diff --git a/changelogs/fragments/786-docker_v2.yml b/changelogs/fragments/786-docker_v2.yml
new file mode 100644
index 00000000..d6da262d
--- /dev/null
+++ b/changelogs/fragments/786-docker_v2.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - "docker_compose_v2, docker_compose_v2_pull - fix parsing of pull messages for Docker Compose 2.20.0 (https://github.com/ansible-collections/community.docker/issues/785, https://github.com/ansible-collections/community.docker/pull/786)."
diff --git a/plugins/module_utils/compose_v2.py b/plugins/module_utils/compose_v2.py
index 4caac2f7..fda70493 100644
--- a/plugins/module_utils/compose_v2.py
+++ b/plugins/module_utils/compose_v2.py
@@ -66,6 +66,7 @@ DOCKER_PULL_PROGRESS_DONE = frozenset((
 ))
 DOCKER_PULL_PROGRESS_WORKING = frozenset((
     'Pulling fs layer',
+    'Waiting',
     'Downloading',
     'Verifying Checksum',
     'Extracting',
@@ -130,7 +131,7 @@ _RE_PULL_PROGRESS = re.compile(
     r'\s+'
     r'(?P<status>%s)'
     r'\s*'
-    r'(?:|\s\[[^]]+\]\s+\S+\s*)'
+    r'(?:|\s\[[^]]+\]\s+\S+\s*|\s+[0-9.kKmMgGbB]+/[0-9.kKmMgGbB]+\s*)'
     r'$'
     % '|'.join(re.escape(status) for status in sorted(DOCKER_PULL_PROGRESS_DONE | DOCKER_PULL_PROGRESS_WORKING))
 )
diff --git a/tests/unit/plugins/module_utils/test_compose_v2.py b/tests/unit/plugins/module_utils/test_compose_v2.py
index 9bcb393b..a90ff6e8 100644
--- a/tests/unit/plugins/module_utils/test_compose_v2.py
+++ b/tests/unit/plugins/module_utils/test_compose_v2.py
@@ -75,6 +75,106 @@ EXTRA_TEST_CASES = [
         ],
         [],
     ),
+    (
+        # https://github.com/ansible-collections/community.docker/issues/785
+        '2.20.0-manual-pull',
+        '2.20.0',
+        False,
+        '4f4fb700ef54 Waiting\n'
+        '238022553356 Downloading     541B/541B\n'
+        '972e292d3a60 Downloading    106kB/10.43MB\n'
+        'f2543dc9f0a9 Downloading  25.36kB/2.425MB\n'
+        '972e292d3a60 Downloading  5.925MB/10.43MB\n'
+        'f2543dc9f0a9 Downloading  2.219MB/2.425MB\n'
+        'f2543dc9f0a9 Extracting  32.77kB/2.425MB\n'
+        '4f4fb700ef54 Downloading      32B/32B\n'
+        'f2543dc9f0a9 Extracting  2.425MB/2.425MB\n'
+        '972e292d3a60 Extracting  131.1kB/10.43MB\n'
+        '972e292d3a60 Extracting  10.43MB/10.43MB\n'
+        '238022553356 Extracting     541B/541B\n'
+        '4f4fb700ef54 Extracting      32B/32B\n',
+        [
+            Event(
+                'image-layer',
+                '4f4fb700ef54',
+                'Waiting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '238022553356',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '972e292d3a60',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                'f2543dc9f0a9',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '972e292d3a60',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                'f2543dc9f0a9',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                'f2543dc9f0a9',
+                'Extracting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '4f4fb700ef54',
+                'Downloading',
+                None,
+            ),
+            Event(
+                'image-layer',
+                'f2543dc9f0a9',
+                'Extracting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '972e292d3a60',
+                'Extracting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '972e292d3a60',
+                'Extracting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '238022553356',
+                'Extracting',
+                None,
+            ),
+            Event(
+                'image-layer',
+                '4f4fb700ef54',
+                'Extracting',
+                None,
+            ),
+        ],
+        [],
+    ),
 ]
 
 _ALL_TEST_CASES = EVENT_TEST_CASES + EXTRA_TEST_CASES