diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index af7e1d8db1..cf1060f444 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-    ".": "12.3.0"
+    ".": "12.3.1"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1b02c2184a..8cd6c2e209 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,17 @@
 # Changelog
 
+## [12.3.1](https://github.com/nodejs/node-gyp/compare/v12.3.0...v12.3.1) (2026-04-25)
+
+
+### Bug Fixes
+
+* retry downloads on retryable errors ([#3308](https://github.com/nodejs/node-gyp/issues/3308)) ([0793489](https://github.com/nodejs/node-gyp/commit/0793489b961c2cbf6c6b2182d968d0c262c3b573))
+
+
+### Miscellaneous
+
+* add workflow_dispatch trigger to tests workflow ([#3299](https://github.com/nodejs/node-gyp/issues/3299)) ([b2fcdcd](https://github.com/nodejs/node-gyp/commit/b2fcdcdd6aebdf0ab6d7d296fcabccf188883e01))
+
 ## [12.3.0](https://github.com/nodejs/node-gyp/compare/v12.2.0...v12.3.0) (2026-04-21)
 
 
diff --git a/package.json b/package.json
index 29d95ad41b..2901d3e461 100644
--- a/package.json
+++ b/package.json
@@ -11,7 +11,7 @@
     "bindings",
     "gyp"
   ],
-  "version": "12.3.0",
+  "version": "12.3.1",
   "installVersion": 11,
   "author": "Nathan Rajlich <nathan@tootallnate.net> (http://tootallnate.net)",
   "repository": {