diff --git a/homeassistant/helpers/script.py b/homeassistant/helpers/script.py
index a1d045eb542..07f10e13dbf 100644
--- a/homeassistant/helpers/script.py
+++ b/homeassistant/helpers/script.py
@@ -2,7 +2,7 @@
 from __future__ import annotations
 
 import asyncio
-from collections.abc import Callable, Mapping, Sequence
+from collections.abc import AsyncGenerator, Callable, Mapping, Sequence
 from contextlib import asynccontextmanager, suppress
 from contextvars import ContextVar
 from copy import copy
@@ -157,7 +157,12 @@ def action_trace_append(variables, path):
 
 
 @asynccontextmanager
-async def trace_action(hass, script_run, stop, variables):
+async def trace_action(
+    hass: HomeAssistant,
+    script_run: _ScriptRun,
+    stop: asyncio.Event,
+    variables: dict[str, Any],
+) -> AsyncGenerator[TraceElement, None]:
     """Trace action execution."""
     path = trace_path_get()
     trace_element = action_trace_append(variables, path)
@@ -362,6 +367,8 @@ class _StopScript(_HaltScript):
 class _ScriptRun:
     """Manage Script sequence run."""
 
+    _action: dict[str, Any]
+
     def __init__(
         self,
         hass: HomeAssistant,
@@ -376,7 +383,6 @@ class _ScriptRun:
         self._context = context
         self._log_exceptions = log_exceptions
         self._step = -1
-        self._action: dict[str, Any] | None = None
         self._stop = asyncio.Event()
         self._stopped = asyncio.Event()
 
@@ -446,11 +452,13 @@ class _ScriptRun:
 
         return ScriptRunResult(response, self._variables)
 
-    async def _async_step(self, log_exceptions):
+    async def _async_step(self, log_exceptions: bool) -> None:
         continue_on_error = self._action.get(CONF_CONTINUE_ON_ERROR, False)
 
         with trace_path(str(self._step)):
-            async with trace_action(self._hass, self, self._stop, self._variables):
+            async with trace_action(
+                self._hass, self, self._stop, self._variables
+            ) as trace_element:
                 if self._stop.is_set():
                     return
 
@@ -466,6 +474,7 @@ class _ScriptRun:
                 try:
                     handler = f"_async_{action}_step"
                     await getattr(self, handler)()
+                    trace_element.update_variables(self._variables)
                 except Exception as ex:  # pylint: disable=broad-except
                     self._handle_exception(
                         ex, continue_on_error, self._log_exceptions or log_exceptions
diff --git a/homeassistant/helpers/trace.py b/homeassistant/helpers/trace.py
index fd7a3081f7a..6c7d6cf0a7a 100644
--- a/homeassistant/helpers/trace.py
+++ b/homeassistant/helpers/trace.py
@@ -21,6 +21,7 @@ class TraceElement:
         "_child_key",
         "_child_run_id",
         "_error",
+        "_last_variables",
         "path",
         "_result",
         "reuse_by_child",
@@ -38,16 +39,8 @@ class TraceElement:
         self.reuse_by_child = False
         self._timestamp = dt_util.utcnow()
 
-        if variables is None:
-            variables = {}
-        last_variables = variables_cv.get() or {}
-        variables_cv.set(dict(variables))
-        changed_variables = {
-            key: value
-            for key, value in variables.items()
-            if key not in last_variables or last_variables[key] != value
-        }
-        self._variables = changed_variables
+        self._last_variables = variables_cv.get() or {}
+        self.update_variables(variables)
 
     def __repr__(self) -> str:
         """Container for trace data."""
@@ -71,6 +64,19 @@ class TraceElement:
         old_result = self._result or {}
         self._result = {**old_result, **kwargs}
 
+    def update_variables(self, variables: TemplateVarsType) -> None:
+        """Update variables."""
+        if variables is None:
+            variables = {}
+        last_variables = self._last_variables
+        variables_cv.set(dict(variables))
+        changed_variables = {
+            key: value
+            for key, value in variables.items()
+            if key not in last_variables or last_variables[key] != value
+        }
+        self._variables = changed_variables
+
     def as_dict(self) -> dict[str, Any]:
         """Return dictionary version of this TraceElement."""
         result: dict[str, Any] = {"path": self.path, "timestamp": self._timestamp}
diff --git a/tests/helpers/test_script.py b/tests/helpers/test_script.py
index c2bad6287ab..1ea602f7cda 100644
--- a/tests/helpers/test_script.py
+++ b/tests/helpers/test_script.py
@@ -386,7 +386,10 @@ async def test_calling_service_response_data(
                             "target": {},
                         },
                         "running_script": False,
-                    }
+                    },
+                    "variables": {
+                        "my_response": {"data": "value-12345"},
+                    },
                 }
             ],
             "1": [
@@ -399,10 +402,7 @@ async def test_calling_service_response_data(
                             "target": {},
                         },
                         "running_script": False,
-                    },
-                    "variables": {
-                        "my_response": {"data": "value-12345"},
-                    },
+                    }
                 }
             ],
         }
@@ -1163,13 +1163,13 @@ async def test_wait_template_not_schedule(hass: HomeAssistant) -> None:
     assert_action_trace(
         {
             "0": [{"result": {"event": "test_event", "event_data": {}}}],
-            "1": [{"result": {"wait": {"completed": True, "remaining": None}}}],
-            "2": [
+            "1": [
                 {
-                    "result": {"event": "test_event", "event_data": {}},
+                    "result": {"wait": {"completed": True, "remaining": None}},
                     "variables": {"wait": {"completed": True, "remaining": None}},
                 }
             ],
+            "2": [{"result": {"event": "test_event", "event_data": {}}}],
         }
     )
 
@@ -1230,13 +1230,13 @@ async def test_wait_timeout(
     else:
         variable_wait = {"wait": {"trigger": None, "remaining": 0.0}}
     expected_trace = {
-        "0": [{"result": variable_wait}],
-        "1": [
+        "0": [
             {
-                "result": {"event": "test_event", "event_data": {}},
+                "result": variable_wait,
                 "variables": variable_wait,
             }
         ],
+        "1": [{"result": {"event": "test_event", "event_data": {}}}],
     }
     assert_action_trace(expected_trace)
 
@@ -1291,19 +1291,14 @@ async def test_wait_continue_on_timeout(
     else:
         variable_wait = {"wait": {"trigger": None, "remaining": 0.0}}
     expected_trace = {
-        "0": [{"result": variable_wait}],
+        "0": [{"result": variable_wait, "variables": variable_wait}],
     }
     if continue_on_timeout is False:
         expected_trace["0"][0]["result"]["timeout"] = True
         expected_trace["0"][0]["error_type"] = asyncio.TimeoutError
         expected_script_execution = "aborted"
     else:
-        expected_trace["1"] = [
-            {
-                "result": {"event": "test_event", "event_data": {}},
-                "variables": variable_wait,
-            }
-        ]
+        expected_trace["1"] = [{"result": {"event": "test_event", "event_data": {}}}]
         expected_script_execution = "finished"
     assert_action_trace(expected_trace, expected_script_execution)
 
@@ -3269,12 +3264,12 @@ async def test_parallel(hass: HomeAssistant, caplog: pytest.LogCaptureFixture) -
                             "description": "state of switch.trigger",
                         },
                     }
-                }
+                },
+                "variables": {"wait": {"remaining": None}},
             }
         ],
         "0/parallel/1/sequence/0": [
             {
-                "variables": {},
                 "result": {
                     "event": "test_event",
                     "event_data": {"hello": "from action 2", "what": "world"},
@@ -3283,7 +3278,6 @@ async def test_parallel(hass: HomeAssistant, caplog: pytest.LogCaptureFixture) -
         ],
         "0/parallel/0/sequence/1": [
             {
-                "variables": {"wait": {"remaining": None}},
                 "result": {
                     "event": "test_event",
                     "event_data": {"hello": "from action 1", "what": "world"},
@@ -4462,7 +4456,7 @@ async def test_set_variable(
     assert f"Executing step {alias}" in caplog.text
 
     expected_trace = {
-        "0": [{}],
+        "0": [{"variables": {"variable": "value"}}],
         "1": [
             {
                 "result": {
@@ -4474,7 +4468,6 @@ async def test_set_variable(
                     },
                     "running_script": False,
                 },
-                "variables": {"variable": "value"},
             }
         ],
     }
@@ -4504,7 +4497,7 @@ async def test_set_redefines_variable(
     assert mock_calls[1].data["value"] == 2
 
     expected_trace = {
-        "0": [{}],
+        "0": [{"variables": {"variable": "1"}}],
         "1": [
             {
                 "result": {
@@ -4515,11 +4508,10 @@ async def test_set_redefines_variable(
                         "target": {},
                     },
                     "running_script": False,
-                },
-                "variables": {"variable": "1"},
+                }
             }
         ],
-        "2": [{}],
+        "2": [{"variables": {"variable": 2}}],
         "3": [
             {
                 "result": {
@@ -4530,8 +4522,7 @@ async def test_set_redefines_variable(
                         "target": {},
                     },
                     "running_script": False,
-                },
-                "variables": {"variable": 2},
+                }
             }
         ],
     }