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Zeta Global (ZETA) investor relations material
Zeta Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 17th consecutive beat-and-raise quarter, with Q3 revenue of $337 million, up 28% year-over-year excluding political and LiveIntent, and strong execution in AI-powered marketing.
Adjusted EBITDA grew 46% year-over-year to $78.1 million (23.2% margin), and free cash flow rose 83% to $47.1 million, with a record 14% margin.
Net loss for Q3 2025 was $3.6 million, a significant improvement from $17.4 million in Q3 2024.
Launched Athena, an AI conversational agent, at Zeta Live, aiming to drive platform adoption and ROI.
Announced acquisition of Marigold's enterprise software business, expected to close by year-end, expanding enterprise reach.
Financial highlights
Q3 revenue: $337 million, up 26% year-over-year (28% ex-political and LiveIntent), exceeding guidance by $9 million.
Adjusted EBITDA: $78.1 million (23.2% margin), up 320 basis points year-over-year, and $7.4 million above guidance midpoint.
Free cash flow: $47.1 million, up 83% year-over-year, with 60% conversion rate.
Scaled customer count: 572 (up 20% year-over-year); super scaled customers: 180 (up 25%).
GAAP net loss: $3.6 million, improved from $17.4 million loss in Q3 2024; would have been profitable excluding $6.5 million in acquisition-related expenses.
Outlook and guidance
Raised 2025 revenue guidance midpoint by $11 million to $1.275 billion, representing 26–27% year-over-year growth ex-political and LiveIntent.
2025 Adjusted EBITDA guidance increased to $273.7 million (21.5% margin, up 230 bps), and free cash flow guidance raised to $157.4 million (71% growth, 57% conversion).
Initial 2026 organic guidance: $1.54 billion revenue (21% growth), $354 million Adjusted EBITDA (23% margin), $209 million free cash flow (14% margin, 59% conversion).
Marigold contributions excluded from 2025 and 2026 guidance until deal closes.
2028 targets: revenue $2.1B+ (20% CAGR), adjusted EBITDA $525M+ (25% margin), free cash flow $340M+ (65% conversion).
Marigold acquisition's impact on 2026 guidance?
How does Athena by Zeta™ drive Super Scaled Customer growth?
What is the strategy for the new share repurchase program?
Athena's impact on Marigold cross-sell?
What drives early 2026 organic growth confidence?
How is Zeta capitalizing on the replacement cycle?
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Next Zeta Global earnings date
Q4 202525 Feb, 2026
Next Zeta Global earnings date
Q4 202525 Feb, 2026
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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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