diff --git a/CHANGES.rst b/CHANGES.rst
index b081cb1..785146d 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,6 +1,32 @@
 CHANGES
 =======
 
+2.5.0 - 2015-10-26
+------------------
+
+- **Improvement** Raise cap on PyFlakes for Python 3.5 support
+
+- **Improvement** Avoid deprecation warnings when loading extensions
+  (`GitLab#59`_, `GitLab#90`_)
+
+- **Improvement** Separate logic to enable "off-by-default" extensions
+  (`GitLab#67`_)
+
+- **Bug** Properly parse options to setuptools Flake8 command (`GitLab!41`_)
+
+- **Bug** Fix exceptions when output on stdout is truncated before Flake8
+  finishes writing the output (`GitLab#69`_)
+
+- **Bug** Fix error on OS X where Flake8 can no longer acquire or create new
+  semaphores (`GitLab#74`_)
+
+.. _GitLab!41: https://gitlab.com/pycqa/flake8/merge_requests/41
+.. _GitLab#59: https://gitlab.com/pycqa/flake8/issues/59
+.. _GitLab#67: https://gitlab.com/pycqa/flake8/issues/67
+.. _GitLab#69: https://gitlab.com/pycqa/flake8/issues/69
+.. _GitLab#74: https://gitlab.com/pycqa/flake8/issues/74
+.. _GitLab#90: https://gitlab.com/pycqa/flake8/issues/90
+
 2.4.1 - 2015-05-18
 ------------------
 
diff --git a/flake8/__init__.py b/flake8/__init__.py
index 5cd7abf..e59b17b 100644
--- a/flake8/__init__.py
+++ b/flake8/__init__.py
@@ -1 +1 @@
-__version__ = '2.4.1'
+__version__ = '2.5.0'