Zeta Global Holdings Corp. Q4 FY2025 earnings call

David Steinberg mentioned delivering 18th consecutive beat and raise quarter. Fourth quarter revenue growth was an acceleration. Adjusted EBITDA was up. Raised 2026 revenue guidance midpoint by $25 million to $1.755 billion. Athena, super intelligent agent for enterprise marketing, introduced, with positive customer feedback and on track to be generally available by end of first quarter. Partnership with OpenAI, Zeta SuperGraph, One Zeta strategy with increased scaled customers using multiple use cases. Marigold acquisition integration progressing well, expected to be accretive. Chris Greiner discussed revenue growth, adjusted EBITDA margins, free cash flow, super-scaled customers' importance, and guidance updates including raising first quarter and full year revenue, adjusted EBITDA, and free cash flow guidance.

Fourth quarter revenue was $395 million, up 28% year-over-year ex acquisition and political candidate. Adjusted EBITDA was $95.1 million, up 35% year-over-year. Full year 2025 revenue was $1.305 billion, up 30% year-over-year or 27% when excluding LiveIntent, Marigold and prior year political candidate revenue. Adjusted EBITDA for 2025 was $279 million, margin 21.4%. Net revenue retention hit a record high of 120% in 2025. Total scale of customer count grew to 602, up 14% year-over-year. Super-scaled customer count was 184, up 24% year-over-year. Scaled customer quarterly ARPU $625,000, up 8% year-over-year. Super-scaled customer quarterly ARPU $1.8 million, up 5% year-over-year.

Raised 2026 full year revenue midpoint to $1.755 billion, growth 35%. First quarter 2026 revenue midpoint $370 million, growth 40% ex political candidate and Marigold. Adjusted EBITDA 2026 midpoint $391 million, up $6 million. First quarter 2026 adjusted EBITDA midpoint $61.5 million. 2026 free cash flow midpoint $231 million, up $7 million. Updated 2028 targets with raised revenue to $2.3 billion, adjusted EBITDA to $573 million, free cash flow to $371 million.

Q: Terry Tillman asked about Athena agents, monetization, and business impact.

A: David Steinberg said initial agents Insights and Adviser first, generally available end of quarter, clients early users.

Q: Zach Cummins asked about deals from Zeta Live and gross margin.

A: David Steinberg said deals across verticals, Chris Greiner talked about gross margin and Marigold impact.

Q: Jason Kreyer asked about One Zeta and Athena cross-sell.

A: David Steinberg and Chris Greiner discussed One Zeta growth in multi-use case customers.

Q: Arjun Bhatia asked about Athena impact and GAAP profitability.

A: David Steinberg and Chris Greiner talked about Athena potential and GAAP profitability outlook.

Q: David Hynes asked about OpenAI partnership and data.

A: David Steinberg discussed OpenAI partnership and data collection.

Q: Richard Baldry asked about quota carriers and capital allocation.

A: Christopher Greiner and David Steinberg talked about quota carriers and capital allocation.

Q: Kathleen Alexis Keyser asked about political advocacy spend.

A: Christopher Greiner discussed political candidate revenue and advocacy.

Q: Matthew Swanson asked about macro resiliency and Marigold loyalty.

A: David Steinberg talked about macro resiliency and Marigold loyalty.

Q: Lucas Metcalf asked about marketing budgets and AI.

A: David Steinberg talked about platform consolidation and marketing budget growth.

Q: Jack Nichols asked about RFP competitors and Zeta's right to win.

A: David Steinberg talked about RFP competitors and Zeta's winning.

Q: George McGreehan asked about Fortune 100/Fortune 500 conversations.

A: David Steinberg talked about Fortune 100/Fortune 500 focus on ROI.

Q: Carolyn Valenti asked about data capture from LLMs.

A: David Steinberg talked about Data Cloud and GEO platform