diff --git a/src/kimi_cli/tools/file/replace.py b/src/kimi_cli/tools/file/replace.py
index 4f551de4f4..00a17f202e 100644
--- a/src/kimi_cli/tools/file/replace.py
+++ b/src/kimi_cli/tools/file/replace.py
@@ -134,8 +134,14 @@ async def __call__(self, params: Params) -> ToolReturnValue:
             original_content = content
             edits = [params.edit] if isinstance(params.edit, Edit) else params.edit
 
-            # Apply all edits
+            # Apply all edits and count replacements against the content as it
+            # exists before each edit (fixes under-counting for chained edits).
+            total_replacements = 0
             for edit in edits:
+                if edit.replace_all:
+                    total_replacements += content.count(edit.old)
+                else:
+                    total_replacements += 1 if edit.old in content else 0
                 content = self._apply_edit(content, edit)
 
             # Check if any changes were made
@@ -169,14 +175,6 @@ async def __call__(self, params: Params) -> ToolReturnValue:
             # Write the modified content back to the file
             await p.write_text(content, errors="replace")
 
-            # Count changes for success message
-            total_replacements = 0
-            for edit in edits:
-                if edit.replace_all:
-                    total_replacements += original_content.count(edit.old)
-                else:
-                    total_replacements += 1 if edit.old in original_content else 0
-
             return ToolReturnValue(
                 is_error=False,
                 output="",
diff --git a/tests/tools/test_str_replace_file.py b/tests/tools/test_str_replace_file.py
index a16dad303b..fb16347985 100644
--- a/tests/tools/test_str_replace_file.py
+++ b/tests/tools/test_str_replace_file.py
@@ -75,6 +75,29 @@ async def test_replace_multiple_edits(
     assert await file_path.read_text() == "Hi world! See you world!"
 
 
+async def test_replace_chained_edits_count(
+    str_replace_file_tool: StrReplaceFile, temp_work_dir: KaosPath
+):
+    """Regression test for #2526: chained edits must count against intermediate content."""
+    file_path = temp_work_dir / "test.txt"
+    await file_path.write_text("hello world")
+
+    result = await str_replace_file_tool(
+        Params(
+            path=str(file_path),
+            edit=[
+                Edit(old="hello", new="goodbye"),
+                Edit(old="goodbye", new="farewell"),
+            ],
+        )
+    )
+
+    assert not result.is_error
+    assert await file_path.read_text() == "farewell world"
+    # The bug reported 1 replacement; the fix should report 2.
+    assert "2 total replacement" in result.message
+
+
 async def test_replace_multiline_content(
     str_replace_file_tool: StrReplaceFile, temp_work_dir: KaosPath
 ):