Zeta Global Holdings Corp.

Q2 revenue was $443 million, up 44% year over year and up 28% excluding M&A. Adjusted EBITDA was $92 million, up 56% year over year, with margin of 20.7%, up 170 basis points. Free cash flow was $58 million, up 73% year over year, with a 13.1% margin and 63% conversion. GAAP net income was $8.2 million versus a net loss of $12.8 million a year ago, and GAAP EPS was $0.03. For the full year 2026, management raised revenue guidance to a midpoint of $1.818 billion, adjusted EBITDA guidance to $405 million, free cash flow guidance to $255 million, and GAAP EPS guidance to a midpoint of $0.10. For Q3, revenue guidance was raised to a midpoint of $471 million and adjusted EBITDA to a midpoint of $115 million. The company said it is maintaining political candidate revenue assumptions of $7 million in Q3 and $8 million in Q4.

David Steinberg framed the quarter as evidence that Zeta is becoming an “intelligent AI infrastructure platform,” not just a marketing technology company. He highlighted Athena, ZBI, and the OpenAI, Palantir, and Snowflake partnerships as catalysts that are broadening Zeta’s role in enterprise decision-making. His tone was highly confident, repeatedly emphasizing record pipeline, faster product development, and the belief that Zeta is still early in a much larger opportunity.

Christopher Greiner focused on the financial quality of the quarter and the raise. He pointed to $443 million of revenue, $92 million of adjusted EBITDA, $58 million of free cash flow, and positive GAAP net income of $8.2 million, then noted the company lifted full-year revenue guidance by $33 million, adjusted EBITDA by $8 million, and free cash flow by $20 million. He also said Zeta bought back $29.9 million of stock in Q2, had $89.4 million remaining on its authorization, and closed a new $1 billion credit facility with a $250 million term loan A and a $750 million revolver that remains undrawn.

Analysts focused on how quickly OneZeta, Athena, and ZBI can expand use cases and monetize, and management said multi-use-case adoption and cross-sell are still accelerating. Questions also centered on OpenAI and Palantir: management said OpenAI powers Athena’s voice layer, no large language model touches customer data cloud data, and the partnership is already a meaningful and scaling revenue opportunity. On Palantir, management described the opportunity as potentially one of its largest ever, said the Foundry integration is complete, and noted that two initial joint deals have already closed while many more remain in flight.