Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Q1 2026 Earnings Presentation
44 slides from Zeta Global's earnings presentation, Apr 30, 2026
Slide 1: Supplemental 1Q'26 Earnings Presentation
Supplemental 1Q’26 Earnings Presentation April 30, 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 1Q’26 Zeta’s results • 19th straight “beat and raise” quarter and achieved Rule of 6716 performance evidence of RESULTS • 1Q’26 total revenue growth of 50%, and 29% revenue growth excluding durability and Marigold19 predictabili
Slide 4: Strong 1Q'26 performance across KPIs
Strong 1Q’26 performance across KPIs Super-Scaled Customers5 Super-Scaled Customer ARPU6 Industry Verticals 9 of the Top 10 189 $1.7M Verticals Grew 1Q’25: 159 4Q’25: 184 1Q’25: $1.4M 4Q’25: $1.8M Greater Than 20%7 GAAP Cost of Revenue8 Direct Revenue Mix9 Quota Carrier Headcount 41.0% 75% 197 1Q’25
Slide 5: Rule of 67 performance in 1Q'26
Rule of 67 performance in 1Q’2616 Revenue Growth Adjusted EBITDA2 Growth $396 $66 $264 $47 16.7% of Revenue 17.7% of Revenue 1Q’25 1Q’26 1Q’25 1Q’26 See slide 41 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 6 Consecutive Quarters of Sequential Super-Scaled Customer5 Expansion Y/Y Growth: 19% 184 189 180 168 159 ZETA 2028 144 144 144 148 MODELED CAGR: 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 At Least $1M 3Q'25 4Q'25 1Q'26 4-8% Super Scaled Customer5Growth
Slide 7: Continued super-scaled customer ARPU expansion
Continued super-scaled customer ARPU expansion Y/Y ARPU6 Growth % (3%) 18% 30% 31% 23% 19% 1% 5% 21% Y/Y Growth: $1.3 $1.6 $1.7 $1.4 $1.6 $1.6 $1.8 $1.7 21% $1.1 2Q’25 ARPU for $1M+ is ZETA 2028 15X MODELED CAGR: the $100K - $1M Cohort 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 12-16% Sup
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 ARPU18 $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 Customer17 <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 100 10 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 compan
Slide 11: Zeta 2028
Zeta 2028
Slide 12: Tracking towards Zeta 2028
Tracking towards Zeta 2028 2028 Targets $2,300 2028 REVENUE TARGET $1,785 $1,305 $2.3B+ $368 $458 $591 $729 $1,006 Implied 23% CAGR '20 '21 '22 '23 '24 '25 '26E '28 22% 2028 ADJ. EBITDA2 TARGET $700 14% 16% 18% 19% 21% $573 25% $600 11% 20% $397 $573M+ $279 25% $500 15% $193 $400 10% $92 $129 $300 5
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: 2Q'26 & FY'26 Guidance
2Q’26 & FY’26 Guidance
Slide 15: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 2Q’26 FY’26 2Q’26 FY’26 Guidance Guidance Guidance Guidance Range Range Midpoint Midpoint Total Zeta Revenue $419M – $422M $1,779M – $1,792M $420M $1,785M % Growth Y/Y 36% – 37% 36% - 37% 36% 37% Adj. EBITDA2 $86.2M – $86.9M $396.2M – $39
Slide 16: 2026 guidance including quarterly cadence
2026 guidance including quarterly cadence 1Q’26 2Q’26 FY’26 3Q’26 4Q’26 Actuals Midpoint Midpoint Zeta Revenue excl. Marigold & Political $341M $373M $406M $453M $1,572M % Growth excl. Marigold & Political Y/Y 29% 21% 20% 20% 22% Marigold Revenue $55.6M $47.5M $47.5M $47.5M $198M Political Candidate
Slide 17: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 2Q’26 FY’26 Guidance Guidance Midpoint Midpoint 2026 Revenue Prior Guidance (reported as of 2/24) $416M $1,755M Y/Y Growth % 35% 35% REVISED 2026 Revenue: New Guidance $420M $1,785M REVISED Y/Y Growth % 36% 37% 2026 Adj. EBITDA Prior Guid
Slide 18: Guiding to Free Cash Flow of $235M in 2026, with a target of $371M+ by 2028
Guiding to Free Cash Flow of $235M 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% $700 FCF $ 65% 59% 70% $600 FCF / EBITDA % 3 59% $573+ 60% 48% $500 42% 42% $397 50% $400 $371+ 40% 26%
Slide 19: Zeta Overview
Zeta Overview
Slide 20: Convergence → One System
Convergence → One System Authenticated Identity from rofit P n & 1P data is the connective o i tissue for Precision & Scale cis Pre PAID OWNED CHANNELS CHANNELS UNIFIED SOCIAL A Gap in the Market Exists ness EMAIL/SMS IDENTITY SEARCH Over half of marketers seek to PUSH/IN-APP tive personalize across
Slide 21: A new category is emerging
A new category is emerging AI-POWERED MARKETING Answer-driven systems that connect identity & intelligence to decide, act, and get smarter in real-time — delivering outcomes that get better over time. REQUIRES DELIVERS AUTHENTICATED CENTRALIZED CLOSED PRECISION & FASTER COMPOUNDING PERSISTENT DECISI
Slide 22: 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 13 6X ROAS 22
Slide 23: The Zeta Edge
The Zeta Edge One System Powering CONTENT System All Touchpoints of Truth Proprietary SuperGraph Intelligence AI-POWERED DATA FOUNDATION CONTAINER CONNECTORS 23
Slide 24: Three on-ramps, one system
is the Unlock Three on-ramps, one system PLATFORM OUT MEDIA IN ONE ZETA AS SYSTEM 360° View of Consumer 360° View of Marketer 360° View of Business Customer Major Retailer Major Airline Middle Market Retailer Starting Point CDP High-value audiences in paid 7 disconnected tools CTV tying exposure to
Slide 25: 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 26: Zeta was named a Leader in the Q1 2026 Forrester Wave
Zeta was named a Leader in the Q1 2026 Forrester Wave14 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 Highest Possible Scores in: “Zeta goes to market with a memorable vision: ‘Make s
Slide 27: The intelligence powered era is breaking boundaries
The intelligence powered era is breaking boundaries U.S. TAM 15 CAGR 15 OMNICHANNEL ENGAGEMENT 2023 ’23 – ’25 Data Media MarTech Intelligence SIGNALS Powered Marketing $19B 14% IPM Technology Intelligence Powered Media IDENTITY $64B 12% See slide 41 for footnote definitions 27
Slide 28: Comprehensive Look Into Zeta's Data Cloud, Governance & Vision
Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision Selection from Zeta Data Summit on December 9, 2024
Slide 29: Finding Signal Through the Noise
Finding Signal Through the Noise Zeta’s POV on How Outsiders Should Value Data Assets, Capabilities, Compliance Size, Scale, Is Coverage Comprehensive and Resilient? Durability Data Active Activation Compliance Model Is Usability Easy, and Does Are Standards of Today and it Create “Unfair the Likely
Slide 30: Zeta's Types of Data
Zeta’s Types of Data Zeta’s People-Based Data Includes Identities, Identifiers, & 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 PII
Slide 31: 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 32: 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 33: MTA, LiveIntent, Disqus Contribute > 75%+ of Identities
MTA, LiveIntent, Disqus Contribute > 75%+ of Identities O&O Third Party MTA Disqus LiveIntent 33
Slide 34: DSP, LiveIntent, Disqus Contribute > 95% of Identifiers
DSP, LiveIntent, Disqus Contribute > 95% of Identifiers SSP Third Party LiveIntent Disqus DSP 34
Slide 35: Disqus, DSP, LiveIntent Contribute > 75%+ of Signals
Disqus, DSP, LiveIntent Contribute > 75%+ of Signals Third Party O&O DSP LiveIntent Disqus 35
Slide 36: 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 37: 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 38: How Hard it is to Replicate
How Hard it is to Replicate In Short, It Would Be Challenging to Recreate Zeta’s Model 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 entire cons
Slide 39: Appendix
aa Appendix
Slide 40: 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 41: Footnotes
Footnotes 1 | 1Q’26 GAAP net loss of $13.2M, or 3.3% of revenue, includes $53.0M 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 42: Reconciliation for Adj. EBITDA and Adj. EBITDA margin
Reconciliation for Adj. EBITDA and Adj. EBITDA margin $ in ’000s, unless otherwise noted ` 1Q’25 1Q’26 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Net (loss) / income $ (21,600) $ (13,247) $ 6,539 $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) $ (31,509) Net (loss) / income
Slide 43: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in ’000s, unless otherwise noted 1Q’25 1Q’26 4Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Cash Flows from Operating Activities $ 34,799 $ 49,734 $ 64,135 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 $ 198,902 Capital expenditures (2,736) (3,012) (3,257) (
Slide 44: Non-GAAP Net Income / (Loss) per share Reconciliation
Non-GAAP Net Income / (Loss) per share Reconciliation $ in ’000s, except shares and per share amounts 1Q’25 1Q’26 Net Loss $ (21,600) $ (13,247) Restructuring expenses 3,152 6,752 Acquisition-related expenses - 1,666 Stock-based compensation 41,987 53,032 Other expenses / (income) 3,512 (3,776) Inco