diff --git a/pkgs/development/python-modules/sqlalchemy/default.nix b/pkgs/development/python-modules/sqlalchemy/default.nix
index 544bdccd2cbb..374ffad5ca31 100644
--- a/pkgs/development/python-modules/sqlalchemy/default.nix
+++ b/pkgs/development/python-modules/sqlalchemy/default.nix
@@ -13,11 +13,11 @@
 
 buildPythonPackage rec {
   pname = "SQLAlchemy";
-  version = "1.4.37";
+  version = "1.4.38";
 
   src = fetchPypi {
     inherit pname version;
-    hash = "sha256-Noj5LGLbbF3yaOImSJEHjxfsuR4xQbQA8uKND3V5beo=";
+    hash = "sha256-k64dLvQvvw8LPUSzUiW9oSMxDfSzPJv2Yue1CmjEipg=";
   };
 
   propagatedBuildInputs = [