Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Q2 2026 Earnings Presentation
62 slides from Zeta Global's earnings presentation, Aug 4, 2026
Slide 1: Supplemental 2Q'26 Earnings Presentation
Supplemental 2Q’26 Earnings Presentation August 4, 2026
Slide 2: Forward-looking statements and non-GAAP measures
Forward-looking statements and non-GAAP measures This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Sec
Slide 3: Durable, predictable, and profitable growth at scale
Durable, predictable, and profitable growth at scale KEY THEMES RESULTS Zeta’s results • 20th straight “beat and raise” quarter and achieved Rule of 6415, and Rule of 4915 excluding M&A18 2Q’26 evidence of durability and • 2Q’26 total revenue growth of 44%, and 28% revenue growth excluding M&A18 RES
Slide 4: Strong 2Q'26 performance across KPIs
Strong 2Q’26 performance across KPIs Super-Scaled Customers5 Super-Scaled Customer ARPU6 Industry Verticals 8 of the Top 10 197 $1.8M Verticals Grew 2Q’25: 168 1Q’26: 189 2Q’25: $1.6M 1Q’26: $1.7M Greater Than 20%7 GAAP Cost of Revenue8 Direct Revenue Mix9 Quota Carrier Headcount 40.9% 72% 198 2Q’25
Slide 5: Rule of 64 performance in 2Q'26
Rule of 64 performance15 in 2Q’26 Revenue Growth Adjusted EBITDA2 Growth $443 $92 $59 $308 20.7% of Revenue 19.1% of Revenue 2Q’25 2Q’26 2Q’25 2Q’26 See slide 57 for footnote definitions See appendix for definitions of non-GAAP measures used herein and reconciliations to the most directly comparable
Slide 6: Significant Y/Y super-scaled customer count expansion
Significant Y/Y super-scaled customer count expansion 7 Consecutive Quarters of Sequential Super-Scaled Customer5 Expansion Y/Y Growth: 17% 189 197 180 184 168 ZETA 2028 159 144 144 148 MODELED CAGR: 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 At Least $1M 4Q'25 1Q'26 2Q'26 4-8% Super Scaled Customer5 Growt
Slide 7: Continued super-scaled customer ARPU expansion
Continued super-scaled customer ARPU expansion Y/Y ARPU6 Growth % 18% 30% 31% 23% 19% 1% 5% 21% 17% Y/Y Growth: $1.3 $1.6 $1.7 $1.4 $1.6 $1.6 $1.8 $1.7 $1.8 17% ZETA 2028 MODELED CAGR: 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 12-16% Super Scaled ARPU6 Growth See slide 57 for footnote de
Slide 8: The longer our customers stay with us, the bigger they become
The longer our customers stay with us, the bigger they become FY’25 Scaled Customer ARPU17 $3.9M FY’25 $2.1M FY’25 $1.1M $0.7M FY’25 FY’25 $0.9M $1.2M $2.0M $2.8M FY’24 FY’24 FY’24 FY’24 Scaled Customer16 <1 Year 1-3 Years 3-5 Years 5+ Years Count 111 217 65 209 Revenue $79M $241M $135M $815M ~90% R
Slide 9: Zeta is well-diversified across a wide range of verticals
Zeta is well-diversified across a wide range of verticals FY 2025 Revenue by Vertical Well-Diversified Customer Set Advertising & Marketing, • Broad coverage across 15 5% Consumer & Retail, different industry verticals Education, 5% 24% • 9 of the Top 10 verticals grew Healthcare, 5% greater than 20
Slide 10: Serving 51% of the Fortune 100
Serving 51% of the Fortune 10010 12 of the 15 largest 2 of the 3 largest 6 of the 16 largest Insurance Consumer & Retail Airline companies companies in the world companies 10 of the 13 largest 4 of the largest Agency 4 of the 4 largest Technology & Media Hold Cos Telecommunications companies compani
Slide 11: Zeta 2028
— Zeta 2028 ZETA
Slide 12: Tracking towards Zeta 2028
Tracking towards Zeta 2028 2028 REVENUE TARGET $2,300 $1,818 $1,006 $1,305 $2.3B+ $368 $458 $591 $729 Implied 23% CAGR '20 '21 '22 '23 '24 '25 '26E '28 2028 ADJ. EBITDA2 TARGET 18% 19% 21% 22% $573 $700 30% $600 14% 16% 25% 11% $405 25% 20% $573M+ $500 $279 15% $193 $400 10% $92 $129 $300 $63 5% $40
Slide 13: Compound annual growth rates for Zeta 2028 key metrics
Compound annual growth rates for Zeta 2028 key metrics Actual Performance Zeta 2028 Model 2021–2025 Updated Feb. 2026 Revenue CAGR 30% METRICS KEY Adj. EBITDA2 CAGR 45% Free Cash Flow2 CAGR 75% Super Scaled Count CAGR 17% 4% – 8% Super Scaled ARPU CAGR 14% 12% – 16% KPIs Quota Carrier CAGR 21% 10% –
Slide 14: 3Q'26 & FY'26 Guidance
3Q’26 & FY’26 Guidance
Slide 15: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 3Q’26 FY’26 3Q’26 FY’26 Guidance Guidance Guidance Guidance Range Range Midpoint Midpoint Total Zeta Revenue $469M – $472M $1,811M – $1,824M $471M $1,818M % Growth Y/Y 39% – 40% 39% – 40% 40% 39% Adj. EBITDA2 $115.0M – $116.0M $404.1M – $
Slide 16: 2026 guidance including quarterly cadence
2026 guidance including quarterly cadence 1Q’26 2Q’26 3Q’26 FY’26 4Q’26 Actuals Actuals Midpoint Midpoint Zeta Revenue excl. Marigold & Political $341M $395M $416M $453M $1,604M % Growth excl. Marigold & Political Y/Y 29% 28% 23% 20% 25% Marigold Revenue $55.6M $48.1M $47.5M $47.5M $199M Political C
Slide 17: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 3Q’26 FY’26 Guidance Guidance Midpoint Midpoint 2026 Revenue Prior Guidance (reported as of 4/30) $461M $1,785M Y/Y Growth % 37% 37% REVISED 2026 Revenue: New Guidance $471M $1,818M REVISED Y/Y Growth % 40% 39% 2026 Adj. EBITDA Prior Guid
Slide 18: Guiding to Free Cash Flow of $255M in 2026
Guiding to Free Cash Flow of $255M in 2026, with a target of $371M+ by 2028 FCF conversion3 adjusted for Working Capital headwinds primarily from the agency business growth ADJ. EBITDA 62% 68% 76% FCF $ FCF / EBITDA % 3 65% 63% $573+ $600 59% 60% 48% $500 42% $405 42% $371+ 50% $400 $300 $279 $255 4
Slide 19: The Pivot to Intelligent AI Infrastructure
The Pivot to Intelligent AI Infrastructure
Slide 20: Valued as martech, built as infrastructure
Valued as martech, built as infrastructure HOW WE BELIEVE THE MARKET SEES IT WHAT IT ACTUALLY IS Marketing Technology Intelligent AI infrastructure ✓ A vertical SaaS tool sold to CMOs ✓ A proprietary identity data graph — owned, not rented ✓ Campaigns, journeys, features — outputs ✓ An intelligence
Slide 21: Zeta's evolution into an intelligent AI infrastructure company
Zeta’s evolution into an intelligent AI infrastructure company Four catalysts moved Zeta from AI Marketing Cloud to intelligent AI infrastructure — bringing external validation from both the model leader and the infrastructure leader. JANUARY 2026 Q1 2026 MAY 2026 JUNE 2026 OpenAI Athena, live Snowf
Slide 22: The category is already earned
The category is already earned Zeta isn't asserting the intelligent AI-infrastructure category — it has already cleared the bar that earns it. Three independent proofs are in place today, not on a roadmap. 01 02 03 Proven economics Proprietary asset External validation Record 120% net revenue retent
Slide 23: The Data Cloud is the moat
WHY IT IS DIFFICULT TO REPLICATE The Data Cloud is the moat Every AI system is only as good as the data beneath it. Zeta's edge isn't a model anyone can license — it's a Owned, not rented proprietary identity graph that can't be bought, rented, Built over 20 years — not dependent on cookies or or re
Slide 24: When models commoditize, data compounds
When models commoditize, data compounds Foundation models are becoming a shared utility — OpenAI and others, available to everyone. The durable advantage shifts to whoever owns the proprietary data that turns generic intelligence into specific, accountable outcomes. Proprietary data Sharper inferenc
Slide 25: Athena turns data into decisions
Athena turns data into decisions Athena isn't an application on top of the platform — it's the layer that converts the Data Cloud into inference, decisions, and outcomes. Enterprises stop navigating dashboards and start asking. THE INTELLIGENCE LAYER DATA CLOUD ATHENA OUTCOMES The asset — 535M indiv
Slide 26: The economics of a platform, not a tool
The economics of a platform, not a tool Infrastructure is bought once and consumed forever — and consumption compounds. Two metrics prove Zeta is consumed, not just sold: retention, and how much more each enterprise runs on the platform. N E T R E V E N U E R E T E N T I O N 20 2Q’26 EXPANSION ON TH
Slide 27: It already earns like infrastructure
It already earns like infrastructure Durable 20%+ revenue growth at scale, expanding margins, and Free Cash Flow compounding faster than revenue — operating leverage, not a services grind. REVENUE ($M) FCF2 ($M) ZETA FINANCIALS $1,818 $255 $1,305 +78% FCF growth, 2025 $165 $1,006 $591 $729 $92 ~39%
Slide 28: The category, confirmed from outside
The category, confirmed from outside. The proof is the case — the economics and the asset make the argument. The corroboration: the model leader, the infrastructure leader, and a flagship enterprise all building on Zeta. THE MODEL LEADER THE INFRASTRUCTURE LEADER A FLAGSHIP CUSTOMER OpenAI Palantir
Slide 29: Value Zeta against other AI infrastructure companies
Value Zeta against other AI infrastructure companies Zeta is intelligent AI infrastructure — and across the metrics that define the category, it sits in the cohort. On Rule of 40 21 it clears the bar, and trades at a lower multiple. LAST FISCAL YEAR ZETA vs. THE COHORT RULE OF 40 · REVENUE GROWTH +
Slide 30: An AI platform powered by proprietary data infrastructure
THE ONE-LINE CLAIM An AI platform powered by proprietary data infrastructure — with Athena as the intelligence layer. 535M-individual data cloud Athena: the intelligence layer 120% NRR20 +78% FCF growth2,19 Priced like martech, built like infrastructure The data asset compounds. The intelligence run
Slide 31: Dynamic Business Intelligence: Zeta's Fourth Use Case
Dynamic Business Intelligence: Zeta’s Fourth Use Case
Slide 32: Zeta Business Intelligence (ZBI)
Zeta Business Intelligence (ZBI) ZBI Sample Use Cases Examples of how the Data Cloud has helped customers make crucial strategic decisions Zeta Business Intelligence, Real Estate Intelligence ZBI, powered by the Data Customer Experience Cloud is enabling organizations to transform Market Sizing busi
Slide 33: Real Estate Intelligence
OPPORTUNITY ZBI SOLUTION Real estate typically accounts for 10-20%24 of Zeta Business Intelligence, ZBI, leverages the an organization's total cost base, representing a Data Cloud to help customers answer their multi-million-dollar savings opportunity. biggest strategic questions about real estate t
Slide 34: Customer Experience
OPPORTUNITY ZBI SOLUTION Poor customer experiences put nearly $3 trillion25 ZBI leverages the Data Cloud to help in global sales at risk—creating a significant customers answer their biggest strategic opportunity to optimize purchase journeys, reduce questions about customer experience to drive fric
Slide 35: Market Sizing / Opportunity Assessment
OPPORTUNITY ZBI SOLUTION Companies invest about 5% of revenue26 in new ZBI leverages the Data Cloud to help businesses, creating an opportunity to optimize customers answer their biggest strategic investment through market sizing, wallet-share questions about market sizing to drive revenue analysis,
Slide 36: Loyalty Growth
OPPORTUNITY ZBI SOLUTION Customer loyalty and retention account for ZBI leverages the Data Cloud to help nearly 15% of total media spend27 —a significant customers answer their biggest strategic investment that can be optimized to deepen questions about building loyalty to drive customer relationshi
Slide 37: Business Expansion
OPPORTUNITY ZBI SOLUTION Companies spend almost 60% of growth ZBI leverages the Data Cloud to help budgets28 on market-penetration strategies—an customers answer their biggest strategic opportunity to expand existing customer questions about expanding their business to relationships and unlock new r
Slide 38: Business Measurement
OPPORTUNITY ZBI SOLUTION Poor data quality costs organizations ~$13 million27 ZBI leverages the Data Cloud to help annually, on average—a significant opportunity for customers answer their biggest strategic real-time measurement and optimization to improve questions about measurement to drive revenu
Slide 39: Zeta Overview
Zeta Overview ZETA
Slide 40: The Zeta Promise
The Zeta Promise More value with us than without us SPEED SIMPLICITY CERTAINTY Onramps in weeks; The “easy-button” to More predictable Outcomes in a quarter AI-powered marketing outcomes 50% Faster Time to Value $3.2M Annualized Savings 12 6X ROAS
Slide 41: Zeta consolidates the fragmented marketing landscape
Zeta consolidates the fragmented marketing landscape The Zeta Marketing Platform (ZMP) consolidates all 3 Data Marketing Management Automation Engagement (Marketing Clouds (Programmatic) (CDPs) & ESPs) How brands create a unified customer How brands effectively reach and manage How brands acquire ne
Slide 42: Zeta was named a Leader in the Q1 2026 Forrester Wave
Zeta was named a Leader in the Q1 2026 Forrester Wave13 Zeta was named as a leader, with the top Q1 2026 Results score in the strategy category, and the highest possible scores in 11 of 26 criteria. Evaluation Findings “Zeta goes to market with a Highest Possible Scores in: memorable vision: ‘Make s
Slide 43: The intelligence powered era is breaking boundaries
The intelligence powered era is breaking boundaries U.S. TAM 14 CAGR 14 OMNICHANNEL ENGAGEMENT 2023 ’23 – ’25 Data Media MarTech Intelligence SIGNALS Powered Marketing $19B 14% IPM Technology Intelligence Powered Media IDENTITY $64B 12% See slide 57 for footnote definitions
Slide 44: Comprehensive Look Into Zeta's Data Cloud, Governance & Vision
Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision
Slide 45: Finding signal through the noise
Finding signal through the noise Zeta’s POV on how outsiders should value data assets, capabilities, compliance Is Coverage Comprehensive and Resilient? Size, Scale, Durability Data Active Activation Compliance Model Is Usability Easy, and Does Are Standards of Today and it Create “Unfair the Likely
Slide 46: Zeta's types of data
Zeta’s types of data Zeta’s people-based data includes identities, identifiers, and signals Identities Identifiers Signals Identities are unique Identifiers are indices that Signals are data-in-motion and individuals, represented by determine the best way to data-at-rest processed by Zeta offline PI
Slide 47: Defining Zeta's sources of data
Defining Zeta’s sources of data Zeta Data Sources Description Zeta Demand Side Platform (DSP) Technology enabling advertisers to participate in online, programmatic auctions Zeta Supply Side Platform (SSP) Technology enabling publishers to participate in online, programmatic auctions Zeta Message Tr
Slide 48: Contribution value of Zeta's technology and networks
Contribution value of Zeta’s technology and networks Est. Contribution Zeta Data Sources Identities Identifiers Signals to Total Graph Zeta Demand Side Platform (DSP) 15-20% Zeta Supply Side Platform (SSP) 3-5% Zeta Message Transfer Agent (MTA) 10-15% Disqus 15-20% LiveIntent 20-25% O&O Properties 0
Slide 49: MTA, LiveIntent, Disqus contribute > 75%+ of identities
MTA, LiveIntent, Disqus contribute > 75%+ of identities O&O Third Party MTA Disqus LiveIntent
Slide 50: DSP, LiveIntent, Disqus contribute > 95% of identifiers
DSP, LiveIntent, Disqus contribute > 95% of identifiers SSP Third Party LiveIntent Disqus DSP
Slide 51: Disqus, DSP, LiveIntent contribute > 75%+ of signals
Disqus, DSP, LiveIntent contribute > 75%+ of signals Third Party O&O DSP LiveIntent Disqus
Slide 52: Digital and email permission have different requirements
Digital and email permission have different requirements Zeta Collects Permissioned Data for Web Monitoring and Email Using Methodologies Compliant with Federal Laws, State Laws, and Self -Regulatory Programs Zeta Data Cloud Counts as of November 2024 Digital Permission: Identities, Signals and Iden
Slide 53: Data durability
Data durability Zeta’s People-Based Assets Have Demonstrated Stability and Antifragility Amidst a More Stringent Regulatory Environment December 2021 January 2024 November 2024 231M* 241M* 245M* LiveIntent Acquisition Completed Data Privacy Regulation & Browser Updates GDPR Apple ITP TCF 2.0 Google
Slide 54: How hard is it to replicate
How hard is it to replicate Zeta’s people-based data includes identities, identifiers, and signals Data AI Convergence Own identity-based Leading AI-capabilities to Platform capable of assets that provide real synthesize data into operating across the value to Publishers, and actionable intelligence
Slide 55: Appendix
Appendix ZETA
Slide 56: Non-GAAP measures
Non-GAAP measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non-GAAP measures referenced in this presentation below. We believe these non-GAAP measures are useful to investors in evaluating our performanc
Slide 57: Footnotes
Footnotes 1 | 2Q’26 GAAP net income of $8.2M, or 1.8% of revenue, includes $52.1M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income (Loss), non-GAAP Net Income (Loss) per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix
Slide 58: Footnotes
Footnotes 22 | Net ARR expansion rate. 23 | Free Cash Flow yield is defined as estimated Free Cash Flow for the current fiscal year divided by market cap. Estimated Free Cash Flow for the current fiscal year is based on guidance for Zeta, Palantir, and CrowdStrike as of 7/29/2026 and consensus estim
Slide 59: Adj. EBITDA and Adj. EBITDA margin Reconciliation
Adj. EBITDA and Adj. EBITDA margin Reconciliation $ in ’000s, unless otherwise noted ` 2Q’25 2Q’26 1Q’26 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net (loss) / income $ (12,814) $ 8,173 $ (13,247) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) $ (31,509) Net (loss) / income mar
Slide 60: Free Cash Flow reconciliation
Free Cash Flow reconciliation $ in ’000s, unless otherwise noted 2Q’25 2Q’26 1Q’26 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Cash Flows from Operating Activities $ 42,049 $ 69,180 $ 49,734 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 $ 198,902 Capital expenditures (2,349) (4,821) (3,012) (
Slide 61: Non-GAAP Net Income per share Reconciliation
Non-GAAP Net Income per share Reconciliation $ in ’000s, except shares and per share amounts 2Q’25 2Q’26 YTD’25 YTD’26 Net (loss) / income $ (12,814) $ 8,173 $ (34,414) $ (5,074) Restructuring expenses - - 3,152 6,752 Acquisition-related expenses - - - 1,666 Stock-based compensation 46,471 52,115 88
Slide 62: Revenue, Revenue ex. M&A and Political Candidate Reconciliation
Revenue, Revenue ex. M&A and Political Candidate Reconciliation $ in millions, unless otherwise noted ` 3Q’25 4Q’25 1Q’26 2Q’26 Total Revenue $337 $395 $396 $443 LiveIntent Revenue ($20.6) ($22.5) - - Marigold’s Enterprise Business Revenue - ($18.6) ($55.6) ($48.1) Political Candidate Revenue *NM *N