diff --git a/CHANGELOG.md b/CHANGELOG.md
index 45d5540ad69..1d518016f22 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,24 @@
 # Changelog
 
+## [6.40.0](https://github.com/googleapis/java-spanner/compare/v6.39.0...v6.40.0) (2023-04-14)
+
+
+### Features
+
+* Savepoints ([#2278](https://github.com/googleapis/java-spanner/issues/2278)) ([b02f584](https://github.com/googleapis/java-spanner/commit/b02f58435b97346cc8e08a96635affe8383981bb))
+
+
+### Performance Improvements
+
+* Remove custom transport executor ([#2366](https://github.com/googleapis/java-spanner/issues/2366)) ([e27dbe5](https://github.com/googleapis/java-spanner/commit/e27dbe5f58229dab208eeeed44d53e741700c814))
+
+
+### Dependencies
+
+* Update dependency com.google.cloud:google-cloud-shared-dependencies to v3.7.0 ([#2377](https://github.com/googleapis/java-spanner/issues/2377)) ([40402af](https://github.com/googleapis/java-spanner/commit/40402af54f94f16619d018e252181db29ae6855e))
+* Update dependency org.graalvm.buildtools:junit-platform-native to v0.9.21 ([#2379](https://github.com/googleapis/java-spanner/issues/2379)) ([ae7262d](https://github.com/googleapis/java-spanner/commit/ae7262d37391c0ec2fee1dcbb24899e4fa16ae17))
+* Update dependency org.graalvm.buildtools:native-maven-plugin to v0.9.21 ([#2380](https://github.com/googleapis/java-spanner/issues/2380)) ([0cb159e](https://github.com/googleapis/java-spanner/commit/0cb159efc97f02b42f064244e3812a0fd3d82db6))
+
 ## [6.39.0](https://github.com/googleapis/java-spanner/compare/v6.38.2...v6.39.0) (2023-04-11)
 
 
diff --git a/google-cloud-spanner-bom/pom.xml b/google-cloud-spanner-bom/pom.xml
index bc361fc88c0..6e3c3106671 100644
--- a/google-cloud-spanner-bom/pom.xml
+++ b/google-cloud-spanner-bom/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-spanner-bom</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+  <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   <packaging>pom</packaging>
   <parent>
     <groupId>com.google.cloud</groupId>
@@ -53,48 +53,48 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-spanner</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+        <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-spanner-executor</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner-executor:current} -->
+        <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner-executor:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-spanner</artifactId>
         <type>test-jar</type>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+        <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-admin-instance-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-admin-database-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-admin-instance-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-admin-database-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
       </dependency>
     </dependencies>
   </dependencyManagement>
diff --git a/google-cloud-spanner-executor/pom.xml b/google-cloud-spanner-executor/pom.xml
index cfba3ecd0ca..5a0ce5076b9 100644
--- a/google-cloud-spanner-executor/pom.xml
+++ b/google-cloud-spanner-executor/pom.xml
@@ -5,14 +5,14 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-spanner-executor</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner-executor:current} -->
+  <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner-executor:current} -->
   <packaging>jar</packaging>
   <name>Google Cloud Spanner Executor</name>
 
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
 
   <properties>
diff --git a/google-cloud-spanner/pom.xml b/google-cloud-spanner/pom.xml
index 7c8f7df95b8..3525c9a934e 100644
--- a/google-cloud-spanner/pom.xml
+++ b/google-cloud-spanner/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-spanner</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+  <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   <packaging>jar</packaging>
   <name>Google Cloud Spanner</name>
   <url>https://github.com/googleapis/java-spanner</url>
@@ -11,7 +11,7 @@
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <properties>
     <site.installationModule>google-cloud-spanner</site.installationModule>
diff --git a/grpc-google-cloud-spanner-admin-database-v1/pom.xml b/grpc-google-cloud-spanner-admin-database-v1/pom.xml
index e3eb19cecbd..19320410175 100644
--- a/grpc-google-cloud-spanner-admin-database-v1/pom.xml
+++ b/grpc-google-cloud-spanner-admin-database-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-spanner-admin-database-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
   <name>grpc-google-cloud-spanner-admin-database-v1</name>
   <description>GRPC library for grpc-google-cloud-spanner-admin-database-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/grpc-google-cloud-spanner-admin-instance-v1/pom.xml b/grpc-google-cloud-spanner-admin-instance-v1/pom.xml
index 37aa388ddc9..39e7761f61f 100644
--- a/grpc-google-cloud-spanner-admin-instance-v1/pom.xml
+++ b/grpc-google-cloud-spanner-admin-instance-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-spanner-admin-instance-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
   <name>grpc-google-cloud-spanner-admin-instance-v1</name>
   <description>GRPC library for grpc-google-cloud-spanner-admin-instance-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/grpc-google-cloud-spanner-v1/pom.xml b/grpc-google-cloud-spanner-v1/pom.xml
index a40d8bfaa85..e4719f5eee8 100644
--- a/grpc-google-cloud-spanner-v1/pom.xml
+++ b/grpc-google-cloud-spanner-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-spanner-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
   <name>grpc-google-cloud-spanner-v1</name>
   <description>GRPC library for grpc-google-cloud-spanner-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/pom.xml b/pom.xml
index a049b49096c..2e2a0eaaeae 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-spanner-parent</artifactId>
   <packaging>pom</packaging>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+  <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   <name>Google Cloud Spanner Parent</name>
   <url>https://github.com/googleapis/java-spanner</url>
   <description>
@@ -62,37 +62,37 @@
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-admin-instance-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-spanner-admin-database-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-admin-instance-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-instance-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-spanner-admin-database-v1</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
+        <version>6.40.0</version><!-- {x-version-update:grpc-google-cloud-spanner-admin-database-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-spanner</artifactId>
-        <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+        <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
       </dependency>
 
       <dependency>
diff --git a/proto-google-cloud-spanner-admin-database-v1/pom.xml b/proto-google-cloud-spanner-admin-database-v1/pom.xml
index d8a26117750..5cf4d059f99 100644
--- a/proto-google-cloud-spanner-admin-database-v1/pom.xml
+++ b/proto-google-cloud-spanner-admin-database-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-spanner-admin-database-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-database-v1:current} -->
   <name>proto-google-cloud-spanner-admin-database-v1</name>
   <description>PROTO library for proto-google-cloud-spanner-admin-database-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/proto-google-cloud-spanner-admin-instance-v1/pom.xml b/proto-google-cloud-spanner-admin-instance-v1/pom.xml
index 8f685adc613..c782601a6a4 100644
--- a/proto-google-cloud-spanner-admin-instance-v1/pom.xml
+++ b/proto-google-cloud-spanner-admin-instance-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-spanner-admin-instance-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-admin-instance-v1:current} -->
   <name>proto-google-cloud-spanner-admin-instance-v1</name>
   <description>PROTO library for proto-google-cloud-spanner-admin-instance-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/proto-google-cloud-spanner-v1/pom.xml b/proto-google-cloud-spanner-v1/pom.xml
index 4e82cc4b452..afcedbd335e 100644
--- a/proto-google-cloud-spanner-v1/pom.xml
+++ b/proto-google-cloud-spanner-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-spanner-v1</artifactId>
-  <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
+  <version>6.40.0</version><!-- {x-version-update:proto-google-cloud-spanner-v1:current} -->
   <name>proto-google-cloud-spanner-v1</name>
   <description>PROTO library for proto-google-cloud-spanner-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-spanner-parent</artifactId>
-    <version>6.39.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-spanner:current} -->
+    <version>6.40.0</version><!-- {x-version-update:google-cloud-spanner:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/samples/snapshot/pom.xml b/samples/snapshot/pom.xml
index 57be846aafa..a4154ddd75d 100644
--- a/samples/snapshot/pom.xml
+++ b/samples/snapshot/pom.xml
@@ -31,7 +31,7 @@
     <dependency>
       <groupId>com.google.cloud</groupId>
       <artifactId>google-cloud-spanner</artifactId>
-      <version>6.39.1-SNAPSHOT</version>
+      <version>6.40.0</version>
     </dependency>
     <!-- {x-version-update-end} -->
     
diff --git a/versions.txt b/versions.txt
index c3ccd8e6394..7e4e442a94b 100644
--- a/versions.txt
+++ b/versions.txt
@@ -1,11 +1,11 @@
 # Format:
 # module:released-version:current-version
 
-proto-google-cloud-spanner-admin-instance-v1:6.39.0:6.39.1-SNAPSHOT
-proto-google-cloud-spanner-v1:6.39.0:6.39.1-SNAPSHOT
-proto-google-cloud-spanner-admin-database-v1:6.39.0:6.39.1-SNAPSHOT
-grpc-google-cloud-spanner-v1:6.39.0:6.39.1-SNAPSHOT
-grpc-google-cloud-spanner-admin-instance-v1:6.39.0:6.39.1-SNAPSHOT
-grpc-google-cloud-spanner-admin-database-v1:6.39.0:6.39.1-SNAPSHOT
-google-cloud-spanner:6.39.0:6.39.1-SNAPSHOT
-google-cloud-spanner-executor:6.39.0:6.39.1-SNAPSHOT
+proto-google-cloud-spanner-admin-instance-v1:6.40.0:6.40.0
+proto-google-cloud-spanner-v1:6.40.0:6.40.0
+proto-google-cloud-spanner-admin-database-v1:6.40.0:6.40.0
+grpc-google-cloud-spanner-v1:6.40.0:6.40.0
+grpc-google-cloud-spanner-admin-instance-v1:6.40.0:6.40.0
+grpc-google-cloud-spanner-admin-database-v1:6.40.0:6.40.0
+google-cloud-spanner:6.40.0:6.40.0
+google-cloud-spanner-executor:6.40.0:6.40.0