Zeta Global Holdings (ZETA) told investors at Citi's 2026 Global TMT Conference that its shares were trading at $30.30, close to the 52‑week high of $32.81 and giving the company a market value of about $7.66 billion. Over the past twelve months the stock has risen 64.65%, while an InvestingPro analysis rates its financial health at 3.2 out of 5 and places the price near fair value.
Revenue continues to expand at roughly 20% annually, with adjusted EBITDA margins currently just above 22%. Management reiterated a long‑term objective of reaching at least a 30% adjusted EBITDA margin by 2030. Free‑cash‑flow margins are already around 20% and are growing faster than EBITDA margins. Gross‑margin improvement is expected to add 100 to 300 basis points over time.
Net revenue retention (NRR) hit 120% in 2025, surpassing the company’s guidance range of 110%‑115%. The metric was 112% in 2023 and 114% in 2024. About 60% of revenue now comes from recurring subscription fees for the Zeta Data Cloud, with the remaining 40% derived from consumption‑based activation spending.
The firm described its customer‑deal trajectory. Initial pilots average $100,000, typically ranging from $50,000 to $150,000. Super‑scaled customers progress to $700,000 in year 1, $1.1 million in years 2‑3, $2.1 million in years 3‑5 and $3.9 million beyond year 5. Multi‑use‑case adoption rose 90% year‑over‑year, average closed‑deal size grew 40%, and adoption of five or more channels increased 50%. Pilot cycles remain 2‑5 months.
Zeta’s data‑cloud platform now houses 535 million consumer profiles, each enriched with more than 5,000 attributes and signals. Its messaging engine sends over 6 billion acquisition email campaigns per month, excluding CRM traffic, and the Disqus network reaches more than 6 million publisher sites.
The company highlighted its AI layer, Athena, launched in March 2024. Roughly 40% of super‑scaled customers are monthly active users of Athena, and over 80% of interactions are conversational. Automated code generation now accounts for about 90% of new code.
Strategic partnerships were outlined. A seven‑year agreement with Palantir includes joint‑selling incentives and is expected to generate at least $100 million of annual business. Zeta has earmarked 20 opportunities with Palantir’s largest customers, each spending over $1 billion on marketing, with pilot sizes of $500,000‑$1.5 million—about ten times larger than standard pilots. The Zeta Data Cloud has been migrated to Palantir’s Foundry platform. Snowflake contributes a lightweight "Customer Pulse" product on its marketplace, while OpenAI powers Athena’s voice capabilities and provides early access to newer models, including tests of advertising inside ChatGPT.
CEO Chris emphasized the company’s rapid evolution, noting that Zeta is moving from “a Cessna to a sixth‑generation fighter jet” for its clients. He added that the firm has consistently grown free‑cash‑flow margins faster than EBITDA margins without sacrificing profitability, and that its platform now offers a visibility mechanism for marketers to benchmark spend across vendors.
Overall, Zeta Global presented a picture of strong top‑line growth, expanding margins, and a strategic push into AI‑enhanced data‑cloud services, supported by sizable partnerships and a clear profitability roadmap for the next five years.
