diff --git a/Library/Homebrew/os/mac/xcode.rb b/Library/Homebrew/os/mac/xcode.rb
index e5c33b7b96..41688a0f07 100644
--- a/Library/Homebrew/os/mac/xcode.rb
+++ b/Library/Homebrew/os/mac/xcode.rb
@@ -20,10 +20,10 @@ module OS
       # This may be a beta version for a beta macOS.
       sig { returns(String) }
       def latest_version
-        latest_stable = "12.2"
+        latest_stable = "12.3"
         case MacOS.version
         when "11" then latest_stable
-        when "10.15" then "12.2"
+        when "10.15" then "12.3"
         when "10.14" then "11.3.1"
         when "10.13" then "10.1"
         when "10.12" then "9.2"