10-Q · May 1, 2026
Zeta Global's Q1 2026 results show significant revenue growth, with actual revenue at $396.3 million, up 49.9% from the prior year despite an EPS loss of -0.053, lower than estimates. The company reported strong…
Earnings analysis · 10-Q
ZETA earnings analysis
Filed November 9, 2026 · Our reading of the company's report
The latest report
Zeta delivered Q3 revenue of $492.658 million, beating consensus by $21.697 million, while free cash flow rose to $81.523 million from $64 million in Q2. GAAP EPS of $0.14 missed the $0.23 consensus estimate, but GAAP…
Read full summary
Zeta delivered Q3 revenue of $492.658 million, beating consensus by $21.697 million, while free cash flow rose to $81.523 million from $64 million in Q2. GAAP EPS of $0.14 missed the $0.23 consensus estimate, but GAAP net income was $38.273 million and management raised FY2026 revenue guidance to $1.853 billion-$1.857 billion and GAAP EPS guidance to $0.22-$0.24. The filing disclosed no material changes to risk factors, market risk, legal proceedings or internal controls.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.14
What stood out
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Revenue beat and accelerated sequentially
Q3 revenue was $492.658 million, $21.697 million above the $470.961 million consensus estimate and approximately 11.2% above $443 million in Q2 2026.
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GAAP income was positive
GAAP net income was $38.273 million, compared with a GAAP EPS consensus estimate of $0.23 versus reported GAAP EPS of $0.14.
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Cash generation strengthened
Free cash flow was $81.523 million, up from $64 million in Q2 2026 and $47 million in Q3 2025, indicating stronger cash conversion.
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Full-year outlook was raised
The company raised FY2026 revenue guidance to $1.853 billion-$1.857 billion and GAAP EPS guidance to $0.22-$0.24 from $0.09-$0.11.
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Controls remained effective
Disclosure controls were concluded effective at the reasonable-assurance level as of September 30, 2026, and the filing reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
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Share repurchases continued
The company repurchased 1,280,261 shares during Q3 at an aggregate remaining authorization of $78.5 million under the $200.0 million program.
What to watch
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GAAP EPS missed consensus
Reported GAAP EPS of $0.14 was $0.09 below the $0.23 consensus estimate, despite GAAP net income of $38.273 million; this creates a near-term earnings-quality and execution concern.
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Existing risk factors remain
The filing states there were no material changes to the risk factors in the 2025 Annual Report, so the existing risk framework remains applicable rather than being reduced by the quarter's results.
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Litigation outcomes remain uncertain
Legal proceedings were not expected to have a material adverse effect, but the filing notes significant uncertainty around claims, lawsuits and proceedings; no material change was reported other than the prior August 5, 2026 filing.
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Controls provide limited assurance
Management cautions that controls cannot prevent or detect all errors or fraud and provide only reasonable, not absolute, assurance; controls were nevertheless deemed effective as of September 30, 2026.
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Repurchases consume capital
The company repurchased 1,280,261 shares in the quarter, including 944,140 shares in July at $21.18 per share, while $78.5 million remained under the authorization, representing an ongoing use of capital.
Management's outlook
FY2026 GAAP EPS guidance was raised to $0.22-$0.24 from $0.09-$0.11. FY2026 revenue guidance was raised to $1.853 billion-$1.857 billion from a prior midpoint of $1.818 billion; Q4 revenue guidance was raised to $521 million-$525 million from a prior midpoint of $508 million.
Earlier filings 4
10-K · February 25, 2026
Zeta presents an AI-native omnichannel marketing platform (ZMP) anchored by a large proprietary data set and GenAI capabilities. Revenue has accelerated through 2025, with Q4 2025 revenue of $395.0M and improving…
10-Q · August 3, 2023
Zeta reported Q2 2023 revenue of $171,817,000, up $34,516,000 (+25.1% YoY) and up $14,215,000 (+9.0%) vs Q1 2023. Loss from operations narrowed to $(46,215,000) (operating margin approx. -26.9%) vs $(77,089,000) in Q2…
10-Q · May 5, 2023
Revenue increased 24.8% year-over-year to $157,602,000 in Q1 2023 while operating loss narrowed to $52,445,000 (operating margin -33.3%) from $68,065,000 a year ago. Net loss improved to $56,955,000 (diluted loss per…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.