Zeta Global Revenue Jumps 46% to $493 Million in Q3, Raises 2026 Outlook
Key Facts
Zeta Global reported revenue of $493 million for the third quarter on Nov. 9, 2026, up 46% year over year, and said growth was 30% excluding revenue from Marigold and political candidates. Revenue exceeded the midpoint of prior guidance by $22 million, or 5%, according to the company’s filing. The group posted GAAP net income of $38 million and diluted earnings of $0.14 per share. On an adjusted basis, net income was $103 million, or $0.38 per share. The company also reported stronger cash flow and operating profitability, alongside raising its outlook for the year and coming quarter.
Adjusted earnings before interest, taxes, depreciation and amortization were $121 million for the quarter, and the margin rose to 24.6%, up 140 basis points from the year-earlier period. Net cash from operating activities reached $91 million, up 58% year over year, while free cash flow was $82 million, up 73%. These cash and operating metrics put the positive net income result in the broader context of improving profitability during the period. The company reported separate GAAP and adjusted earnings, highlighting the difference between the two measures in assessing quarterly results. Before the announcement, analysts had expected earnings of $0.28 per share and revenue of $470.86 million, according to Investing.com. Company guidance for the quarter was another benchmark: Zeta said actual revenue exceeded its midpoint by $22 million.
The chief financial officer attributed the acceleration in revenue growth to increased adoption and use of Athena, according to Zeta’s filing. The chief executive attributed 46% revenue growth and achievement of the “Rule of 71” to strong demand for the company’s AI infrastructure. Among customers, the number of high-spending customers rose to 212, up 18% year over year. Average revenue per customer in this group was $2.0 million, up 22% from the prior year. These figures show revenue growth alongside an expanding base of high-spending customers and higher average revenue from them. The growth also coincided with increased use of Athena, which the company named as a driver of the acceleration.
Zeta raised its 2026 revenue outlook to a range of $1.853 billion to $1.857 billion, an increase of $37 million at the midpoint compared with prior guidance of $1.818 billion. The new range represents expected year-over-year growth of 42%, the company said. It also raised its GAAP earnings-per-share outlook to a range of $0.22–$0.24, from $0.09–$0.11 previously. The revisions reflect the company’s higher full-year estimates for revenue and earnings per share following third-quarter results. The company had said third-quarter revenue exceeded the midpoint of its prior guidance by 5%, while linking the growth acceleration to Athena adoption and use. The filing thus added updated full-year estimates to the performance metrics reported for the quarter.
For the fourth quarter of 2026, the company expects revenue of $521 million to $525 million and adjusted earnings before interest, taxes, depreciation and amortization of $135.2 million to $136.3 million. The expected annual revenue growth range for the quarter is 32% to 33%, or 22% to 24% excluding mergers and acquisitions and political-candidate revenue. Zeta scheduled a call to discuss third-quarter results for Nov. 9, 2026, at 4:30 p.m. Eastern time. Before the results announcement, the company’s stock closed at $31.03 in the Nov. 6 session, according to EL7 data. That price reading predates the filing published on Nov. 9 and is not a post-results close. The fourth-quarter guidance and updated annual figures provide the next milestones set out by the company in its filing.