Zeta Global Holdings Corp. (ZETA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.6B

Revenue growth

35.9%

Net income, last twelve months

-$2.2M

Earnings per share

-$0.01

Gross margin

59.5%

Operating margin

1.6%

Net margin

-0.1%

Free cash flow

$224.4M

Return on equity

-0.2%

Market value

$8.6B

Cash

$310.0M

Debt

$197.5M

Debt to equity

0.21

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Revenue rose 44% year over year. Revenue was $442.8 million, up 44% from $308.4 million a year earlier.
• Net income positive for the quarter. GAAP net income was $8.2 million, against a net loss of $12.8 million a year earlier; GAAP earnings per share was $0.03.
• Adjusted EBITDA margin widened. Adjusted EBITDA was $91.7 million, a 20.7% margin against 19.1%; management tied the margin to the rule of 64 and rule of 49 excluding M&A.
• Operating and free cash flow rose. Operating cash flow was $69.2 million against $42.0 million; free cash flow was $58.0 million against $33.6 million.
• Revenue excluding acquisitions and political. On the company's reconciliation basis, second-quarter revenue was $395 million, against $341 million in the first quarter.
• LiveIntent no longer in revenue. LiveIntent revenue was reconciled out at $20.6 million and $22.5 million for the September and December 2025 quarters; no LiveIntent amount appears for 2026.
• Marigold's Enterprise contribution removed. Marigold’s Enterprise Business revenue was removed at $48.1 million for the second quarter and $55.6 million for the first; political candidate revenue was not material.
• Super-scaled customers reached 197. Super-scaled customers rose 17% year over year to 197, and average revenue per super-scaled customer reached $1.8 million, up 17%.
• Count rose from 189 in first quarter. The April release reported 189 super-scaled customers and ARPU of $1.7 million, up 21% year over year, for the first quarter.
• Super-scaled customer definition restated. Super-scaled customers are those generating at least $1,000,000 of revenue on a trailing twelve-month basis, counted as customers billed in each period.
• Cost of revenues rose with revenue. Cost of revenues, excluding depreciation and amortization, was $181.0 million, against $117.0 million a year earlier; it consists primarily of media and marketing costs.
• Research and development spending rose. Research and development expenses were $42.2 million, against $30.6 million a year earlier.
• Stock-based pay excluded from EBITDA. Stock-based compensation was $52.1 million, against $46.5 million a year earlier, and is excluded from adjusted EBITDA.
• Operating income turned positive. Income from operations was $16.9 million, against a loss of $5.1 million a year earlier; the six-month operating loss was $1.9 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 45 held.

Every filing

The newest filings with the SEC of 112 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

472 funds held it at 30 Jun 2026: 227 added and 122 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

Zeta Global Holdings Corp. describes itself as a leading AI-powered omnichannel data-driven cloud platform that gives enterprises consumer intelligence and marketing automation software. Its Zeta Marketing Platform, or ZMP, helps brands target, connect with and engage consumers across channels such as email, social media, web, chat and Connected TV. The company reports a data set covering more than 245 million individuals in the United States and more than 535 million individuals globally. It had 2,651 customers and approximately 3,300 employees at 31 December 2025. It operates as a single reportable segment.

What it sells

The ZMP is a single platform with three core products: an Email Service Provider (Zeta Messaging), CDP+ and a DSP. Customers can buy them individually or in combination, and modules can be switched on as needs change. The company also offers technical upgrades, consulting, added integrations and access to ad-hoc data sources and channels.

- Zeta Messaging handles segmentation, campaign automation and delivery across email, mobile, social and other digital channels. - Zeta CDP+ serves as a customer's system of record for consumer information and uses identity resolution to recognise anonymous website visitors. - Zeta's DSP buys paid media across desktop, inbox, mobile, CTV and social channels. - Zeta Answers is an intelligence suite, powered by the Zeta SuperGraph, that turns behavioural signals into intent-based scores. - Athena by Zeta is the interface to the company's AI-native infrastructure layer.

The data and technology behind it

The data set holds an average of more than 2,500 attributes per individual. The company says it ingests more than one trillion content consumption signals per month worldwide. The ZMP is hosted in the Zeta Hybrid Cloud, which pairs a public cloud (AWS, Google or Azure) with self-hosted private cloud resources. Its patent portfolio is more than 150 United States and international patents and applications, including approximately 39 granted patents and approximately 36 pending applications covering machine learning and AI. The company has over 500 data scientists and engineers.

How it makes money

Revenue comes mainly from subscription fees, volume-based utilization fees and fees for professional services. Platform revenue splits between direct platforms, at 74% of revenues, and integrated platforms, which use API integrations with third parties, at 26%. Pricing options include fixed or minimum monthly subscription fees, a fixed cost per mile and a percentage of spend on third-party costs.

The largest costs of revenue are media and marketing fees paid to publishers, media owners and strategic partners. Depending on the contract, Zeta records revenue either at the gross amount billed or net of those costs. The company describes its sales approach as "land, expand, extend". Zeta Answers often serves as the first product a customer buys, and customers are then encouraged to add products and channels. Super-scaled customers used 3.3 channels on average.

Who buys from it

Customers are enterprises across many industries. Consumer and retail contributed 24% of revenues, travel and hospitality 11%, insurance 11%, telecommunications 10% and financial services 8%. Of the 2,651 customers, 602 were scaled customers and 184 were super-scaled customers. The company defines both groups by trailing-twelve-month revenue thresholds, with super-scaled the higher tier. Super-scaled customers produced 87% of revenue.

Political and advocacy customers follow election cycles, with higher activity in presidential election years. Marketing activity in general is higher in the fourth quarter because of holiday shopping.

How it competes

The company says the market is intensely competitive and highly fragmented, and that most rivals focus on specific use cases, end markets or point solutions. It says no single company matches the AI-powered capabilities of the ZMP. Some competitors offer point solutions, and customers may also build marketing automation in-house. The company lists these factors as driving competition:

- quality of insights and analytics - - real-time scoring and decisioning - data management tools - - ease of data ingestion - scale of identity and audience data

Where it operates and the rules it follows

Most of the business is in the United States, and the company is also investing in select regions in Europe. It acquired Marigold's Enterprise Business, which closed on 24 November 2025. The GDPR, the UK GDPR and the ePrivacy Directive set the strictest consent requirements. The company says these have been barriers to expansion in those markets, and that it has not always reached enough data scale there to make a compelling case to customers.

Its people

Zeta had approximately 3,300 employees, including approximately 2,000 located outside the United States. They are based in the United States, the EU, the UK and India, among other regions. None of the United States employees are represented by a labor union. The company has seven employee-led groups. It offers equity under its incentive award plan and an employee stock purchase plan.

*From Zeta Global's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1851003/000119312526068598/zeta-20251231.htm)*

From the company's 10-K.