diff --git a/changelog.md b/changelog.md
index 1581dd2d8fad..d05a27b63494 100644
--- a/changelog.md
+++ b/changelog.md
@@ -1,3 +1,19 @@
+<a name="12.2.3"></a>
+# 12.2.3 (2024-12-02)
+[Full Changelog](https://github.com/GoogleChrome/lighthouse/compare/v12.2.2...v12.2.3)
+
+This release is only for PageSpeed Insights and we expect it to ship within 2 weeks.
+
+## Notable Changes
+
+The CPU throttling factor for PageSpeed Insights has been adjusted ([#16256](https://github.com/GoogleChrome/lighthouse/pull/16256)) to account for the low CPU performance benchmarks typical in PageSpeed production environments. In general, TBT metric times for all sites should improve when testing with PageSpeed Insights.
+
+All other Lighthouse clients (Lighthouse CLI, the Node API, Lighthouse panel in DevTools, etc) should not be affected by this change.
+
+## Tests
+
+* inline-fs: fix error in Node 20 ([#16262](https://github.com/GoogleChrome/lighthouse/pull/16262))
+
  <a name="12.2.2"></a>
 # 12.2.2 (2024-11-14)
 [Full Changelog](https://github.com/GoogleChrome/lighthouse/compare/v12.2.1...v12.2.2)
diff --git a/core/test/fixtures/user-flows/reports/sample-flow-result.json b/core/test/fixtures/user-flows/reports/sample-flow-result.json
index 2157f3ff5d93..86f50e34ba87 100644
--- a/core/test/fixtures/user-flows/reports/sample-flow-result.json
+++ b/core/test/fixtures/user-flows/reports/sample-flow-result.json
@@ -2,7 +2,7 @@
   "steps": [
     {
       "lhr": {
-        "lighthouseVersion": "12.2.2",
+        "lighthouseVersion": "12.2.3",
         "requestedUrl": "https://www.mikescerealshack.co/",
         "mainDocumentUrl": "https://www.mikescerealshack.co/",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/",
@@ -8335,7 +8335,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.2",
+        "lighthouseVersion": "12.2.3",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:07.290Z",
         "gatherMode": "timespan",
@@ -12298,7 +12298,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.2",
+        "lighthouseVersion": "12.2.3",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/search?q=call+of+duty",
         "fetchTime": "2024-04-18T17:03:17.899Z",
         "gatherMode": "snapshot",
@@ -17694,7 +17694,7 @@
     },
     {
       "lhr": {
-        "lighthouseVersion": "12.2.2",
+        "lighthouseVersion": "12.2.3",
         "requestedUrl": "https://www.mikescerealshack.co/corrections",
         "mainDocumentUrl": "https://www.mikescerealshack.co/corrections",
         "finalDisplayedUrl": "https://www.mikescerealshack.co/corrections",
diff --git a/core/test/results/sample_v2.json b/core/test/results/sample_v2.json
index 3f3c9a3526dd..46a2cc94c372 100644
--- a/core/test/results/sample_v2.json
+++ b/core/test/results/sample_v2.json
@@ -1,5 +1,5 @@
 {
-  "lighthouseVersion": "12.2.2",
+  "lighthouseVersion": "12.2.3",
   "requestedUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
   "mainDocumentUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
   "finalDisplayedUrl": "http://localhost:10200/dobetterweb/dbw_tester.html",
diff --git a/docs/plugins.md b/docs/plugins.md
index a79eed895c6b..19237ea58a7b 100644
--- a/docs/plugins.md
+++ b/docs/plugins.md
@@ -61,10 +61,10 @@ A Lighthouse plugin is just a node module with a name that starts with `lighthou
   "type": "module",
   "main": "plugin.js",
   "peerDependencies": {
-    "lighthouse": "^12.2.2"
+    "lighthouse": "^12.2.3"
   },
   "devDependencies": {
-    "lighthouse": "^12.2.2"
+    "lighthouse": "^12.2.3"
   }
 }
 ```
diff --git a/docs/recipes/lighthouse-plugin-example/package.json b/docs/recipes/lighthouse-plugin-example/package.json
index 0aef3d937dc5..113a40b13c63 100644
--- a/docs/recipes/lighthouse-plugin-example/package.json
+++ b/docs/recipes/lighthouse-plugin-example/package.json
@@ -4,7 +4,7 @@
   "type": "module",
   "main": "./plugin.js",
   "peerDependencies": {
-    "lighthouse": "^12.2.2"
+    "lighthouse": "^12.2.3"
   },
   "devDependencies": {
     "lighthouse": "^8.6.0"
diff --git a/package.json b/package.json
index 5bbad85e1dd8..80d5d0cad90b 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "lighthouse",
   "type": "module",
-  "version": "12.2.2",
+  "version": "12.2.3",
   "description": "Automated auditing, performance metrics, and best practices for the web.",
   "main": "./core/index.js",
   "bin": {
diff --git a/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts b/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
index cb139190e297..3cf1e2542361 100644
--- a/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
+++ b/third-party/devtools-tests/e2e/lighthouse/navigation_test.ts
@@ -95,7 +95,7 @@ describe('Navigation', function() {
     // 1 refresh after auditing to reset state
     assert.strictEqual(numNavigations, 5);
 
-    assert.strictEqual(lhr.lighthouseVersion, '12.2.2');
+    assert.strictEqual(lhr.lighthouseVersion, '12.2.3');
     assert.match(lhr.finalUrl, /^https:\/\/localhost:[0-9]+\/test\/e2e\/resources\/lighthouse\/hello.html/);
 
     assert.strictEqual(lhr.configSettings.throttlingMethod, 'simulate');