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Zeta Global (NYSE:ZETA) is expected to report Q2 2026 results tonight at around 4:05 PM ET. The AI marketing cloud enters the earnings report riding a 19 consecutive quarter streak of beat-and-raises.
Momentum Meets a Higher Bar
Last quarter, Zeta posted revenue of $396.30 million, growing 49.9% year over year and clearing consensus by 7.00%. Adjusted EBITDA reached $66.14 million, and free cash flow rose 30% to $41.68 million.
Super-Scaled Customers hit 189, with ARPU climbing 21% to $1.70 million. Since then, the stock is up 10.86% year-to-date and 8.99% over the past month, with sentiment tilting bullish.
Consensus Estimates
| Metric |
Q2 2026 Guide |
YoY Change |
FY 2026 Guide |
| Revenue |
$419M-$422M |
+36% to 37% |
$1,779M-$1,792M |
| Adj. EBITDA |
$86.2M-$86.9M |
Margin 20.4%-20.8% |
$396.2M-$398.4M |
| Free Cash Flow |
N/A |
N/A |
$234.5M-$235.5M |
Tonight’s setup implies a deceleration in growth from Q1’s 49.9% pace, though organic growth ex-Marigold and political still lands at 22%-23%. Management is guiding to positive GAAP net income for the full year, suggesting this quarter could mark a real inflection.
Athena Traction and Margin Discipline Take Center Stage
Tonight, I’ll be watching Athena adoption data closely. In its first week of general availability, Athena drove 60% of AI usage on Zeta’s platform and a 7x increase in agentic interactions. CEO David Steinberg framed it plainly: “Zeta is the disruptor in the AI-driven replacement cycle.”
Analysts will also focus on Super-Scaled Customer ARPU and multi-use case penetration. Last quarter, customers using multiple use cases grew over 50% year-over-year, and net retention stayed above the 110% to 115% target range. Any deceleration here would test the AI thesis.
I’ll also track the adjusted EBITDA margin against the 20.4%-20.8% guide, plus the Marigold integration synergies flagged by CFO Christopher Greiner. Stock-based comp of $53 million in Q1 remains a governance overhang worth monitoring. Pipeline commentary matters, too, with management citing a 40% year-over-year increase in pipeline.
Earnings History
| Quarter |
Revenue Beat |
Earnings Day |
1-Week After |
30-Day After |
| Q1 2026 |
+7.00% |
+0.98% |
-7.85% |
+25.11% |
| Q4 2025 |
+4.06% |
+5.12% |
+5.1% |
-18.49% |
| Q3 2025 |
+2.89% |
+19.4% |
+2.66% |
-3.81% |
| Q2 2025 |
+3.96% |
+27.47% |
-8.85% |
-8.21% |
On average, shares moved -2.23% in the week after earnings over the past year.
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