Also, unless otherwise stated, all financial measures discussed on this call, other than revenue, will be on a non-GAAP basis. I'll then hand it over to Jonathan to walk through our financial performance and guidance. In the third quarter, we delivered strong financial results with revenue and Adjusted EBITDA both above our guidance. We generated revenue of $202 million representing 15% year-over-year growth and Adjusted EBITDA of $49 million or a 24.2% margin.
We also generated free cash flow of $37 million in the quarter. This concentration, combined with a solid mix of new and expansion wins, drove the record third quarter bookings activity. During the quarter we also had two instances where a Q2 bank was acquired by a larger institution and in both cases the acquiring bank selected Q2's platform to serve the combined entity. This win was for our Check and ACH Fraud Solution which continues to see robust demand in the market.
Our Relationship pricing solutions continued to be an important lever for financial institutions seeking to optimize yield, profitability, and growth across both loans and deposits. I want to thank Mike Volanoski, our Chief Revenue Officer, for his contributions during his time at Q2 and he will remain with us through December 12th to ensure a smooth transition. Our third quarter results demonstrate continued strong execution across several key metrics including revenue and Adjusted EBITDA, both of which exceeded the high end of our previously issued guidance. These results highlight the progress we have made towards our profitable growth strategy, reinforced by the strongest third quarter of bookings in our history and sustained margin expansion.