Zeta Global (ZETA) Q4 2025 earnings summary

Executive summary

• Achieved eighteenth consecutive beat-and-raise quarter, with full-year 2025 revenue of $1,305M, up 30% year-over-year, and adjusted EBITDA of $279M, up 44% year-over-year, with positive GAAP net income in Q4.

• Free cash flow for 2025 was $199M, up 49% year-over-year, with a 13% margin and 59% conversion rate.

• Net Revenue Retention reached a record 120% in 2025, up from 114% in 2024, with RFP volume more than doubling year-over-year.

• Scaled customer count grew 14% year-over-year to 602, with super-scaled customers up 24% to 184, now representing nearly 90% of revenue.

• Integration of Marigold progressing well, expected to be accretive to free cash flow and adjusted EBITDA in year one.

Financial highlights

• Q4 2025 revenue: $395M, up 25% year-over-year, exceeding guidance midpoint by $14M; full-year revenue: $1,305M, up 30% year-over-year.

• Q4 2025 adjusted EBITDA: $95M (24.1% margin), up 35% year-over-year; full-year adjusted EBITDA: $279M (21.4% margin), up 44% year-over-year.

• Free cash flow for 2025 was $199M, up 49% year-over-year, with a margin of 12.6%.

• Q4 net cash from operations: $64.1M, up 47% year-over-year; free cash flow margin at 14%.

• Repurchased 7.9M shares for $120M in 2025; additional 1.5M shares repurchased in early 2026.

Outlook and guidance

• 2026 revenue guidance raised to $1,755M midpoint, 35% growth year-over-year; 21% growth excluding Marigold and political revenue.

• 2026 adjusted EBITDA guidance raised to $391M, 40% year-over-year growth at a 22.3% margin.

• 2026 free cash flow guidance increased to $231M, 40% growth, with 59% conversion of adjusted EBITDA.

• Expect positive GAAP net income for full-year 2026.

• 2028 targets raised: revenue to $2.3B, adjusted EBITDA to $573M (25% margin), free cash flow to $371M.