Also, unless otherwise stated, all financial measures discussed on this call other than revenue will be on a non-GAAP basis. I'll start by walking through our fourth quarter results and highlights, then step back and recap full year 2025 performance before sharing the key themes that define our strategy as we enter 2026. I'll then hand the call over to Jonathan, who will cover our financial performance, provide guidance for 2026, and share our new financial framework. Starting with the fourth quarter, we delivered a strong finish to the year with performance that reflects solid execution across bookings, revenue, and profitability.
In the fourth quarter, we generated strong year-over-year subscription revenue growth of 16%, expanded our Adjusted EBITDA margins by over 400 basis points year-over-year, and produced meaningful free cash flow of $56.6 million. The fourth quarter was our second-largest bookings quarter in company history and came directly on the heels of a record third quarter. This performance underscores both the strength of demand and our ability to execute, particularly in larger, more complex deals. Stepping back to the full year, 2025 was our strongest year as a company across bookings, revenue, and profitability.
On the sales front, we executed well in a strong demand environment. We believe our experience in effectively executing post-acquisition technology conversions is a competitive advantage for us and one that helps our customers de-risk their transactions and realize value in their M&A deals. Looking beyond sales and product success, 2025 was also a year which we successfully executed against our profitable growth strategy. Today, we'll unveil a new financial outlook, which Jonathan will share shortly.