diff --git a/homeassistant/components/recorder/manifest.json b/homeassistant/components/recorder/manifest.json
index 38897c42e1a..3d22781906a 100644
--- a/homeassistant/components/recorder/manifest.json
+++ b/homeassistant/components/recorder/manifest.json
@@ -2,7 +2,7 @@
   "domain": "recorder",
   "name": "Recorder",
   "documentation": "https://www.home-assistant.io/integrations/recorder",
-  "requirements": ["sqlalchemy==1.4.37", "fnvhash==0.1.0", "lru-dict==1.1.7"],
+  "requirements": ["sqlalchemy==1.4.38", "fnvhash==0.1.0", "lru-dict==1.1.7"],
   "codeowners": ["@home-assistant/core"],
   "quality_scale": "internal",
   "iot_class": "local_push"
diff --git a/homeassistant/components/sql/manifest.json b/homeassistant/components/sql/manifest.json
index 4562b945008..0e6c68071cc 100644
--- a/homeassistant/components/sql/manifest.json
+++ b/homeassistant/components/sql/manifest.json
@@ -2,7 +2,7 @@
   "domain": "sql",
   "name": "SQL",
   "documentation": "https://www.home-assistant.io/integrations/sql",
-  "requirements": ["sqlalchemy==1.4.37"],
+  "requirements": ["sqlalchemy==1.4.38"],
   "codeowners": ["@dgomes", "@gjohansson-ST"],
   "config_flow": true,
   "iot_class": "local_polling"
diff --git a/homeassistant/package_constraints.txt b/homeassistant/package_constraints.txt
index e9599bbe3a9..c9d011f3471 100644
--- a/homeassistant/package_constraints.txt
+++ b/homeassistant/package_constraints.txt
@@ -30,7 +30,7 @@ pyudev==0.22.0
 pyyaml==6.0
 requests==2.28.0
 scapy==2.4.5
-sqlalchemy==1.4.37
+sqlalchemy==1.4.38
 typing-extensions>=3.10.0.2,<5.0
 voluptuous-serialize==2.5.0
 voluptuous==0.13.1
diff --git a/requirements_all.txt b/requirements_all.txt
index 2ffb5aad412..8935161ae1e 100644
--- a/requirements_all.txt
+++ b/requirements_all.txt
@@ -2217,7 +2217,7 @@ spotipy==2.20.0
 
 # homeassistant.components.recorder
 # homeassistant.components.sql
-sqlalchemy==1.4.37
+sqlalchemy==1.4.38
 
 # homeassistant.components.srp_energy
 srpenergy==1.3.6
diff --git a/requirements_test_all.txt b/requirements_test_all.txt
index cce7c56108d..d4f43b284c0 100644
--- a/requirements_test_all.txt
+++ b/requirements_test_all.txt
@@ -1471,7 +1471,7 @@ spotipy==2.20.0
 
 # homeassistant.components.recorder
 # homeassistant.components.sql
-sqlalchemy==1.4.37
+sqlalchemy==1.4.38
 
 # homeassistant.components.srp_energy
 srpenergy==1.3.6