I would like to remind participants that during this call, management will make forward-looking statements, including without limitation, statements regarding our future performance, market opportunity, growth strategy, and financial outlook. Today's discussion will include references to certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income, cash flow from operations, and free cash flow. We delivered an exceptionally strong fourth quarter with revenue and adjusted EBITDA ahead of guidance, healthy margins, and strong cash flow. Our results highlight continued growth in our underlying business, our leadership position in AI solutions, and the durability of our business model.
For the full year, CTV grew over 50% year-over-year, excluding political, and Activate activity grew over 3x. Over the past year, we made decisive moves to reposition PubMatic for renewed profitable growth. They have strengthened our competitive moat and have positioned us to deliver accelerated double-digit percentage growth for the second half of 2026. These moves represent the first critical steps of our five-year roadmap designed to re-accelerate growth, expand margins, and compound long-term shareholder value.
Our proprietary data, scaled infrastructure, and thousands of deep integrations across buyers and publishers form a real-time execution layer that cannot be replicated by vibe-coded software. First is the magnitude of the secular growth opportunity as digital advertising adopts Agentic AI. As an early AI leader, this unlocks transformative growth for PubMatic long before our peers. With our scale already building in agentic AI, this leading advantage is widening with each transaction enhancing our model's ability to drive improved performance, fueling long-term revenue growth and incremental margin expansion.