diff --git a/CHANGELOG.md b/CHANGELOG.md
index c0657e63..adf1e4b3 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,11 @@
+3.0.3 - 2023-02-01
+==================
+
+### Fixes
+- Revert "Prevent local `Gemfile` from interfering with hook execution.".
+    - #2739 issue by @Roguelazer.
+    - #2740 PR by @asottile.
+
 3.0.2 - 2023-01-29
 ==================
 
diff --git a/setup.cfg b/setup.cfg
index 37511c09..8eb9de7a 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,6 +1,6 @@
 [metadata]
 name = pre_commit
-version = 3.0.2
+version = 3.0.3
 description = A framework for managing and maintaining multi-language pre-commit hooks.
 long_description = file: README.md
 long_description_content_type = text/markdown