diff --git a/apps/agreements/templates/agreements/terms.html b/apps/agreements/templates/agreements/terms.html
index 7a49f4f76..4d5655c0b 100644
--- a/apps/agreements/templates/agreements/terms.html
+++ b/apps/agreements/templates/agreements/terms.html
@@ -24,7 +24,7 @@ <h1 class="page-title">{{ terms.title }}</h1>
       {% else %}
         <a href="{% url 'agreements:terms_version_download' terms.slug shown.version 'pdf' %}">PDF</a> · <a href="{% url 'agreements:terms_version_download' terms.slug shown.version 'docx' %}">DOCX</a>
       {% endif %}
-      {% if can_edit %} · <a href="{% url 'agreements:terms_edit' terms.slug %}">Edit</a>{% endif %}
+      {% if can_edit %} · <a href="{% url 'agreements:terms_edit' terms.slug %}">Edit</a> · <a href="{% url 'agreements:terms_compare' terms.slug %}?to={{ shown.version }}">Compare versions</a>{% endif %}
     </span>
   </p>
   <p class="terms-meta">
diff --git a/apps/agreements/templates/agreements/terms_compare.html b/apps/agreements/templates/agreements/terms_compare.html
new file mode 100644
index 000000000..9408dbab7
--- /dev/null
+++ b/apps/agreements/templates/agreements/terms_compare.html
@@ -0,0 +1,51 @@
+{% extends "agreements/base.html" %}
+{% block title %}Compare: {{ terms.title }}{% endblock %}
+{% block crumbs %}
+<li><a href="{% url 'agreements:terms_list' %}">Terms</a><span class="prompt">&gt;&gt;&gt;</span></li>
+<li><a href="{% url 'agreements:terms_edit' terms.slug %}">{{ terms.title }}</a><span class="prompt">&gt;&gt;&gt;</span></li>
+<li>Compare</li>
+{% endblock %}
+
+{% block content %}
+<article class="text">
+  <header class="article-header">
+    <h1 class="page-title">Compare {{ terms.title }}</h1>
+  </header>
+
+  {% if versions|length < 2 %}
+    <p>There is nothing to compare until a second version is published.</p>
+  {% else %}
+    <form method="get" class="sign-form">
+      <div class="field-row">
+        <p>
+          <label for="compare-from">From version</label>
+          <select id="compare-from" name="from">
+            {% for version in versions %}<option value="{{ version.version }}"{% if version == old %} selected{% endif %}>{{ version.version }} ({{ version.published_at|date:"M j, Y" }})</option>{% endfor %}
+          </select>
+        </p>
+        <p>
+          <label for="compare-to">To version</label>
+          <select id="compare-to" name="to">
+            {% for version in versions %}<option value="{{ version.version }}"{% if version == new %} selected{% endif %}>{{ version.version }} ({{ version.published_at|date:"M j, Y" }})</option>{% endfor %}
+          </select>
+        </p>
+      </div>
+      <p class="form-actions"><button type="submit">Compare</button></p>
+    </form>
+
+    {% if old %}
+      <h2>Changes from version {{ old.version }} to version {{ new.version }}</h2>
+      {% if new.notes %}<p><strong>Notes for {{ new.version }}:</strong> {{ new.notes }}</p>{% endif %}
+      {% if diff %}
+        <p>Removed lines are marked with − and added lines with +.</p>
+        <pre class="diff">{% for tag, line in diff %}<span class="{{ tag }}">{{ line }}</span>
+{% endfor %}</pre>
+      {% else %}
+        <p>These versions have identical text.</p>
+      {% endif %}
+    {% else %}
+      <p>Version {{ new.version }} is the first published version, so there is nothing before it. Choose another version to compare.</p>
+    {% endif %}
+  {% endif %}
+</article>
+{% endblock %}
diff --git a/apps/agreements/templates/agreements/terms_edit.html b/apps/agreements/templates/agreements/terms_edit.html
index 6961afdf1..6e37555c9 100644
--- a/apps/agreements/templates/agreements/terms_edit.html
+++ b/apps/agreements/templates/agreements/terms_edit.html
@@ -53,9 +53,10 @@ <h2>Changes from version {{ current.version }}</h2>
   {% endif %}
 
   <h2>Published versions</h2>
+  {% if versions|length > 1 %}<p><a href="{% url 'agreements:terms_compare' terms.slug %}">Compare any two versions</a></p>{% endif %}
   <ol class="history">
     {% for version in versions %}
-      <li><a href="{{ version.get_absolute_url }}">Version {{ version.version }}</a>, {{ version.published_at|date:"M j, Y" }}{% if version.published_by %} by {{ version.published_by.email }}{% endif %}{% if version.notes %}: {{ version.notes }}{% endif %}</li>
+      <li><a href="{{ version.get_absolute_url }}">Version {{ version.version }}</a>, {{ version.published_at|date:"M j, Y" }}{% if version.published_by %} by {{ version.published_by.email }}{% endif %}{% if version.notes %}: {{ version.notes }}{% endif %}{% if not forloop.last %} · <a href="{% url 'agreements:terms_compare' terms.slug %}?to={{ version.version }}">What changed</a>{% endif %}</li>
     {% empty %}
       <li>None yet.</li>
     {% endfor %}
diff --git a/apps/agreements/tests/test_terms_compare.py b/apps/agreements/tests/test_terms_compare.py
new file mode 100644
index 000000000..6369e4dc3
--- /dev/null
+++ b/apps/agreements/tests/test_terms_compare.py
@@ -0,0 +1,57 @@
+from __future__ import annotations
+
+from typing import TYPE_CHECKING
+
+from django.contrib.auth import get_user_model
+from django.test import TestCase
+from django.urls import reverse
+
+from apps.agreements.models import Terms, TermsVersion
+from apps.agreements.tests.test_agreements import make_officer
+
+if TYPE_CHECKING:
+    from apps.users.models import User
+
+
+class TermsCompareTests(TestCase):
+    terms: Terms
+    officer: User
+    url: str
+
+    @classmethod
+    def setUpTestData(cls) -> None:
+        cls.terms = Terms.objects.create(slug="fictional-compare-terms", title="Fictional terms", is_public=True)
+        for label, text in (
+            ("v1", "Fee is one.\nShared clause."),
+            ("v2", "Fee is two.\nShared clause."),
+            ("v3", "Fee is three.\nShared clause."),
+        ):
+            TermsVersion.objects.create(terms=cls.terms, version=label, markdown=text)
+        cls.officer = make_officer()
+        cls.url = reverse("agreements:terms_compare", args=[cls.terms.slug])
+
+    def lines(self, query: str = "") -> list[tuple[str, str]]:
+        self.client.force_login(self.officer)
+        return [(tag, line) for tag, line in self.client.get(self.url + query).context["diff"] if tag in {"add", "del"}]
+
+    def test_defaults_to_what_the_chosen_version_changed(self) -> None:
+        self.assertEqual(self.lines(), [("del", "-Fee is two."), ("add", "+Fee is three.")])
+        self.assertEqual(self.lines("?to=v2"), [("del", "-Fee is one."), ("add", "+Fee is two.")])
+        self.assertEqual(self.lines("?from=v1&to=v3"), [("del", "-Fee is one."), ("add", "+Fee is three.")])
+
+    def test_first_version_has_nothing_before_it(self) -> None:
+        self.client.force_login(self.officer)
+        response = self.client.get(self.url + "?to=v1")
+        self.assertIsNone(response.context["diff"])
+        self.assertContains(response, "first published version")
+
+    def test_only_agreements_staff_can_compare(self) -> None:
+        self.assertEqual(self.client.get(self.url).status_code, 302)
+        self.client.force_login(get_user_model().objects.create_user("reader", "reader@example.org"))
+        self.assertEqual(self.client.get(self.url).status_code, 403)
+
+    def test_unknown_versions_are_not_found(self) -> None:
+        self.client.force_login(self.officer)
+        for query in ("?to=v9", "?from=v9&to=v2"):
+            with self.subTest(query=query):
+                self.assertEqual(self.client.get(self.url + query).status_code, 404)
diff --git a/apps/agreements/urls.py b/apps/agreements/urls.py
index 995fe0558..bf7e45207 100644
--- a/apps/agreements/urls.py
+++ b/apps/agreements/urls.py
@@ -31,6 +31,7 @@
     path("terms/", terms.terms_list, name="terms_list"),
     path("terms/<slug:slug>/", terms.terms, name="terms"),
     path("terms/<slug:slug>/edit/draft/", terms.terms_edit, name="terms_edit"),
+    path("terms/<slug:slug>/compare/versions/", terms.terms_compare, name="terms_compare"),
     path("terms/<slug:slug>/download.<str:fmt>", terms.terms_download, name="terms_download"),
     # Permanent: signed documents cite these addresses.
     path("terms/<slug:slug>/<slug:version>/", terms.terms, name="terms_version"),
diff --git a/apps/agreements/views/terms.py b/apps/agreements/views/terms.py
index 299c80539..5915b8410 100644
--- a/apps/agreements/views/terms.py
+++ b/apps/agreements/views/terms.py
@@ -177,3 +177,34 @@ def terms_edit(request: HttpRequest, slug: str) -> HttpResponse:
         },
         status=400 if form.errors else 200,
     )
+
+
+@never_cache
+@preparer_required
+def terms_compare(request: HttpRequest, slug: str) -> HttpResponse:
+    """Show what changed between two published versions; by default, what the newest version changed."""
+    terms = get_object_or_404(Terms, slug=slug)
+    versions = list(terms.versions.select_related("published_by"))  # newest first
+    by_label = {version.version: version for version in versions}
+    new = by_label.get(request.GET["to"]) if "to" in request.GET else next(iter(versions), None)
+    if new is None and "to" in request.GET:
+        raise Http404
+    if "from" in request.GET:
+        old = by_label.get(request.GET["from"])
+        if old is None:
+            raise Http404
+    else:
+        older = versions[versions.index(new) + 1 :] if new else []
+        old = older[0] if older else None
+    return render(
+        request,
+        "agreements/terms_compare.html",
+        {
+            "terms": terms,
+            "versions": versions,
+            "old": old,
+            "new": new,
+            "diff": _diff(old.markdown, new.markdown) if old and new else None,
+            "nav": "terms",
+        },
+    )
diff --git a/docs/source/administration.rst b/docs/source/administration.rst
index a736db0aa..99252509b 100644
--- a/docs/source/administration.rst
+++ b/docs/source/administration.rst
@@ -199,6 +199,9 @@ after session or role revocation. Anonymous public terms remain publicly cacheab
         Once a version is published, its terms slug is read-only in the admin so cited
         addresses remain permanent. The draft editor is at
         ``/agreements/terms/<slug>/edit/draft/``; ``edit`` is also a valid version label.
+        Both agreement groups can compare any two published versions line by line at
+        ``/agreements/terms/<slug>/compare/versions/``, linked from the editor's version list
+        and from each terms page. By default it shows what the newest version changed.
         Publishing a version does not make it public: the separate *Make published versions
         public* setting controls that. Private versions are readable only by agreement group
         members and linked parties to documents citing them. An emailed signatory can review the cited versions through