diff --git a/config/versions.yaml b/config/versions.yaml
index dc4cdd3a..9897b0e6 100644
--- a/config/versions.yaml
+++ b/config/versions.yaml
@@ -2,12 +2,12 @@
 # IMPORTANT
 # If you change the Rust toolchain version here, make sure to also change
 # docker-images/ubi10-rust-builder/Dockerfile
-rust_version: 1.95.0
+rust_version: 1.97.1
 
 # This nightly version is only used for cargo fmt invocations, because we use nightly-only
 # rustfmt config options in rustfmt.toml. The version should be kept in line with the version
 # used in the operator-rs repository.
-rust_nightly_version: nightly-2026-07-01
+rust_nightly_version: nightly-2026-08-23
 
 # This edition is mostly used for rustfmt commands and the rustfmt config file. The edition should
 # be kept in line with the edition in the operator-rs repository.