diff --git a/Lib/fontTools/__init__.py b/Lib/fontTools/__init__.py
index 770570bcb..1686340c8 100644
--- a/Lib/fontTools/__init__.py
+++ b/Lib/fontTools/__init__.py
@@ -3,6 +3,6 @@ from fontTools.misc.loggingTools import configLogger
 
 log = logging.getLogger(__name__)
 
-version = __version__ = "4.37.5.dev0"
+version = __version__ = "4.38.0"
 
 __all__ = ["version", "log", "configLogger"]
diff --git a/NEWS.rst b/NEWS.rst
index f941aa84f..e7c6c937c 100644
--- a/NEWS.rst
+++ b/NEWS.rst
@@ -1,3 +1,6 @@
+4.38.0 (released 2022-10-21)
+----------------------------
+
 - [varLib.instancer] Added support for L4 instancing, i.e. moving the default value of
   an axis while keeping it variable. Thanks Behdad! (#2728, #2861).  
   It's now also possible to restrict an axis min/max values beyond the current default
diff --git a/setup.cfg b/setup.cfg
index cf7003249..f1522c5cb 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 4.37.5.dev0
+current_version = 4.38.0
 commit = True
 tag = False
 tag_name = {new_version}
diff --git a/setup.py b/setup.py
index 1eb2b0df8..cbae3a527 100755
--- a/setup.py
+++ b/setup.py
@@ -452,7 +452,7 @@ if ext_modules:
 
 setup_params = dict(
 	name="fonttools",
-	version="4.37.5.dev0",
+	version="4.38.0",
 	description="Tools to manipulate font files",
 	author="Just van Rossum",
 	author_email="just@letterror.com",