I will describe the four-derivative corrections to four-dimensional N=2 minimal gauged supergravity and show that they are controlled by two constants. Interestingly, the solutions of the equations of motion in the two-derivative theory are not modified by the higher-derivative corrections. I will use this to arrive at a general formula for the regularized on-shell action for any asymptotically locally AdS_4 solution of the theory and show how the higher-derivative corrections affect black hole thermodynamic quantities in a universal way. I will employ these results in the context of holography to derive new explicit results for the subleading corrections in the large N expansion of supersymmetric partition functions on various compact manifolds for a large class of three-dimensional SCFTs arising from M2- and M5-branes. I will also briefly discuss possible extensions and generalizations of these results.