diff --git a/CMakeLists.txt b/CMakeLists.txt
index 8e17aece0..570968aea 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -16,7 +16,7 @@ cmake_minimum_required(VERSION 3.15)
 cmake_policy(SET CMP0091 NEW) # Use MSVC_RUNTIME_LIBRARY to select the runtime
 project(
     Verilator
-    VERSION 5.037
+    VERSION 5.038
     HOMEPAGE_URL https://verilator.org
     LANGUAGES CXX
 )
diff --git a/Changes b/Changes
index 09ba4ad45..e2b00d973 100644
--- a/Changes
+++ b/Changes
@@ -8,7 +8,7 @@ The changes in each Verilator version are described below.  The
 contributors that suggested or implemented a given issue are shown in []. Thanks!
 
 
-Verilator 5.037 devel
+Verilator 5.038 2025-07-08
 ==========================
 
 **Important:**
diff --git a/configure.ac b/configure.ac
index e4f53b20b..5dae8392e 100644
--- a/configure.ac
+++ b/configure.ac
@@ -10,7 +10,7 @@
 # Then 'make maintainer-dist'
 #AC_INIT([Verilator],[#.### YYYY-MM-DD])
 #AC_INIT([Verilator],[#.### devel])
-AC_INIT([Verilator],[5.037 devel],
+AC_INIT([Verilator],[5.038 2025-07-08],
         [https://verilator.org],
         [verilator],[https://verilator.org])