Zeta Global reported fourth-quarter 2025 revenue of $395 million, up 25% year over year and $14 million above the midpoint of prior guidance. Excluding revenue from political candidates, LiveIntent, and Marigold’s Enterprise Business, revenue grew 28% year over year. For the full year 2025, revenue reached $1.305 billion, a 30% increase over 2024. The company achieved positive GAAP net income of $6.5 million in Q4, representing a 1.7% margin, and marked its 18th consecutive “beat-and-raise” quarter while increasing full-year 2026 guidance across key metrics.
#Financial Performance Breakdown
Full-year 2025 net cash provided by operating activities totaled $199 million, up 49% year over year, with a 15% margin. Free cash flow reached $165 million, rising 78% year over year and representing a 13% margin. In the fourth quarter, Zeta expanded Adjusted EBITDA margin by 174 basis points year over year.
For 2026, the company raised full-year revenue guidance to a range of $1.749 billion to $1.762 billion, implying 34% to 35% year-over-year growth. Excluding political candidate and Marigold’s Enterprise Business revenue, growth is projected at 20% to 21%. Adjusted EBITDA is now expected between $389.9 million and $392.1 million, with margins of 22.1% to 22.4%. Free cash flow guidance increased to $230.7 million to $231.7 million, implying margins of 13.1% to 13.3%. Management also guided to positive GAAP net income for the full year 2026.
#Strategic and Operational Highlights
Zeta grew its Super-Scaled Customer count to 184, an increase of 36 customers or 24% year over year, reflecting continued traction with larger enterprise accounts. CEO David A. Steinberg attributed performance to the company’s integrated system of proprietary data and AI-driven intelligence, as well as the rollout of Athena by Zeta, described as an interface designed to lower barriers to enterprise-wide adoption.
The company also updated its long-term “Zeta 2028” targets following the completion of Marigold’s Enterprise Business acquisition. Zeta now expects at least $2.3 billion in revenue by 2028, representing a 23% CAGR from 2024 to 2028, up from a prior $2.1 billion target. Adjusted EBITDA is projected to reach at least $573 million with a 25% implied margin, while free cash flow is expected to reach at least $371 million, maintaining a 16% implied margin and a 65% free cash flow to adjusted EBITDA ratio.
#Management Commentary and Outlook
Steinberg stated that the company’s performance reflects “the compounding power” of its proprietary data and AI capabilities, positioning Zeta as what he described as an “AI disruptor in enterprise marketing software.” CFO Chris Greiner said the increased 2026 guidance reflects business momentum and improved visibility, adding that management sees potential for revenue growth to exceed 30% in 2026 while turning GAAP net income positive.
Management’s outlook is forward-looking and subject to execution risks, macroeconomic conditions, and integration dynamics tied to acquisitions.
#Investor Takeaway and Risk Framing
Zeta’s fourth-quarter results underscore sustained top-line expansion, improving cash generation, and a pathway toward consistent GAAP profitability. The raised 2026 guidance and long-term targets suggest management sees durable demand and scaling leverage. However, continued execution, integration of acquired assets, and maintenance of growth excluding political and acquisition-related revenue streams will remain key variables over coming periods.