I'm pleased to have this opportunity to provide you with an update on our performance, and our outlook on the business moving forward. This Saturday marks the one-year anniversary of the Marcum acquisition, and we couldn't be more pleased with first, the quality of the Marcum organization and the complementary fit between our two great companies. We knew going into the acquisition, that Marcum was an outstanding firm. We were pleased to see that our recurring businesses held steady during the quarter.
Encouragingly, as we look to finish off the year, the combination of our broader service offerings and improving market conditions should lead to increased conversion of our late-stage pipeline opportunities. We have a clear line of sight to achieve our 2025 revenue outlook, and the entire leadership team and all our client-facing leaders are laser-focused on capitalizing on these opportunities and trends. With that, let me hand it over to Brad to cover further details on our quarter and our financial outlook. Revenue and cash flow were in line with our expectations, and earnings exceeded.
The benefits of greater scale, and the resiliency of our business model once again are reflected in our operating and financial performance and leave us well-positioned for sustainable long-term growth. On a consolidated basis, third-quarter revenue was $694 million and year-to-date revenue stands at $2.2 billion, a 58% and 64% increase respectively, driven by the acquisition. For the quarter, adjusted EBITDA increased to $120 million and now stands at $476 million year-to-date. Year-to-date adjusted EBITDA margin increased approximately 325 basis points versus last year, with lower incentive compensation expense representing approximately 250 of the 325 basis point improvement.