,
+        };
+
+        let aggregated = aggregate_output(&stdout, &stderr);
+        let mut expected = Vec::new();
+        expected.extend_from_slice(&stdout.text);
+        expected.extend_from_slice(&stderr.text);
+
+        assert_eq!(aggregated.text, expected);
+        assert_eq!(aggregated.truncated_after_lines, None);
+    }
+
     #[cfg(unix)]
     #[test]
     fn sandbox_detection_flags_sigsys_exit_code() {