diff --git a/cli/azd/CHANGELOG.md b/cli/azd/CHANGELOG.md
index 6b10d47e5d1..24219ac34d4 100644
--- a/cli/azd/CHANGELOG.md
+++ b/cli/azd/CHANGELOG.md
@@ -1,15 +1,21 @@
 # Release History
 
-## 1.38.0-beta.1 (Unreleased)
+## 1.37.3 (2026-11-04)
 
 ### Features Added
 
-### Breaking Changes
+- [[#10696]](https://github.com/Azure/azure-dev/pull/10696) Add support for stable-to-stable `azd update` from an elevated terminal for machine-wide Windows x64 MSI installations, preserving custom installation directories.
 
 ### Bugs Fixed
 
+- [[#10763]](https://github.com/Azure/azure-dev/pull/10763) Fix workflow steps ignoring their explicit `--cwd` when a parent `-C` or `--cwd` is set, preventing agent initialization from splitting project configuration across directories.
+- [[#10699]](https://github.com/Azure/azure-dev/pull/10699) Fix subprocess cancellation leaving child processes running or reporting ordinary command failures, including clearer cancellation errors for `azd exec`.
+
 ### Other Changes
 
+- [[#10720]](https://github.com/Azure/azure-dev/pull/10720) Improve telemetry data minimization by omitting unsupported or unmatched hook names and removing builder image and tag collection. Thanks @JeffreyCA for the contribution!
+- [[#9783]](https://github.com/Azure/azure-dev/pull/9783) Add bounded diagnostic telemetry for dropped or rejected extension telemetry reports without recording rejected payload content.
+
 ## 1.37.2 (2026-10-28)
 
 ### Bugs Fixed
diff --git a/cli/azd/pkg/azdext/version.go b/cli/azd/pkg/azdext/version.go
index d0ae425c485..556fdbb7dc0 100644
--- a/cli/azd/pkg/azdext/version.go
+++ b/cli/azd/pkg/azdext/version.go
@@ -6,4 +6,4 @@ package azdext
 // Version is the semantic version of the azdext SDK package.
 // This value mirrors the CLI version in cli/version.txt and is
 // automatically updated by eng/scripts/Update-CliVersion.ps1.
-const Version = "1.38.0-beta.1"
+const Version = "1.37.3"
diff --git a/cli/version.txt b/cli/version.txt
index 78e5fa4da5b..d2829d87d65 100644
--- a/cli/version.txt
+++ b/cli/version.txt
@@ -1 +1 @@
-1.38.0-beta.1
+1.37.3