diff --git a/go.mod b/go.mod
index 1c0dcafd..5ffb0776 100644
--- a/go.mod
+++ b/go.mod
@@ -13,7 +13,7 @@ require (
 	k8s.io/apimachinery v0.30.3
 	k8s.io/client-go v0.30.3
 	knative.dev/hack v0.0.0-20241016013844-21914567fbb4
-	knative.dev/operator v0.43.0
+	knative.dev/operator v0.43.1-0.20241024210602-00c6ab68da24
 	knative.dev/pkg v0.0.0-20241024133302-6af2bf9747e9
 )
 
diff --git a/go.sum b/go.sum
index f5fbbe6a..4b6a55aa 100644
--- a/go.sum
+++ b/go.sum
@@ -1290,12 +1290,12 @@ k8s.io/utils v0.0.0-20200912215256-4140de9c8800/go.mod h1:jPW/WVKK9YHAvNhRxK0md/
 k8s.io/utils v0.0.0-20210819203725-bdf08cb9a70a/go.mod h1:jPW/WVKK9YHAvNhRxK0md/EJ228hCsBRufyofKtW8HA=
 k8s.io/utils v0.0.0-20240711033017-18e509b52bc8 h1:pUdcCO1Lk/tbT5ztQWOBi5HBgbBP1J8+AsQnQCKsi8A=
 k8s.io/utils v0.0.0-20240711033017-18e509b52bc8/go.mod h1:OLgZIPagt7ERELqWJFomSt595RzquPNLL48iOWgYOg0=
-knative.dev/caching v0.0.0-20241022012359-41bbaf964d16 h1:vQ0y0mO1ALdOd/FPiw7gf1415mf41aWnLOVOtTr2/jQ=
-knative.dev/caching v0.0.0-20241022012359-41bbaf964d16/go.mod h1:qOvjasSUI+GyF4hsqJmIomblcgjkLzJhng8/zk0B9J4=
+knative.dev/caching v0.0.0-20241024133002-38fe7e0adfea h1:kuR/TU9SRkVVp5NM8/RN4DqCEMSCeMWWRXBm1AhPW4M=
+knative.dev/caching v0.0.0-20241024133002-38fe7e0adfea/go.mod h1:hFI6O91en6qYdojzQHJ0XbVXlhICiBavzI/RvgjNCCA=
 knative.dev/hack v0.0.0-20241016013844-21914567fbb4 h1:+hdbDCWjRmkbDghA9/ZLKSjSIG138dPV3K2exX4uxMA=
 knative.dev/hack v0.0.0-20241016013844-21914567fbb4/go.mod h1:R0ritgYtjLDO9527h5vb5X6gfvt5LCrJ55BNbVDsWiY=
-knative.dev/operator v0.43.0 h1:80PIcgtoTzjBF3jhshLnXlhSdD0lEVHc7F3mDjzrDE4=
-knative.dev/operator v0.43.0/go.mod h1:bAy0D5769aJvbjKcNIg4VRKk7oy4Xvs1gxMFoegLJZY=
+knative.dev/operator v0.43.1-0.20241024210602-00c6ab68da24 h1:hTXynOl5rSzHvOIDStTNM+/QDKEfWBuiv6ygB3XhmyM=
+knative.dev/operator v0.43.1-0.20241024210602-00c6ab68da24/go.mod h1:Wj6SnT2h/8YvO0Amz9KkcN6by+kBb8oUT37LByIAPIo=
 knative.dev/pkg v0.0.0-20241024133302-6af2bf9747e9 h1:+aw7X2GqCCslYR4pC08a5NGalTBTP7QiNdEwDtqJi2k=
 knative.dev/pkg v0.0.0-20241024133302-6af2bf9747e9/go.mod h1:F91q72nAoVVP9T0Y8gllA7cJ0+SXAQQ8Oa6x9xZ7Bwo=
 rsc.io/binaryregexp v0.2.0/go.mod h1:qTv7/COck+e2FymRvadv62gMdZztPaShugOCi3I+8D8=
diff --git a/vendor/knative.dev/operator/test/e2e-common.sh b/vendor/knative.dev/operator/test/e2e-common.sh
index 75cab103..7cd48b67 100644
--- a/vendor/knative.dev/operator/test/e2e-common.sh
+++ b/vendor/knative.dev/operator/test/e2e-common.sh
@@ -18,14 +18,14 @@
 source "$(dirname "${BASH_SOURCE[0]}")/../vendor/knative.dev/hack/e2e-tests.sh"
 
 # The previous serving release, installed by the operator. This value should be in the semantic format of major.minor.
-readonly PREVIOUS_SERVING_RELEASE_VERSION="1.15"
+readonly PREVIOUS_SERVING_RELEASE_VERSION="1.16"
 # The previous eventing release, installed by the operator. This value should be in the semantic format of major.minor.
-readonly PREVIOUS_EVENTING_RELEASE_VERSION="1.15"
+readonly PREVIOUS_EVENTING_RELEASE_VERSION="1.16"
 # The target serving/eventing release to upgrade, installed by the operator. It can be a release available under
 # kodata or an incoming new release. This value should be in the semantic format of major.minor.
-readonly TARGET_RELEASE_VERSION="1.16"
+readonly TARGET_RELEASE_VERSION="latest"
 # This is the branch name of knative repos, where we run the upgrade tests.
-readonly KNATIVE_REPO_BRANCH="release-1.16"
+readonly KNATIVE_REPO_BRANCH="${PULL_BASE_REF}"
 # Namespaces used for tests
 # This environment variable TEST_NAMESPACE defines the namespace to install Knative Serving.
 export TEST_NAMESPACE="${TEST_NAMESPACE:-knative-operator-testing}"
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 75287374..6d71f47b 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -560,7 +560,7 @@ k8s.io/utils/trace
 # knative.dev/hack v0.0.0-20241016013844-21914567fbb4
 ## explicit; go 1.21
 knative.dev/hack
-# knative.dev/operator v0.43.0
+# knative.dev/operator v0.43.1-0.20241024210602-00c6ab68da24
 ## explicit; go 1.22.0
 knative.dev/operator/pkg/apis/operator
 knative.dev/operator/pkg/apis/operator/base