diff --git a/README b/README
index 4c6bab5d3cb..7181870155b 100644
--- a/README
+++ b/README
@@ -2,7 +2,7 @@ Copyright (C) 2001-2026 Free Software Foundation, Inc.
 See the end of the file for license conditions.
 
 
-This directory tree holds version 31.0.50 of GNU Emacs, the extensible,
+This directory tree holds version 32.0.50 of GNU Emacs, the extensible,
 customizable, self-documenting real-time display editor.
 
 The file INSTALL in this directory says how to build and install GNU
diff --git a/configure.ac b/configure.ac
index eeaaaa53a3d..6c45f2ccb48 100644
--- a/configure.ac
+++ b/configure.ac
@@ -23,7 +23,7 @@ dnl  along with GNU Emacs.  If not, see <https://www.gnu.org/licenses/>.
 
 AC_PREREQ([2.65])
 dnl Note this is parsed by (at least) make-dist and lisp/cedet/ede/emacs.el.
-AC_INIT([GNU Emacs], [31.0.50], [bug-gnu-emacs@gnu.org], [],
+AC_INIT([GNU Emacs], [32.0.50], [bug-gnu-emacs@gnu.org], [],
   [https://www.gnu.org/software/emacs/])
 
 if test "$XCONFIGURE" = "android"; then
@@ -5100,6 +5100,7 @@ AC_SUBST_FILE([module_env_snippet_28])
 AC_SUBST_FILE([module_env_snippet_29])
 AC_SUBST_FILE([module_env_snippet_30])
 AC_SUBST_FILE([module_env_snippet_31])
+AC_SUBST_FILE([module_env_snippet_32])
 module_env_snippet_25="$srcdir/src/module-env-25.h"
 module_env_snippet_26="$srcdir/src/module-env-26.h"
 module_env_snippet_27="$srcdir/src/module-env-27.h"
@@ -5107,6 +5108,7 @@ module_env_snippet_28="$srcdir/src/module-env-28.h"
 module_env_snippet_29="$srcdir/src/module-env-29.h"
 module_env_snippet_30="$srcdir/src/module-env-30.h"
 module_env_snippet_31="$srcdir/src/module-env-31.h"
+module_env_snippet_31="$srcdir/src/module-env-32.h"
 emacs_major_version=`AS_ECHO([$PACKAGE_VERSION]) | sed 's/[[.]].*//'`
 AC_SUBST([emacs_major_version])
 
diff --git a/etc/NEWS b/etc/NEWS
new file mode 100644
index 00000000000..edb682a4968
--- /dev/null
+++ b/etc/NEWS
@@ -0,0 +1,74 @@
+GNU Emacs NEWS -- history of user-visible changes.
+
+Copyright (C) 2022-2026 Free Software Foundation, Inc.
+See the end of the file for license conditions.
+
+Please send Emacs bug reports to 'bug-gnu-emacs@gnu.org'.
+If possible, use 'M-x report-emacs-bug'.
+
+This file is about changes in Emacs version 32.
+
+See file HISTORY for a list of GNU Emacs versions and release dates.
+See files NEWS.31, NEWS.30, ..., NEWS.18, and NEWS.1-17 for changes
+in older Emacs versions.
+
+You can narrow news to a specific version by calling 'view-emacs-news'
+with a prefix argument or by typing 'C-u C-h C-n'.
+
+Temporary note:
++++ indicates that all relevant manuals in doc/ have been updated.
+--- means no change in the manuals is needed.
+When you add a new item, use the appropriate mark if you are sure it
+applies, and please also update docstrings as needed.
+
+
+* Installation Changes in Emacs 32.1
+
+
+* Startup Changes in Emacs 32.1
+
+
+* Changes in Emacs 32.1
+
+
+* Editing Changes in Emacs 32.1
+
+
+* Changes in Specialized Modes and Packages in Emacs 32.1
+
+
+* New Modes and Packages in Emacs 32.1
+
+
+* Incompatible Lisp Changes in Emacs 32.1
+
+
+* Lisp Changes in Emacs 32.1
+
+
+* Changes in Emacs 32.1 on Non-Free Operating Systems
+
+
+----------------------------------------------------------------------
+This file is part of GNU Emacs.
+
+GNU Emacs is free software: you can redistribute it and/or modify
+it under the terms of the GNU General Public License as published by
+the Free Software Foundation, either version 3 of the License, or
+(at your option) any later version.
+
+GNU Emacs is distributed in the hope that it will be useful,
+but WITHOUT ANY WARRANTY; without even the implied warranty of
+MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+GNU General Public License for more details.
+
+You should have received a copy of the GNU General Public License
+along with GNU Emacs.  If not, see <https://www.gnu.org/licenses/>.
+
+
+Local variables:
+coding: utf-8
+mode: outline
+mode: emacs-news
+paragraph-separate: "[	 ]"
+end:
diff --git a/etc/refcards/ru-refcard.tex b/etc/refcards/ru-refcard.tex
index 53fa116722e..23a44b11473 100644
--- a/etc/refcards/ru-refcard.tex
+++ b/etc/refcards/ru-refcard.tex
@@ -40,7 +40,7 @@
 \newlength{\ColThreeWidth}
 \setlength{\ColThreeWidth}{25mm}
 
-\newcommand{\versionemacs}[0]{31} % version of Emacs this is for
+\newcommand{\versionemacs}[0]{32} % version of Emacs this is for
 \newcommand{\cyear}[0]{2026}       % copyright year
 
 \newcommand\shortcopyrightnotice[0]{\vskip 1ex plus 2 fill
diff --git a/exec/configure.ac b/exec/configure.ac
index bc35b41e14e..81780359904 100644
--- a/exec/configure.ac
+++ b/exec/configure.ac
@@ -22,7 +22,7 @@ dnl  You should have received a copy of the GNU General Public License
 dnl  along with GNU Emacs.  If not, see <https://www.gnu.org/licenses/>.
 
 AC_PREREQ([2.65])
-AC_INIT([libexec], [31.0.50], [bug-gnu-emacs@gnu.org], [],
+AC_INIT([libexec], [32.0.50], [bug-gnu-emacs@gnu.org], [],
   [https://www.gnu.org/software/emacs/])
 
 AH_TOP([/* Copyright (C) 2026 Free Software Foundation, Inc.
diff --git a/java/AndroidManifest.xml.in b/java/AndroidManifest.xml.in
index a1760294046..10e121134e4 100644
--- a/java/AndroidManifest.xml.in
+++ b/java/AndroidManifest.xml.in
@@ -350,6 +350,6 @@ repositories require an incrementing numeric version code to detect
 upgrades, which is provided here and is altered by admin/admin.el.
 Refer to e.g. https://forum.f-droid.org/t/emacs-packaging/30424/25.
 
-Version-code: 310050000
+Version-code: 320050000
 
 -->
diff --git a/lisp/cus-edit.el b/lisp/cus-edit.el
index 87d8ecade54..3687f231f94 100644
--- a/lisp/cus-edit.el
+++ b/lisp/cus-edit.el
@@ -1344,7 +1344,7 @@ Show the buffer in another window, but don't select it."
     (unless (eq symbol basevar)
       (message "`%s' is an alias for `%s'" symbol basevar))))
 
-(defvar customize-changed-options-previous-release "30.1"
+(defvar customize-changed-options-previous-release "31.1"
   "Version for `customize-changed' to refer back to by default.")
 
 ;; Packages will update this variable, so make it available.
diff --git a/msdos/sed2v2.inp b/msdos/sed2v2.inp
index d7441f1e34d..899d30e7f99 100644
--- a/msdos/sed2v2.inp
+++ b/msdos/sed2v2.inp
@@ -66,7 +66,7 @@
 /^#undef PACKAGE_NAME/s/^.*$/#define PACKAGE_NAME ""/
 /^#undef PACKAGE_STRING/s/^.*$/#define PACKAGE_STRING ""/
 /^#undef PACKAGE_TARNAME/s/^.*$/#define PACKAGE_TARNAME ""/
-/^#undef PACKAGE_VERSION/s/^.*$/#define PACKAGE_VERSION "31.0.50"/
+/^#undef PACKAGE_VERSION/s/^.*$/#define PACKAGE_VERSION "32.0.50"/
 /^#undef SYSTEM_TYPE/s/^.*$/#define SYSTEM_TYPE "ms-dos"/
 /^#undef HAVE_DECL_GETENV/s/^.*$/#define HAVE_DECL_GETENV 1/
 /^#undef SYS_SIGLIST_DECLARED/s/^.*$/#define SYS_SIGLIST_DECLARED 1/
diff --git a/nt/README.W32 b/nt/README.W32
index 788a87af8a8..9efff8c9406 100644
--- a/nt/README.W32
+++ b/nt/README.W32
@@ -1,7 +1,7 @@
 Copyright (C) 2001-2026 Free Software Foundation, Inc.
 See the end of the file for license conditions.
 
-		Emacs version 31.0.50 for MS-Windows
+		Emacs version 32.0.50 for MS-Windows
 
   This README file describes how to set up and run a precompiled
   distribution of the latest version of GNU Emacs for MS-Windows.  You
diff --git a/src/emacs-module.in.h b/src/emacs-module.in.h
index 7157ca75681..bf9d63b3fa3 100644
--- a/src/emacs-module.in.h
+++ b/src/emacs-module.in.h
@@ -215,6 +215,25 @@ struct emacs_env_31
 @module_env_snippet_31@
 };
 
+struct emacs_env_32
+{
+@module_env_snippet_25@
+
+@module_env_snippet_26@
+
+@module_env_snippet_27@
+
+@module_env_snippet_28@
+
+@module_env_snippet_29@
+
+@module_env_snippet_30@
+
+@module_env_snippet_31@
+
+@module_env_snippet_32@
+};
+
 /* Every module should define a function as follows.  */
 extern int emacs_module_init (struct emacs_runtime *runtime)
   EMACS_NOEXCEPT
diff --git a/src/module-env-31.h b/src/module-env-31.h
index e9827b18382..e69de29bb2d 100644
--- a/src/module-env-31.h
+++ b/src/module-env-31.h
@@ -1,3 +0,0 @@
-  /* Add module environment functions newly added in Emacs 31 here.
-     Before Emacs 31 is released, remove this comment and start
-     module-env-32.h on the master branch.  */
diff --git a/src/module-env-32.h b/src/module-env-32.h
new file mode 100644
index 00000000000..8051066bf88
--- /dev/null
+++ b/src/module-env-32.h
@@ -0,0 +1,3 @@
+  /* Add module environment functions newly added in Emacs 32 here.
+     Before Emacs 32 is released, remove this comment and start
+     module-env-33.h on master (see admin/release-branch.txt).  */