diff --git a/CMakeLists.txt b/CMakeLists.txt
index 00b82c0..0666db1 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -7,7 +7,7 @@ cmake_minimum_required(VERSION 3.16)
 # also find the version number here. generate_auto_job also reads the
 # version from here.
 project(qpdf
-  VERSION 12.3.1
+  VERSION 12.3.2
   LANGUAGES C CXX)
 
 # Honor CMAKE_REQUIRED_LIBRARIES when checking for include files. This
diff --git a/include/qpdf/DLL.h b/include/qpdf/DLL.h
index 3c05672..cc6dcbb 100644
--- a/include/qpdf/DLL.h
+++ b/include/qpdf/DLL.h
@@ -27,12 +27,12 @@
 /* The first version of qpdf to include the version constants is 10.6.0. */
 #define QPDF_MAJOR_VERSION 12
 #define QPDF_MINOR_VERSION 3
-#define QPDF_PATCH_VERSION 1
+#define QPDF_PATCH_VERSION 2
 
 #ifdef QPDF_FUTURE
-# define QPDF_VERSION "12.3.1+future"
+# define QPDF_VERSION "12.3.2+future"
 #else
-# define QPDF_VERSION "12.3.1"
+# define QPDF_VERSION "12.3.2"
 #endif
 
 /*
diff --git a/job.sums b/job.sums
index 62c564a..cbbbe57 100644
--- a/job.sums
+++ b/job.sums
@@ -1,5 +1,5 @@
 # Generated by generate_auto_job
-CMakeLists.txt 7ff9aa661d492874c4a14819401031656fb4386a4430f433b6f127e7d4fa5fe3
+CMakeLists.txt 9ed8b0574b60d0625004b4f578089166d10c3d2f2bfc61edf94c105020d82264
 generate_auto_job 8e3175a515aa8837d8a01bba0346b04b3d777d70330ba5b7d52f691316054a34
 include/qpdf/auto_job_c_att.hh 4c2b171ea00531db54720bf49a43f8b34481586ae7fb6cbf225099ee42bc5bb4
 include/qpdf/auto_job_c_copy_att.hh 50609012bff14fd82f0649185940d617d05d530cdc522185c7f3920a561ccb42
@@ -17,5 +17,5 @@ libqpdf/qpdf/auto_job_json_init.hh 33934c23235c760a1fc1375c74f4fd52c8f5accf655c5
 libqpdf/qpdf/auto_job_schema.hh 81b8d57f05f5125a722912b6ee5e10fc6b02ae68e040108b75f32fc6527c02b1
 manual/_ext/qpdf.py 6add6321666031d55ed4aedf7c00e5662bba856dfcd66ccb526563bffefbb580
 manual/cli.rst efbce4b34fefbe1f46fca9c9693af245a7f7e2b63c0853c464569087aa49cb18
-manual/qpdf.1 5a944d1d3684fc240fbb5a80885a364a31dcfa1cdd9bcdcb30885db09b335a3e
+manual/qpdf.1 0783e8741f21ed28b3d3d2c5e07beb7eef6e227dd82bd0b316a17875f39f1589
 manual/qpdf.1.in 436ecc85d45c4c9e2dbd1725fb7f0177fb627179469f114561adf3cb6cbb677b
diff --git a/manual/qpdf.1 b/manual/qpdf.1
index 60ca32d..fc40392 100644
--- a/manual/qpdf.1
+++ b/manual/qpdf.1
@@ -3,7 +3,7 @@
 .\" Edits will be automatically overwritten if the build is
 .\" run in maintainer mode.
 .\"
-.TH QPDF "1" "" "qpdf version 12.3.1" "User Commands"
+.TH QPDF "1" "" "qpdf version 12.3.2" "User Commands"
 .SH NAME
 qpdf \- PDF transformation software
 .SH SYNOPSIS
diff --git a/manual/release-notes.rst b/manual/release-notes.rst
index d84e971..f7888c8 100644
--- a/manual/release-notes.rst
+++ b/manual/release-notes.rst
@@ -14,6 +14,8 @@ more detail.
 .. x.y.z: not yet released
 
 
+12.3.2: not yet released
+
 12.3.1: January 19, 2026
   - Bug fixes