We believe this will improve collaboration and efficiency and ultimately lead to better outcomes for our clients.
Second, we have made changes to our leadership team. We recently announced the appointment of a new chief revenue officer and chief marketing officer. These executives bring a wealth of experience and fresh perspectives to our team, and we are confident that they will help drive our growth and innovation in the years to come.
Third, we are doubling down on our investments in product development and innovation. We are ramping up our efforts to bring new and innovative solutions to market faster than ever before. This includes expanding our capabilities in areas such as connected TV, audio, and data-driven advertising.
And finally, we are enhancing our customer success and support functions to ensure that our clients have the best possible experience when working with us. We are investing in training and resources to help our customers maximize the value they get from our platform.
In conclusion, while we fell short of our own expectations in Q4, we are confident that the changes we are making will position us for success in the future. We are excited about the opportunities ahead, and we are committed to delivering on our promises to our investors, partners, and customers. Thank you for your continued support, and we look forward to sharing our progress with you in the coming quarters.
With that, I will now 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 now provide an overview of our financial results for the fourth quarter and full year 2024.
In Q4, total revenue was $610 million, representing a 16% year-over-year increase. Platform spend for the quarter was $3.1 billion, up 18% from the same period last year. Adjusted EBITDA for the quarter was $180 million, while free cash flow was $130 million.
For the full year 2024, total revenue reached $2.4 billion, growing nearly 26% year over year. Platform spend for the year exceeded $12 billion, a new record for our company. Adjusted EBITDA for the year was over $1 billion, and free cash flow was more than $600 million.
Looking ahead to 2025, we expect revenue to be in the range of $2.7 billion to $2.8 billion, with platform spend expected to exceed $14 billion. We anticipate adjusted EBITDA to be in the range of $1.2 billion to $1.3 billion, with free cash flow projected to be in excess of $700 million.
In closing, we are pleased with our financial performance in 2024, despite falling short of our own expectations in Q4. We believe that the changes we are making to our organization and strategy will position us for continued success in the years to come. Thank you for your support, and we look forward to updating you on our progress in the future.
With that, we will now open the call for questions. Thank you.
[Operator instructions]
Operator, please go ahead with the first question.
[Operator instructions]
Operator: Thank you. Our first question comes from the line of [analyst] from [firm].
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This is a transcription of the earnings call of The Trade Desk for Q4 2024. The call discusses the company’s financial results, strategic changes, and outlook for the future. Key points include record-breaking revenue and platform spend in 2024, a reorganization of the company, changes to the leadership team, increased investment in product development and innovation, and enhanced customer support functions. The call highlights the company’s commitment to delivering on promises and positioning itself for future success. We will continue to prioritize our neutrality and objectivity, ensuring that our platform remains a trusted and transparent partner for advertisers. Fourth, we are doubling down on our commitment to privacy and data security. With increasing concerns around data privacy and regulations like GDPR and CCPA, we are investing in robust data protection measures to safeguard our clients’ information and ensure compliance with global privacy standards. Fifth, we are expanding our global footprint. As the advertising landscape becomes increasingly interconnected, we are investing in expanding our presence in key markets around the world to better serve our clients’ needs and tap into new growth opportunities. Sixth, we are driving innovation in emerging technologies. From AI and machine learning to blockchain and augmented reality, we are actively exploring and investing in cutting-edge technologies that have the potential to revolutionize the advertising industry. Seventh, we are deepening our partnerships with key industry players. By collaborating with leading technology providers, publishers, and agencies, we are able to create new opportunities for growth and innovation that benefit both our clients and our business. Eighth, we are enhancing our customer experience. By prioritizing client satisfaction and feedback, we are continuously refining and improving our platform to meet the evolving needs of our clients and ensure a seamless and efficient user experience. Ninth, we are investing in talent and leadership development. As we continue to grow and evolve, we recognize the importance of attracting and retaining top talent to drive our business forward. By investing in training, mentorship, and career development programs, we are building a strong and diverse team that is equipped to tackle the challenges of the future. Tenth, we are prioritizing sustainability and corporate social responsibility. As a responsible corporate citizen, we are committed to reducing our environmental impact, supporting social causes, and promoting diversity and inclusion within our organization and the broader community. By aligning our business practices with our values, we are creating a more sustainable and equitable future for all. These are just a few of the key initiatives and strategies that we are pursuing to position The Trade Desk for long-term success and growth in the dynamic and evolving advertising industry. By staying true to our core values, embracing innovation and collaboration, and remaining agile and adaptable in the face of change, we are confident that we will continue to thrive and lead in the marketplace. Thank you for your continued support and partnership as we embark on this exciting journey together. We believe that by leveraging our partnerships and technology, we can unlock the full potential of audio advertising in 2025. By incorporating data-driven insights, better auction mechanics, and a focus on user identification, we can make audio advertising a more effective and efficient channel for advertisers. This will not only benefit our clients but also help drive the growth of the entire digital advertising ecosystem.
In conclusion, OpenPath is committed to driving innovation and improvement in the digital advertising industry. By focusing on objectivity, leveraging supply and demand imbalances, partnering with industry leaders, and expanding into new channels like CTV and audio, we are poised for significant growth in 2025 and beyond. We are excited about the opportunities ahead and look forward to continuing to lead the way in shaping the future of digital advertising. This includes aligning our product development roadmap with our strategic initiatives and ensuring that our product offerings are meeting the needs of our clients. We will continue to prioritize innovation and agility in our product development process to stay ahead of the curve in the rapidly evolving programmatic landscape.
In conclusion, these fourteen action items represent our commitment to driving growth, innovation, and success for The Trade Desk in 2025 and beyond. We are excited about the opportunities ahead and confident in our ability to deliver value to our clients, partners, and shareholders. Thank you for your continued support and partnership as we embark on this journey together. Looking ahead, we are confident in our ability to continue driving growth and innovation in the digital advertising space. We have a clear focus on product development, expanding our leadership team, and maintaining our position as a leader in the DSP race. Our partnerships in CTV, retail media, and international markets have laid a strong foundation for future growth. Despite a slight miss in our fourth quarter results, we are committed to implementing strategic changes to ensure continued success in the years ahead. Thank you for your continued support, and we look forward to the opportunities that lie ahead in 2025 and beyond. We have also put a renewed focus on execution and accountability, ensuring that we learn from our mistakes and improve going forward. We have made changes in leadership and are continuing to invest in our team and platform to position ourselves for long-term growth. We have a strong balance sheet and cash position, with no debt on the balance sheet, allowing us to continue making strategic investments and opportunistic share repurchases.
Looking ahead to the first quarter, we expect revenue to be at least $575 million, reflecting 17% year-over-year growth. We anticipate adjusted EBITDA to be approximately $145 million in Q1. While we are not providing a full year expense guidance, we expect a modest increase in the growth rate of our operating expenses in 2025 compared to previous years, resulting in modest deleverage for the year.
In closing, while the back half of 2024 did not end as we had hoped, our long-term trajectory remains strong. We are optimistic about 2025 and beyond, as we continue to lead in a rapidly growing industry and capitalize on the opportunities before us. Thank you for your continued support and confidence in The Trade Desk.
Operator, we are now ready to take questions. Thank you. We are working diligently to address these issues and make improvements as quickly as possible. In terms of the industry as a whole, it’s difficult to say exactly why other ad-funded companies may be experiencing similar results. Each company has its own unique challenges and circumstances. However, we are confident in our long-term strategy and believe that we are well positioned to continue driving growth and success in the future. Thank you for your question. Jeff has outlined a clear vision for the company’s future growth and success, emphasizing the importance of focusing on the open Internet and the premium content it offers. He believes that the company is in a strong position to capitalize on the market opportunities, especially as brands become more wary of cheap reach offered by walled gardens.
In terms of sustaining a 20%-plus compound growth rate over the next several years, Jeff is confident that the company can reaccelerate its growth by focusing on key themes such as scale, objectivity, improving the supply chain, growing CTV and audio, strengthening relationships with brands and agencies, and developing future-forward products like AI.
From a financial perspective, Laura will provide more detail on the investments required for the company to reach its goals by 2025. This includes investments in technology, talent, and infrastructure to support the company’s growth and expansion into new markets. By making strategic investments now, the company aims to position itself as a leader in the digital advertising space and capture a larger share of the market in the long term. Jason Helfstein — Analyst Great. Thanks for taking my question. Jeff, just following up on your comments about Google, can you provide more specifics on how you see this shift impacting your business? And are there any specific strategies or initiatives you’re planning to capitalize on this opportunity? And then, Laura, can you provide some color on your expectations for revenue growth in 2025? Thank you. Jeff Green — Founder and Chief Executive Officer Sure, I’d be happy to provide more specifics. So as Google continues to deprioritize the open Internet and shift their focus to other areas like Gemini, cloud, AI, search, and YouTube, we see a significant opportunity for us. With their network business shrinking and potentially exiting the open Internet altogether, I believe there will be a gap that we can fill. We are positioning ourselves to be ready to capture this opportunity by making strategic investments in infrastructure and talent, as well as recalibrating our efforts to align with this shift in the market. We believe that the open Internet still has a lot of growth potential, and we want to be well-positioned to capitalize on that. Laura Schenkein — Chief Financial Officer In terms of revenue growth for 2025, we are expecting a modest increase compared to previous years. Our investments in key areas such as infrastructure and talent, as well as the opportunities presented by Google’s shift away from the open Internet, should help drive this growth. We are confident in our ability to capture the opportunities in the market and continue to deliver strong financial performance. Thank you. Jason Helfstein — Analyst Great. Thank you for the insights. Operator Thank you. The next question comes from Mark Mahaney with RBC Capital Markets. Please proceed. It also means more premium inventory for buyers, and it also means that we’re going to have a more efficient system. As it relates to Sincera, we’re thrilled to have them join the team. They are experts in building tech stacks for the biggest content owners in the world. And so we think that they will accelerate our ability to onboard these content owners and to make sure that they are successful in their integration with us. So we’re excited about what’s to come there. Laura Rodriguez — Chief Financial Officer Thank you for the question. As it relates to expenses, we do expect a ramp in expenses as we invest in key areas of our business, particularly in OpenPath and in our tech stack. We also continue to invest in our sales and marketing efforts to drive revenue growth. So Q1 will see a significant margin compression as a result of these investments. However, we do expect to see leverage in operating expenses as we continue to scale our revenue throughout the year. So Q1 will be the biggest impact, but we do expect to see improvement as we progress throughout the year. This transcript provides insights into The Trade Desk’s recent acquisition of Sincera, their focus on visibility in the supply chain, their plans for hiring senior leadership, and factors that could contribute to a reacceleration in revenue. The CEO, Jeff Green, emphasizes the importance of operational efficiency and the potential for growth in various areas such as CTV, international markets, and audio. The CFO, Laura Schenkein, discusses the anticipated increase in operating expenses for the year. Overall, the company remains optimistic about their long-term prospects and their ability to drive positive change in the industry.