Abstract: We derive updated cosmological bounds on light axion-like particles (ALPs) coupled to leptons or photons, using a full phase-space treatment of their production from the primordial thermal plasma. The ALP phase-space distribution, obtained by solving the momentum-dependent Boltzmann equation for the relevant production processes, is consistently propagated into the computation of cosmological observables, allowing us to assess the impact of non-thermal spectral distortions on the effective number of relativistic species, triangle N-eff. Using state-of-the-art measurements of the cosmic microwave background from Planck, the Atacama Cosmology Telescope, and the South Pole Telescope, complemented with Big Bang Nucleosynthesis determinations of primordial deuterium and helium abundances, we obtain the following 95% credible limits on the ALP decay constant: f(a) > 1.63 & times; 10(6) GeV, 9.41 & times;10(6) GeV and 8.06 & times;10(4) GeV for ALPs coupled to electrons, muons and taus, respectively. For the ALP-photon coupling we find g(a gamma) < 1.98 & times; 10(-8 )GeV(-1.) Including baryon acoustic oscillation data from the Dark Energy Spectroscopic Instrument mildly relaxes the constraints, in line with previous analyses of extra relativistic degrees of freedom. Finally, we present forecasts for the LiteBIRD+Simons Observatory and LiteBIRD+CMB-HD configurations, discussing the importance of an exact phase-space treatment for robust cosmological bounds on ALP interactions.