diff --git a/Cargo.lock b/Cargo.lock
index 3fe183b06a26e..39d617e9ccc37 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1716,7 +1716,7 @@ checksum = "fa48fa079165080f11d7753fd0bc175b7d391f276b965fe4b55bfad67856e463"
 dependencies = [
  "chrono",
  "chrono-tz-build",
- "phf",
+ "phf 0.11.3",
  "serde",
  "uncased",
 ]
@@ -1728,7 +1728,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d9998fb9f7e9b2111641485bf8beb32f92945f97f92a3d061f744cfef335f751"
 dependencies = [
  "parse-zoneinfo",
- "phf",
+ "phf 0.11.3",
  "phf_codegen",
  "uncased",
 ]
@@ -6792,7 +6792,7 @@ dependencies = [
  "mz-ore",
  "mz-ore-build",
  "mz-proto",
- "phf",
+ "phf 0.12.1",
  "phf_codegen",
  "proptest",
  "proptest-derive",
@@ -7291,7 +7291,7 @@ dependencies = [
  "datadriven",
  "mz-ore",
  "mz-ore-build",
- "phf",
+ "phf 0.12.1",
  "phf_codegen",
  "serde",
  "uncased",
@@ -7312,7 +7312,7 @@ dependencies = [
  "mz-sql-lexer",
  "mz-sql-parser",
  "mz-walkabout",
- "phf",
+ "phf 0.12.1",
  "serde",
  "smallvec",
  "thiserror 2.0.12",
@@ -8754,7 +8754,18 @@ version = "0.11.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1fd6780a80ae0c52cc120a26a1a42c1ae51b247a253e4e06113d23d2c2edd078"
 dependencies = [
- "phf_shared",
+ "phf_shared 0.11.3",
+]
+
+[[package]]
+name = "phf"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "913273894cec178f401a31ec4b656318d95473527be05c0752cc41cdc32be8b7"
+dependencies = [
+ "phf_macros",
+ "phf_shared 0.12.1",
+ "serde",
 ]
 
 [[package]]
@@ -8763,8 +8774,8 @@ version = "0.11.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "aef8048c789fa5e851558d709946d6d79a8ff88c0440c587967f8e94bfb1216a"
 dependencies = [
- "phf_generator",
- "phf_shared",
+ "phf_generator 0.11.0",
+ "phf_shared 0.11.3",
 ]
 
 [[package]]
@@ -8773,10 +8784,34 @@ version = "0.11.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "5b450720b6f75cfbfabc195814bd3765f337a4f9a83186f8537297cac12f6705"
 dependencies = [
- "phf_shared",
+ "phf_shared 0.11.3",
  "rand 0.8.5",
 ]
 
+[[package]]
+name = "phf_generator"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "2cbb1126afed61dd6368748dae63b1ee7dc480191c6262a3b4ff1e29d86a6c5b"
+dependencies = [
+ "fastrand 2.3.0",
+ "phf_shared 0.12.1",
+]
+
+[[package]]
+name = "phf_macros"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d713258393a82f091ead52047ca779d37e5766226d009de21696c4e667044368"
+dependencies = [
+ "phf_generator 0.12.1",
+ "phf_shared 0.12.1",
+ "proc-macro2",
+ "quote",
+ "syn 2.0.101",
+ "uncased",
+]
+
 [[package]]
 name = "phf_shared"
 version = "0.11.3"
@@ -8787,6 +8822,16 @@ dependencies = [
  "uncased",
 ]
 
+[[package]]
+name = "phf_shared"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "06005508882fb681fd97892ecff4b7fd0fee13ef1aa569f8695dae7ab9099981"
+dependencies = [
+ "siphasher",
+ "uncased",
+]
+
 [[package]]
 name = "pin-project"
 version = "1.1.10"
@@ -11344,7 +11389,7 @@ dependencies = [
  "log",
  "parking_lot",
  "percent-encoding",
- "phf",
+ "phf 0.11.3",
  "pin-project-lite",
  "postgres-protocol",
  "postgres-types",
@@ -12830,8 +12875,8 @@ dependencies = [
  "parquet",
  "pathdiff",
  "percent-encoding",
- "phf",
- "phf_shared",
+ "phf 0.12.1",
+ "phf_shared 0.11.3",
  "portable-atomic",
  "postgres",
  "postgres-types",
diff --git a/misc/wasm/Cargo.lock b/misc/wasm/Cargo.lock
index 8b17ba4f74f46..f5c0250360b29 100644
--- a/misc/wasm/Cargo.lock
+++ b/misc/wasm/Cargo.lock
@@ -613,12 +613,13 @@ dependencies = [
 
 [[package]]
 name = "hyper-util"
-version = "0.1.12"
+version = "0.1.14"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cf9f1e950e0d9d1d3c47184416723cf29c0d1f93bd8cccf37e4beb6b44f31710"
+checksum = "dc2fdfdbff08affe55bb779f33b053aa1fe5dd5b54c257343c17edfa55711bdb"
 dependencies = [
  "bytes",
  "futures-channel",
+ "futures-core",
  "futures-util",
  "http",
  "http-body",
@@ -796,15 +797,6 @@ version = "2.11.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "469fb0b9cefa57e3ef31275ee7cacb78f2fdca44e4765491884a2b119d4eb130"
 
-[[package]]
-name = "itertools"
-version = "0.12.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ba291022dbbd398a455acf126c1e341954079855bc60dfdda641363bd6922569"
-dependencies = [
- "either",
-]
-
 [[package]]
 name = "itertools"
 version = "0.14.0"
@@ -937,7 +929,7 @@ dependencies = [
  "http",
  "hyper-tls",
  "hyper-util",
- "itertools 0.14.0",
+ "itertools",
  "mz-ore-proc",
  "native-tls",
  "num",
@@ -1003,7 +995,7 @@ dependencies = [
  "anyhow",
  "bytesize",
  "enum-kinds",
- "itertools 0.14.0",
+ "itertools",
  "mz-ore",
  "mz-ore-build",
  "mz-sql-lexer",
@@ -1039,7 +1031,7 @@ name = "mz-walkabout"
 version = "0.0.0"
 dependencies = [
  "anyhow",
- "itertools 0.14.0",
+ "itertools",
  "mz-ore-build",
  "quote",
  "syn 1.0.109",
@@ -1329,18 +1321,20 @@ checksum = "e3148f5046208a5d56bcfc03053e3ca6334e51da8dfb19b6cdc8b306fae3283e"
 
 [[package]]
 name = "phf"
-version = "0.11.2"
+version = "0.12.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ade2d8b8f33c7333b51bcf0428d37e217e9f32192ae4772156f65063b8ce03dc"
+checksum = "913273894cec178f401a31ec4b656318d95473527be05c0752cc41cdc32be8b7"
 dependencies = [
+ "phf_macros",
  "phf_shared",
+ "serde",
 ]
 
 [[package]]
 name = "phf_codegen"
-version = "0.11.3"
+version = "0.12.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "aef8048c789fa5e851558d709946d6d79a8ff88c0440c587967f8e94bfb1216a"
+checksum = "efbdcb6f01d193b17f0b9c3360fa7e0e620991b193ff08702f78b3ce365d7e61"
 dependencies = [
  "phf_generator",
  "phf_shared",
@@ -1348,19 +1342,33 @@ dependencies = [
 
 [[package]]
 name = "phf_generator"
-version = "0.11.2"
+version = "0.12.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "48e4cc64c2ad9ebe670cb8fd69dd50ae301650392e81c05f9bfcb2d5bdbc24b0"
+checksum = "2cbb1126afed61dd6368748dae63b1ee7dc480191c6262a3b4ff1e29d86a6c5b"
 dependencies = [
+ "fastrand",
  "phf_shared",
- "rand 0.8.5",
+]
+
+[[package]]
+name = "phf_macros"
+version = "0.12.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d713258393a82f091ead52047ca779d37e5766226d009de21696c4e667044368"
+dependencies = [
+ "phf_generator",
+ "phf_shared",
+ "proc-macro2",
+ "quote",
+ "syn 2.0.101",
+ "uncased",
 ]
 
 [[package]]
 name = "phf_shared"
-version = "0.11.2"
+version = "0.12.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "90fcb95eef784c2ac79119d1dd819e162b5da872ce6f3c3abe1e8ca1c082f72b"
+checksum = "06005508882fb681fd97892ecff4b7fd0fee13ef1aa569f8695dae7ab9099981"
 dependencies = [
  "siphasher",
  "uncased",
@@ -1470,7 +1478,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8a56d757972c98b346a9b766e3f02746cde6dd1cd1d1d563472929fdd74bec4d"
 dependencies = [
  "anyhow",
- "itertools 0.12.1",
+ "itertools",
  "proc-macro2",
  "quote",
  "syn 2.0.101",
@@ -1909,9 +1917,9 @@ checksum = "0fda2ff0d084019ba4d7c6f371c95d8fd75ce3524c3cb8fb653a3023f6323e64"
 
 [[package]]
 name = "siphasher"
-version = "0.3.11"
+version = "1.0.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "38b58827f4464d87d377d175e90bf58eb00fd8716ff0a62f80356b5e61555d0d"
+checksum = "56199f7ddabf13fe5074ce809e7d3f42b42ae711800501b5b16ea82ad029c39d"
 
 [[package]]
 name = "slab"
@@ -1924,9 +1932,9 @@ dependencies = [
 
 [[package]]
 name = "smallvec"
-version = "1.15.0"
+version = "1.15.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8917285742e9f3e1683f0a9c4e6b57960b7314d0b08d30d1ecd426713ee2eee9"
+checksum = "67b1b7a3b5fe4f1376887184045fcf45c69e92af734b7aaddc05fb777b6fbd03"
 
 [[package]]
 name = "socket2"
diff --git a/src/pgtz/Cargo.toml b/src/pgtz/Cargo.toml
index 296a09961576f..688c07777274f 100644
--- a/src/pgtz/Cargo.toml
+++ b/src/pgtz/Cargo.toml
@@ -15,7 +15,7 @@ chrono-tz = { version = "0.8.1", features = ["serde", "case-insensitive"] }
 mz-lowertest = { path = "../lowertest", default-features = false }
 mz-ore = { path = "../ore", features = ["test"], default-features = false }
 mz-proto = { path = "../proto", features = ["chrono"], default-features = false }
-phf = { version = "0.11.1", default-features = false }
+phf = { version = "0.12.1", default-features = false }
 proptest = { version = "1.7.0", default-features = false, features = ["std"] }
 proptest-derive = { version = "0.5.1", features = ["boxed_union"] }
 prost = { version = "0.13.5", features = ["no-recursion-limit"] }
diff --git a/src/sql-lexer/Cargo.toml b/src/sql-lexer/Cargo.toml
index 72c82e1815159..3817fa386a9ea 100644
--- a/src/sql-lexer/Cargo.toml
+++ b/src/sql-lexer/Cargo.toml
@@ -13,7 +13,7 @@ workspace = true
 mz-ore = { path = "../ore", default-features = false, features = ["stack"] }
 workspace-hack = { version = "0.0.0", path = "../workspace-hack", optional = true }
 serde = { version = "1.0.219", features = ["derive"] }
-phf = { version = "0.11.1", features = ["uncased"] }
+phf = { version = "0.12.1", features = ["uncased"] }
 uncased = "0.9.7"
 
 [dev-dependencies]
@@ -23,8 +23,8 @@ mz-ore = { path = "../ore", default-features = false, features = ["test"] }
 [build-dependencies]
 anyhow = "1.0.98"
 mz-ore-build = { path = "../ore-build", default-features = false }
-phf = { version = "0.11.1", features = ["uncased"] }
-phf_codegen = "0.11.3"
+phf = { version = "0.12.1", features = ["uncased"] }
+phf_codegen = "0.12.1"
 uncased = "0.9.7"
 
 [features]
diff --git a/src/sql-lexer/build.rs b/src/sql-lexer/build.rs
index 2c8876d1f82ed..7af9143207006 100644
--- a/src/sql-lexer/build.rs
+++ b/src/sql-lexer/build.rs
@@ -71,7 +71,7 @@ fn main() -> Result<()> {
 
         let mut phf = phf_codegen::Map::new();
         for kw in &keywords {
-            phf.entry(UncasedStr::new(kw), &format!("Keyword::{}", kw));
+            phf.entry(UncasedStr::new(kw), format!("Keyword::{}", kw));
         }
         buf.writeln(format!(
             "pub static KEYWORDS: phf::Map<&'static UncasedStr, Keyword> = {};",
diff --git a/src/sql-parser/Cargo.toml b/src/sql-parser/Cargo.toml
index e09fba5c7740f..c1da469aa30eb 100644
--- a/src/sql-parser/Cargo.toml
+++ b/src/sql-parser/Cargo.toml
@@ -17,7 +17,7 @@ enum-kinds = "0.5.1"
 itertools = "0.14.0"
 mz-ore = { path = "../ore", default-features = false, features = ["stack", "assert-no-tracing"] }
 mz-sql-lexer = { path = "../sql-lexer", default-features = false }
-phf = { version = "0.11.1", features = ["uncased"] }
+phf = { version = "0.12.1", features = ["uncased"] }
 serde = { version = "1.0.219", features = ["derive"] }
 smallvec = { version = "1.15.1", features = ["union"] }
 thiserror = "2.0.12"
diff --git a/src/workspace-hack/Cargo.toml b/src/workspace-hack/Cargo.toml
index cc16c71374147..01682b4f84d84 100644
--- a/src/workspace-hack/Cargo.toml
+++ b/src/workspace-hack/Cargo.toml
@@ -94,7 +94,7 @@ num-traits = { version = "0.2.19", features = ["i128", "libm"] }
 parking_lot = { version = "0.12.3", features = ["serde"] }
 parquet = { version = "54.3.1", default-features = false, features = ["arrow", "async", "brotli", "flate2", "lz4", "snap", "zstd"] }
 percent-encoding = { version = "2.3.1" }
-phf = { version = "0.11.3", features = ["uncased"] }
+phf = { version = "0.12.1", features = ["uncased"] }
 phf_shared = { version = "0.11.3", features = ["uncased"] }
 portable-atomic = { version = "1.11.1", features = ["require-cas"] }
 postgres = { git = "https://github.com/MaterializeInc/rust-postgres", default-features = false, features = ["with-chrono-0_4"] }
@@ -232,7 +232,7 @@ num-traits = { version = "0.2.19", features = ["i128", "libm"] }
 parking_lot = { version = "0.12.3", features = ["serde"] }
 parquet = { version = "54.3.1", default-features = false, features = ["arrow", "async", "brotli", "flate2", "lz4", "snap", "zstd"] }
 percent-encoding = { version = "2.3.1" }
-phf = { version = "0.11.3", features = ["uncased"] }
+phf = { version = "0.12.1", features = ["uncased"] }
 phf_shared = { version = "0.11.3", features = ["uncased"] }
 portable-atomic = { version = "1.11.1", features = ["require-cas"] }
 postgres = { git = "https://github.com/MaterializeInc/rust-postgres", default-features = false, features = ["with-chrono-0_4"] }