diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
index bd86a22..e50ad12 100644
--- a/.github/workflows/ci.yml
+++ b/.github/workflows/ci.yml
@@ -69,8 +69,8 @@ jobs:
       matrix:
         version:
           - "latest"
-          - "3.5.0"
-          - "v3.5.0"
+          - "4.2.0"
+          - "v4.2.0"
 
     runs-on: ubuntu-latest
     env:
diff --git a/README.md b/README.md
index e4cee57..7c50083 100644
--- a/README.md
+++ b/README.md
@@ -44,6 +44,17 @@ GitHub Actions for running [CodSpeed](https://codspeed.io) in your CI.
     # Only used if the `mongodb` instrument is enabled.
     mongo_uri_env_name: ""
 
+    # [OPTIONAL]
+    # Enable caching of instrument installations (like valgrind or perf) to speed up
+    # subsequent workflow runs. Set to 'false' to disable caching. Defaults to 'true'.
+    cache-instruments: "true"
+
+    # [OPTIONAL]
+    # The directory to use for caching installations of instruments (like valgrind or perf).
+    # This will speed up subsequent workflow runs by reusing previously installed instruments.
+    # Defaults to $HOME/.cache/codspeed-action if not specified.
+    instruments-cache-dir: ""
+
     # [OPTIONAL]
     # A custom upload url, only if you are using an on premise CodSpeed instance
     upload-url: ""
diff --git a/action.yml b/action.yml
index e83290c..574a218 100644
--- a/action.yml
+++ b/action.yml
@@ -46,15 +46,51 @@ inputs:
       Comma separated list of instruments to enable. The following instruments are available:
       - `mongodb`: MongoDB instrumentation, requires the MongoDB instrument to be enabled for the organization in CodSpeed
     required: false
+
   mongo-uri-env-name:
     description: |
       The name of the environment variable containing the MongoDB URI. Requires the `mongodb` instrument to be activated in `instruments`.
       If the instrumentation is enabled and this value is not set, the user will need to dynamically provide the MongoDB URI to the CodSpeed runner.
     required: false
 
+  cache-instruments:
+    description: |
+      Enable caching of instrument installations (like valgrind or perf) to speed up subsequent workflow runs. Set to 'false' to disable caching.
+    required: false
+    default: "true"
+
+  instruments-cache-dir:
+    description: |
+      The directory to use for caching installations of instruments (like valgrind or perf). Defaults to `$HOME/.cache/codspeed-action`.
+    required: false
+    default: "~/.cache/codspeed-action"
+
 runs:
   using: "composite"
   steps:
+    - name: Determine runner and kernel version
+      id: versions
+      shell: bash
+      run: |
+        RUNNER_VERSION="${{ inputs.runner-version }}"
+        if [ -z "$RUNNER_VERSION" ]; then
+          RUNNER_VERSION=$(cat $GITHUB_ACTION_PATH/.codspeed-runner-version)
+        fi
+        echo "runner-version=$RUNNER_VERSION" >> $GITHUB_OUTPUT
+
+        # Get kernel version for cache key
+        KERNEL_VERSION=$(uname -r)
+        echo "kernel-version=$KERNEL_VERSION" >> $GITHUB_OUTPUT
+
+    - name: Cache CodSpeed instruments
+      if: inputs.cache-instruments == 'true'
+      uses: actions/cache@v4
+      with:
+        path: ${{ inputs.instruments-cache-dir }}
+        key: codspeed-instruments-${{ runner.os }}-${{ runner.arch }}-${{steps.versions.outputs.kernel-version }}-${{ steps.versions.outputs.runner-version }}
+        restore-keys: |
+          codspeed-instruments-${{ runner.os }}-${{ runner.arch }}-${{steps.versions.outputs.kernel-version }}-
+
     - shell: bash
       env:
         GH_MATRIX: "${{ toJson(matrix) }}"
@@ -68,12 +104,48 @@ runs:
         fi
 
         # Configure and run codspeed-runner
-        RUNNER_VERSION="${{ inputs.runner-version }}"
-        if [ -z "$RUNNER_VERSION" ]; then
-          RUNNER_VERSION=$(cat $GITHUB_ACTION_PATH/.codspeed-runner-version)
-        elif [ "$RUNNER_VERSION" != "latest" ]; then
+        RUNNER_VERSION="${{ steps.versions.outputs.runner-version }}"
+
+        # Detect version type (priority: latest > version number > branch/rev prefixes)
+        if [ "$RUNNER_VERSION" = "latest" ]; then
+          VERSION_TYPE="latest"
+        elif echo "$RUNNER_VERSION" | grep -qE '^v?[0-9]+\.[0-9]+\.[0-9]+'; then
+          # Version number (with or without 'v' prefix)
+          VERSION_TYPE="release"
           # Strip 'v' prefix if present to normalize version format
           RUNNER_VERSION=$(echo "$RUNNER_VERSION" | sed 's/^v//')
+        elif echo "$RUNNER_VERSION" | grep -q '^branch:'; then
+          VERSION_TYPE="branch"
+          RUNNER_VERSION=$(echo "$RUNNER_VERSION" | sed 's/^branch://')
+        elif echo "$RUNNER_VERSION" | grep -q '^rev:'; then
+          VERSION_TYPE="rev"
+          RUNNER_VERSION=$(echo "$RUNNER_VERSION" | sed 's/^rev://')
+        else
+          # Default to release version
+          VERSION_TYPE="release"
+          RUNNER_VERSION=$(echo "$RUNNER_VERSION" | sed 's/^v//')
+        fi
+
+        # Install the CodSpeedHQ/runner
+        if [ "$VERSION_TYPE" = "latest" ]; then
+          curl -fsSL http://github.com/CodSpeedHQ/runner/releases/latest/download/codspeed-runner-installer.sh | bash -s -- --quiet
+        elif [ "$VERSION_TYPE" = "branch" ]; then
+          # Install from specific branch using cargo
+          source $HOME/.cargo/env
+          cargo install --git https://github.com/CodSpeedHQ/runner --branch "$RUNNER_VERSION"
+        elif [ "$VERSION_TYPE" = "rev" ]; then
+          # Install from specific commit/rev using cargo
+          source $HOME/.cargo/env
+          cargo install --git https://github.com/CodSpeedHQ/runner --rev "$RUNNER_VERSION"
+        else
+          # Release version
+          head_status=$(curl -I -fsSL -w "%{http_code}" -o /dev/null https://github.com/CodSpeedHQ/runner/releases/download/v$RUNNER_VERSION/codspeed-runner-installer.sh)
+          if [ "$head_status" -eq 404 ]; then
+            echo "Error: Version $RUNNER_VERSION is not available in https://github.com/CodSpeedHQ/runner/releases, please a correct version."
+            exit 1
+          else
+            curl -fsSL https://github.com/CodSpeedHQ/runner/releases/download/v$RUNNER_VERSION/codspeed-runner-installer.sh | bash -s -- --quiet
+          fi
         fi
 
         # Get the runner arguments
@@ -96,18 +168,8 @@ runs:
         if [ -n "${{ inputs.mongo-uri-env-name }}" ]; then
           RUNNER_ARGS="$RUNNER_ARGS --mongo-uri-env-name=${{ inputs.mongo-uri-env-name }}"
         fi
-
-        # Install the CodSpeedHQ/runner
-        if [ "$RUNNER_VERSION" = "latest" ]; then
-          curl -fsSL http://github.com/CodSpeedHQ/runner/releases/latest/download/codspeed-runner-installer.sh | bash -s -- --quiet
-        else
-          head_status=$(curl -I -fsSL -w "%{http_code}" -o /dev/null https://github.com/CodSpeedHQ/runner/releases/download/v$RUNNER_VERSION/codspeed-runner-installer.sh)
-          if [ "$head_status" -eq 404 ]; then
-            echo "Error: Version $RUNNER_VERSION is not available in https://github.com/CodSpeedHQ/runner/releases, please a correct version."
-            exit 1
-          else
-            curl -fsSL https://github.com/CodSpeedHQ/runner/releases/download/v$RUNNER_VERSION/codspeed-runner-installer.sh | bash -s -- --quiet
-          fi
+        if [ "${{ inputs.cache-instruments }}" = "true" ] && [ -n "${{ inputs.instruments-cache-dir }}" ]; then
+          RUNNER_ARGS="$RUNNER_ARGS --setup-cache-dir=${{ inputs.instruments-cache-dir }}"
         fi
 
         # Run the benchmarks