diff --git a/esphome/components/lvgl/defines.py b/esphome/components/lvgl/defines.py
index 8f7a973722..6a8b20b505 100644
--- a/esphome/components/lvgl/defines.py
+++ b/esphome/components/lvgl/defines.py
@@ -6,8 +6,8 @@ Constants already defined in esphome.const are not duplicated here and must be i
 
 from esphome import codegen as cg, config_validation as cv
 from esphome.const import CONF_ITEMS
-from esphome.core import ID, Lambda
-from esphome.cpp_generator import MockObj
+from esphome.core import Lambda
+from esphome.cpp_generator import LambdaExpression, MockObj
 from esphome.cpp_types import uint32
 from esphome.schema_extractors import SCHEMA_EXTRACT, schema_extractor
 
@@ -22,19 +22,22 @@ def literal(arg):
     return arg
 
 
+def call_lambda(lamb: LambdaExpression):
+    expr = lamb.content.strip()
+    if expr.startswith("return") and expr.endswith(";"):
+        return expr[7:][:-1]
+    return f"{lamb}()"
+
+
 class LValidator:
     """
     A validator for a particular type used in LVGL. Usable in configs as a validator, also
     has `process()` to convert a value during code generation
     """
 
-    def __init__(
-        self, validator, rtype, idtype=None, idexpr=None, retmapper=None, requires=None
-    ):
+    def __init__(self, validator, rtype, retmapper=None, requires=None):
         self.validator = validator
         self.rtype = rtype
-        self.idtype = idtype
-        self.idexpr = idexpr
         self.retmapper = retmapper
         self.requires = requires
 
@@ -43,8 +46,6 @@ class LValidator:
             value = requires_component(self.requires)(value)
         if isinstance(value, cv.Lambda):
             return cv.returning_lambda(value)
-        if self.idtype is not None and isinstance(value, ID):
-            return cv.use_id(self.idtype)(value)
         return self.validator(value)
 
     async def process(self, value, args=()):
@@ -52,10 +53,10 @@ class LValidator:
             return None
         if isinstance(value, Lambda):
             return cg.RawExpression(
-                f"{await cg.process_lambda(value, args, return_type=self.rtype)}()"
+                call_lambda(
+                    await cg.process_lambda(value, args, return_type=self.rtype)
+                )
             )
-        if self.idtype is not None and isinstance(value, ID):
-            return cg.RawExpression(f"{value}->{self.idexpr}")
         if self.retmapper is not None:
             return self.retmapper(value)
         return cg.safe_exp(value)
@@ -89,7 +90,7 @@ class LvConstant(LValidator):
             cv.ensure_list(self.one_of), uint32, retmapper=self.mapper
         )
 
-    def mapper(self, value, args=()):
+    def mapper(self, value):
         if not isinstance(value, list):
             value = [value]
         return literal(
@@ -103,7 +104,7 @@ class LvConstant(LValidator):
 
     def extend(self, *choices):
         """
-        Extend an LVCconstant with additional choices.
+        Extend an LVconstant with additional choices.
         :param choices: The extra choices
         :return: A new LVConstant instance
         """
@@ -431,6 +432,8 @@ CONF_ONE_LINE = "one_line"
 CONF_ON_SELECT = "on_select"
 CONF_ONE_CHECKED = "one_checked"
 CONF_NEXT = "next"
+CONF_PAD_ROW = "pad_row"
+CONF_PAD_COLUMN = "pad_column"
 CONF_PAGE = "page"
 CONF_PAGE_WRAP = "page_wrap"
 CONF_PASSWORD_MODE = "password_mode"
@@ -462,6 +465,7 @@ CONF_SKIP = "skip"
 CONF_SYMBOL = "symbol"
 CONF_TAB_ID = "tab_id"
 CONF_TABS = "tabs"
+CONF_TIME_FORMAT = "time_format"
 CONF_TILE = "tile"
 CONF_TILE_ID = "tile_id"
 CONF_TILES = "tiles"
diff --git a/esphome/components/lvgl/lv_validation.py b/esphome/components/lvgl/lv_validation.py
index b351b84af6..a2be4a2abe 100644
--- a/esphome/components/lvgl/lv_validation.py
+++ b/esphome/components/lvgl/lv_validation.py
@@ -1,17 +1,14 @@
 from typing import Union
 
 import esphome.codegen as cg
-from esphome.components.binary_sensor import BinarySensor
 from esphome.components.color import ColorStruct
 from esphome.components.font import Font
 from esphome.components.image import Image_
-from esphome.components.sensor import Sensor
-from esphome.components.text_sensor import TextSensor
 import esphome.config_validation as cv
-from esphome.const import CONF_ARGS, CONF_COLOR, CONF_FORMAT, CONF_VALUE
-from esphome.core import HexInt
+from esphome.const import CONF_ARGS, CONF_COLOR, CONF_FORMAT, CONF_TIME, CONF_VALUE
+from esphome.core import HexInt, Lambda
 from esphome.cpp_generator import MockObj
-from esphome.cpp_types import uint32
+from esphome.cpp_types import ESPTime, uint32
 from esphome.helpers import cpp_string_escape
 from esphome.schema_extractors import SCHEMA_EXTRACT, schema_extractor
 
@@ -19,9 +16,11 @@ from . import types as ty
 from .defines import (
     CONF_END_VALUE,
     CONF_START_VALUE,
+    CONF_TIME_FORMAT,
     LV_FONTS,
     LValidator,
     LvConstant,
+    call_lambda,
     literal,
 )
 from .helpers import (
@@ -110,13 +109,13 @@ def angle(value):
 def size_validator(value):
     """A size in one axis - one of "size_content", a number (pixels) or a percentage"""
     if value == SCHEMA_EXTRACT:
-        return ["size_content", "pixels", "..%"]
+        return ["SIZE_CONTENT", "number of pixels", "percentage"]
     if isinstance(value, str) and value.lower().endswith("px"):
         value = cv.int_(value[:-2])
     if isinstance(value, str) and not value.endswith("%"):
         if value.upper() == "SIZE_CONTENT":
             return "LV_SIZE_CONTENT"
-        raise cv.Invalid("must be 'size_content', a pixel position or a percentage")
+        raise cv.Invalid("must be 'size_content', a percentage or an integer (pixels)")
     if isinstance(value, int):
         return cv.int_(value)
     # Will throw an exception if not a percentage.
@@ -125,6 +124,15 @@ def size_validator(value):
 
 size = LValidator(size_validator, uint32, retmapper=literal)
 
+
+def pixels_validator(value):
+    if isinstance(value, str) and value.lower().endswith("px"):
+        return cv.int_(value[:-2])
+    return cv.int_(value)
+
+
+pixels = LValidator(pixels_validator, uint32, retmapper=literal)
+
 radius_consts = LvConstant("LV_RADIUS_", "CIRCLE")
 
 
@@ -167,9 +175,7 @@ lv_image = LValidator(
     retmapper=lambda x: lv_expr.img_from(MockObj(x)),
     requires="image",
 )
-lv_bool = LValidator(
-    cv.boolean, cg.bool_, BinarySensor, "get_state()", retmapper=literal
-)
+lv_bool = LValidator(cv.boolean, cg.bool_, retmapper=literal)
 
 
 def lv_pct(value: Union[int, float]):
@@ -185,42 +191,60 @@ def lvms_validator_(value):
 
 
 lv_milliseconds = LValidator(
-    lvms_validator_,
-    cg.int32,
-    retmapper=lambda x: x.total_milliseconds,
+    lvms_validator_, cg.int32, retmapper=lambda x: x.total_milliseconds
 )
 
 
 class TextValidator(LValidator):
     def __init__(self):
-        super().__init__(
-            cv.string,
-            cg.const_char_ptr,
-            TextSensor,
-            "get_state().c_str()",
-            lambda s: cg.safe_exp(f"{s}"),
-        )
+        super().__init__(cv.string, cg.std_string, lambda s: cg.safe_exp(f"{s}"))
 
     def __call__(self, value):
-        if isinstance(value, dict):
+        if isinstance(value, dict) and CONF_FORMAT in value:
             return value
         return super().__call__(value)
 
     async def process(self, value, args=()):
         if isinstance(value, dict):
-            args = [str(x) for x in value[CONF_ARGS]]
-            arg_expr = cg.RawExpression(",".join(args))
-            format_str = cpp_string_escape(value[CONF_FORMAT])
-            return literal(f"str_sprintf({format_str}, {arg_expr}).c_str()")
+            if format_str := value.get(CONF_FORMAT):
+                args = [str(x) for x in value[CONF_ARGS]]
+                arg_expr = cg.RawExpression(",".join(args))
+                format_str = cpp_string_escape(format_str)
+                return literal(f"str_sprintf({format_str}, {arg_expr}).c_str()")
+            if time_format := value.get(CONF_TIME_FORMAT):
+                source = value[CONF_TIME]
+                if isinstance(source, Lambda):
+                    time_format = cpp_string_escape(time_format)
+                    return cg.RawExpression(
+                        call_lambda(
+                            await cg.process_lambda(source, args, return_type=ESPTime)
+                        )
+                        + f".strftime({time_format}).c_str()"
+                    )
+                # must be an ID
+                source = await cg.get_variable(source)
+                return source.now().strftime(time_format).c_str()
+        if isinstance(value, Lambda):
+            value = call_lambda(
+                await cg.process_lambda(value, args, return_type=self.rtype)
+            )
+
+            # Was the lambda call reduced to a string?
+            if value.endswith("c_str()") or (
+                value.endswith('"') and value.startswith('"')
+            ):
+                pass
+            else:
+                # Either a std::string or a lambda call returning that. We need const char*
+                value = f"({value}).c_str()"
+            return cg.RawExpression(value)
         return await super().process(value, args)
 
 
 lv_text = TextValidator()
-lv_float = LValidator(cv.float_, cg.float_, Sensor, "get_state()")
-lv_int = LValidator(cv.int_, cg.int_, Sensor, "get_state()")
-lv_brightness = LValidator(
-    cv.percentage, cg.float_, Sensor, "get_state()", retmapper=lambda x: int(x * 255)
-)
+lv_float = LValidator(cv.float_, cg.float_)
+lv_int = LValidator(cv.int_, cg.int_)
+lv_brightness = LValidator(cv.percentage, cg.float_, retmapper=lambda x: int(x * 255))
 
 
 def is_lv_font(font):
diff --git a/esphome/components/lvgl/schemas.py b/esphome/components/lvgl/schemas.py
index f1c7ff4df6..e9714e3b1a 100644
--- a/esphome/components/lvgl/schemas.py
+++ b/esphome/components/lvgl/schemas.py
@@ -1,5 +1,6 @@
 from esphome import config_validation as cv
 from esphome.automation import Trigger, validate_automation
+from esphome.components.time import RealTimeClock
 from esphome.const import (
     CONF_ARGS,
     CONF_FORMAT,
@@ -8,6 +9,7 @@ from esphome.const import (
     CONF_ON_VALUE,
     CONF_STATE,
     CONF_TEXT,
+    CONF_TIME,
     CONF_TRIGGER_ID,
     CONF_TYPE,
 )
@@ -15,6 +17,7 @@ from esphome.core import TimePeriod
 from esphome.schema_extractors import SCHEMA_EXTRACT
 
 from . import defines as df, lv_validation as lvalid
+from .defines import CONF_TIME_FORMAT
 from .helpers import add_lv_use, requires_component, validate_printf
 from .lv_validation import lv_color, lv_font, lv_image
 from .lvcode import LvglComponent
@@ -46,7 +49,13 @@ TEXT_SCHEMA = cv.Schema(
                 ),
                 validate_printf,
             ),
-            lvalid.lv_text,
+            cv.Schema(
+                {
+                    cv.Required(CONF_TIME_FORMAT): cv.string,
+                    cv.GenerateID(CONF_TIME): cv.templatable(cv.use_id(RealTimeClock)),
+                }
+            ),
+            cv.templatable(cv.string),
         )
     }
 )
@@ -116,15 +125,13 @@ STYLE_PROPS = {
     "opa_layered": lvalid.opacity,
     "outline_color": lvalid.lv_color,
     "outline_opa": lvalid.opacity,
-    "outline_pad": lvalid.size,
-    "outline_width": lvalid.size,
-    "pad_all": lvalid.size,
-    "pad_bottom": lvalid.size,
-    "pad_column": lvalid.size,
-    "pad_left": lvalid.size,
-    "pad_right": lvalid.size,
-    "pad_row": lvalid.size,
-    "pad_top": lvalid.size,
+    "outline_pad": lvalid.pixels,
+    "outline_width": lvalid.pixels,
+    "pad_all": lvalid.pixels,
+    "pad_bottom": lvalid.pixels,
+    "pad_left": lvalid.pixels,
+    "pad_right": lvalid.pixels,
+    "pad_top": lvalid.pixels,
     "shadow_color": lvalid.lv_color,
     "shadow_ofs_x": cv.int_,
     "shadow_ofs_y": cv.int_,
@@ -304,6 +311,8 @@ LAYOUT_SCHEMA = {
                 cv.Required(df.CONF_GRID_COLUMNS): [grid_spec],
                 cv.Optional(df.CONF_GRID_COLUMN_ALIGN): grid_alignments,
                 cv.Optional(df.CONF_GRID_ROW_ALIGN): grid_alignments,
+                cv.Optional(df.CONF_PAD_ROW): lvalid.pixels,
+                cv.Optional(df.CONF_PAD_COLUMN): lvalid.pixels,
             },
             df.TYPE_FLEX: {
                 cv.Optional(
@@ -312,6 +321,8 @@ LAYOUT_SCHEMA = {
                 cv.Optional(df.CONF_FLEX_ALIGN_MAIN, default="start"): flex_alignments,
                 cv.Optional(df.CONF_FLEX_ALIGN_CROSS, default="start"): flex_alignments,
                 cv.Optional(df.CONF_FLEX_ALIGN_TRACK, default="start"): flex_alignments,
+                cv.Optional(df.CONF_PAD_ROW): lvalid.pixels,
+                cv.Optional(df.CONF_PAD_COLUMN): lvalid.pixels,
             },
         },
         lower=True,
@@ -338,7 +349,6 @@ DISP_BG_SCHEMA = cv.Schema(
     }
 )
 
-
 # A style schema that can include text
 STYLED_TEXT_SCHEMA = cv.maybe_simple_value(
     STYLE_SCHEMA.extend(TEXT_SCHEMA), key=CONF_TEXT
diff --git a/esphome/components/lvgl/widgets/__init__.py b/esphome/components/lvgl/widgets/__init__.py
index 603de6aa3e..4abb25c61d 100644
--- a/esphome/components/lvgl/widgets/__init__.py
+++ b/esphome/components/lvgl/widgets/__init__.py
@@ -20,6 +20,8 @@ from ..defines import (
     CONF_GRID_ROWS,
     CONF_LAYOUT,
     CONF_MAIN,
+    CONF_PAD_COLUMN,
+    CONF_PAD_ROW,
     CONF_SCROLLBAR_MODE,
     CONF_STYLES,
     CONF_WIDGETS,
@@ -29,6 +31,7 @@ from ..defines import (
     TYPE_FLEX,
     TYPE_GRID,
     LValidator,
+    call_lambda,
     join_enums,
     literal,
 )
@@ -273,6 +276,10 @@ async def set_obj_properties(w: Widget, config):
         layout_type: str = layout[CONF_TYPE]
         add_lv_use(layout_type)
         lv_obj.set_layout(w.obj, literal(f"LV_LAYOUT_{layout_type.upper()}"))
+        if (pad_row := layout.get(CONF_PAD_ROW)) is not None:
+            w.set_style(CONF_PAD_ROW, pad_row, 0)
+        if (pad_column := layout.get(CONF_PAD_COLUMN)) is not None:
+            w.set_style(CONF_PAD_COLUMN, pad_column, 0)
         if layout_type == TYPE_GRID:
             wid = config[CONF_ID]
             rows = [str(x) for x in layout[CONF_GRID_ROWS]]
@@ -316,8 +323,13 @@ async def set_obj_properties(w: Widget, config):
     flag_clr = set()
     flag_set = set()
     props = parts[CONF_MAIN][CONF_DEFAULT]
+    lambs = {}
+    flag_set = set()
+    flag_clr = set()
     for prop, value in {k: v for k, v in props.items() if k in OBJ_FLAGS}.items():
-        if value:
+        if isinstance(value, cv.Lambda):
+            lambs[prop] = value
+        elif value:
             flag_set.add(prop)
         else:
             flag_clr.add(prop)
@@ -327,6 +339,13 @@ async def set_obj_properties(w: Widget, config):
     if flag_clr:
         clrs = join_enums(flag_clr, "LV_OBJ_FLAG_")
         w.clear_flag(clrs)
+    for key, value in lambs.items():
+        lamb = await cg.process_lambda(value, [], return_type=cg.bool_)
+        flag = f"LV_OBJ_FLAG_{key.upper()}"
+        with LvConditional(call_lambda(lamb)) as cond:
+            w.add_flag(flag)
+            cond.else_()
+            w.clear_flag(flag)
 
     if states := config.get(CONF_STATE):
         adds = set()
@@ -348,7 +367,7 @@ async def set_obj_properties(w: Widget, config):
         for key, value in lambs.items():
             lamb = await cg.process_lambda(value, [], return_type=cg.bool_)
             state = f"LV_STATE_{key.upper()}"
-            with LvConditional(f"{lamb}()") as cond:
+            with LvConditional(call_lambda(lamb)) as cond:
                 w.add_state(state)
                 cond.else_()
                 w.clear_state(state)
diff --git a/esphome/components/microphone/microphone.h b/esphome/components/microphone/microphone.h
index e01a10e15c..883ca97710 100644
--- a/esphome/components/microphone/microphone.h
+++ b/esphome/components/microphone/microphone.h
@@ -1,6 +1,9 @@
 #pragma once
 
-#include "esphome/core/entity_base.h"
+#include <stddef.h>
+#include <cstdint>
+#include <functional>
+#include <vector>
 #include "esphome/core/helpers.h"
 
 namespace esphome {
diff --git a/esphome/components/speaker/speaker.h b/esphome/components/speaker/speaker.h
index 142231881c..193049402d 100644
--- a/esphome/components/speaker/speaker.h
+++ b/esphome/components/speaker/speaker.h
@@ -1,5 +1,9 @@
 #pragma once
 
+#include <stddef.h>
+#include <cstdint>
+#include <vector>
+
 namespace esphome {
 namespace speaker {
 
diff --git a/esphome/config_validation.py b/esphome/config_validation.py
index 6d6cb451d6..719cc43b31 100644
--- a/esphome/config_validation.py
+++ b/esphome/config_validation.py
@@ -1864,7 +1864,7 @@ def maybe_simple_value(*validators, **kwargs):
         if value == SCHEMA_EXTRACT:
             return (validator, key)
 
-        if isinstance(value, dict):
+        if isinstance(value, dict) and key in value:
             return validator(value)
         return validator({key: value})
 
diff --git a/esphome/const.py b/esphome/const.py
index 39d2ee74a1..a321ddd19f 100644
--- a/esphome/const.py
+++ b/esphome/const.py
@@ -1,6 +1,6 @@
 """Constants used by esphome."""
 
-__version__ = "2024.8.0b2"
+__version__ = "2024.8.0b3"
 
 ALLOWED_NAME_CHARS = "abcdefghijklmnopqrstuvwxyz0123456789-_"
 VALID_SUBSTITUTIONS_CHARACTERS = (
diff --git a/tests/components/lvgl/common.yaml b/tests/components/lvgl/common.yaml
index 002c7a118d..7ef7772ac9 100644
--- a/tests/components/lvgl/common.yaml
+++ b/tests/components/lvgl/common.yaml
@@ -127,3 +127,11 @@ binary_sensor:
   - platform: lvgl
     name: LVGL checkbox
     widget: checkbox_id
+
+wifi:
+  ssid: SSID
+  password: PASSWORD123
+
+time:
+  platform: sntp
+  id: time_id
diff --git a/tests/components/lvgl/lvgl-package.yaml b/tests/components/lvgl/lvgl-package.yaml
index 54022354f5..800d6eff27 100644
--- a/tests/components/lvgl/lvgl-package.yaml
+++ b/tests/components/lvgl/lvgl-package.yaml
@@ -16,8 +16,6 @@ lvgl:
       border_width: 0
       radius: 0
       pad_all: 0
-      pad_row: 0
-      pad_column: 0
       border_color: 0x0077b3
       text_color: 0xFFFFFF
       width: 100%
@@ -55,6 +53,13 @@ lvgl:
   pages:
     - id: page1
       skip: true
+      layout:
+        type: flex
+        pad_row: 4
+        pad_column: 4px
+        flex_align_main: center
+        flex_align_cross: start
+        flex_align_track: end
       widgets:
         - animimg:
             height: 60
@@ -118,10 +123,8 @@ lvgl:
             outline_width: 10px
             pad_all: 10px
             pad_bottom: 10px
-            pad_column: 10px
             pad_left: 10px
             pad_right: 10px
-            pad_row: 10px
             pad_top: 10px
             shadow_color: light_blue
             shadow_ofs_x: 5
@@ -221,10 +224,47 @@ lvgl:
               - label:
                   text: Button
             on_click:
-              lvgl.label.update:
-                id: hello_label
-                bg_color: 0x123456
-                text: clicked
+              - lvgl.label.update:
+                  id: hello_label
+                  bg_color: 0x123456
+                  text: clicked
+              - lvgl.label.update:
+                  id: hello_label
+                  text: !lambda return "hello world";
+              - lvgl.label.update:
+                  id: hello_label
+                  text: !lambda |-
+                        ESP_LOGD("label", "multi-line lambda");
+                        return "hello world";
+              - lvgl.label.update:
+                  id: hello_label
+                  text: !lambda 'return str_sprintf("Hello space");'
+              - lvgl.label.update:
+                  id: hello_label
+                  text:
+                    format: "sprintf format %s"
+                    args: ['x ? "checked" : "unchecked"']
+              - lvgl.label.update:
+                  id: hello_label
+                  text:
+                    time_format: "%c"
+              - lvgl.label.update:
+                  id: hello_label
+                  text:
+                    time_format: "%c"
+                    time: time_id
+              - lvgl.label.update:
+                  id: hello_label
+                  text:
+                    time_format: "%c"
+                    time: !lambda return id(time_id).now();
+              - lvgl.label.update:
+                  id: hello_label
+                  text:
+                    time_format: "%c"
+                    time: !lambda |-
+                        ESP_LOGD("label", "multi-line lambda");
+                        return id(time_id).now();
             on_value:
               logger.log:
                 format: "state now %d"
@@ -396,6 +436,8 @@ lvgl:
                   grid_row_align: end
                   grid_rows: [25px, fr(1), content]
                   grid_columns: [40, fr(1), fr(1)]
+                  pad_row: 6px
+                  pad_column: 0
                 widgets:
                   - image:
                       grid_cell_row_pos: 0