Live: Will Zeta Global Deliver Its 20th Consecutive Beat-and-Raise Quarter Tonight?

That wraps up our initial coverage of Zeta’s Q2 results. Thank you for stopping by!

Zeta Global extended its remarkable execution streak in Q2, delivering its 20th consecutive “beat and raise” quarter while achieving positive GAAP profitability.

Revenue climbed 44% year over year to $443 million, topping the $420.6 million consensus estimate. Adjusted EBITDA reached $92 million, representing a 20.7% margin, while free cash flow jumped 73% to $58 million. Zeta also generated $8 million in GAAP net income and reported EPS of $0.03.

The company’s core customer metrics remained strong. Super-Scaled Customers increased 17% to 197, while average revenue per user rose another 17% to $1.8 million. Operating cash flow climbed 65% to $69 million.

Management expects Q3 revenue of $469 million to $472 million, ahead of the $461 million consensus estimate. Zeta also raised its full-year revenue outlook to $1.811 billion to $1.824 billion, along with higher adjusted EBITDA, free cash flow, and GAAP EPS forecasts.

Management credited accelerating AI adoption and partnerships with OpenAI, Snowflake, and Palantir for the strong performance. With revenue growth accelerating, cash generation expanding, and GAAP profitability turning positive, Zeta’s 20-quarter streak remains firmly intact.

Zeta Global just reported earnings, with shares initially falling 7% following the report after climbing 7.5% during regular trading. Here are the key numbers:

• Revenue: $442.8 million vs. $420.6 million expected
• Adjusted EPS: Not yet available vs. $0.19 expected

Quick Read:

Zeta delivered a strong top-line beat, with revenue exceeding expectations by approximately 5%.

Revenue surged 44% year over year and 12% sequentially, extending the company’s powerful growth momentum.

Pre-Earnings Snapshot

Consensus sits near the upper end of the company’s guidance of $419M-$422M in revenue, with adjusted EBITDA guided to $86.2M-$86.9M.

Earnings results above $422M would extend the beat-and-raise streak to 20 consecutive quarters.

KPIs to Watch

• Super-Scaled Customer count exceeding 189 and ARPU above $1.70M
• Any FY 2026 revenue raise above the $1,785M midpoint
• GAAP net income tracking toward the guided full-year positive figure

Positioning

Shares trade at $23.63, up 8.78% in the past week. The August 7 options chain shows 6x more call volume than put volume, though 19 recent insider transactions have net sold, a caution flag against consensus positioning.

Zeta (NYSE:ZETA)’s Q2 earnigns results will matter less than what management forecasts for the back half of the year.

Wall Street has priced in a beat, with consensus sitting at $419M-$422M revenue.

CEO David A. Steinberg has beaten and raised for 19 straight quarters, with recent full-year raises of $30M, $25M, $11M, and $21M.

Bullish scenario: FY26 revenue midpoint raised above $1.80B, adj EBITDA margin trending toward 22%+, FCF lifted from $234.5M-$235.5M, positive GAAP net income reaffirmed, and 2028 targets pushed above $2.3B.

Bearish scenario: A guidance reiteration without a raise (breaking the streak), a soft Q3 guide, or slowing Super-Scaled Customer growth from the current 189 customers pace.

Analysts will also be looking at commentary on Athena adoption and the ARPU trajectory.

Ahead of tonight’s report from Zeta Global (NYSE:ZETA), here’s what to listen for on the call:

Top 5 Analyst Questions:

1. Is Athena monetization showing up in Q2 ARPU or bookings yet?
2. How much of the guide raise is Marigold vs. organic?
3. Update on the securities fraud lawsuit moving to discovery?
4. Path to GAAP net income positive for FY2026?
5. Super-Scaled Customer additions beyond 189?

Key Topics, Buzzwords, and Red Flags:

• Key topics: political revenue cadence, RPO growth, 75% auto-generated code, 2028 targets.
• Buzzwords: “Rule of 67,” “AI-driven marketing cloud replacement cycle,” “vendor consolidation,” “600% ROI,” “SuperGraph.”
• Red flags: ARPU deceleration, $53M quarterly stock-based comp, Marigold churn, Athena adoption stalls, and any softening of the $1.785 billion revenue midpoint.

Shares trade at $23.64, up 49.6% over the past year and up 4.70% today alone, so expectations are elevated.

Zeta Global (NYSE:ZETA) heads into tonight’s earnings with a divided setup. Here’s how each side is framing it.

Bull Case

• Athena drove 7x more agentic interactions and 60% of AI platform usage in its first week, with minimal contribution baked into guidance.
• Super-Scaled ARPU hit $1.7M, up 21% YoY, and the sales pipeline is up 40% year-over-year.
• CFO flagged results pacing to the high end of full-year GAAP EPS guidance.

Bear Case

• Beat magnitudes have narrowed from 7% to 2.89% across recent quarters.
• Organic growth ex-Marigold and political runs 22%-23% versus a 36%-37% headline.
• Stock-based comp hit $53 million in Q1, keeping GAAP losses persistent.
• Shares already up 49.6% over one year raise the bar for a reaction.

Zeta Global reports Q2 2026 results after guiding for revenue between $419-$422 million, representing 36% to 37% year-over-year growth.

The company’s Athena AI platform will take center stage, with investors looking for proof that rising adoption is translating into meaningful revenue.

Super-Scaled Customer average revenue per user will offer another important signal about whether Zeta is successfully expanding its largest enterprise relationships.

Zeta shares are up 5% intraday to $23.62 and have already gained 49.6% over the past year. Wall Street remains firmly bullish, with 12 buy ratings, two holds, no sells, and a consensus price target of $28.68, implying 22.15% upside.

Another guidance increase, paired with evidence that Athena is driving monetization, would strengthen Zeta’s AI replacement-cycle thesis. A weaker report could reopen questions about how quickly growth will normalize once political spending and the Marigold acquisition’s tailwinds begin fading.