diff --git a/Formula/p/py-spy.rb b/Formula/p/py-spy.rb
index fe0803be27ba..a5fa6cd760c9 100644
--- a/Formula/p/py-spy.rb
+++ b/Formula/p/py-spy.rb
@@ -5,8 +5,8 @@ class PySpy < Formula
   head "https://github.com/benfred/py-spy.git", branch: "master"
 
   stable do
-    url "https://github.com/benfred/py-spy/archive/refs/tags/v0.3.14.tar.gz"
-    sha256 "c01da8b74be0daba79781cfc125ffcd3df3a0d090157fe0081c71da2f6057905"
+    url "https://github.com/benfred/py-spy/archive/refs/tags/v0.4.0.tar.gz"
+    sha256 "13a5c4b949947425670eedac05b6dd27edbc736b75f1587899efca1a7ef79ac3"
 
     # Use `llvm@15` to work around build failure with LLVM Clang 16 (Apple Clang 15)
     # described in https://github.com/rust-lang/rust-bindgen/issues/2312.