How Do AI Agents Waste Your Money?

AI agents may consume massive tokens across a wide range of tasks, but how many of those tokens are really necessary? Although prior work has shown that agents can incur unexpectedly high token costs, we still lack a systematic way to identify and measure token waste. In this work, we introduce a unified framework for measuring token waste across heterogeneous agent systems. Our framework records and normalizes complete agent trajectories, identifies removable spans using an LLM-as-a-Judge (LLMaJ), and maps the identified text spans back to the original trajectory for token-level measurement. We validate the identified waste through direct interventions by removing marked spans, resuming agent execution, and measuring changes in task outcomes and subsequent actions. In online pruning experiments, we remove 41-46% of the model's reasoning while largely preserving task performance across two distinct agent benchmarks. Using this framework, we analyze agents across multiple settings. Our analysis shows that token waste has a system-level structure that aggregate token usage alone cannot reveal. First, waste varies more across tasks and agent settings than across models. Second, reasoning and visible execution can exhibit different waste patterns. Third, different harnesses can introduce distinct sources of inefficiency even under the same model and task. Overall, our framework transforms token waste into an actionable optimization signal, enabling researchers and practitioners to train more efficient models, design better reasoning strategies, and optimize agent harnesses toward reducing unnecessary computation rather than merely reducing token usage.