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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Zeta Global
Zeta Global (ZETA) investor relations material
Zeta Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
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.
What is the organic revenue growth outlook for 2026?
What drives 2026 GAAP Net Income positivity?
How will Super-Scaled Customer growth impact 2028?
Athena's indirect impact on platform adoption?
How does Zeta sustain market share gains?
Capital allocation: buybacks vs. M&A priority?
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Next Zeta Global earnings date
Morgan Stanley Technology, Media & Telecom Conference 20262 Mar, 2026
Zeta Global
Next Zeta Global earnings date
Morgan Stanley Technology, Media & Telecom Conference 20262 Mar, 2026
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Frequently asked questions
Zeta Global Holdings Corp. is a technology company specializing in data-driven marketing solutions. The company offers a proprietary cloud-based platform that combines artificial intelligence, machine learning, and data analytics to help businesses engage with customers across multiple channels, including email, social media, websites, and mobile. Zeta Global is headquartered in New York, New York, and its shares are listed on the NYSE.
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