diff --git a/CHANGES.md b/CHANGES.md
index f61bebaa50..df7f0380b5 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -12,6 +12,8 @@ We adhere to the [keepachangelog](https://keepachangelog.com/en/1.0.0/) format (
 ## [Unreleased]
 ### Added
 * `formatAnnotations()` step to correct formatting of Java type annotations.  It puts type annotations on the same line as the type that they qualify.  Run it after a Java formatting step, such as `googleJavaFormat()`. ([#1275](https://github.com/diffplug/spotless/pull/1275))
+### Changes
+* Bump default `ktfmt` version to latest `0.39` -> `0.40` ([#1312](https://github.com/diffplug/spotless/pull/1312))
 
 ## [2.29.0] - 2022-08-23
 ### Added
diff --git a/lib/build.gradle b/lib/build.gradle
index fae8b5b875..3988a03bef 100644
--- a/lib/build.gradle
+++ b/lib/build.gradle
@@ -37,7 +37,7 @@ dependencies {
 
 	palantirJavaFormatCompileOnly 'com.palantir.javaformat:palantir-java-format:1.1.0'
 
-	String VER_KTFMT = '0.39'
+	String VER_KTFMT = '0.40'
 	ktfmtCompileOnly "com.facebook:ktfmt:$VER_KTFMT"
 	String VER_KTLINT_GOOGLE_JAVA_FORMAT = '1.7' // for JDK 8 compatibility
 	ktfmtCompileOnly("com.google.googlejavaformat:google-java-format") {
diff --git a/lib/src/main/java/com/diffplug/spotless/kotlin/KtfmtStep.java b/lib/src/main/java/com/diffplug/spotless/kotlin/KtfmtStep.java
index 37bbf786c6..9e52bd0435 100644
--- a/lib/src/main/java/com/diffplug/spotless/kotlin/KtfmtStep.java
+++ b/lib/src/main/java/com/diffplug/spotless/kotlin/KtfmtStep.java
@@ -39,7 +39,7 @@ public class KtfmtStep {
 	// prevent direct instantiation
 	private KtfmtStep() {}
 
-	private static final String DEFAULT_VERSION = "0.39";
+	private static final String DEFAULT_VERSION = "0.40";
 	static final String NAME = "ktfmt";
 	static final String PACKAGE = "com.facebook";
 	static final String MAVEN_COORDINATE = PACKAGE + ":ktfmt:";
diff --git a/plugin-gradle/CHANGES.md b/plugin-gradle/CHANGES.md
index 5003de1aba..aed5f04ec5 100644
--- a/plugin-gradle/CHANGES.md
+++ b/plugin-gradle/CHANGES.md
@@ -5,6 +5,8 @@ We adhere to the [keepachangelog](https://keepachangelog.com/en/1.0.0/) format (
 ## [Unreleased]
 ### Added
 * `formatAnnotations()` step to correct formatting of Java type annotations.  It puts type annotations on the same line as the type that they qualify.  Run it after a Java formatting step, such as `googleJavaFormat()`. ([#1275](https://github.com/diffplug/spotless/pull/1275))
+### Changes
+* Bump default `ktfmt` version to latest `0.39` -> `0.40` ([#1312](https://github.com/diffplug/spotless/pull/1312))
 
 ## [6.10.0] - 2022-08-23
 ### Added
diff --git a/plugin-maven/CHANGES.md b/plugin-maven/CHANGES.md
index fd371233f2..aa54842d27 100644
--- a/plugin-maven/CHANGES.md
+++ b/plugin-maven/CHANGES.md
@@ -5,6 +5,8 @@ We adhere to the [keepachangelog](https://keepachangelog.com/en/1.0.0/) format (
 ## [Unreleased]
 ### Added
 * `formatAnnotations` step to correct formatting of Java type annotations.  It puts type annotations on the same line as the type that they qualify.  Run it after a Java formatting step, such as `googleJavaFormat`. ([#1275](https://github.com/diffplug/spotless/pull/1275))
+### Changes
+* Bump default `ktfmt` version to latest `0.39` -> `0.40` ([#1312](https://github.com/diffplug/spotless/pull/1312))
 
 ## [2.25.0] - 2022-08-23
 ### Added