diff --git a/codex-rs/analytics/src/analytics_client_tests.rs b/codex-rs/analytics/src/analytics_client_tests.rs
index 67008d6fb7..8895c9cfd6 100644
--- a/codex-rs/analytics/src/analytics_client_tests.rs
+++ b/codex-rs/analytics/src/analytics_client_tests.rs
@@ -3425,7 +3425,6 @@ async fn subagent_tool_items_inherit_parent_connection_metadata() {
     let mut reducer = AnalyticsReducer::default();
     let mut events = Vec::new();
 
-    ingest_review_prerequisites(&mut reducer, &mut events).await;
     reducer
         .ingest(
             AnalyticsFact::Custom(CustomAnalyticsFact::SubAgentThreadStarted(
@@ -3446,7 +3445,7 @@ async fn subagent_tool_items_inherit_parent_connection_metadata() {
             &mut events,
         )
         .await;
-    events.clear();
+    ingest_review_prerequisites(&mut reducer, &mut events).await;
     reducer
         .ingest(
             AnalyticsFact::Notification(Box::new(sample_turn_started_notification(
@@ -3492,8 +3491,25 @@ async fn subagent_tool_items_inherit_parent_connection_metadata() {
         )
         .await;
 
+    ingest_code_mode_facts(
+        &mut reducer,
+        &mut events,
+        [CodeModeToolCallFact::Completed {
+            thread_id: "thread-subagent".into(),
+            turn_id: "turn-subagent".into(),
+            call_id: "exec-1".into(),
+            cell_id: None,
+            tool_name: "exec".into(),
+            started_at_ms: 1_000,
+            completed_at_ms: 1_042,
+            status: CodeModeToolCallStatus::Completed,
+        }],
+    )
+    .await;
+    reducer.flush(&mut events);
+
     let payload = serde_json::to_value(&events).expect("serialize events");
-    assert_eq!(payload.as_array().expect("events array").len(), 1);
+    assert_eq!(payload.as_array().expect("events array").len(), 2);
     assert_eq!(payload[0]["event_type"], "codex_command_execution_event");
     assert_eq!(payload[0]["event_params"]["thread_id"], "thread-subagent");
     assert_eq!(payload[0]["event_params"]["session_id"], "session-thread-1");
@@ -3504,6 +3520,8 @@ async fn subagent_tool_items_inherit_parent_connection_metadata() {
         payload[0]["event_params"]["app_server_client"]["client_name"],
         "codex-tui"
     );
+    assert_eq!(payload[1]["event_type"], "codex_dynamic_tool_call_event");
+    assert_eq!(payload[1]["event_params"]["parent_thread_id"], "thread-1");
 }
 
 #[test]
diff --git a/codex-rs/analytics/src/reducer.rs b/codex-rs/analytics/src/reducer.rs
index f4b22f6c0c..bb55a94ae5 100644
--- a/codex-rs/analytics/src/reducer.rs
+++ b/codex-rs/analytics/src/reducer.rs
@@ -647,8 +647,8 @@ impl AnalyticsReducer {
         };
         let has_thread_context = self.threads.get(thread_id).is_some_and(|thread| {
             thread.metadata.is_some()
-                && thread
-                    .connection_id
+                && self
+                    .thread_connection_id(thread_id)
                     .is_some_and(|connection_id| self.connections.contains_key(&connection_id))
         });
         if !has_thread_context {
@@ -940,9 +940,8 @@ impl AnalyticsReducer {
     ) {
         let parent_thread_id = input.parent_thread_id.clone();
         let parent_connection_id = parent_thread_id
-            .as_ref()
-            .and_then(|parent_thread_id| self.threads.get(parent_thread_id))
-            .and_then(|thread| thread.connection_id);
+            .as_deref()
+            .and_then(|parent_thread_id| self.thread_connection_id(parent_thread_id));
         let thread_state = self.threads.entry(input.thread_id.clone()).or_default();
         thread_state
             .originator
@@ -2070,11 +2069,9 @@ impl AnalyticsReducer {
             return;
         };
         let drop_site = AnalyticsDropSite::turn(thread_id, turn_id);
-        let connection_id = turn_state.connection_id.or_else(|| {
-            self.threads
-                .get(drop_site.thread_id)
-                .and_then(|thread| thread.connection_id)
-        });
+        let connection_id = turn_state
+            .connection_id
+            .or_else(|| self.thread_connection_id(drop_site.thread_id));
         let Some(connection_id) = connection_id else {
             warn_missing_analytics_context(&drop_site, MissingAnalyticsContext::ThreadConnection);
             return;
@@ -2114,15 +2111,24 @@ impl AnalyticsReducer {
         self.turns.remove(turn_id);
     }
 
+    /// Resolve the parent connection lazily when a subagent fact arrives first.
+    ///
+    /// Parents are spawned before their children, so ancestor links cannot cycle.
+    fn thread_connection_id(&self, thread_id: &str) -> Option<u64> {
+        let mut thread = self.threads.get(thread_id)?;
+        while thread.connection_id.is_none() {
+            let thread_metadata = thread.metadata.as_ref()?;
+            let parent_thread_id = thread_metadata.parent_thread_id.as_deref()?;
+            thread = self.threads.get(parent_thread_id)?;
+        }
+        thread.connection_id
+    }
+
     fn thread_connection_or_warn(
         &self,
         drop_site: AnalyticsDropSite<'_>,
     ) -> Option<&ConnectionState> {
-        let Some(thread_state) = self.threads.get(drop_site.thread_id) else {
-            warn_missing_analytics_context(&drop_site, MissingAnalyticsContext::ThreadConnection);
-            return None;
-        };
-        let Some(connection_id) = thread_state.connection_id else {
+        let Some(connection_id) = self.thread_connection_id(drop_site.thread_id) else {
             warn_missing_analytics_context(&drop_site, MissingAnalyticsContext::ThreadConnection);
             return None;
         };