Zeta Global Raises 2026 Revenue Outlook After Profit Jump

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $493 million, 46% above a year earlier, as GAAP net income hit $38 million and the company lifted full-year revenue guidance to $1,855 million at the midpoint.

Zeta Global Holdings (ZETA), the intelligent AI infrastructure company, reported third-quarter revenue of $493 million, up 46% from a year earlier, and said growth excluding Marigold and political candidate revenue was 30%, accelerating from the second quarter’s 28% growth excluding Marigold.

The result exceeded the midpoint of prior guidance by $22 million, or 5%, and marked a 21st consecutive beat-and-raise quarter. Marigold’s Enterprise Business contributed $48.0 million and political candidate revenue $7.4 million to the $492.7 million GAAP total.

GAAP net income was $38 million, or $0.14 a share, versus a $3.6 million loss a year earlier. The company said it also achieved positive GAAP net income on a year-to-date basis and over the last twelve months. Income from operations was $45.9 million. Non-GAAP net income was $103 million, or $0.38 a share.

Adjusted EBITDA was $121 million, with the margin expanding 140 basis points year over year to 24.6%, which the company said reflected the rule of 71. That compared with $92 million of adjusted EBITDA and a 20.7% margin in the second quarter.

Super-scaled customers, defined as accounts generating at least $1 million of trailing-twelve-month revenue, rose to 212, up 18% year over year. Super-scaled customer ARPU grew to $2.0 million, up 22% year over year. The company said both metrics accelerated versus the prior quarter and were ahead of its 2028 model.

Net cash provided by operating activities was $91 million, up 58% year over year. Free cash flow was $82 million, up 73% year over year. Cash and cash equivalents were $340.1 million as of September 30, 2026. Long-term borrowings were $243.9 million.

Chief Financial Officer Chris Greiner said third-quarter results showed accelerating revenue growth driven by increased Athena adoption and usage, and that the company continued to translate that growth into greater profitability and cash generation, with adjusted EBITDA and free cash flow growing faster than revenue.

Zeta increased full-year 2026 revenue guidance by $37 million to $1,855 million at the midpoint, from prior guidance of $1,818 million, reflecting 42% year-over-year growth. Full-year adjusted EBITDA guidance rose to a range of $414.1 million to $415.2 million, up $9.4 million at the midpoint, implying 49% year-over-year growth and a 22.3% to 22.4% margin. Full-year free cash flow guidance rose to $270.6 million to $271.6 million, up $15.8 million at the midpoint, implying 64% to 65% growth and a 14.6% to 14.7% margin.

Full-year 2026 GAAP EPS guidance was raised to $0.23 at the midpoint, a range of $0.22 to $0.24, up $0.13 at the midpoint from prior guidance of $0.09 to $0.11. The company said the range excludes a potential one-time, non-cash tax benefit from the release of a portion of its valuation allowance, which it said has a reasonable possibility of occurring within the next 12 months.

Fourth-quarter 2026 revenue guidance was raised to $521 million to $525 million, up $15 million at the midpoint from prior guidance of $508 million, representing 32% to 33% year-over-year growth and 22% to 24% excluding M&A and political candidate revenue. Fourth-quarter adjusted EBITDA guidance was raised to $135.2 million to $136.3 million, implying 42% to 43% year-over-year growth and a 25.7% to 26.2% margin.

Chairman and CEO David A. Steinberg said 46% revenue growth and the rule of 71 demonstrated demand for Zeta’s intelligent AI infrastructure, and that with AthenaOS and an expanding partnership ecosystem the company is extending proprietary data and native AI into a broader enterprise intelligence opportunity. Greiner said performance and pipeline gave the company confidence to raise its full-year outlook across revenue, adjusted EBITDA, free cash flow, and GAAP EPS.