Zeta Global (ZETA) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of $315M in Q4 2024 (up 50% YoY) and $1.006B for 2024 (up 38% YoY), surpassing the $1B target a year early, with strong customer growth, ARPU expansion, and 14 consecutive quarters of beat and raise guidance.

• Adjusted EBITDA for Q4 2024 was $70.4M (22.4% margin, up 57% YoY); full-year Adjusted EBITDA was $193M (19.2% margin, up 49% YoY).

• Net income for Q4 2024 was $15.2M (first positive quarter as a public company), with diluted EPS of $0.06.

• AI and first-party data investments drove market share gains and customer adoption, with 126 brands adopting Data Cloud AI and AI agent usage up nearly 200% sequentially in Q4.

• Completed LiveIntent acquisition and integration ahead of schedule, launching Zeta Direct and contributing $17M in Q4 revenue.

Financial highlights

• Full-year 2024 revenue: $1.006B (+38% YoY); Q4 2024 revenue: $315M (+50% YoY).

• Adjusted EBITDA: $193M for 2024 (19.2% margin); $70.4M for Q4 (22.4% margin).

• Free cash flow: $92M for 2024 (10% margin); $32M in Q4.

• Cash from operations for 2024 was $134M, up 48% YoY.

• Scaled customer count: 527 (+17% YoY); super-scaled customers: 148 (+13% YoY); scaled customer ARPU: $1.87M (+19% YoY); super-scaled ARPU: $5.71M (+26% YoY).

Outlook and guidance

• 2025 revenue guidance: $1.235B–$1.245B (+23–24% YoY), including $96M from LiveIntent; Adjusted EBITDA: $255.5M–$257.5M (20.7% margin); free cash flow: $127.5M–$131.5M.

• Zeta 2028 plan targets $2.1B+ revenue (20%+ organic CAGR), $525M+ Adjusted EBITDA (25% margin), and $340M+ free cash flow (16% margin).

• Net revenue retention expected to remain 110%–115%; scaled customer count growth targeted at 4%–8% annually.