Token Spend & Value Analysis review

Cross-platform analysis of Claude Code and Codex token usage, cost estimation, and value assessment across 6 months of development activity (Dec 2025 — Jun 2026).

Overview Stats

16,546
Total User Prompts
3,366
Total Sessions
~$7.2K
Est. Combined Spend
6 mo
Dec 2025 — Jun 2026
9,998
Claude User Prompts
3,039
Claude Sessions
6,548
Codex User Prompts
327
Codex Sessions (w/ tokens)

Source Comparison: Claude vs Codex

Monthly Activity Comparison

MonthClaude PromptsClaude SessionsCodex PromptsCodex Sessions
2025-121908
2026-011,3092898913
2026-021,786730
2026-032,5441,03917636
2026-042,4689933,8511,409
2026-051,5536802,2921,035
2026-061486414071

Key Observation: Platform Shift

Claude Code dominated Jan–Mar 2026 (sole primary tool). Codex adoption exploded in April — going from 176 prompts in March to 3,851 in April. By May, Codex surpassed Claude in raw prompt volume. This coincides with Codex becoming production-ready and your shift to parallel autonomous workflows.

Claude Code usage dropped ~37% from April to May, suggesting active migration of certain workflow types to Codex rather than net-new capacity.

Claude Code Activity Density Over Time

MonthMessagesSessionsTool CallsMsgs/SessionTools/Session
2026-0175,46727814,87227153
2026-02220,66073634,11430046
2026-03130,57185083,01815498
2026-04139,1181,17568,88911859

Trend: Sessions Got Shorter, Tool Use Got Denser

Messages per session dropped from 300 (Feb) to 118 (Apr) while tools per message increased from 0.15 to 0.50. This means sessions became more focused and tool-heavy — less conversational, more execution-oriented. Likely driven by skill adoption and shipping conventions.

Codex Token Deep Dive

1.06B
Total Tokens
94.4%
Cache Hit Rate
215:1
Input/Output Ratio
4.9M
Output Tokens

Token Breakdown

CategoryTokens% of Total
Total input1,052,000,00099.5%
— Cached input992,873,00094.4% of input
— Non-cached input59,124,0005.6% of input
Total output4,887,0000.5%
— Reasoning output883,00018.1% of output
— Non-reasoning output4,005,00081.9% of output
The 215:1 input/output ratio is remarkably high. This means Codex is reading ~215 tokens of context for every 1 token of output. The 94.4% cache rate means you're paying full price for only 59M of those 1.05B input tokens. Still, this is a context-heavy, low-output pattern — typical of autonomous agents that read extensively but produce targeted edits.

Top Projects by Codex Token Spend

mobile-ideas
321M tok / 106 sess
agentic-skills
282M tok / 47 sess
pitwall-monorepo
190M tok / 68 sess
trackctl
64M tok / 23 sess
bismarck-v0.4
42M tok / 9 sess
metternich-engine
33M tok / 8 sess

Costliest Individual Sessions

DateProjectTotal TokensOutput TokensTok/Output Ratio
2026-05-22agentic-skills23.6M39.7K595:1
2026-06-01mobile-ideas23.0M55.5K415:1
2026-05-21agentic-skills22.3M46.0K485:1
2026-05-21agentic-skills21.6M38.8K556:1
2026-06-01agentic-skills17.6M43.6K404:1
agentic-skills dominates the top sessions. The top 5 costliest Codex sessions are heavily skewed toward this repo, with very high input-to-output ratios (400-600:1). This suggests deep codebase reading with modest output — likely skill development, analysis, or research tasks where Codex reads the full repo context repeatedly.

Claude Code Activity Deep Dive

565,816
Total Messages (Jan–Apr)
200,893
Total Tool Calls
1,972
/ship Invocations
15+
Active Projects

Top Projects by Claude Prompts

bismarck-v0.4
1,228 prompts / 557 sess
loadoutworks
962 prompts / 295 sess
metternich
906 prompts / 334 sess
bismarck-v0.3
900 prompts / 225 sess
monorepo
856 prompts / 348 sess
lexcorp-war-room
694 prompts / 272 sess
agentic-skills
432 prompts / 177 sess

Skill Usage (Claude Code)

SkillCount% of Total Skill CallsAssessment
/ship1,97279.2%High-value shipping automation
/run2128.5%Verification & testing
/investigate1204.8%Bug triage & root cause
/sync973.9%Repo sync utility
/pack512.0%Skill pack management
/analyze-sessions351.4%Meta-analysis
/expert-review130.5%Code review
/code-review100.4%Code review

Cost Estimation

$360
Codex (from token data)
~$6.9K
Claude Code (estimated)
~$7.2K
Combined Est. Total

Codex Cost Breakdown (Actual Token Data)

MonthEst. CostSessionsInput CostOutput Cost
2026-03$31.5928$29.52$2.08
2026-04$0.991$0.94$0.04
2026-05$222.71228$209.98$12.74
2026-06$104.2970$97.64$6.65
TOTAL$359.58327$338.08$21.51
Codex pricing: o4-mini at $1.10/MTok input, $0.275/MTok cached, $4.40/MTok output. The 94.4% cache hit rate makes Codex remarkably cheap — you're paying $0.275/MTok for most of that 1B input. Output costs are negligible at $21.51 total.

Claude Code Cost Estimate (No Local Token Data)

MonthEst. CostMessagesSessionsTool Calls
2026-01~$81775,46727814,872
2026-02~$2,310220,66073634,114
2026-03~$1,891130,57185083,018
2026-04~$1,852139,1181,17568,889
TOTAL~$6,870565,8163,039200,893
⚠️ Claude Code estimate has significant uncertainty. Claude Code does not store token counts locally. This estimate uses heuristic averages (~2K input/msg, ~500 output/msg, 80% cache rate, claude-sonnet-4 pricing). Your actual cost depends on:
Model tier: Opus sessions cost ~5× more than Sonnet
Session length: longer sessions accumulate larger context windows
Caching: actual cache rate varies per session
May–Jun data: stats-cache only covers Jan–Apr; May–Jun is extrapolated from history.jsonl
Check your Anthropic billing dashboard for authoritative numbers.

Value Analysis

Where the Tokens Go

Claude Code: Interactive Development Hub

Claude Code is your primary interactive development tool. The heaviest spend is on:

Codex: Autonomous Batch Processor

Codex handles autonomous, parallelizable work. Top spend:

Value per Dollar

MetricClaude CodeCodexWinner
Cost per user prompt~$0.69$0.05Codex (14× cheaper)
Cost per session~$2.26$1.10Codex (2× cheaper)
InteractivityHigh (chat-driven)Low (fire-and-forget)Claude (by design)
Skill integrationDeep (/ship, /investigate, /run)Prompt-basedClaude (richer)
Parallelism1 session at a timeMany concurrentCodex
Total projects active15+15+Tie

Value Verdict

Claude Code (~$6.9K) delivers value through interactive development, debugging, and shipping automation. The /ship skill alone (1,972 calls) automates commit+push+docs workflows that would take 5–10 min each manually — conservatively saving ~165 hours of shipping ceremony. At a $100/hr developer rate, that's ~$16,500 in avoided manual work from /ship alone.

Codex (~$360) delivers exceptional token efficiency. At $1.10/session and $0.05/prompt, it's a bargain for autonomous batch work. The high cache rate (94.4%) means you're barely paying for repeated context reads. The value proposition is clear: Codex handles the long-tail of parallel, autonomous tasks that don't need real-time interaction.

Combined, the tools complement each other well — Claude for interactive/creative/debugging work, Codex for autonomous/batch/parallel work. The shift from Claude-heavy (Jan–Mar) to Codex-augmented (Apr–Jun) suggests you've found a productive division of labor.

Efficiency & Optimization Opportunities

1. Codex Input/Output Ratio (215:1)

Observation: Codex reads 215 tokens for every 1 it writes. The costliest sessions hit 400–600:1.

Implication: Even with 94.4% caching, the sheer volume (1.05B input tokens) costs $338 in input alone. If the non-cached fraction could be reduced from 5.6% to 3%, monthly Codex spend drops by ~40%.

Action: For agentic-skills (the project with the highest tokens-per-prompt at 1,369K), consider whether Codex sessions are re-reading full repo context unnecessarily. Scoping base instructions or using smaller working sets could cut input tokens significantly.

2. Claude Code Feb Spike ($2,310)

Observation: February was the costliest month — 220,660 messages, 300 messages/session (longest average sessions).

Implication: Long sessions accumulate context that pushes up per-message cost. The Feb spike is likely from early-stage project development with lots of back-and-forth.

Action: The trend already improved — Apr dropped to 118 msgs/session. The natural shift to shorter, tool-heavy sessions is the right trajectory.

3. Skill Coverage Gap

Observation: /ship (79%) dominates skill usage. /code-review and /expert-review together are only 23 calls — surprisingly low for the volume of code being produced.

Action: Consider whether more systematic code review before /ship would catch issues earlier. The /investigate count (120) suggests bugs are being found after the fact.

Evidence Matrix

ClaimSourceConfidenceNotes
Codex total spend ~$360Token counts from ~/.codex/sessions/**/*.jsonlHighActual token data; pricing assumptions are the main variable
Codex cache hit rate 94.4%Aggregated total_token_usage from session filesHighDirect measurement
Claude Code total spend ~$6.9KHeuristic from stats-cache.json message/tool countsMediumNo local token data; depends on model tier, session length, cache rate assumptions
/ship saves ~165 hours1,972 invocations × 5 min estimateMediumTime-per-ship is estimated; actual varies by complexity
Platform shift Apr–MayMonthly prompt counts from both history.jsonl filesHighClear numerical trend
Sessions got shorter over timestats-cache.json daily activityHighmsgs/session: 300→118 over Jan–Apr

Assumptions & Confidence Register

AssumptionImpact if WrongWhat Would Change It
Claude Code uses claude-sonnet-4 pricing ($3/$0.30/$15)High — Opus sessions cost 5× moreCheck billing dashboard for actual model mix
80% cache hit rate for Claude CodeMedium — lower rate increases cost by ~2×Real cache rate data from API logs
~2K input tokens per message averageMedium — could be 3-5× higher for large contextsToken data from billing API
Codex pricing: o4-mini ratesLow — Codex primarily uses o4-miniModel field in session_meta confirms
stats-cache.json is complete for Jan–AprLow — it's the official local cacheGap in dates would indicate missed data

Approval Gates

Gate: Evidence Accuracy

The Claude Code cost estimate (~$6.9K) is heuristic-based. Does this feel directionally correct based on your billing?

Gate: Value Assessment

Is the /ship time-savings framing (165 hours / ~$16.5K equivalent) a useful way to think about value, or do you measure value differently?

Gate: Optimization Priority

Which optimization area matters most to you right now?

Compile Section

Feedback YAML — send concerns or clarification requests before answering all gates.

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Final Approval — answer all gates first.

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