Zeta Global reported second-quarter 2026 revenue of $443 million, up 44% year over year, and 28% when revenue from acquisitions is excluded, according to its August 4, 2026 earnings release. The company raised full-year revenue guidance to $1.818 billion at the midpoint and reported its 20th consecutive quarter of beating and raising guidance.
Last updated October 12, 2026. Part of EPR's coverage of Zeta Global co-founder and CEO David A. Steinberg, filed under AdTech and MarTech. This article reports a public company's results and is not investment advice.
What did Zeta Global report for the second quarter of 2026?
Zeta Global reported revenue of $443 million, adjusted EBITDA of $92 million and positive GAAP net income for the quarter ended June 30, 2026. The figures below come from the company's earnings release and the call highlights published by Nasdaq.
| Metric | Q2 2026 | Change |
|---|
| Revenue | $443 million | Up 44% year over year; up 28% excluding M&A; $23 million above the guidance midpoint |
| Adjusted EBITDA | $92 million | Up 56%; margin 20.7%, up 170 basis points |
| Free cash flow | $58 million | Up 73% |
| GAAP net income | $8.2 million | Compared with a net loss of $12.8 million a year earlier |
| Full-year 2026 revenue guidance | $1.818 billion at the midpoint | Raised $33 million from $1.785 billion; implies 39% growth |
| Third-quarter 2026 revenue guidance | $469 million to $472 million | Midpoint raised $10 million |
What does Zeta Global's 20-quarter beat-and-raise streak mean?
A beat-and-raise quarter is one where a company's revenue lands above the midpoint of its own guidance and the company then raises its outlook for the full year. Zeta Global did both in the second quarter of 2026: revenue came in $23 million above the guidance midpoint, and full-year guidance rose $33 million to $1.818 billion. Zeta's August 4, 2026 release counts this as the 20th consecutive quarter of that pattern.
The streak is a statement about forecasting as much as growth. A company that raises its own number 20 quarters in a row either guides conservatively or keeps finding more revenue than it planned for, and only the quarterly guidance history can show which. Compare each quarter's guidance midpoint with the reported result before you treat the streak as a growth signal. David A. Steinberg's profile covers how InPhonic's collapse shaped the way he builds and runs Zeta.
How much of Zeta's growth comes from acquisitions?
About 16 points of the 44% revenue growth in the second quarter came from acquisitions, because revenue growth excluding M&A was 28%. The largest recent deal is Marigold's enterprise software business, which Zeta agreed to buy on September 30, 2025 for total consideration of up to $325 million, according to a Zeta filing with the SEC. The deal covers Marigold Loyalty, Cheetah Digital, Selligent, Sailthru, Liveclicker and Grow.
Zeta's release cites a "rule of 64" and a "rule of 49 excluding M&A." Both match revenue growth plus adjusted EBITDA margin: 44 plus 20.7 for the first, and 28 plus 20.7 for the second. Read the 28% figure as the better measure of what Zeta's existing business added on its own.
What is Athena by Zeta and who powers it?
Athena by Zeta is the company's AI agent for enterprise marketers, and OpenAI models support its next development phase under a strategic collaboration announced in January 2026. CMSWire reported that the collaboration gives Zeta early access to new OpenAI models and features, and that Zeta planned to launch Athena to all customers by the end of the first quarter of 2026.
EPR covers the Palantir announcement in its Palantir and Zeta Global partnership report. Zeta shows Athena to customers each year at Zeta Live, its annual conference.
What did management say about customers and AI use?
Management said customers spending at least $1 million a year, which Zeta calls super-scaled customers, now average $1.8 million in quarterly revenue per customer, up 17%. Nasdaq's summary of the earnings call also reports that cross-sell and upsell deals won in the quarter rose 43%. CEO David Steinberg said 90% of new code generated during the quarter was automated, up from 75% in the first quarter.
These are company-reported figures from the earnings call. They show how Zeta describes its own AI use and customer growth, and they have not been audited by an outside party.
What should marketers and buyers take from Zeta's results?
Marketers and buyers should read vendor growth claims at two levels: the headline number and the number excluding acquisitions. Zeta's 44% and 28% are both accurate, and they answer different questions. The headline shows the size of the business Zeta is building, and the ex-M&A figure shows how fast the existing platform is growing.
Before you choose a marketing platform, ask the vendor for its growth excluding acquisitions, the share of customers using its AI product each month, and the evidence behind any AI-driven revenue claim. Compare the answers with what the vendor said in its last earnings call.
