diff --git a/.clang-tidy.hash b/.clang-tidy.hash
index 50a7fa9709..9efe5b2270 100644
--- a/.clang-tidy.hash
+++ b/.clang-tidy.hash
@@ -1 +1 @@
-0c2acbc16bfb7d63571dbe7042f94f683be25e4ca8a0f158a960a94adac4b931
+7920671c938a5ea6a11ac4594204b5ec8f38d579c962bf1f185e8d5e3ad879be
diff --git a/esphome/components/esp32/__init__.py b/esphome/components/esp32/__init__.py
index 6ddb579733..587d75b64b 100644
--- a/esphome/components/esp32/__init__.py
+++ b/esphome/components/esp32/__init__.py
@@ -310,19 +310,19 @@ def _format_framework_espidf_version(
 
 # The default/recommended arduino framework version
 #  - https://github.com/espressif/arduino-esp32/releases
-RECOMMENDED_ARDUINO_FRAMEWORK_VERSION = cv.Version(3, 1, 3)
+RECOMMENDED_ARDUINO_FRAMEWORK_VERSION = cv.Version(3, 2, 1)
 # The platform-espressif32 version to use for arduino frameworks
 #  - https://github.com/pioarduino/platform-espressif32/releases
-ARDUINO_PLATFORM_VERSION = cv.Version(53, 3, 13)
+ARDUINO_PLATFORM_VERSION = cv.Version(54, 3, 21)
 
 # The default/recommended esp-idf framework version
 #  - https://github.com/espressif/esp-idf/releases
 #  - https://api.registry.platformio.org/v3/packages/platformio/tool/framework-espidf
-RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION = cv.Version(5, 3, 2)
+RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION = cv.Version(5, 4, 2)
 # The platformio/espressif32 version to use for esp-idf frameworks
 #  - https://github.com/platformio/platform-espressif32/releases
 #  - https://api.registry.platformio.org/v3/packages/platformio/platform/espressif32
-ESP_IDF_PLATFORM_VERSION = cv.Version(53, 3, 13)
+ESP_IDF_PLATFORM_VERSION = cv.Version(54, 3, 21)
 
 # List based on https://registry.platformio.org/tools/platformio/framework-espidf/versions
 SUPPORTED_PLATFORMIO_ESP_IDF_5X = [
@@ -357,8 +357,8 @@ SUPPORTED_PIOARDUINO_ESP_IDF_5X = [
 def _arduino_check_versions(value):
     value = value.copy()
     lookups = {
-        "dev": (cv.Version(3, 1, 3), "https://github.com/espressif/arduino-esp32.git"),
-        "latest": (cv.Version(3, 1, 3), None),
+        "dev": (cv.Version(3, 2, 1), "https://github.com/espressif/arduino-esp32.git"),
+        "latest": (cv.Version(3, 2, 1), None),
         "recommended": (RECOMMENDED_ARDUINO_FRAMEWORK_VERSION, None),
     }
 
@@ -396,8 +396,8 @@ def _arduino_check_versions(value):
 def _esp_idf_check_versions(value):
     value = value.copy()
     lookups = {
-        "dev": (cv.Version(5, 3, 2), "https://github.com/espressif/esp-idf.git"),
-        "latest": (cv.Version(5, 3, 2), None),
+        "dev": (cv.Version(5, 4, 2), "https://github.com/espressif/esp-idf.git"),
+        "latest": (cv.Version(5, 2, 2), None),
         "recommended": (RECOMMENDED_ESP_IDF_FRAMEWORK_VERSION, None),
     }
 
diff --git a/esphome/components/ethernet/esp_eth_phy_jl1101.c b/esphome/components/ethernet/esp_eth_phy_jl1101.c
index 4f31e0a9fd..5e73e99101 100644
--- a/esphome/components/ethernet/esp_eth_phy_jl1101.c
+++ b/esphome/components/ethernet/esp_eth_phy_jl1101.c
@@ -25,6 +25,9 @@
 #include "driver/gpio.h"
 #include "esp_rom_gpio.h"
 #include "esp_rom_sys.h"
+#include "esp_idf_version.h"
+
+#if defined(USE_ARDUINO) || ESP_IDF_VERSION < ESP_IDF_VERSION_VAL(5, 4, 2)
 
 static const char *TAG = "jl1101";
 #define PHY_CHECK(a, str, goto_tag, ...) \
@@ -336,4 +339,6 @@ esp_eth_phy_t *esp_eth_phy_new_jl1101(const eth_phy_config_t *config) {
 err:
   return NULL;
 }
+
+#endif /* USE_ARDUINO */
 #endif /* USE_ESP32 */
diff --git a/esphome/components/ethernet/ethernet_component.h b/esphome/components/ethernet/ethernet_component.h
index 1b347946f5..bdcda6afb4 100644
--- a/esphome/components/ethernet/ethernet_component.h
+++ b/esphome/components/ethernet/ethernet_component.h
@@ -11,6 +11,7 @@
 #include "esp_eth_mac.h"
 #include "esp_netif.h"
 #include "esp_mac.h"
+#include "esp_idf_version.h"
 
 namespace esphome {
 namespace ethernet {
@@ -153,7 +154,10 @@ class EthernetComponent : public Component {
 
 // NOLINTNEXTLINE(cppcoreguidelines-avoid-non-const-global-variables)
 extern EthernetComponent *global_eth_component;
+
+#if defined(USE_ARDUINO) || ESP_IDF_VERSION < ESP_IDF_VERSION_VAL(5, 4, 2)
 extern "C" esp_eth_phy_t *esp_eth_phy_new_jl1101(const eth_phy_config_t *config);
+#endif
 
 }  // namespace ethernet
 }  // namespace esphome
diff --git a/esphome/core/defines.h b/esphome/core/defines.h
index 19d380bd29..9355d56084 100644
--- a/esphome/core/defines.h
+++ b/esphome/core/defines.h
@@ -166,12 +166,11 @@
 #define USE_WIFI_11KV_SUPPORT
 
 #ifdef USE_ARDUINO
-#define USE_ARDUINO_VERSION_CODE VERSION_CODE(3, 1, 3)
+#define USE_ARDUINO_VERSION_CODE VERSION_CODE(3, 2, 1)
 #define USE_ETHERNET
 #endif
 
 #ifdef USE_ESP_IDF
-#define USE_ESP_IDF_VERSION_CODE VERSION_CODE(5, 3, 2)
 #define USE_MICRO_WAKE_WORD
 #define USE_MICRO_WAKE_WORD_VAD
 #if defined(USE_ESP32_VARIANT_ESP32C6) || defined(USE_ESP32_VARIANT_ESP32H2)
diff --git a/platformio.ini b/platformio.ini
index 7fb301c08b..350f220853 100644
--- a/platformio.ini
+++ b/platformio.ini
@@ -125,9 +125,9 @@ extra_scripts = post:esphome/components/esp8266/post_build.py.script
 ; This are common settings for the ESP32 (all variants) using Arduino.
 [common:esp32-arduino]
 extends = common:arduino
-platform = https://github.com/pioarduino/platform-espressif32/releases/download/53.03.13/platform-espressif32.zip
+platform = https://github.com/pioarduino/platform-espressif32/releases/download/54.03.21/platform-espressif32.zip
 platform_packages =
-    pioarduino/framework-arduinoespressif32@https://github.com/espressif/arduino-esp32/releases/download/3.1.3/esp32-3.1.3.zip
+    pioarduino/framework-arduinoespressif32@https://github.com/espressif/arduino-esp32/releases/download/3.2.1/esp32-3.2.1.zip
 
 framework = arduino
 lib_deps =
@@ -161,9 +161,9 @@ extra_scripts = post:esphome/components/esp32/post_build.py.script
 ; This are common settings for the ESP32 (all variants) using IDF.
 [common:esp32-idf]
 extends = common:idf
-platform = https://github.com/pioarduino/platform-espressif32/releases/download/53.03.13/platform-espressif32.zip
+platform = https://github.com/pioarduino/platform-espressif32/releases/download/54.03.21/platform-espressif32.zip
 platform_packages =
-    pioarduino/framework-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.3.2/esp-idf-v5.3.2.zip
+    pioarduino/framework-espidf@https://github.com/pioarduino/esp-idf/releases/download/v5.4.2/esp-idf-v5.4.2.zip
 
 framework = espidf
 lib_deps =
diff --git a/script/clang-tidy b/script/clang-tidy
index b5905e0e4e..187acd02ad 100755
--- a/script/clang-tidy
+++ b/script/clang-tidy
@@ -105,7 +105,7 @@ def clang_options(idedata):
     # idedata contains include directories for all toolchains of this platform, only use those from the one in use
     toolchain_dir = os.path.normpath(f"{idedata['cxx_path']}/../../")
     for directory in idedata["includes"]["toolchain"]:
-        if directory.startswith(toolchain_dir):
+        if directory.startswith(toolchain_dir) and "picolibc" not in directory:
             cmd.extend(["-isystem", directory])
 
     # add library include directories using -isystem to suppress their errors