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# Zeta Swings To $38 Million Profit And Raises Its Annual Earnings Forecast
- URL: https://www.bullished.co/zeta-swings-to-38-million-profit-and-raises-its-annual-earnings-forecast-6ee8d241/
- Published: 2026-11-09T22:51:06.000Z
- Updated: 2026-11-09T22:51:06.000Z
- Description: Sales rose 46%, while free cash flow grew 73%; management credited greater adoption and usage of Athena.
- Author: Matteo Parrino
- Tags: Earnings, ZETA, Industry: Technology

Zeta Global, which sells AI-powered software for personalized marketing campaigns, swung to a [$38 million profit](https://www.sec.gov/Archives/edgar/data/0001851003/000119312526453558/zeta-20261109.htm?ref=bullished.co) in the third quarter from a year-earlier loss and raised its annual earnings forecast in an SEC filing Monday. Sales climbed 46% to $493 million, beating the company's forecast midpoint by $22 million, or 5%.

## Athena And Bigger Customer Accounts

Chief Financial Officer Chris Greiner credited Athena, which helps businesses use their data with AI, for the faster expansion: “Our third-quarter results demonstrate the strength of our business, with accelerating revenue growth driven by [increased Athena adoption](https://www.sec.gov/Archives/edgar/data/0001851003/000119312526453558/zeta-ex99%5F1.htm?ref=bullished.co) and usage.”

Growth beyond acquired operations also mattered. Revenue rose 30% excluding Marigold and political candidate business; the second quarter's growth excluding Marigold was 28%. Marigold's Enterprise Business contributed $48 million in the latest quarter, and political candidates contributed $7.4 million.

Zeta had 212 customers generating at least $1 million in revenue over the preceding twelve months, up 18% from a year earlier. Average revenue per customer in that group rose 22% to $2.0 million.

The company's marketing platform brings together customer data, messaging and digital-advertising tools, serving businesses in retail, travel, insurance, telecommunications and financial services. Quarterly sales have risen from $396 million in the first quarter to $443 million in the second and $493 million in the third.

## Profit Comes With More Cash

The unaudited results put net income at $38.273 million, against a $3.634 million loss a year earlier. Diluted earnings were $0.14 per share, versus a $0.02 loss; adjusted earnings reached $0.38 per share, up from $0.24.

Operating profit rose to $45.948 million from $8.752 million. Zeta also moved into profit for the first nine months, earning $33.199 million against a $38.048 million loss in the comparable period, and reported positive net income over the latest twelve months.

Adjusted earnings before interest, taxes, depreciation and amortization reached $121 million. The margin on that measure widened to 24.6% from 23.2%. Adjustments included $49.978 million in stock-based pay, compared with $45.632 million a year earlier.

Operating cash flow increased 58% to $91 million. Free cash flow rose 73% to $82 million—cash left after capital and website and software-development spending, with exchange-rate adjustments.

## Higher Targets For Year-End

Zeta [raised its forecast](https://www.sec.gov/Archives/edgar/data/0001851003/000119312526453558/zeta-ex99%5F1.htm?ref=bullished.co) for annual revenue to $1.853 billion–$1.857 billion. The $1.855 billion midpoint is $37 million above the prior $1.818 billion forecast and implies 42% year-over-year growth, or 27% excluding acquisitions and political candidate revenue.

Management now expects annual earnings of $0.22–$0.24 per share, versus $0.09–$0.11 previously. It lifted its adjusted earnings-before-interest-and-other-charges forecast to $414.1 million–$415.2 million from a prior midpoint of $405.2 million. Its free-cash-flow target increased to $270.6 million–$271.6 million from a $255.3 million midpoint.

For the fourth quarter, Zeta projects sales of $521 million–$525 million, against a previous $508 million midpoint. That represents growth of 32%–33%, or 22%–24% excluding acquisitions and political candidate revenue. It expects adjusted earnings before interest, taxes, depreciation and amortization of $135.2 million–$136.3 million, versus the prior $131.9 million midpoint.

Zeta's earnings forecast excludes a possible one-time, non-cash tax benefit from recognizing some previously reserved tax assets. Management believes that benefit has a reasonable possibility of occurring within the next twelve months.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Zeta Global Holdings Corp. (ZETA)](https://www.sec.gov/Archives/edgar/data/0001851003/000119312526453558/zeta-20261109.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit zeta-ex99\_1.htm — Zeta Global Holdings Corp. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001851003/000119312526453558/zeta-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Zeta Global Reports 21st Consecutive “Beat and Raise” Quarter, Generates Positive GAAP Net Income in 3Q’26 & YTD, and Achieves the Rule of 71](https://www.businesswire.com/news/home/20261109542698/en/Zeta-Global-Reports-21st-Consecutive-Beat-and-Raise-Quarter-Generates-Positive-GAAP-Net-Income-in-3Q26-YTD-and-Achieves-the-Rule-of-71?ref=bullished.co) — businesswire.com