diff --git a/CHANGELOG.md b/CHANGELOG.md
index 21c22019d..f77a4f9eb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,27 @@
 # Changelog
 
+## [1.138.0](https://github.com/googleapis/java-pubsub/compare/v1.137.1...v1.138.0) (2025-03-14)
+
+
+### Features
+
+* Deprecate `enabled` field for message transforms and add `disabled` field ([76b2a3d](https://github.com/googleapis/java-pubsub/commit/76b2a3dc1f001dfeb3f8974a4cc4de843b7383bc))
+* Next release from main branch is 1.138.0 ([#2361](https://github.com/googleapis/java-pubsub/issues/2361)) ([b6ba56c](https://github.com/googleapis/java-pubsub/commit/b6ba56c04619660d2660a660eaacbda7de9f8608))
+
+
+### Bug Fixes
+
+* **deps:** Update the Java code generator (gapic-generator-java) to 2.55.1 ([76b2a3d](https://github.com/googleapis/java-pubsub/commit/76b2a3dc1f001dfeb3f8974a4cc4de843b7383bc))
+* Prevent excessive string parsing when publishing and receiving messages to improve performance ([#2317](https://github.com/googleapis/java-pubsub/issues/2317)) ([07b1350](https://github.com/googleapis/java-pubsub/commit/07b135001b4726c9bafafe90c80d369f25f04956))
+
+
+### Dependencies
+
+* Update dependency com.google.cloud:google-cloud-bigquery to v2.48.1 ([#2356](https://github.com/googleapis/java-pubsub/issues/2356)) ([7d3d2e4](https://github.com/googleapis/java-pubsub/commit/7d3d2e4690539ebbe7ab521c2c345b06cba766ea))
+* Update dependency com.google.cloud:google-cloud-storage to v2.49.0 ([#2358](https://github.com/googleapis/java-pubsub/issues/2358)) ([81d3435](https://github.com/googleapis/java-pubsub/commit/81d34352d332ee9c4935e7908b6b9a2383d3a8ba))
+* Update dependency com.google.cloud:sdk-platform-java-config to v3.45.1 ([#2366](https://github.com/googleapis/java-pubsub/issues/2366)) ([15899d1](https://github.com/googleapis/java-pubsub/commit/15899d127131747c51c71c94d66ff581f70278f3))
+* Update googleapis/sdk-platform-java action to v2.55.1 ([#2367](https://github.com/googleapis/java-pubsub/issues/2367)) ([de6f84a](https://github.com/googleapis/java-pubsub/commit/de6f84a43a27e954c0dc635158c43c5db4d07dfa))
+
 ## [1.137.1](https://github.com/googleapis/java-pubsub/compare/v1.137.0...v1.137.1) (2025-02-26)
 
 
diff --git a/README.md b/README.md
index 16509a14f..b4815f2d4 100644
--- a/README.md
+++ b/README.md
@@ -58,13 +58,13 @@ implementation 'com.google.cloud:google-cloud-pubsub'
 If you are using Gradle without BOM, add this to your dependencies:
 
 ```Groovy
-implementation 'com.google.cloud:google-cloud-pubsub:1.137.1'
+implementation 'com.google.cloud:google-cloud-pubsub:1.138.0'
 ```
 
 If you are using SBT, add this to your dependencies:
 
 ```Scala
-libraryDependencies += "com.google.cloud" % "google-cloud-pubsub" % "1.137.1"
+libraryDependencies += "com.google.cloud" % "google-cloud-pubsub" % "1.138.0"
 ```
 
 ## Authentication
@@ -418,7 +418,7 @@ Java is a registered trademark of Oracle and/or its affiliates.
 [kokoro-badge-link-5]: http://storage.googleapis.com/cloud-devrel-public/java/badges/java-pubsub/java11.html
 [stability-image]: https://img.shields.io/badge/stability-stable-green
 [maven-version-image]: https://img.shields.io/maven-central/v/com.google.cloud/google-cloud-pubsub.svg
-[maven-version-link]: https://central.sonatype.com/artifact/com.google.cloud/google-cloud-pubsub/1.137.1
+[maven-version-link]: https://central.sonatype.com/artifact/com.google.cloud/google-cloud-pubsub/1.138.0
 [authentication]: https://github.com/googleapis/google-cloud-java#authentication
 [auth-scopes]: https://developers.google.com/identity/protocols/oauth2/scopes
 [predefined-iam-roles]: https://cloud.google.com/iam/docs/understanding-roles#predefined_roles
diff --git a/google-cloud-pubsub-bom/pom.xml b/google-cloud-pubsub-bom/pom.xml
index c79fe0f20..23974ed45 100644
--- a/google-cloud-pubsub-bom/pom.xml
+++ b/google-cloud-pubsub-bom/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub-bom</artifactId>
-  <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <packaging>pom</packaging>
   <parent>
     <groupId>com.google.cloud</groupId>
@@ -52,17 +52,17 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-pubsub</artifactId>
-        <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+        <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-        <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+        <version>1.120.0</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-        <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+        <version>1.120.0</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
       </dependency>
     </dependencies>
   </dependencyManagement>
diff --git a/google-cloud-pubsub/pom.xml b/google-cloud-pubsub/pom.xml
index bc78e9350..228dae29c 100644
--- a/google-cloud-pubsub/pom.xml
+++ b/google-cloud-pubsub/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub</artifactId>
-  <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <packaging>jar</packaging>
   <name>Google Cloud Pub/Sub</name>
   <url>https://github.com/googleapis/java-pubsub</url>
@@ -11,7 +11,7 @@
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <properties>
     <site.installationModule>google-cloud-pubsub</site.installationModule>
diff --git a/grpc-google-cloud-pubsub-v1/pom.xml b/grpc-google-cloud-pubsub-v1/pom.xml
index d0aebc5fa..380f1f500 100644
--- a/grpc-google-cloud-pubsub-v1/pom.xml
+++ b/grpc-google-cloud-pubsub-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-  <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+  <version>1.120.0</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
   <name>grpc-google-cloud-pubsub-v1</name>
   <description>GRPC library for grpc-google-cloud-pubsub-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/pom.xml b/pom.xml
index 35e19dbe5..d4edd2342 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub-parent</artifactId>
   <packaging>pom</packaging>
-  <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <name>Google Cloud Pub/Sub Parent</name>
   <url>https://github.com/googleapis/java-pubsub</url>
   <description>
@@ -69,17 +69,17 @@
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-        <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+        <version>1.120.0</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-        <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+        <version>1.120.0</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-pubsub</artifactId>
-        <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+        <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
       </dependency>
 
       <!-- Test dependencies -->
diff --git a/proto-google-cloud-pubsub-v1/pom.xml b/proto-google-cloud-pubsub-v1/pom.xml
index 306129afb..33873694a 100644
--- a/proto-google-cloud-pubsub-v1/pom.xml
+++ b/proto-google-cloud-pubsub-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-  <version>1.119.2-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+  <version>1.120.0</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
   <name>proto-google-cloud-pubsub-v1</name>
   <description>PROTO library for proto-google-cloud-pubsub-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.137.2-SNAPSHOT</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.138.0</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/samples/snapshot/pom.xml b/samples/snapshot/pom.xml
index 7ddcb7938..dc6902be5 100644
--- a/samples/snapshot/pom.xml
+++ b/samples/snapshot/pom.xml
@@ -43,7 +43,7 @@
     <dependency>
       <groupId>com.google.cloud</groupId>
       <artifactId>google-cloud-pubsub</artifactId>
-      <version>1.137.2-SNAPSHOT</version>
+      <version>1.138.0</version>
     </dependency>
     <!-- {x-version-update-end} -->
 
diff --git a/versions.txt b/versions.txt
index c50eab1b7..5d89f2bf7 100644
--- a/versions.txt
+++ b/versions.txt
@@ -1,6 +1,6 @@
 # Format:
 # module:released-version:current-version
 
-google-cloud-pubsub:1.137.1:1.137.2-SNAPSHOT
-grpc-google-cloud-pubsub-v1:1.119.1:1.119.2-SNAPSHOT
-proto-google-cloud-pubsub-v1:1.119.1:1.119.2-SNAPSHOT
+google-cloud-pubsub:1.138.0:1.138.0
+grpc-google-cloud-pubsub-v1:1.120.0:1.120.0
+proto-google-cloud-pubsub-v1:1.120.0:1.120.0