diff --git a/debug_toolbar/panels/sql/forms.py b/debug_toolbar/panels/sql/forms.py
index 6cc1554a1..ac17e68ec 100644
--- a/debug_toolbar/panels/sql/forms.py
+++ b/debug_toolbar/panels/sql/forms.py
@@ -77,7 +77,7 @@ def clean_hash(self):
         return hash
 
     def reformat_sql(self):
-        return reformat_sql(self.cleaned_data["sql"])
+        return reformat_sql(self.cleaned_data["sql"], with_toggle=False)
 
     def make_hash(self, data):
         m = hmac.new(key=force_bytes(settings.SECRET_KEY), digestmod=hashlib.sha1)
diff --git a/debug_toolbar/panels/sql/panel.py b/debug_toolbar/panels/sql/panel.py
index fac9c473b..075bc9324 100644
--- a/debug_toolbar/panels/sql/panel.py
+++ b/debug_toolbar/panels/sql/panel.py
@@ -213,7 +213,7 @@ def duplicate_key(query):
                 query["form"] = SQLSelectForm(auto_id=None, initial=copy(query))
 
                 if query["sql"]:
-                    query["sql"] = reformat_sql(query["sql"])
+                    query["sql"] = reformat_sql(query["sql"], with_toggle=True)
                 query["rgb_color"] = self._databases[alias]["rgb_color"]
                 try:
                     query["width_ratio"] = (query["duration"] / self._sql_time) * 100
diff --git a/debug_toolbar/panels/sql/utils.py b/debug_toolbar/panels/sql/utils.py
index 5babe15d2..e22c9ab09 100644
--- a/debug_toolbar/panels/sql/utils.py
+++ b/debug_toolbar/panels/sql/utils.py
@@ -21,22 +21,32 @@ def process(self, stream):
                 yield T.Text, "</strong>"
 
 
-def reformat_sql(sql):
+def reformat_sql(sql, with_toggle=False):
+    formatted = parse_sql(sql, aligned_indent=True)
+    if not with_toggle:
+        return formatted
+    simple = simplify(parse_sql(sql, aligned_indent=False))
+    uncollapsed = '<span class="djDebugUncollapsed" href="#">{}</span>'.format(simple)
+    collapsed = '<span class="djDebugCollapsed" href="#">{}</span>'.format(formatted)
+    return collapsed + uncollapsed
+
+
+def parse_sql(sql, aligned_indent=False):
     stack = sqlparse.engine.FilterStack()
+    stack.enable_grouping()
+    if aligned_indent:
+        stack.stmtprocess.append(
+            sqlparse.filters.AlignedIndentFilter(char="&nbsp;", n="<br/>")
+        )
     stack.preprocess.append(BoldKeywordFilter())  # add our custom filter
     stack.postprocess.append(sqlparse.filters.SerializerUnicode())  # tokens -> strings
-    return swap_fields("".join(stack.run(sql)))
+    return "".join(stack.run(sql))
 
 
-def swap_fields(sql):
+def simplify(sql):
     expr = r"SELECT</strong> (...........*?) <strong>FROM"
-    subs = (
-        r"SELECT</strong> "
-        r'<span class="djDebugUncollapsed" href="#">&#8226;&#8226;&#8226;</span> '
-        r'<span class="djDebugCollapsed" href="#">\1</span> '
-        r"<strong>FROM"
-    )
-    return re.sub(expr, subs, sql)
+    sub = r"SELECT</strong> &#8226;&#8226;&#8226; <strong>FROM"
+    return re.sub(expr, sub, sql)
 
 
 def contrasting_color_generator():