diff --git a/notes/terminal-performance-initiative.md b/notes/terminal-performance-initiative.md
index 41262ec0608..cc8cb572e7e 100644
--- a/notes/terminal-performance-initiative.md
+++ b/notes/terminal-performance-initiative.md
@@ -479,6 +479,36 @@ incl. stream-opcode collision (chain `Ack=12` vs main's #7205-era
 gate×drain risk; (3) cadence tuning toward the 10× line; (4) rig
 extensions + P90 telemetry (tasks #3/#8).
 
+### 2026-07-03 — PROD VERDICT: v1.4.121-rc.0 benchmarked (the headline numbers)
+
+Same rig, same protocol, same machine as the 1.4.91 baseline:
+
+| metric | 1.4.91 baseline | v1.4.121-rc.0 | change |
+|---|---|---|---|
+| DSR idle p50 | 0.69 ms | **0.44 ms** | = Terminal.app (0.45) |
+| DSR under load p50 | 134 ms | **18.6 ms** | 7.2x |
+| DSR under load p99 | 292 ms | **29.7 ms** | 9.8x |
+| agent-tui | 2.0 MB/s | **11.2 MB/s** | 5.6x |
+| styles-stress | 7.8 MB/s | **10.4 MB/s** | 1.3x |
+| ascii-log | 13 MB/s | 11.0 MB/s | ~0.85x |
+| cjk-emoji | 15 MB/s | 12.2 MB/s | ~0.81x |
+
+Reading: the anomalous TUI penalty is GONE — all four fixtures now sit at
+a uniform ~11-12 MB/s, which is the scheduler pacing ceiling, not parse
+CPU (prod ≈ dev for both latency and throughput; the pipeline is
+cadence-bound, so faster prod code changes nothing). That uniform cap
+also explains plain-text dipping slightly below baseline: ascii/cjk used
+to run unpaced ahead of the old scheduler; now everything flows through
+the same parse-clocked path. Goal line check: 18.6 ms = 41x Terminal.app
+under load (goal was 10x = 4.5 ms) — NOT met; down from 300x. Idle IS at
+parity. The remaining 4x is the named cadence stack (daemon 8 ms batch,
+scheduler drain ticks + 8x16KB per-tick budget, xterm 12 ms slices) —
+next lever, tunable, tracked as follow-up. p99 tail (the freeze class)
+is 29.7 ms — users cannot perceive it.
+
+Caveat: measured on the user's live app (this session active in it);
+idle p99 118 ms reflects that activity, not the terminal path.
+
 ## Success criteria (baseline-relative; finalize after task 1)
 
 - DSR-under-load p90 in Orca within striking distance of iTerm2 on the same
diff --git a/tools/benchmarks/results/terminal-pipeline-prod-rc-1.4.121-2026-07-03T07-50-57-563Z.json b/tools/benchmarks/results/terminal-pipeline-prod-rc-1.4.121-2026-07-03T07-50-57-563Z.json
new file mode 100644
index 00000000000..a3f598d21aa
--- /dev/null
+++ b/tools/benchmarks/results/terminal-pipeline-prod-rc-1.4.121-2026-07-03T07-50-57-563Z.json
@@ -0,0 +1,116 @@
+{
+  "benchmark": "terminal-pipeline",
+  "label": "prod-rc-1.4.121",
+  "timestamp": "2026-07-03T07:50:57.563Z",
+  "terminal": {
+    "program": "Orca",
+    "version": "1.4.121-rc.0",
+    "term": "xterm-256color",
+    "cols": 114,
+    "rows": 85,
+    "tty": true
+  },
+  "machine": {
+    "platform": "darwin",
+    "arch": "arm64",
+    "cpu": "Apple M4",
+    "release": "25.2.0",
+    "node": "v26.0.0"
+  },
+  "config": {
+    "sizeMb": 10,
+    "iterations": 5,
+    "dsrCount": 200
+  },
+  "dsrIdle": {
+    "count": 200,
+    "p50": 0.44337500000006,
+    "p90": 1.1750409999999647,
+    "p99": 118.32008399999995,
+    "max": 132.676959,
+    "timeouts": 0
+  },
+  "throughput": [
+    {
+      "fixture": "ascii-log",
+      "fixtureBytes": 10485767,
+      "wallMs": {
+        "count": 5,
+        "p50": 907.2806660000001,
+        "p90": 974.0933340000001,
+        "p99": 974.0933340000001,
+        "max": 974.0933340000001
+      },
+      "mbPerSec": {
+        "count": 5,
+        "p50": 11.021955002973923,
+        "p90": 12.697340893816287,
+        "p99": 12.697340893816287,
+        "max": 12.697340893816287
+      }
+    },
+    {
+      "fixture": "cjk-emoji",
+      "fixtureBytes": 10485782,
+      "wallMs": {
+        "count": 5,
+        "p50": 821.5044170000001,
+        "p90": 922.7275409999984,
+        "p99": 922.7275409999984,
+        "max": 922.7275409999984
+      },
+      "mbPerSec": {
+        "count": 5,
+        "p50": 12.172814623874334,
+        "p90": 15.028801300957284,
+        "p99": 15.028801300957284,
+        "max": 15.028801300957284
+      }
+    },
+    {
+      "fixture": "agent-tui",
+      "fixtureBytes": 10486459,
+      "wallMs": {
+        "count": 5,
+        "p50": 895.6726660000004,
+        "p90": 939.9889590000002,
+        "p99": 939.9889590000002,
+        "max": 939.9889590000002
+      },
+      "mbPerSec": {
+        "count": 5,
+        "p50": 11.16553736423521,
+        "p90": 11.476432557326321,
+        "p99": 11.476432557326321,
+        "max": 11.476432557326321
+      }
+    },
+    {
+      "fixture": "styles-stress",
+      "fixtureBytes": 10485774,
+      "wallMs": {
+        "count": 5,
+        "p50": 962.8965839999983,
+        "p90": 1023.915500000001,
+        "p99": 1023.915500000001,
+        "max": 1023.915500000001
+      },
+      "mbPerSec": {
+        "count": 5,
+        "p50": 10.385345132183424,
+        "p90": 10.678530762733823,
+        "p99": 10.678530762733823,
+        "max": 10.678530762733823
+      }
+    }
+  ],
+  "dsrUnderLoad": {
+    "paceBytesPerSec": 1048576,
+    "count": 50,
+    "p50": 18.635999999998603,
+    "p90": 23.42462499999965,
+    "p99": 29.698333000000275,
+    "max": 29.698333000000275,
+    "timeouts": 0
+  }
+}