diff --git a/crates/echo/src/rec.rs b/crates/echo/src/rec.rs
index 0f12b74..762cb17 100644
--- a/crates/echo/src/rec.rs
+++ b/crates/echo/src/rec.rs
@@ -134,8 +134,8 @@ pub fn run_rec_once() -> i32 {
 }
 
 pub fn run_rec_toggle() -> i32 {
-    match ToggleSession::start_or_stop() {
-        Ok(action) => {
+    match start_or_stop_with_intent() {
+        Ok((action, cancel_transcription)) => {
             let recording_token = action.recording_token().map(str::to_string);
             if let Err(err) =
                 status::mark_shortcut_activation("toggle-command", recording_token.as_deref())
@@ -148,7 +148,9 @@ pub fn run_rec_toggle() -> i32 {
                     // Preserve the CLI/hotkey toggle convention after capture:
                     // its stop gesture means cancel while transcription is live.
                     // Explicit desktop capture-stop never takes this path.
-                    apply_toggle_stop_intent(&owner);
+                    if cancel_transcription {
+                        apply_toggle_stop_intent(&owner);
+                    }
                     0
                 }
             }
@@ -163,8 +165,8 @@ pub fn run_rec_toggle() -> i32 {
 /// Toggle an in-process recording after synchronously acquiring or stopping
 /// the cross-process session. Recording work continues on a background thread.
 pub fn toggle_managed_recording() -> Result<Option<String>, String> {
-    match ToggleSession::start_or_stop()? {
-        ToggleAction::Start(session) => {
+    match start_or_stop_with_intent()? {
+        (ToggleAction::Start(session), _) => {
             let recording_token = session.token.clone();
             std::thread::Builder::new()
                 .name("echo-record-toggle".to_string())
@@ -174,18 +176,40 @@ pub fn toggle_managed_recording() -> Result<Option<String>, String> {
                 .map(|_| Some(recording_token))
                 .map_err(|err| err.to_string())
         }
-        ToggleAction::Stop(owner) => {
-            apply_toggle_stop_intent(&owner);
+        (ToggleAction::Stop(owner), cancel_transcription) => {
+            if cancel_transcription {
+                apply_toggle_stop_intent(&owner);
+            }
             Ok(owner.token)
         }
     }
 }
 
+/// Decide the meaning of a toggle before writing a capture-stop signal. The
+/// token check prevents an observation of an earlier owner from authorizing a
+/// cancellation for a replacement owner.
+fn start_or_stop_with_intent() -> Result<(ToggleAction, bool), String> {
+    decide_toggle_intent(status::read, ToggleSession::start_or_stop)
+}
+
+fn decide_toggle_intent(
+    read_status: impl FnOnce() -> status::Status,
+    start_or_stop: impl FnOnce() -> Result<ToggleAction, String>,
+) -> Result<(ToggleAction, bool), String> {
+    let observed = read_status();
+    let action = start_or_stop()?;
+    let cancel_transcription =
+        matches!(&action, ToggleAction::Stop(owner) if should_cancel_toggle(&observed, owner));
+    Ok((action, cancel_transcription))
+}
+
+fn should_cancel_toggle(observed: &status::Status, owner: &LockOwner) -> bool {
+    observed.state == "Transcribing" && observed.session_id.as_deref() == owner.token.as_deref()
+}
+
 fn apply_toggle_stop_intent(owner: &LockOwner) {
-    if status::read().state == "Transcribing" {
-        if let Some(token) = owner.token.as_deref() {
-            let _ = ToggleSession::request_cancel_for_token_in(&echo_core::data_dir(), token);
-        }
+    if let Some(token) = owner.token.as_deref() {
+        let _ = ToggleSession::request_cancel_for_token_in(&echo_core::data_dir(), token);
     }
 }
 
@@ -1624,6 +1648,62 @@ mod tests {
         let _ = fs::remove_dir_all(dir);
     }
 
+    #[test]
+    fn capture_toggle_observed_before_transition_never_becomes_cancel() {
+        let owner = LockOwner {
+            pid: 1,
+            token: Some("capture-a".to_string()),
+            start_time_ticks: Some(1),
+            scoped_intents: true,
+        };
+        let recording = status::Status {
+            state: "Recording".to_string(),
+            last: None,
+            last_history_id: None,
+            error: None,
+            recording_limit: None,
+            session_id: Some("capture-a".to_string()),
+            revision: 2,
+        };
+        let read_happened = Cell::new(false);
+        let (_, cancel) = decide_toggle_intent(
+            || {
+                read_happened.set(true);
+                recording.clone()
+            },
+            || {
+                assert!(
+                    read_happened.get(),
+                    "status must be observed before stop writes its signal"
+                );
+                // This callback represents capture ending and the owner
+                // immediately publishing Transcribing.
+                Ok(ToggleAction::Stop(owner.clone()))
+            },
+        )
+        .unwrap();
+        assert!(!cancel);
+        let transcribing = status::Status {
+            state: "Transcribing".to_string(),
+            ..recording.clone()
+        };
+        let (_, cancel) =
+            decide_toggle_intent(|| transcribing, || Ok(ToggleAction::Stop(owner.clone())))
+                .unwrap();
+        assert!(cancel);
+        let transcribing_replacement = status::Status {
+            state: "Transcribing".to_string(),
+            session_id: Some("capture-b".to_string()),
+            ..recording
+        };
+        let (_, cancel) = decide_toggle_intent(
+            || transcribing_replacement,
+            || Ok(ToggleAction::Stop(owner)),
+        )
+        .unwrap();
+        assert!(!cancel);
+    }
+
     #[test]
     fn fixture_returns_wav_without_opening_host() {
         let path = PathBuf::from(env!("CARGO_MANIFEST_DIR")).join("tests/fixtures/claude_code.wav");