Q1 2026 Earnings — Reported April 30, 2026 · 19th Consecutive Beat & Raise Quarter
Revenue +50% to $396M · 4th Consecutive Organic Acceleration · Record FCF · Guidance Raised
Zeta Global delivered its 19th consecutive beat-and-raise quarter. Revenue of $396M (+50% YoY) beat the $370.5M consensus by 7%. Adjusted EBITDA of $66.1M (+42% YoY) beat estimates. Free cash flow set a record at $41.7M (+48% YoY). Super-scaled customers grew 19% to 189, with ARPU up 21% to $1.7M. CEO Steinberg confirmed GAAP EPS positive tracking for FY2026. Sales pipeline up ~40% YoY. Full-year revenue guidance raised by $30M to $1.785B midpoint.
Key Metrics — Q1 2026 Actuals
Revenue
$396M
+50% YoY · +29% ex-Marigold
Adj. EBITDA
$66.1M
+42% YoY · 16.7% margin
Free Cash Flow
$41.7M
+48% YoY · record · 63% conversion
Super-Scaled Customers
189
+19% YoY
Super-Scaled ARPU
$1.7M
+21% YoY
GAAP Net Loss
−$13.2M
vs −$21.6M Q1 2025
Revenue Beat
+7.0%
$396M vs $370.5M consensus
Consecutive Beat & Raise
19 Qtrs
Every quarter since IPO
FY2026 Revenue Guide
$1.785B
Raised +$30M · 37% reported growth
Sales Pipeline Growth
+40% YoY
RPOs up $66M QoQ
Beat / Miss Matrix
Beats
RevenueEst. $370.5M$396.3M (+7.0%)
Adj. EBITDA~$60M est.$66.1M (+10.2%)
GAAP EPS lossEst. −$0.06−$0.05 (better by $0.01)
Free Cash Flow—$41.7M · record · +48% YoY
Marigold RevenueInternal planBetter than anticipated
Q2 Revenue GuidanceEst. ~$417M$420.5M midpoint (+0.8%)
Concerns
GAAP Net Loss—−$13.2M · still negative
Cost of Revenue—+41% YoY · +190bps mix shift
Adj. EBITDA Margin Q1—16.7% — below FY target 22.3%
Organic ex-Marigold growth+50% reported+29% ex-Marigold/political
Working Capital Headwind—Agency payment cycles
Marigold integration costs—Primary GAAP loss driver
P&L Summary — Q1 2026 vs Q1 2025
Select Financial Results
Revenue$396.3M$264.4M+50%
Revenue ex-Marigold & political——+29% YoY
Cost of Revenue growth+41% YoY—+190bps mix
Adj. EBITDA$66.1M$46.6M+42%
Adj. EBITDA Margin16.7%17.6%−90bps
Free Cash Flow$41.7M$28.2M+48%
FCF Margin10.5%—63% conversion
GAAP Net Loss−$13.2M−$21.6MImproving
GAAP EPS loss (diluted)−$0.06−$0.11Better by $0.01
Super-Scaled Customers189159+19% YoY
Super-Scaled ARPU$1.7M$1.4M+21% YoY
Platform Detail & CEO Quote
Athena AI Platform & Data Assets
Athena agent interactions>7x YoY acceleration
Forrester recognitionPlatform Leader · 600% avg. ROI
NPS growth+23% YoY
Data cloud (SuperGraph)225M+ U.S. individual profiles
Enterprise winsAt expense of legacy clouds + DSPs
Marigold cross-sellOne Zeta loyalty + grow/acquire
Key verticalsRetail · Travel · Financial Services
Customer Metrics & Balance Sheet
Super-Scaled customers (>$1M+)189 (+19% YoY)
Super-Scaled ARPU$1.7M (+21% YoY)
Sales pipeline growth+40% YoY
RPOs (backlog)+$66M QoQ increase
Marigold integrationAhead of plan
Organic revenue acceleration4th consecutive quarter
FCF conversion rate63% of adj. EBITDA
"Our 19th consecutive beat and raise quarter underscores our commitment to delivering value through innovation and strategic execution. This was the fourth quarter in a row we accelerated revenue growth, excluding acquisitions and political candidate revenue. Our marquee wins with enterprises and agencies this quarter came at the expense of legacy marketing clouds and legacy DSPs — where Zeta's proprietary data and Athena operating system were capabilities our competition could not match. Not only did free cash flow set a record in the first quarter, but we are tracking to the high end of our 2026 GAAP EPS range."
David A. Steinberg, CEO & Co-Founder · Q1 2026 Earnings Call, April 30, 2026
FY 2026 & 2028 Targets — Raised Post Q1
Management Guidance — Updated April 30, 2026
FY2026 Revenue Midpoint
$1.785B
Raised +$30M
FY2026 Reported Revenue Growth
~37%
incl. Marigold
FY2026 Adj. EBITDA Midpoint
$397.3M
Raised +$6M
FY2026 Adj. EBITDA Margin
22.3%
+90bps vs 2025
FY2026 Free Cash Flow
$235M
+43% YoY
FY2026 GAAP EPS
$0.02–$0.04 ✓
First GAAP+ year
Q2 2026 Revenue Midpoint
$420.5M
+0.8% vs est.
2028 Revenue Target
$2.3B+
Long-term
2028 Adj. EBITDA Target
$573M+ (25%)
Long-term
Positives & Concerns
Positives
▲19th consecutive beat-and-raise quarter — a track record that is essentially unmatched in mid-cap SaaS. The consistency signals disciplined guidance calibration and strong operational execution, building credibility with institutional investors who have historically been skeptical of the stock's premium.
▲Revenue growth ex-Marigold and political revenue accelerated for the fourth consecutive quarter — the organic underlying business is genuinely accelerating, not just masking declines with M&A. Super-scaled customer ARPU of $1.7M (+21% YoY) confirms customers are expanding platform usage, not just renewing.
▲Record free cash flow of $41.7M (+48% YoY) at 63% conversion confirms that adjusted EBITDA is translating to real cash at an accelerating pace. FCF guidance raised to $235M for FY2026 (+43% YoY) — this cash generation increasingly de-risks the GAAP EPS positive commitment.
▲Athena AI platform generated 7x more agent interactions YoY — enterprise wins are explicitly coming at the expense of legacy marketing clouds (Salesforce, Adobe) and legacy DSPs. Forrester recognition as a platform leader with 600% average customer ROI provides third-party validation that the platform creates measurable value.
▲Sales pipeline up ~40% YoY with RPOs growing $66M QoQ — forward demand signals are the strongest in the company's history. Conservative guidance assumptions (minimal Athena revenue baked in) suggest the FY raise is not the ceiling.
Concerns
▼GAAP net loss of $13.2M persists — driven primarily by Marigold integration costs. While the path to FY2026 GAAP EPS positive ($0.02–$0.04) is clearly articulated and Q1 is pacing toward the high end, the company has not yet achieved full-year GAAP profitability in its history. Integration execution risk remains.
▼Cost of revenue grew +41% YoY — faster than revenue (+50% total, +29% organic) — creating a 190bps gross margin headwind from agency and social channel mix shift. Management expects EBITDA margin to recover from Q1's 16.7% toward the full-year 22.3% target in H2, but H1 will remain below that level.
▼Reported revenue growth of +50% includes Marigold (acquired late 2025) which contributed approximately 21pp of growth. Organic growth ex-Marigold of +29% is strong but significantly lower than the headline, and investors must separate acquisition-driven versus organic revenue durability for valuation purposes.
▼Working capital headwind from agency payment cycles creates lumpiness in cash flow timing. While Q1 set a free cash flow record, the agency channel mix that is driving revenue growth also introduces receivables complexity that can depress near-term working capital.
▼The 2028 targets of $2.3B+ revenue and $573M+ EBITDA require sustained ~26% CAGR from the current $1.785B guidance. Achieving this requires both Marigold cross-sell success and accelerating Athena adoption — both of which are execution-dependent over a 2-year horizon.
Analyst Coverage — Post Q1 2026
Wall Street Ratings — Post April 30, 2026
| Firm / Metric | Rating | Note |
|---|
| Bull consensus | Buy / Overweight | 19 consecutive beats + Athena differentiation + pipeline +40% YoY |
| Mid-range | Buy | Organic acceleration + FCF record + GAAP EPS positive FY2026 first time |
| Cautious | Hold | Integration risk + GAAP losses + organic vs. reported gap |
| FY2026 Revenue Guide | $1.785B midpoint | Raised +$30M · 37% reported growth · 22% ex-Marigold/political |
| 2028 Targets | $2.3B+ Revenue | $573M+ adj. EBITDA (25% margin) · $371M+ FCF (65% conversion) |
| Stock reaction (Apr 30) | +3.43% | ~$18.05 aftermarket · momentum + Q1 execution |
Earnings Verdict
19 Consecutive Beats — Athena Drives Enterprise Displacement
Zeta Global's Q1 2026 continued the unbroken streak of quarterly outperformance that has defined the stock's operational narrative since IPO. Revenue +50% (+29% organic), record FCF at $41.7M, super-scaled customer ARPU up 21%, and sales pipeline up 40% YoY collectively describe a company in genuine revenue acceleration. The Athena AI platform generating 7x more agent interactions YoY — and winning enterprise deals directly at the expense of Salesforce Marketing Cloud and legacy DSPs — validates the differentiation thesis. The GAAP EPS positive FY2026 guidance ($0.02–$0.04), with Q1 tracking to the high end, marks a structural inflection. The concerns are legitimate but manageable: integration costs from Marigold are temporary, the organic/reported revenue gap requires analyst adjustment, and the 2028 targets require sustained execution. At a stock price of ~$18, the 2028 EBITDA target of $573M+ implies a significant re-rating opportunity if management delivers. The 19-quarter beat streak creates a strong prior for Q2 and H2 execution. Next earnings August 2026.