As the energy growth cycle continues to gain momentum, our returns-focused strategy is delivering differentiated financial results. In 2021, we delivered $3 billion in free cash flow, and expanded adjusted EBITDA margins by 320 basis points.
Our financial outperformance continues in 2022. In the first quarter, we delivered financial results aligned with our full-year ambitions, including 14% year-over-year revenue growth and 62% year-over-year EPS growth excluding charges and credits and we have recently initiated a 40% dividend increase.
These first quarter results were delivered against a back-drop of increasing inflationary pressure and persistent supply chain disruption, outlining the strength of our execution, operating leverage, digital adoption, and broadening net pricing impact.
Through the cycle, absent of a global recession, we have a significant earnings growth potential and will deliver accelerated cash flow and returns as our industry benefits from the combination of unique growth outlook and pricing tailwinds.
To summarize, in a compelling environment in our industry, Schlumberger is in a unique position to create value for our customers and our shareholders. With our unique capability, we are delivering differentiated performance as we lead the industry to a more investable, more efficient, and more sustainable future.
We are in the early stages of unprecedented financial outperformance. The quality of our financial results in this up cycle thus far gives us high confidence that we will continue to create significant value for our shareholders. Ladies and gentlemen, this is an exceptional opportunity. Thank you very much. Thank you.