Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.3 It was founded by John Sculley.1Wikipedia text CC BY-SA 4.0
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011126$1.3B in 2025+326% since 2019Operating income91011126$5.4M in 2025Net income91011126-$31.5M in 2025−18% since 2019
Revenue131415$442.8M in Q2 FY2026+44% since Q2 FY2025Operating income131415$16.9M in Q2 FY2026Net income131415$8.2M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$1.3B
$1.0B
$728.7M
Cost of revenues (excluding depreciation and amortization)
$513.6M
$399.6M
$274.5M
General and administrative expenses
$233.0M
$204.6M
$205.4M
Selling and marketing expenses
$340.0M
$314.5M
$288.4M
Research and development expenses
$117.2M
$90.7M
$73.9M
Depreciation and amortization
$72.0M
$56.1M
$51.1M
Acquisition-related expenses
$20.3M
$8.2M
$203.0K
Restructuring expenses
$3.2M
$0
$2.8M
Total operating expenses
$1.3B
$1.1B
$896.4M
Income / (loss) from operations
$5.4M
-$67.9M
-$167.7M
Interest expenses, net
$371.0K
$7.1M
$10.9M
Other expenses / (income)
$38.1M
-$115.0K
$7.8M
Total other expenses
$38.5M
$7.0M
$18.8M
Loss before income taxes
-$33.1M
-$74.9M
-$186.4M
Income tax (benefit) / provision
-$1.6M
-$5.2M
$1.0M
Net loss
-$31.5M
-$69.8M
-$187.5M
Foreign currency translation adjustment
-$2.5M
$3.0K
-$35.0K
Total comprehensive loss
-$29.0M
-$69.8M
-$187.4M
Net loss available to common stockholders
-$31.5M
-$69.8M
-$187.5M
Basic loss per share
-$0.14
-$0.38
-$1.20
Diluted loss per share
-$0.14
-$0.38
-$1.20
Basic
220.7M shares
186.0M shares
156.7M shares
Diluted
220.7M shares
186.0M shares
156.7M shares
Share-based Payment Arrangement, Expense
$177.8M
$195.0M
$242.9M
No quarter-by-quarter statement was filed.
Total assets91011126$1.5B in 2025+425% since 2020Total liabilities91011126$698.9M in 2025+88% since 2020Shareholders’ equity91011126$804.6M in 2025Cash91011126$319.8M in 2025+681% since 2018Long-term debt91011126$197.1M in 2025+4% since 2020
Total assets16141513$1.5B in Q2 FY2026+33% since Q2 FY2025Total liabilities16141513$541.3M in Q2 FY2026+27% since Q2 FY2025Shareholders’ equity131415$926.5M in Q2 FY2026+38% since Q2 FY2025Cash16141513$310.0M in Q2 FY2026−15% since Q2 FY2025Long-term debt16141513$197.5M in Q2 FY2026+0% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$319.8M
$366.2M
Accounts receivable, net of allowance of $3,832 and $4,291 as of December 31, 2025 and 2024, respectively
$322.4M
$235.2M
Prepaid expenses
$29.0M
$13.3M
Other current assets
$14.7M
$1.8M
Total current assets
$685.8M
$616.5M
Property and equipment, net
$15.4M
$8.9M
Website and software development costs, net
$31.5M
$28.9M
Right-to-use assets - operating leases, net
$19.1M
$8.8M
Intangible assets, net
$217.9M
$115.2M
Goodwill
$527.9M
$326.0M
$140.9M
Deferred tax assets, net
$1.2M
$619.0K
Other non-current assets
$4.7M
$6.4M
Total non-current assets
$817.7M
$494.8M
Total assets
$1.5B
$1.1B
Accounts payable
$40.1M
$43.7M
Accrued expenses
$179.1M
$121.4M
Acquisition-related liabilities
$149.0M
$12.7M
Deferred revenue
$35.4M
$10.3M
Other current liabilities
$25.8M
$11.2M
Total current liabilities
$429.5M
$199.3M
Long-term borrowings
$197.1M
$196.3M
Acquisition-related liabilities
$39.4M
$29.1M
Deferred tax liabilities, net
$17.3M
Other non-current liabilities
$15.7M
$9.8M
Total non-current liabilities
$269.5M
$235.2M
Total liabilities
$698.9M
$434.6M
Additional paid-in capital
$1.9B
$1.7B
Accumulated deficit
-$1.1B
-$1.0B
Accumulated other comprehensive gain / (loss)
$466.0K
-$2.0M
Total stockholders' equity
$804.6M
$676.8M
$180.5M
$128.0M
Total liabilities and stockholders' equity
$1.5B
$1.1B
Accounts receivable, net of allowance
$3.8M
$4.3M
$3.6M
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$319.8M
$366.2M
Accounts receivable, net of allowance of $3,832 and $4,291 as of December 31, 2025 and 2024, respectively
$322.4M
$235.2M
Prepaid expenses
$29.0M
$13.3M
Other current assets
$14.7M
$1.8M
Total current assets
$685.8M
$616.5M
Property and equipment, net
$15.4M
$8.9M
Website and software development costs, net
$31.5M
$28.9M
Right-to-use assets - operating leases, net
$19.1M
$8.8M
Intangible assets, net
$217.9M
$115.2M
Goodwill
$527.9M
$326.0M
$140.9M
Deferred tax assets, net
$1.2M
$619.0K
Other non-current assets
$4.7M
$6.4M
Total non-current assets
$817.7M
$494.8M
Total assets
$1.5B
$1.1B
Accounts payable
$40.1M
$43.7M
Accrued expenses
$179.1M
$121.4M
Acquisition-related liabilities
$149.0M
$12.7M
Deferred revenue
$35.4M
$10.3M
Other current liabilities
$25.8M
$11.2M
Total current liabilities
$429.5M
$199.3M
Long-term borrowings
$197.1M
$196.3M
Acquisition-related liabilities
$39.4M
$29.1M
Deferred tax liabilities, net
$17.3M
Other non-current liabilities
$15.7M
$9.8M
Total non-current liabilities
$269.5M
$235.2M
Total liabilities
$698.9M
$434.6M
Additional paid-in capital
$1.9B
$1.7B
Accumulated deficit
-$1.1B
-$1.0B
Accumulated other comprehensive gain / (loss)
$466.0K
-$2.0M
Total stockholders' equity
$804.6M
$676.8M
$180.5M
$128.0M
Total liabilities and stockholders' equity
$1.5B
$1.1B
Accounts receivable, net of allowance
$3.8M
$4.3M
$3.6M
Cash from operations91011126$198.9M in 2025+550% since 2019Capital spending91011126$13.8M in 2025+319% since 2019Free cash flow91011126$185.1M in 2025+578% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Net loss
-$31.5M
-$69.8M
-$187.5M
Depreciation and amortization
$72.0M
$56.1M
$51.1M
Stock-based compensation
$177.8M
$195.0M
$242.9M
Deferred income taxes
-$4.6M
-$7.3M
$11.0K
Change in fair value of acquisition-related liabilities
$36.7M
-$979.0K
$7.2M
Others, net
-$3.5M
-$7.0K
$2.0M
Accounts receivable
-$77.2M
-$41.8M
-$64.1M
Prepaid expenses
-$6.7M
-$6.3M
$1.1M
Other current assets
$5.2M
$103.0K
$243.0K
Other non-current assets
$1.0M
-$2.1M
-$1.5M
Deferred revenue
-$9.3M
$6.3M
$807.0K
Accounts payable
-$8.5M
-$28.6M
$26.3M
Accrued expenses and other current liabilities
$42.7M
$32.6M
$12.4M
Other non-current liabilities
$4.7M
$591.0K
-$490.0K
Net cash provided by operating activities
$198.9M
$133.9M
$90.5M
Capital expenditures
-$13.8M
-$25.7M
-$20.5M
Website and software development costs
-$20.1M
-$16.0M
-$15.5M
Acquisitions and other investments, net of cash acquired
-$90.3M
-$55.8M
-$18.2M
Net cash used for investing activities
-$124.2M
-$97.6M
-$54.2M
Cash paid for acquisition-related liabilities
-$6.3M
-$7.0M
-$15.5M
Proceeds from credit facilities, net of issuance cost
$6.2M
$209.1M
$11.2M
Issuance under employee stock purchase plan
$4.2M
$3.4M
$3.1M
Exercise of options
$2.2M
$3.2M
$241.0K
Proceeds from equity capital raise, net of issuance cost
$229.0M
Repurchase of shares
-$121.0M
-$42.2M
-$13.4M
Repayments against the credit facilities
-$6.2M
-$197.5M
-$11.2M
Net cash (used for) / provided by financing activities
-$120.8M
$197.9M
-$25.7M
Effect of exchange rate changes on cash and cash equivalents
-$265.0K
$227.0K
-$34.0K
Net (decrease) / increase in cash and cash equivalents
-$46.4M
$234.4M
$10.6M
Cash paid for interest, net
$905.0K
$7.3M
$10.5M
Cash paid for income taxes, net
$3.1M
$1.9M
$1.9M
Liability established in connection with acquisitions
$158.5M
$30.3M
$8.2M
Capitalized stock-based compensation as website and software development
$2.9M
$2.9M
$3.8M
Shares issued in connection with acquisitions and other agreements
$98.7M
$173.7M
$5.4M
Right-to-use assets established
$16.4M
$5.0M
$165.0K
Operating lease liabilities established
$16.4M
$5.0M
$165.0K
Non-cash consideration for website and software development
Zeta Global sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
William LandmanFiled SC 13G/A on Zeta Global, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
Zeta GlobalNew York, New York, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Zeta Global reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters is located in New York City, New York. It consists of approximately 46,000 square feet under a lease agreement that expires in June 2027. We have several offices in the U.S. and have operations in the UK, the EU, India, Australia and New Zealand as well as other locations. Our New York office focuses on our go-to-market strategy, customer success, shared services and infrastructure. Our San Francisco office serves as our innovation hub. The European, Australia and New Zealand offices focus on go-to-market and customer success. The India offices concentrate on innovation, infrastructure and shared services.
All our offices are leased, and we do not own any real property. We believe that our current facilities are sufficient to meet our present needs. As we grow, we expect that suitable additional space will be available to either expand existing offices or open new office locations.
Zeta Global was founded by David A. Steinberg and former Apple Inc. CEO John Sculley in 2007 under the name 'XL Marketing'. The company changed its name to Zeta Interactive in 2014, then again to 'Zeta Global' in October 2016. As of April 2017, Zeta had bought nine companies in the past nine years. In July 2015, the company raised $125 million from Blackstone's GSO Capital Partners to grow its business through the acquisition of data startup companies.
In November 2013, Zeta acquired the Adchemy Actions division from ad tech firm Adchemy to incorporate their 'machine learning' based advertising platform. In January 2014, Zeta acquired Clicksquared, a Boston-based company that created 'The Hub,' a SaaS-based, cross-channel campaign management platform. In late 2015, they acquired the customer relationship management division of eBay's Enterprise operation in a deal which sources near the company said was worth $80–90 million. CEO Steinberg said the deal "gets us a long way toward becoming the largest customer lifecycle management platform." In August 2016, they announced that they had purchased the marketing automation tool 'Acxiom Impact' from marketing technology and services company Acxiom, in a deal which sources said was worth more than $50 million.
In October 2016, Zeta Global hired Jarrod Yahes as CFO. Yahes is a former senior finance executive at EXL Service Holdings, who previously served as the CFO of Jackson Hewitt. In March 2020, Christopher Greiner became CFO of Zeta Global. In April 2017, Zeta appointed Donald Steele as the company's first-ever CRO. That same month, the company raised $140 Million in a large late-stage equity and debt funding round, with funds coming from GPI Capital and Franklin Square Capital Partners. Forbes reported that sources close to the company said this raised the company's valuation to $1.3 billion. On July 18, 2017, Zeta acquired machine-learning centric platform Boomtrain. Steinberg said the company planned to integrate "its machine learning, decisioning and marketing automation in our entire marketing cloud." On December 5, 2017, Zeta Global acquired Disqus.
In 2018–2020, Zeta made several key ad tech acquisitions. In 2019, Zeta Global acquired Temnos, a Silicon Valley AI company. Steinberg, a co-founder of Zeta Global, stated that Temnos "allows us to see everything on the Internet from an intent perspective. It lets us see what people are reading and what is trending globally." Also in 2019, Zeta also acquired demand-side and data management platform ad tech company Sizmek after it filed for bankruptcy. The deal was estimated to be around $36 million, integrating a programmatic ad buying platform into Zeta's data software." During this period, Zeta also acquired Rocket Fuel's data management platform, IgnitionOne's demand side platform, and PlaceIQ's managed media business to further expand its marketing tech capabilities." In March 2021, Zeta announced an additional $222.5 million in new debt financing ahead of filing for its initial public offering. Zeta went public on the New York Stock Exchange on June 10, 2021, at a $1.7 billion valuation under the symbol ZETA.
As of 2019, the company has a database of permission based profiles for approximately 750 million+ people. Using big data analysis, they identify which companies they should sell to, contact those people, and manage existing customers. The Zeta Marketing Platform (ZMP) is the largest omnichannel marketing platform with identity data at its core. While the company originally focused on email marketing, more recently it has expanded into the customer lifecycle management market.
Feb 25, 2025Reported quarterly or annual results42
Nov 12, 2024Reported quarterly or annual results43
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
411 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 186 insider forms, 33 large holders, 130 other. The latest 20:
45 open-market trades by officers, directors and large owners since October 2021: 7 buys and 38 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA57. Matched to this company by name and state.
Apr 8, 2020$10.0M PPP loan (first draw) from LendingClub Bank, National Association57To ZETA GLOBAL CORP., New York NY; $10.1M forgiven Jun 11, 2021
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Shares outstanding244,123,600 Common Class A And Common Class B shares; 220,485,174 Common Class A shares; 23,638,426 Common Class B shares as of Feb 13, 202617
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Zeta Global names in Item 1A of its 10-K filed Feb 25, 2026: 42 risks under these headings, as written.17
Risks Related to Our Business and Our Industry
Our success and revenue growth depends on our ability to add, grow and retain super-scaled customers.
We often have long sales cycles, which can result in significant time between initial contact with a potential customer and execution of a customer agreement, making it difficult to project when, if at all, we will obtain new customers and when we will generate revenue from those customers.
We are subject to payment-related risks if customers dispute, do not pay their invoices, or decrease their amount of spend due to unforeseen downturns in their financial condition. Any decreases or significant delays in payments could have a material adverse effect on our business, operating results and financial condition. These risks may be heightened during economic downturns or customer impacts from such downturns, including supply chain disruptions or shortages.
We may experience fluctuations in our operating results, including during presidential and, to a lesser extent, midterm election years where we generally generate higher revenues, which could make our future operating results difficult to compare and predict. Consequently, we may not be able to meet our expectations or those of securities analysts and investors.
If we do not manage our growth effectively, the quality of our platform and solutions may suffer, and our business, operating results and financial condition may be adversely affected.
Our industry is intensely competitive, and if we do not effectively compete against current and future competitors or fail to innovate and make the right investment decisions in our product offerings and platform, our business, operating results and financial condition could be harmed.
Our use and reliance upon technology and development resources in India may expose us to unanticipated costs and liabilities, which could affect our ability to realize cost savings from our technology operations in India and other non-U.S. locations.
Our success depends on our ability to retain key members of our management team, and on our ability to hire, train, retain and motivate new employees.
Acquisitions or strategic investments could be difficult to identify and integrate (including the integration of our recent acquisition of Marigold’s Enterprise Business), divert the attention of management and disrupt our business, dilute stockholder value and adversely affect our business, operating results and financial condition.
We may be adversely affected by the effects of inflation.
Our international operations subject us to additional costs and risks and may not yield returns, and our continued international expansion may not be successful.
The other 31 risks
We are subject to various risks associated with environmental, social, and governance matters.
Risks Related to Data Collection and Security, Intellectual Property and Technology Industry Regulations
The technology industry is subject to increasing scrutiny that could result in U.S. government and/or international regulatory actions that could negatively affect our business.
Our business and the effectiveness of our platform depends on our ability to collect and use online data. New tools used by consumers to limit data collection, regulatory restrictions and potential changes to web browsers and mobile operating systems affect our ability to collect such data, which could harm our operating results and financial condition.
Actual or perceived failures to comply with applicable data protection, privacy, security and technology laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition and the price of our Class A Common Stock.
Any unfavorable publicity or negative public perception of current data collection practices has in the past adversely impacted the price of our Class A Common Stock and could in the future harm our business, results of operations, financial condition and the price of our Class A Common Stock, including from additional regulations which may impact the effectiveness of our data cloud and platform.
An unauthorized or inadvertent disclosure or breach of confidential and/or personal information we process or control, or a security breach of our or our customers’, suppliers’, or other partners’ IT Systems could be detrimental to our business, reputation, financial performance and results of operations.
We depend on third-party data centers, systems and technologies to operate our business, the disruption of which could adversely affect our business, operating results and financial condition.
If we fail to detect or prevent fraud or malware intrusion on our platform, devices, or systems, or into the systems or devices of our customers and their consumers, publishers could lose confidence in our platform, and we could face legal claims and regulatory investigations, any of which could adversely affect our business, operating results and financial condition.
The standards that private entities and inbox service providers adopt in the future to regulate the use and delivery of email may interfere with the effectiveness of our platform and our ability to conduct business.
Failure to comply with industry self-regulation could adversely affect our business, operating results and financial condition.
Our intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of our technology without compensating us, thereby eroding our competitive advantage and having an adverse effect on our business, operating results and financial condition.
We may be subject to intellectual property rights claims by third parties, which are costly to defend, could require us to pay significant damages and could limit our ability to use our technology or intellectual property.
Our failure to meet content and inventory standards and provide products that our customers and third-party suppliers trust, could harm our brand and reputation and negatively impact our business, operating results and financial condition.
Our platform relies on third-party open source software components. Failure to comply with the terms of the underlying open source software licenses could expose us to liabilities, and the combination of open source software with code that we develop could compromise the proprietary nature of our platform.
Risks Related to the Use and Development of Artificial Intelligence
We leverage new technologies and platforms to improve business effectiveness, including the use of AI technologies.
Any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of AI could adversely affect our business, results of operations, and financial condition.
Risks Related to Our Indebtedness, Liquidity and Financial Position
Interest rate fluctuations may affect our results of operations and financial condition.
We may need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or at all, which could compromise our ability to meet our financial obligations and grow our business.
Our loan agreement contains operating and financial covenants that may restrict our business and financing activities.
Risks Related to Certain Tax Matters
Our tax liabilities may be greater than anticipated.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
Risks Related to Public Reporting Matters and an Investment in Our Class A Common Stock
We may issue additional equity or debt securities in the future in order to raise capital. Additional issuances of equity securities would dilute the investment of our current stockholders and could cause the market price of our Class A Common Stock to decline, and we may also expend substantial funds to satisfy a portion of our tax withholding and remittance obligations that arise upon the vesting and/or settlement of certain of our restricted stock awards, which may have an adverse effect on our financial condition and results of operations.
We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our Class A Common Stock and could diminish our cash reserves.
Short sellers of our stock may be manipulative and may drive down the market price of our Class A Common Stock, harm our brand and reputation, and negatively impact our business, operating results and financial condition.
The nature of our business requires the application of accounting guidance that requires management to make estimates and assumptions. Reported results under GAAP may vary from key metrics used to measure our business. Additionally, changes in accounting guidance may cause us to experience greater volatility in our quarterly and annual results.
If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
We are a “controlled company” within the meaning of the NYSE rules and, as a result, expect to qualify for, and may rely on, exemptions from certain corporate governance requirements.
The dual class structure of our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the completion of our initial public offering, including our Co-Founder and Chief Executive Officer and his affiliates. This will limit or preclude your ability to influence corporate matters, including the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring stockholder approval.
Anti-takeover provisions contained in our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
Our amended and restated certificate of incorporation provides, subject to certain exceptions, that (i) the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain stockholder litigation matters and (ii) the federal district courts of the United States of America are the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
Legal proceedings
From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not currently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial condition. Defending any such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
