diff --git a/tools/maint/rebaseline_tests.py b/tools/maint/rebaseline_tests.py
index cf57ba2ff0166..0b7a2c5ab566a 100755
--- a/tools/maint/rebaseline_tests.py
+++ b/tools/maint/rebaseline_tests.py
@@ -56,7 +56,7 @@ def get_installed_emsdk_sha():
   return parts[1]
 
 
-def get_emsdk_revision_log(old_sha, new_sha, limit=30):
+def format_emsdk_version_update(old_sha, new_sha, limit=30):
   assert old_sha != 'none'
   assert old_sha != new_sha
   log_url = f'https://chromium.googlesource.com/emscripten-releases/+log/{old_sha}..{new_sha}'
@@ -66,26 +66,22 @@ def get_emsdk_revision_log(old_sha, new_sha, limit=30):
     data = data[4:]
   j = json.loads(data)
   entries = j.get('log', [])
-  lines = [f'emsdk_version: {old_sha} => {new_sha} ({log_url})']
-  if entries:
-    lines.append('')
-    for entry in entries[:limit]:
-      short_sha = entry['commit'][:8]
-      subject = entry['message'].splitlines()[0]
-      lines.append(f'  {short_sha} {subject}')
-    if len(entries) > limit:
-      lines.append('  ... (and more, see full log)')
+  lines = [f'emsdk version updated: {old_sha} => {new_sha}']
   lines.append('')
-  return '\n'.join(lines)
-
+  lines.append('This includes the following revisions:')
+  lines.append('')
+  lines.append('```')
+  for entry in entries[:limit]:
+    short_sha = entry['commit'][:8]
+    subject = entry['message'].splitlines()[0]
+    lines.append(f'- {short_sha} {subject}')
+  if len(entries) > limit:
+    lines.append('  ... (and more, see full log)')
+  lines.append('```')
+  lines.append("")
+  lines.append(f"Full log: {log_url}")
 
-def format_emsdk_version_update():
-  filename = 'test/emsdk_version.txt'
-  content = utils.read_file(filename)
-  old_content = run(['git', 'show', f'HEAD:{filename}'])
-  old_sha = old_content.strip() if old_content else 'none'
-  new_sha = content.strip()
-  return get_emsdk_revision_log(old_sha, new_sha)
+  return '\n'.join(lines)
 
 
 def process_changed_file(filename):
@@ -123,6 +119,8 @@ def main():
   if args.clear_cache:
     run(['./emcc', '--clear-cache'])
 
+  current_sha = None
+  installed_sha = None
   if not args.skip_tests:
     if not args.check_only and run(['git', 'status', '-uno', '--porcelain']).strip():
       print('tree is not clean')
@@ -137,6 +135,7 @@ def main():
       if installed_sha == current_sha:
         print(f'emsdk version is up-to-date ({current_sha})')
         return 0
+      print(f'update emsdk: {current_sha} => {installed_sha}')
       utils.write_file(emsdk_version_file, installed_sha + '\n')
     elif installed_sha and installed_sha != current_sha:
       utils.exit_with_error(f'installed emsdk version ({installed_sha}) does not match test/emsdk_version.txt ({current_sha}). Pass --bump-emsdk to update it.')
@@ -145,52 +144,44 @@ def main():
 
   output = run(['git', 'status', '-uno', '--porcelain'])
   filenames = []
-  emsdk_version_updated = False
   for line in output.splitlines():
     filename = line.strip().rsplit(' ', 1)[1]
-    if filename == 'test/emsdk_version.txt':
-      emsdk_version_updated = True
-    elif filename.startswith('test') and os.path.isfile(filename):
+    if filename.startswith('test') and os.path.isfile(filename) and filename != 'test/emsdk_version.txt':
       filenames.append(filename)
 
-  if not filenames and not emsdk_version_updated:
+  if not filenames and not args.bump_emsdk:
     print('test expectations are up-to-date')
     return 0
 
   if args.check_only:
-    message = f'''Test expectations are out-of-date
-
-The following ({len(filenames)}) test expectation files were updated by
-running the tests with `--rebaseline`:
-
-```
-'''
-  elif emsdk_version_updated:
-    message = '''Update emsdk version used in tests
+    message = 'Test expectations are out-of-date\n'
+  elif args.bump_emsdk:
+    message = '''Update emsdk version used in testing
 
 This is an automatic change generated by tools/maint/rebaseline_tests.py --bump-emsdk.
 
-```
 '''
-    message += format_emsdk_version_update()
+    message += format_emsdk_version_update(current_sha, installed_sha) + '\n'
   else:
-    message = f'''Automatic rebaseline of codesize expectations. NFC
+    message = '''Automatic rebaseline of codesize expectations. NFC
 
 This is an automatic change generated by tools/maint/rebaseline_tests.py.
+'''
 
+  if filenames:
+    message += f'''
 The following ({len(filenames)}) test expectation files were updated by
 running the tests with `--rebaseline`:
 
 ```
 '''
+    for file in sorted(filenames):
+      message += process_changed_file(file)
 
-  for file in sorted(filenames):
-    message += process_changed_file(file)
-
-  if all_deltas:
-    message += f'\nAverage change: {statistics.mean(all_deltas):+.2f}% ({min(all_deltas):+.2f}% - {max(all_deltas):+.2f}%)\n'
+    if all_deltas:
+      message += f'\nAverage change: {statistics.mean(all_deltas):+.2f}% ({min(all_deltas):+.2f}% - {max(all_deltas):+.2f}%)\n'
 
-  message += '```\n'
+    message += '```\n'
 
   print(message)
   if args.check_only: