…impact on the industry. This commitment to the long-term vision is unwavering, and we believe it will lead to sustained success and growth.
Looking ahead, we are optimistic about the future and the opportunities that lie ahead. The digital advertising landscape is constantly evolving, and we believe we are well-positioned to continue to drive value for our clients and partners. We remain focused on innovation, operational excellence, and delivering results that exceed expectations.
In conclusion, while we acknowledge our missteps in Q4, we are confident in our ability to navigate challenges, make necessary changes, and continue to grow and succeed. We are grateful for the support of our investors, partners, and customers, and we are committed to earning and maintaining their trust. Thank you for your continued support, and we look forward to a successful 2025.
With that, I will turn the call over to Laura to discuss our financial results in more detail. Laura?
Laura Schenkein — Chief Financial Officer
Thank you, Jeff, and good afternoon, everyone. I will provide a detailed overview of our financial results for the fourth quarter and full year 2024. Please note that all comparisons are year-over-year unless otherwise noted.
In the fourth quarter of 2024, revenue was $675 million, representing a 17% increase compared to the same period last year. Total spend on our platform reached $3.2 billion, up 10% year over year. Adjusted EBITDA was $265 million, with a margin of 39%. Free cash flow for the quarter was $150 million.
For the full year 2024, revenue totaled $2.4 billion, growing 26% year over year. Total spend on our platform exceeded $12 billion, an increase of 28% compared to 2023. Adjusted EBITDA for the year was over $1 billion, with a margin of 42%. Free cash flow for the year reached $600 million.
In terms of our key financial metrics, we continue to drive growth and profitability, despite the challenges we faced in Q4. We are pleased with our performance in 2024 and remain focused on delivering value for our stakeholders.
Looking ahead, we are optimistic about the opportunities that lie ahead and are confident in our ability to drive continued growth and success. We will continue to focus on innovation, operational excellence, and delivering results that exceed expectations.
In conclusion, we are grateful for the support of our investors, partners, and customers, and we are committed to earning and maintaining their trust. Thank you for your continued support, and we look forward to a successful 2025.
This concludes our prepared remarks. We will now open the call for questions. Thank you.
Operator
[Operator Instructions] Our first question comes from the line of Brian Fitzgerald with Wells Fargo. Please proceed with your question.
Brian Fitzgerald — Wells Fargo — Analyst
Great. Thanks for taking my question. Jeff, can you provide some more color on the competitive landscape and how you see the industry evolving in the near term?
Jeff Green — Founder and Chief Executive Officer
Certainly, Brian. The competitive landscape in the digital advertising industry continues to evolve rapidly. As the industry becomes more data-driven and focused on precision and efficacy, we see increased competition from a variety of players, including traditional media companies, tech giants, and other ad tech companies. However, we believe that our unique value proposition, focus on innovation, and commitment to our customers set us apart from the competition. We remain confident in our ability to drive value for our clients and partners and continue to lead the industry in innovation and performance. Thank you for your question.
Operator
Our next question comes from the line of Sarah Hofstetter with 360i. Please proceed with your question.
Sarah Hofstetter — 360i — Analyst
Thank you. Laura, can you provide some insights into your investment priorities for 2025 and how you plan to drive growth in the coming year?
Laura Schenkein — Chief Financial Officer
Absolutely, Sarah. In 2025, our investment priorities will continue to focus on innovation, product development, and operational excellence. We plan to invest in our technology platform, expand our product offerings, and enhance our customer experience to drive growth and deliver value for our stakeholders. Additionally, we will continue to invest in talent, infrastructure, and strategic partnerships to support our long-term growth strategy. We remain committed to driving value for our clients and partners and are confident in our ability to deliver strong results in the coming year. Thank you for your question.
Operator
Our next question comes from the line of Mark Mahaney with RBC Capital Markets. Please proceed with your question.
Mark Mahaney — RBC Capital Markets — Analyst
Thank you. Jeff, can you provide an update on your international expansion efforts and how you see the global market evolving in the near term?
Jeff Green — Founder and Chief Executive Officer
Certainly, Mark. Our international expansion efforts continue to be a key focus for us, and we remain committed to growing our presence in key markets around the world. We see significant opportunities for growth in international markets, particularly in regions like Europe, Asia, and Latin America. As the digital advertising landscape continues to evolve globally, we believe that our platform and solutions are well-positioned to drive value for clients and partners in these markets. We are excited about the opportunities that lie ahead and remain focused on delivering results that exceed expectations. Thank you for your question.
Operator
Our next question comes from the line of Eric Sheridan with UBS. Please proceed with your question.
Eric Sheridan — UBS — Analyst
Thank you. Laura, can you provide some insights into your margin outlook for 2025 and how you plan to balance growth and profitability in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Eric. In 2025, we remain focused on driving growth and profitability while balancing our investment priorities. We expect to continue to expand our margins through operational efficiencies, scale benefits, and strategic initiatives. We are committed to delivering strong financial performance while investing in our future growth. We believe that our unique value proposition, focus on innovation, and commitment to our customers will continue to drive value for stakeholders and position us for long-term success. Thank you for your question.
Operator
Our next question comes from the line of Justin Post with Bank of America. Please proceed with your question.
Justin Post — Bank of America — Analyst
Thank you. Jeff, can you provide some insights into your outlook for the digital advertising market in 2025 and how you see industry trends shaping the landscape in the coming year?
Jeff Green — Founder and Chief Executive Officer
Absolutely, Justin. In 2025, we see significant opportunities for growth in the digital advertising market, driven by increasing demand for data-driven, precision advertising solutions. As advertisers continue to prioritize efficiency, effectiveness, and ROI, we believe that our platform and solutions are well-positioned to drive value for clients and partners. We see a continued shift towards programmatic, data-driven advertising, and we remain committed to leading the industry in innovation and performance. We are excited about the opportunities that lie ahead and remain focused on delivering results that exceed expectations. Thank you for your question.
Operator
Our next question comes from the line of Doug Anmuth with J.P. Morgan. Please proceed with your question.
Doug Anmuth — J.P. Morgan — Analyst
Thank you. Laura, can you provide some insights into your revenue outlook for 2025 and how you plan to drive growth in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Doug. In 2025, we remain focused on driving revenue growth through innovation, product development, and operational excellence. We expect to continue to expand our customer base, increase spend on our platform, and drive value for clients and partners. Additionally, we plan to invest in our technology platform, expand our product offerings, and enhance our customer experience to drive growth and deliver strong financial performance. We are optimistic about the opportunities that lie ahead and remain committed to delivering results that exceed expectations. Thank you for your question.
Operator
Our next question comes from the line of Dan Salmon with BMO Capital Markets. Please proceed with your question.
Dan Salmon — BMO Capital Markets — Analyst
Thank you. Jeff, can you provide some insights into your product roadmap for 2025 and how you plan to drive innovation in the coming year?
Jeff Green — Founder and Chief Executive Officer
Certainly, Dan. In 2025, we remain focused on driving innovation and delivering value for our clients and partners. We plan to continue to invest in our technology platform, expand our product offerings, and enhance our customer experience to drive growth and profitability. Additionally, we are committed to driving industry-leading innovation and performance, and we have a robust product roadmap in place for the coming year. We are excited about the opportunities that lie ahead and remain focused on delivering results that exceed expectations. Thank you for your question.
Operator
Our next question comes from the line of Youssef Squali with Truist Securities. Please proceed with your question.
Youssef Squali — Truist Securities — Analyst
Thank you. Laura, can you provide some insights into your cash flow outlook for 2025 and how you plan to manage your capital allocation in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Youssef. In 2025, we remain focused on managing our cash flow and capital allocation to drive value for our stakeholders. We expect to continue to generate strong free cash flow through operational excellence, scale benefits, and strategic initiatives. Additionally, we plan to invest in growth opportunities, strategic initiatives, and return value to shareholders through share repurchases and dividends. We are committed to managing our capital allocation in a disciplined manner to drive long-term value for stakeholders and position us for sustained success. Thank you for your question.
Operator
Our next question comes from the line of Lloyd Walmsley with Deutsche Bank. Please proceed with your question.
Lloyd Walmsley — Deutsche Bank — Analyst
Thank you. Jeff, can you provide some insights into your growth strategy for 2025 and how you plan to drive value for your clients and partners in the coming year?
Jeff Green — Founder and Chief Executive Officer
Absolutely, Lloyd. In 2025, we remain focused on driving growth and delivering value for our clients and partners. We plan to continue to invest in innovation, product development, and operational excellence to drive growth and profitability. Additionally, we are committed to driving industry-leading performance and delivering results that exceed expectations. We see significant opportunities for growth in the digital advertising market, and we remain focused on leading the industry in innovation and performance. We are excited about the opportunities that lie ahead and remain committed to delivering value for our stakeholders. Thank you for your question.
Operator
Our next question comes from the line of Jason Helfstein with Oppenheimer. Please proceed with your question.
Jason Helfstein — Oppenheimer — Analyst
Thank you. Laura, can you provide some insights into your cost management strategy for 2025 and how you plan to drive efficiency and profitability in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Jason. In 2025, we remain focused on managing costs and driving efficiency to maximize profitability. We expect to continue to optimize our cost structure, leverage scale benefits, and drive operational excellence to improve margins and deliver strong financial performance. Additionally, we plan to invest in strategic initiatives, growth opportunities, and talent to support our long-term growth strategy. We are committed to driving efficiency and profitability while delivering value for our stakeholders and are confident in our ability to deliver strong results in the coming year. Thank you for your question.
Operator
Our next question comes from the line of John Egbert with Stifel. Please proceed with your question.
John Egbert — Stifel — Analyst
Thank you. Jeff, can you provide some insights into your customer acquisition strategy for 2025 and how you plan to drive growth in the coming year?
Jeff Green — Founder and Chief Executive Officer
Certainly, John. In 2025, we remain focused on expanding our customer base, increasing spend on our platform, and driving growth through customer acquisition. We plan to continue to invest in sales and marketing, expand our reach into new markets, and enhance our customer experience to drive value for clients and partners. Additionally, we are committed to delivering industry-leading performance and driving innovation and value for our customers. We see significant opportunities for growth in the digital advertising market, and we remain focused on delivering results that exceed expectations. Thank you for your question.
Operator
Our next question comes from the line of Michael Nathanson with MoffettNathanson. Please proceed with your question.
Michael Nathanson — MoffettNathanson — Analyst
Thank you. Laura, can you provide some insights into your growth outlook for 2025 and how you plan to drive value for stakeholders in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Michael. In 2025, we remain focused on driving growth, profitability, and value for stakeholders. We expect to continue to expand our customer base, increase spend on our platform, and drive revenue growth through innovation, product development, and operational excellence. Additionally, we plan to invest in strategic initiatives, growth opportunities, and talent to support our long-term growth strategy. We are committed to delivering value for our stakeholders and are confident in our ability to drive strong financial performance in the coming year. Thank you for your question.
Operator
Our next question comes from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question.
Ben Swinburne — Morgan Stanley — Analyst
Thank you. Jeff, can you provide some insights into your competitive positioning and how you plan to differentiate your offerings in the marketplace in 2025?
Jeff Green — Founder and Chief Executive Officer
Absolutely, Ben. In 2025, we remain focused on differentiating our offerings, driving innovation, and delivering value for our clients and partners. We plan to continue to invest in technology, product development, and operational excellence to differentiate our platform and drive growth. Additionally, we are committed to delivering industry-leading performance, driving innovation, and exceeding expectations for our customers. We see significant opportunities for growth in the digital advertising market, and we remain focused on leading the industry in innovation, performance, and value. Thank you for your question.
Operator
Our next question comes from the line of Matthew Thornton with SunTrust Robinson Humphrey. Please proceed with your question.
Matthew Thornton — SunTrust Robinson Humphrey — Analyst
Thank you. Laura, can you provide some insights into your outlook for profitability in 2025 and how you plan to balance growth and profitability in the coming year?
Laura Schenkein — Chief Financial Officer
Certainly, Matthew. In 2025, we remain focused on driving profitability while balancing our investment priorities and growth opportunities. We expect to continue to expand margins through operational efficiencies, scale benefits, and strategic initiatives. Additionally, we plan to invest in growth opportunities, product development, and talent to support our long-term growth strategy. We are committed to delivering strong financial performance while driving innovation, value, and growth for our stakeholders. Thank you for your question.
Operator
Our next question comes from the line of Rich Greenfield with LightShed Partners. Please proceed with your question.
Rich Greenfield — LightShed Partners — Analyst
Thank you. Jeff, can you provide some insights into your vision for the future of The Trade Desk and how you plan to drive value for stakeholders in the long term?
Jeff Green — Founder and Chief Executive Officer
Absolutely, Rich. Our vision for the future of The Trade Desk is focused on driving innovation, delivering value for our clients and partners, and leading the industry in performance and excellence. We plan to continue to invest in technology, product development, and operational excellence to drive growth, profitability, and value for stakeholders. Additionally, we are committed to driving industry-leading performance, delivering results that exceed expectations, and positioning The Trade Desk as a leader in the digital advertising market. We see significant opportunities for growth in the coming years, and we remain focused on delivering value for our stakeholders and driving long-term success. Thank you for your question.
Operator
This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.
Jeff Green — Founder and Chief Executive Officer
Thank you for joining our call today. We appreciate your continued support and look forward to a successful 2025. Have a great day.
Operator
[Operator signoff]