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Sep 30, 2025
Zeta Global Q3 2025 Earnings Report
Zeta Global reported strong Q3 2025 results with revenue growth and improved profitability metrics despite a net loss.
Key Takeaways
Zeta Global delivered its 17th consecutive 'beat and raise' quarter with revenue reaching $337,169,000 and adjusted EBITDA margin improving year-over-year. Although the company posted a net loss of $3.6 million, it generated strong free cash flow and raised guidance for the full year.
Delivered $337M in revenue, surpassing guidance midpoint by $9M
Generated $47.1M in free cash flow with record 14% margin
Achieved 17th consecutive quarter of beating and raising guidance
Adjusted EBITDA margin expanded to 23.2% from 20.0% last year
Forward Guidance
Zeta increased its full-year 2025 outlook across revenue, adjusted EBITDA, and free cash flow, and introduced strong preliminary 2026 guidance with expected continued growth.
Positive Outlook
- Raised FY25 revenue guidance to $1.273–$1.276 billion
- Raised FY25 adjusted EBITDA to $273.2–$274.1 million
- Raised FY25 free cash flow to $156.9–$157.9 million
- Initial FY26 revenue guidance at $1.54 billion, up 21% YoY
- Initial FY26 free cash flow expected at $209 million, up 33%
Challenges Ahead
- Net loss of $3.6 million for the quarter
- LiveIntent and political revenues excluded from growth baseline
- High stock-based compensation at $45.6 million for Q3
- Continued acquisition-related expenses impacting GAAP results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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