diff --git a/.changes/unreleased/Under the Hood-20241112-133750.yaml b/.changes/unreleased/Under the Hood-20241112-133750.yaml
new file mode 100644
index 0000000..500dac3
--- /dev/null
+++ b/.changes/unreleased/Under the Hood-20241112-133750.yaml	
@@ -0,0 +1,6 @@
+kind: Under the Hood
+body: Upgrade protobuf to <=5.0
+time: 2024-11-12T13:37:50.886196-05:00
+custom:
+  Author: gshank
+  Issue: "218"
diff --git a/dbt_common/events/base_types.py b/dbt_common/events/base_types.py
index 781b2a0..2f11e4c 100644
--- a/dbt_common/events/base_types.py
+++ b/dbt_common/events/base_types.py
@@ -91,15 +91,18 @@ def __getattr__(self, key):
 
     def to_dict(self):
         return MessageToDict(
-            self.pb_msg, preserving_proto_field_name=True, including_default_value_fields=True
+            self.pb_msg,
+            preserving_proto_field_name=True,
+            always_print_fields_with_no_presence=True,
         )
 
     def to_json(self) -> str:
         return MessageToJson(
             self.pb_msg,
             preserving_proto_field_name=True,
-            including_default_value_fields=True,
+            always_print_fields_with_no_presence=True,
             indent=None,
+            sort_keys=True,
         )
 
     def level_tag(self) -> EventLevel:
diff --git a/dbt_common/events/functions.py b/dbt_common/events/functions.py
index 4e055aa..86d6823 100644
--- a/dbt_common/events/functions.py
+++ b/dbt_common/events/functions.py
@@ -97,7 +97,7 @@ def msg_to_dict(msg: EventMsg) -> dict:
         msg_dict = MessageToDict(
             msg,
             preserving_proto_field_name=True,
-            including_default_value_fields=True,  # type: ignore
+            always_print_fields_with_no_presence=True,
         )
     except Exception as exc:
         event_type = type(msg).__name__
diff --git a/dbt_common/events/types_pb2.py b/dbt_common/events/types_pb2.py
index 6574462..ed1d5c5 100644
--- a/dbt_common/events/types_pb2.py
+++ b/dbt_common/events/types_pb2.py
@@ -1,12 +1,22 @@
 # -*- coding: utf-8 -*-
 # Generated by the protocol buffer compiler.  DO NOT EDIT!
+# NO CHECKED-IN PROTOBUF GENCODE
 # source: types.proto
-# Protobuf Python Version: 4.25.2
+# Protobuf Python Version: 5.28.3
 """Generated protocol buffer code."""
 from google.protobuf import descriptor as _descriptor
 from google.protobuf import descriptor_pool as _descriptor_pool
+from google.protobuf import runtime_version as _runtime_version
 from google.protobuf import symbol_database as _symbol_database
 from google.protobuf.internal import builder as _builder
+_runtime_version.ValidateProtobufRuntimeVersion(
+    _runtime_version.Domain.PUBLIC,
+    5,
+    28,
+    3,
+    '',
+    'types.proto'
+)
 # @@protoc_insertion_point(imports)
 
 _sym_db = _symbol_database.Default()
@@ -20,9 +30,9 @@
 _globals = globals()
 _builder.BuildMessageAndEnumDescriptors(DESCRIPTOR, _globals)
 _builder.BuildTopDescriptorsAndMessages(DESCRIPTOR, 'types_pb2', _globals)
-if _descriptor._USE_C_DESCRIPTORS == False:
-  DESCRIPTOR._options = None
-  _globals['_EVENTINFO_EXTRAENTRY']._options = None
+if not _descriptor._USE_C_DESCRIPTORS:
+  DESCRIPTOR._loaded_options = None
+  _globals['_EVENTINFO_EXTRAENTRY']._loaded_options = None
   _globals['_EVENTINFO_EXTRAENTRY']._serialized_options = b'8\001'
   _globals['_EVENTINFO']._serialized_start=62
   _globals['_EVENTINFO']._serialized_end=335
diff --git a/pyproject.toml b/pyproject.toml
index 0a60105..5fa7fdd 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -35,7 +35,7 @@ dependencies = [
   "Jinja2>=3.1.3,<4",
   "mashumaro[msgpack]>=3.9,<4.0",
   "pathspec>=0.9,<0.13",
-  "protobuf>=4.0.0,<5.0.0",
+  "protobuf>=5.0,<6.0",
   "python-dateutil>=2.0,<3.0",
   "requests<3.0.0",  # needs to match dbt-core
   "typing-extensions>=4.4,<5.0",
@@ -51,7 +51,7 @@ lint = [
     "pytest>=7.3,<8.0",  # needed for linting tests
     "types-Jinja2>=2.11,<3.0",
     "types-jsonschema>=4.17,<5.0",
-    "types-protobuf>=4.24,<5.0",
+    "types-protobuf>=5.0,<6.0",
     "types-python-dateutil>=2.8,<3.0",
     "types-PyYAML>=6.0,<7.0",
     "types-requests"