Zeta Global (ZETA) Q2 2026 earnings summary

Executive summary

• Achieved 20th consecutive quarter of exceeding guidance, with Q2 2026 revenue of $443M, up 44% year-over-year, and adjusted EBITDA of $92M, up 56% year-over-year, with margin expanding to 20.7%.

• Free cash flow reached $58M (13.1% margin), up 73% year-over-year, with 63% conversion from adjusted EBITDA.

• Net income for Q2 2026 was $8.2M, reversing a net loss of $12.8M last year; GAAP EPS $0.03.

• Super-scaled customers increased 17% year-over-year to 197, with ARPU up 17% to $1.8M.

• Raised full-year 2026 guidance for revenue, adjusted EBITDA, free cash flow, and GAAP EPS.

Financial highlights

• Q2 2026 revenue: $443M, up 44% year-over-year (28% excluding M&A); beat guidance by $23M.

• Adjusted EBITDA: $92M, up 56% year-over-year, margin 20.7%, up 170 bps.

• Free cash flow: $58M, up 73% year-over-year, margin 13.1%, conversion 63%.

• GAAP net income: $8.2M (1.8% of revenue); GAAP EPS $0.03.

• Six-month revenue ended June 30, 2026: $839M, up 47% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.818B (39% growth, 25% ex-M&A/political revenue).

• Q3 2026 revenue guidance: $471M, up 40% year-over-year (23% ex-M&A/political).

• Adjusted EBITDA guidance for 2026 raised to $405M (45% growth, 22.3% margin).

• Free cash flow guidance for 2026 raised to $255M (55% growth, 14% margin, 63% conversion).

• GAAP EPS guidance midpoint raised to $0.10, excluding potential one-time tax benefit.