What is Zeta Global's operating income?

Zeta Global's total operating income in 2025 was $5.37 million, based on the following breakdown: Total Gross Profit: $791.08 million Total Operating Expenses: $785.71 million

Zeta Global (ZETA) Financials

$26.60 -0.04 (-0.15%)

Closing price 08/7/2026 03:59 PM Eastern

Extended Trading

$26.70 +0.10 (+0.39%)

As of 08/7/2026 08:00 PM Eastern

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Annual Income Statements for Zeta Global

This table shows Zeta Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-56	-73	-257	-279	-187	-70	-32
Consolidated Net Income / (Loss)	-38	-53	-250	-279	-187	-70	-32
Net Income / (Loss) Continuing Operations	-38	-53	-250	-279	-187	-70	-32
Total Pre-Tax Income	-37	-52	-250	-281	-186	-75	-33
Total Operating Income	-18	-8.08	-248	-259	-168	-68	5.37
Total Gross Profit	196	219	284	375	454	606	791
Total Revenue	306	368	458	591	729	1,006	1,305
Operating Revenue	306	368	458	591	729	1,006	1,305
Total Cost of Revenue	110	149	175	215	274	400	514
Operating Cost of Revenue	110	149	175	215	274	400	514
Total Operating Expenses	213	227	532	635	622	674	786
Selling, General & Admin Expense	73	71	190	214	205	205	233
Marketing Expense	70	77	229	299	288	315	340
Research & Development Expense	29	32	64	69	74	91	117
Depreciation Expense	34	40	46	52	51	56	72
Restructuring Charge	7.30	7.49	2.68	0.34	3.05	8.23	23
Total Other Income / (Expense), net	-20	-44	-2.03	-22	-19	-7.15	-38
Interest Expense	15	16	-2.97	7.30	11	7.15	0.37
Other Income / (Expense), net	-4.44	-28	-5.00	-14	-7.82	0.00	-38
Income Tax Expense	1.01	0.92	-0.60	-1.49	1.04	-5.18	-1.58
Basic Earnings per Share	($1.77)	($2.23)	($2.95)	($2.01)	($1.20)	($0.38)	($0.14)
Weighted Average Basic Shares Outstanding	31.58M	32.59M	86.93M	138.99M	156.70M	185.98M	220.72M
Diluted Earnings per Share	($1.77)	($2.23)	($2.95)	($2.01)	($1.20)	($0.38)	($0.14)
Weighted Average Diluted Shares Outstanding	31.58M	32.59M	86.93M	138.99M	156.70M	185.98M	220.72M
Weighted Average Basic & Diluted Shares Outstanding	-	-	199.20M	207.42M	218.42M	475.44M	488.25M

This table shows Zeta Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-35	-40	-28	-17	15	-22	-13	-3.63	6.54	-13	8.17
Consolidated Net Income / (Loss)	-35	-40	-28	-17	15	-22	-13	-3.63	6.54	-13	8.17
Net Income / (Loss) Continuing Operations	-35	-40	-28	-17	15	-22	-13	-3.63	6.54	-13	8.17
Total Pre-Tax Income	-35	-39	-28	-17	8.98	-20	-12	-2.79	1.29	-16	7.80
Total Operating Income	-32	-36	-27	-12	6.92	-16	-5.11	8.75	18	-19	17
Total Gross Profit	126	118	137	163	189	161	191	204	235	234	262
Total Revenue	210	195	228	268	315	264	308	337	395	396	443
Operating Revenue	210	195	228	268	315	264	308	337	395	396	443
Total Cost of Revenue	85	77	91	106	126	103	117	133	160	162	181
Operating Cost of Revenue	85	77	91	106	126	103	117	133	160	162	181
Total Operating Expenses	158	154	163	175	182	177	197	195	217	253	245
Selling, General & Admin Expense	51	49	51	50	54	54	62	56	60	73	76
Marketing Expense	73	71	76	85	83	75	86	85	93	102	104
Research & Development Expense	20	20	24	23	24	27	31	30	30	45	42
Depreciation Expense	13	14	13	13	17	18	17	17	20	24	23
Restructuring Charge	-	0.00	0.00	4.58	3.65	3.15	0.00	6.48	14	8.42	0.00
Total Other Income / (Expense), net	-3.48	-3.30	-1.00	-4.80	1.94	-3.84	-6.52	-12	-17	3.02	-9.12
Interest Expense	2.80	2.63	2.56	1.95	0.02	0.33	0.17	-0.18	0.05	0.76	0.90
Other Income / (Expense), net	-0.68	-0.67	1.56	-2.85	1.96	-3.51	-6.35	-12	-16	3.78	-8.23
Income Tax Expense	-0.06	0.40	0.49	0.20	-6.26	1.64	1.19	0.84	-5.25	-2.58	-0.37
Basic Earnings per Share	($0.21)	($0.23)	($0.16)	($0.09)	$0.10	($0.10)	($0.06)	($0.02)	$0.04	($0.06)	$0.03
Weighted Average Basic Shares Outstanding	156.70M	171.23M	177.87M	187.91M	185.98M	212.56M	217.25M	222.44M	220.72M	238.55M	245.34M
Diluted Earnings per Share	($0.21)	($0.23)	($0.16)	($0.09)	$0.10	($0.10)	($0.06)	($0.02)	$0.04	($0.06)	$0.03
Weighted Average Diluted Shares Outstanding	156.70M	171.23M	177.87M	187.91M	185.98M	212.56M	217.25M	222.44M	220.72M	238.55M	256.58M
Weighted Average Basic & Diluted Shares Outstanding	218.42M	218.79M	219.95M	237.45M	475.44M	471.09M	-	481.17M	488.25M	498.52M	502.03M

This table details how cash moves in and out of Zeta Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.11	13	53	17	11	234	-46
Net Cash From Operating Activities	31	36	44	78	91	134	199
Net Cash From Continuing Operating Activities	31	36	44	78	91	134	199
Net Income / (Loss) Continuing Operations	-38	-53	-250	-279	-187	-70	-32
Consolidated Net Income / (Loss)	-38	-53	-250	-279	-187	-70	-32
Depreciation Expense	34	40	46	52	51	56	72
Non-Cash Adjustments To Reconcile Net Income	6.80	32	254	312	252	194	211
Changes in Operating Assets and Liabilities, net	28	16	-6.27	-5.95	-25	-46	-53
Net Cash From Investing Activities	-62	-25	-47	-48	-54	-98	-124
Net Cash From Continuing Investing Activities	-62	-25	-47	-48	-54	-98	-124
Purchase of Property, Plant & Equipment	-23	-25	-27	-39	-36	-42	-34
Acquisitions	-39	0.00	-20	-9.21	-18	-56	-90
Net Cash From Financing Activities	28	2.78	56	-13	-26	198	-121
Net Cash From Continuing Financing Activities	28	2.78	56	-13	-26	198	-121
Repayment of Debt	-1.70	-6.50	-181	-5.63	-11	-198	-6.25
Repurchase of Common Equity	-	0.00	-64	-9.61	-13	-42	-121
Payment of Dividends	-1.77	-0.72	-9.85	-5.96	-16	-7.03	-6.33
Issuance of Debt	32	0.00	183	5.63	11	209	6.25
Issuance of Common Equity	0.00	0.00	127	2.74	3.06	232	4.25
Other Financing Activities, net	0.00	10	0.14	0.20	0.24	3.18	2.24
Effect of Exchange Rate Changes	-0.08	-0.21	-0.04	-0.17	-0.03	0.23	-0.27
Cash Interest Paid	12	13	7.00	5.67	10	7.35	0.91
Cash Income Taxes Paid	0.78	1.30	1.76	1.61	1.90	1.89	3.06

This table details how cash moves in and out of Zeta Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	11	9.92	13	264	-52	-1.76	0.92	20	-65	-31	21
Net Cash From Operating Activities	27	25	31	34	44	35	42	58	64	50	69
Net Cash From Continuing Operating Activities	27	25	31	34	44	35	42	58	64	50	69
Net Income / (Loss) Continuing Operations	-35	-40	-28	-17	15	-22	-13	-3.63	6.54	-13	8.17
Consolidated Net Income / (Loss)	-35	-40	-28	-17	15	-22	-13	-3.63	6.54	-13	8.17
Depreciation Expense	13	14	13	13	17	18	17	17	20	24	23
Non-Cash Adjustments To Reconcile Net Income	64	53	51	49	41	45	55	59	52	48	54
Changes in Operating Assets and Liabilities, net	-16	-2.61	-4.67	-10	-29	-6.22	-18	-14	-14	-8.68	-16
Net Cash From Investing Activities	-8.74	-9.45	-11	-8.79	-68	-7.42	-8.82	-11	-97	-56	-15
Net Cash From Continuing Investing Activities	-8.74	-9.45	-11	-8.79	-68	-7.42	-8.82	-11	-97	-56	-15
Purchase of Property, Plant & Equipment	-8.74	-9.45	-11	-8.79	-12	-6.89	-8.15	-11	-8.24	-8.55	-12
Acquisitions	0.00	0.00	-	-	-56	-0.53	-0.67	-	-89	-47	-3.81
Net Cash From Financing Activities	-7.25	-5.18	-6.77	238	-28	-29	-32	-27	-32	-26	-33
Net Cash From Continuing Financing Activities	-7.25	-5.18	-6.77	238	-28	-29	-32	-27	-32	-26	-33
Repurchase of Common Equity	-1.96	-3.44	-4.92	-3.89	-30	-26	-32	-28	-35	-26	-30
Payment of Dividends	-6.80	-2.17	-4.78	-0.08	-	-3.67	-2.67	-	-	-0.24	-8.14
Issuance of Common Equity	1.49	0.00	1.53	229	1.51	0.00	1.90	-	2.34	0.00	2.46
Other Financing Activities, net	0.02	0.43	1.41	1.14	0.19	0.12	0.84	0.78	0.50	0.30	2.61
Effect of Exchange Rate Changes	-0.04	-0.11	0.03	0.12	0.18	0.29	-0.34	-0.16	-0.05	0.50	0.34
Cash Interest Paid	2.80	2.72	2.30	2.48	-0.14	1.45	-0.04	-0.39	-0.12	0.49	0.69
Cash Income Taxes Paid	0.63	0.39	0.25	0.54	0.71	0.38	1.08	0.57	1.03	1.43	3.85

This table presents Zeta Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	286	397	467	551	1,111	1,504
Total Current Assets	141	196	236	310	617	686
Cash & Equivalents	51	104	121	132	366	320
Accounts Receivable	79	84	106	170	235	322
Prepaid Expenses	3.90	6.97	7.15	6.27	13	29
Other Current Assets	7.37	1.65	1.87	1.62	1.81	15
Plant, Property, & Equipment, net	6.12	5.63	5.98	7.45	8.86	15
Total Noncurrent Assets	139	196	224	234	486	802
Goodwill	76	115	133	141	326	528
Intangible Assets	61	79	81	81	144	249
Noncurrent Deferred & Refundable Income Taxes	0.37	0.96	0.75	0.73	0.62	1.21
Other Noncurrent Operating Assets	0.52	1.11	9.19	11	15	24
Total Liabilities & Shareholders' Equity	286	397	467	551	1,111	1,504
Total Liabilities	371	307	338	370	435	699
Total Current Liabilities	104	106	129	176	199	429
Accounts Payable	41	22	34	64	44	40
Accrued Expenses	45	64	72	85	121	179
Current Deferred Revenue	4.05	6.87	2.23	3.30	10	35
Other Current Liabilities	14	13	20	24	24	175
Total Noncurrent Liabilities	267	201	210	194	235	269
Long-Term Debt	190	184	184	184	196	197
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	17
Other Noncurrent Operating Liabilities	78	17	26	9.66	39	55
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-239	90	128	181	677	805
Total Preferred & Common Equity	-239	90	128	181	677	805
Total Common Equity	-239	90	128	181	677	805
Common Stock	5.07	584	901	1,141	1,707	1,864
Retained Earnings	-242	-492	-771	-959	-1,028	-1,060
Accumulated Other Comprehensive Income / (Loss)	-2.04	-2.10	-2.05	-2.01	-2.01	0.47

This table presents Zeta Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	470	491	511	550	584	869	1,088	1,100	1,151	1,447	1,468
Total Current Assets	226	247	270	311	348	634	602	630	689	649	678
Cash & Equivalents	108	117	121	142	155	419	364	365	385	289	310
Accounts Receivable	109	122	140	161	183	204	224	251	272	322	327
Prepaid Expenses	6.61	5.39	6.49	7.39	8.60	9.70	11	11	28	32	28
Other Current Assets	2.23	2.06	1.84	1.28	1.46	1.70	2.54	2.53	3.12	6.62	12
Plant, Property, & Equipment, net	5.99	6.67	7.46	8.12	7.53	7.38	8.95	11	12	15	18
Total Noncurrent Assets	238	238	234	231	229	228	477	459	449	783	772
Goodwill	141	141	141	141	141	141	326	318	317	522	525
Intangible Assets	86	87	83	78	75	72	134	125	117	236	220
Noncurrent Deferred & Refundable Income Taxes	0.76	0.77	0.84	0.75	0.79	0.84	0.84	0.96	1.15	1.24	1.13
Other Noncurrent Operating Assets	9.85	9.80	9.35	12	12	14	16	15	14	24	26
Total Liabilities & Shareholders' Equity	470	491	511	550	584	869	1,088	1,100	1,151	1,447	1,468
Total Liabilities	340	354	362	359	367	394	411	427	462	567	541
Total Current Liabilities	130	147	163	164	176	191	181	194	229	314	285
Accounts Payable	38	56	59	53	47	58	33	48	29	32	32
Accrued Expenses	66	64	73	84	108	108	115	116	157	173	165
Current Deferred Revenue	3.71	3.38	2.33	4.46	3.68	3.59	6.02	3.86	4.03	37	34
Other Current Liabilities	22	24	28	23	18	21	27	26	39	72	53
Total Noncurrent Liabilities	210	207	199	194	191	203	230	233	233	253	257
Long-Term Debt	184	184	184	184	184	196	196	197	197	197	197
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	18	17
Other Noncurrent Operating Liabilities	26	23	15	10	6.52	7.21	34	36	36	38	42
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	130	137	150	192	217	475	677	673	689	880	926
Total Preferred & Common Equity	130	137	150	192	217	475	677	673	689	880	926
Total Common Equity	130	137	150	192	217	475	677	673	689	880	926
Common Stock	960	1,019	1,075	1,192	1,245	1,520	1,729	1,738	1,758	1,959	1,998
Retained Earnings	-828	-880	-923	-998	-1,026	-1,044	-1,050	-1,063	-1,066	-1,073	-1,065
Accumulated Other Comprehensive Income / (Loss)	-1.90	-1.84	-2.12	-2.06	-2.01	-1.86	-2.03	-2.10	-2.21	-5.41	-6.36

This table displays calculated financial ratios and metrics derived from Zeta Global's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	20.28%	24.51%	28.94%	23.31%	38.02%	29.72%
EBITDA Growth	0.00%	-67.56%	-5,267.75%	-6.78%	43.87%	90.50%	432.82%
EBIT Growth	0.00%	-64.12%	-602.95%	-7.90%	35.81%	61.30%	51.83%
NOPAT Growth	0.00%	53.93%	-2,976.25%	-4.28%	35.27%	59.50%	107.91%
Net Income Growth	0.00%	-38.37%	-368.88%	-11.89%	32.86%	62.79%	54.84%
EPS Growth	0.00%	-25.99%	-32.29%	31.86%	40.30%	68.33%	63.16%
Operating Cash Flow Growth	0.00%	16.14%	24.63%	77.20%	15.34%	47.88%	48.59%
Free Cash Flow Firm Growth	0.00%	0.00%	-386.77%	30.40%	21.05%	-101.66%	46.75%
Invested Capital Growth	0.00%	0.00%	215.51%	12.12%	22.04%	117.63%	34.52%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	7.32%	5.07%	11.58%	6.53%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	4.29%	12.71%	79.11%	-10.45%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	3.63%	8.85%	37.88%	-29.95%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	4.93%	8.64%	36.35%	196.90%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	3.25%	8.08%	42.00%	-38.12%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-54.62%	10.45%	44.93%	-75.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.80%	2.84%	4.46%	14.27%	11.46%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	2.38%	-181.85%	32.16%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	7.13%	9.35%	100.83%	36.13%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	63.93%	59.56%	61.88%	63.54%	62.33%	60.27%	60.63%
EBITDA Margin	4.04%	1.09%	-45.27%	-37.49%	-17.06%	-1.17%	3.01%
Operating Margin	-5.73%	-2.19%	-54.20%	-43.83%	-23.01%	-6.75%	0.41%
EBIT Margin	-7.18%	-9.79%	-55.29%	-46.27%	-24.08%	-6.75%	-2.51%
Profit (Net Income) Margin	-12.57%	-14.46%	-54.45%	-47.25%	-25.73%	-6.94%	-2.42%
Tax Burden Percent	102.69%	101.76%	99.76%	99.47%	100.56%	93.09%	95.23%
Interest Burden Percent	170.53%	145.10%	98.72%	102.67%	106.23%	110.35%	101.13%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-20.95%	-155.12%	-100.42%	-55.39%	-12.85%	0.63%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-89.42%	-224.32%	-237.76%	-177.04%	25.00%	24.74%
Return on Net Nonoperating Assets (RNNOA)	0.00%	146.17%	-8,956.35%	-155.15%	-66.13%	-3.43%	-4.89%
Return on Equity (ROE)	0.00%	125.22%	-9,111.46%	-255.58%	-121.52%	-16.28%	-4.25%
Cash Return on Invested Capital (CROIC)	0.00%	-220.95%	-258.85%	-111.85%	-75.24%	-86.92%	-28.80%
Operating Return on Assets (OROA)	0.00%	-12.59%	-74.14%	-63.31%	-34.51%	-8.17%	-2.50%
Return on Assets (ROA)	0.00%	-18.59%	-73.02%	-64.66%	-36.86%	-8.40%	-2.41%
Return on Common Equity (ROCE)	0.00%	352.37%	247,383.40%	-255.58%	-121.52%	-16.28%	-4.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	22.25%	-275.80%	-218.10%	-103.86%	-10.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-5.65	-174	-181	-117	-48	3.76
NOPAT Margin	-4.01%	-1.54%	-37.94%	-30.68%	-16.11%	-4.73%	0.29%
Net Nonoperating Expense Percent (NNEP)	0.00%	68.47%	69.20%	137.33%	121.64%	-37.85%	-24.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-58.12%	-32.19%	-5.45%	0.38%
Cost of Revenue to Revenue	36.07%	40.44%	38.12%	36.46%	37.67%	39.73%	39.37%
SG&A Expenses to Revenue	23.96%	19.25%	41.37%	36.15%	28.19%	20.34%	17.86%
R&D to Revenue	9.37%	8.63%	14.07%	11.75%	10.14%	9.02%	8.98%
Operating Expenses to Revenue	69.66%	61.75%	116.02%	107.37%	85.34%	67.01%	60.22%
Earnings before Interest and Taxes (EBIT)	-22	-36	-253	-273	-176	-68	-33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	4.02	-207	-222	-124	-12	39
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	18.37	13.19	10.47	6.31	12.17
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	20.67	359.47
Price to Revenue (P/Rev)	0.70	0.58	3.63	2.86	2.59	4.25	7.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	9.42	10.23	9.17	8.34	8.09	14.18
Enterprise Value to Revenue (EV/Rev)	0.00	1.38	3.80	2.96	2.67	4.08	7.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	126.57	0.00	0.00	0.00	0.00	245.89
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	2,571.33
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	14.30	39.34	22.31	21.46	30.64	48.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-2.23	2.03	1.44	1.02	0.29	0.24
Long-Term Debt to Equity	0.00	-2.23	2.03	1.44	1.02	0.29	0.24
Financial Leverage	0.00	-1.63	39.93	0.65	0.37	-0.14	-0.20
Leverage Ratio	0.00	-3.37	124.78	3.95	3.30	1.94	1.77
Compound Leverage Factor	0.00	-4.89	123.18	4.06	3.50	2.14	1.79
Debt to Total Capital	0.00%	181.21%	66.99%	58.96%	50.50%	22.48%	19.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	181.21%	66.99%	58.96%	50.50%	22.48%	19.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	147.31%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-228.52%	33.01%	41.04%	49.50%	77.52%	80.32%
Debt to EBITDA	0.00	47.25	-0.88	-0.83	-1.48	-16.61	5.01
Net Debt to EBITDA	0.00	34.61	-0.38	-0.28	-0.42	14.38	-3.12
Long-Term Debt to EBITDA	0.00	47.25	-0.88	-0.83	-1.48	-16.61	5.01
Debt to NOPAT	0.00	-33.56	-1.06	-1.01	-1.57	-4.13	52.41
Net Debt to NOPAT	0.00	-24.59	-0.46	-0.35	-0.45	3.57	-32.62
Long-Term Debt to NOPAT	0.00	-33.56	-1.06	-1.01	-1.57	-4.13	52.41
Altman Z-Score	0.00	0.19	0.84	0.29	1.19	5.76	8.42
Noncontrolling Interest Sharing Ratio	0.00%	-181.40%	2,815.08%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.36	1.85	1.84	1.76	3.09	1.60
Quick Ratio	0.00	1.25	1.77	1.77	1.71	3.02	1.50
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-60	-290	-202	-159	-322	-171
Operating Cash Flow to CapEx	134.95%	140.99%	165.54%	200.04%	251.66%	320.49%	586.59%
Free Cash Flow to Firm to Interest Expense	0.00	-3.67	0.00	-27.65	-14.58	-44.99	-461.50
Operating Cash Flow to Interest Expense	1.98	2.19	0.00	10.75	8.28	18.73	536.12
Operating Cash Flow Less CapEx to Interest Expense	0.51	0.64	0.00	5.37	4.99	12.89	444.73
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.29	1.34	1.37	1.43	1.21	1.00
Accounts Receivable Turnover	0.00	4.64	5.63	6.22	5.27	4.96	4.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	60.18	78.03	101.79	108.50	123.34	107.61
Accounts Payable Turnover	0.00	3.63	5.57	7.78	5.65	7.45	12.26
Days Sales Outstanding (DSO)	0.00	78.69	64.88	58.64	69.23	73.55	78.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	100.46	65.48	46.91	64.65	48.98	29.78
Cash Conversion Cycle (CCC)	0.00	-21.77	-0.60	11.74	4.58	24.57	48.22
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	54	170	191	233	507	682
Invested Capital Turnover	0.00	13.64	4.09	3.27	3.44	2.72	2.19
Increase / (Decrease) in Invested Capital	0.00	54	116	21	42	274	175
Enterprise Value (EV)	0.00	508	1,742	1,751	1,942	4,102	9,669
Market Capitalization	215	215	1,663	1,688	1,890	4,272	9,792
Book Value per Share	$0.00	($7.34)	$0.46	$0.62	$0.84	$2.85	$1.67
Tangible Book Value per Share	$0.00	($11.57)	($0.52)	($0.42)	($0.19)	$0.87	$0.06
Total Capital	0.00	105	274	312	365	873	1,002
Total Debt	0.00	190	184	184	184	196	197
Total Long-Term Debt	0.00	190	184	184	184	196	197
Net Debt	0.00	139	80	63	52	-170	-123
Capital Expenditures (CapEx)	23	25	27	39	36	42	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-13	-14	-13	1.64	51	-63
Debt-free Net Working Capital (DFNWC)	0.00	37	90	108	133	417	256
Net Working Capital (NWC)	0.00	37	90	108	133	417	256
Net Nonoperating Expense (NNE)	26	48	76	98	70	22	35
Net Nonoperating Obligations (NNO)	0.00	139	80	63	52	-170	-123
Total Depreciation and Amortization (D&A)	34	40	46	52	51	56	72
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-3.62%	-2.96%	-2.26%	0.22%	5.08%	-4.86%
Debt-free Net Working Capital to Revenue	0.00%	10.16%	19.70%	18.23%	18.30%	41.48%	19.65%
Net Working Capital to Revenue	0.00%	10.16%	19.70%	18.23%	18.30%	41.48%	19.65%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.95)	($2.01)	($1.20)	($0.38)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	86.93M	138.99M	156.70M	185.98M	220.72M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.95)	($2.01)	($1.20)	($0.38)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	86.93M	138.99M	156.70M	185.98M	220.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	199.20M	207.42M	218.42M	475.44M	488.25M
Normalized Net Operating Profit after Tax (NOPAT)	-7.16	-0.41	-172	-181	-115	-42	20
Normalized NOPAT Margin	-2.34%	-0.11%	-37.53%	-30.64%	-15.81%	-4.15%	1.55%
Pre Tax Income Margin	-12.24%	-14.21%	-54.58%	-47.50%	-25.59%	-7.45%	-2.54%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.42	-2.22	0.00	-37.44	-16.04	-9.50	-88.18
NOPAT to Interest Expense	-0.79	-0.35	0.00	-24.83	-10.73	-6.65	10.14
EBIT Less CapEx to Interest Expense	-2.88	-3.77	0.00	-42.81	-19.33	-15.35	-179.58
NOPAT Less CapEx to Interest Expense	-2.26	-1.90	0.00	-30.20	-14.02	-12.50	-81.26
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	-4.61%	-1.35%	-3.95%	-2.13%	-8.27%	-10.08%	-20.10%
Augmented Payout Ratio	-4.61%	-1.35%	-29.78%	-5.57%	-15.44%	-70.54%	-404.01%

This table displays calculated financial ratios and metrics derived from Zeta Global's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	488,247,200.00	498,515,242.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	488,247,200.00	498,515,242.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.03	0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.09%	23.70%	32.61%	41.97%	49.62%	35.64%	35.38%	25.67%	25.41%	49.88%	43.55%
EBITDA Growth	48.74%	46.32%	66.93%	89.99%	234.86%	91.50%	149.33%	638.52%	-17.86%	536.84%	427.26%
EBIT Growth	34.37%	32.71%	48.99%	61.54%	127.29%	46.30%	54.21%	80.47%	-84.92%	23.25%	175.93%
NOPAT Growth	33.23%	31.60%	42.48%	66.69%	152.67%	55.08%	80.80%	170.70%	672.74%	-16.92%	596.25%
Net Income Growth	31.83%	30.53%	46.19%	59.67%	143.18%	45.41%	54.34%	79.08%	-57.08%	38.67%	163.78%
EPS Growth	40.00%	39.47%	52.94%	66.67%	147.62%	56.52%	62.50%	77.78%	-60.00%	40.00%	150.00%
Operating Cash Flow Growth	16.73%	22.69%	50.81%	50.70%	62.02%	41.08%	35.16%	68.36%	46.82%	42.92%	64.52%
Free Cash Flow Firm Growth	-19.13%	8.82%	-7.79%	21.05%	-307.45%	-435.73%	-328.16%	-404.32%	67.89%	-2.65%	-11.53%
Invested Capital Growth	22.04%	13.71%	20.80%	18.49%	117.63%	117.20%	104.56%	98.44%	34.52%	55.07%	61.31%
Revenue Q/Q Growth	11.29%	-7.31%	16.87%	17.76%	17.29%	-15.97%	16.65%	9.31%	17.04%	0.42%	11.72%
EBITDA Q/Q Growth	27.77%	-19.73%	47.13%	78.10%	1,072.92%	-107.55%	406.86%	139.06%	48.39%	-59.87%	270.38%
EBIT Q/Q Growth	17.83%	-12.30%	31.54%	39.13%	158.31%	-321.00%	41.63%	74.04%	145.02%	-1,224.94%	157.74%
NOPAT Q/Q Growth	14.28%	-12.60%	25.90%	53.43%	235.56%	-196.02%	68.32%	271.44%	1,381.66%	-114.53%	234.47%
Net Income Q/Q Growth	18.11%	-12.15%	29.07%	38.09%	187.69%	-241.77%	40.68%	71.64%	279.94%	-302.58%	161.70%
EPS Q/Q Growth	22.22%	-9.52%	30.43%	43.75%	211.11%	-200.00%	40.00%	66.67%	300.00%	-250.00%	150.00%
Operating Cash Flow Q/Q Growth	18.11%	-8.52%	26.13%	10.58%	26.98%	-20.34%	20.83%	37.74%	10.73%	-22.45%	39.10%
Free Cash Flow Firm Q/Q Growth	-5.74%	17.13%	-14.50%	21.32%	-445.70%	-8.97%	8.49%	7.32%	65.26%	-248.36%	0.57%
Invested Capital Q/Q Growth	9.35%	0.54%	5.33%	2.32%	100.83%	0.35%	-0.80%	-0.74%	36.13%	15.68%	3.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.77%	60.57%	60.02%	60.62%	59.98%	60.86%	62.07%	60.49%	59.49%	59.01%	59.12%
EBITDA Margin	-9.06%	-11.70%	-5.29%	-0.98%	8.16%	-0.73%	1.93%	4.22%	5.35%	2.14%	7.08%
Operating Margin	-15.15%	-18.40%	-11.67%	-4.61%	2.20%	-6.09%	-1.66%	2.60%	4.52%	-4.75%	3.82%
EBIT Margin	-15.47%	-18.75%	-10.98%	-5.68%	2.82%	-7.42%	-3.71%	-0.88%	0.34%	-3.80%	1.96%
Profit (Net Income) Margin	-16.77%	-20.30%	-12.32%	-6.48%	4.84%	-8.17%	-4.15%	-1.08%	1.66%	-3.34%	1.85%
Tax Burden Percent	99.83%	101.01%	101.76%	101.16%	169.70%	108.24%	110.26%	130.06%	508.87%	83.71%	104.78%
Interest Burden Percent	108.60%	107.18%	110.23%	112.77%	101.10%	101.69%	101.45%	93.95%	95.97%	105.05%	89.68%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-69.70%	0.00%	0.00%	0.00%	-408.87%	0.00%	-4.78%
Return on Invested Capital (ROIC)	-36.46%	-44.84%	-29.78%	-12.51%	10.15%	-12.35%	-3.56%	5.91%	50.49%	-7.37%	9.54%
ROIC Less NNEP Spread (ROIC-NNEP)	-58.99%	-69.20%	-49.38%	-1.57%	4.21%	4.12%	9.73%	10.66%	108.07%	-7.32%	16.34%
Return on Net Nonoperating Assets (RNNOA)	-22.03%	-25.54%	-13.45%	0.40%	-0.58%	-0.60%	-1.52%	-3.76%	-21.34%	1.22%	-2.87%
Return on Equity (ROE)	-58.50%	-70.37%	-43.23%	-12.11%	9.57%	-12.94%	-5.08%	2.15%	29.14%	-6.15%	6.67%
Cash Return on Invested Capital (CROIC)	-75.24%	-60.89%	-59.66%	-49.02%	-86.92%	-82.97%	-73.63%	-67.00%	-28.80%	-42.90%	-44.31%
Operating Return on Assets (OROA)	-22.17%	-28.15%	-16.79%	-7.41%	3.42%	-9.74%	-5.10%	-1.07%	0.34%	-4.31%	2.40%
Return on Assets (ROA)	-24.03%	-30.48%	-18.84%	-8.46%	5.86%	-10.73%	-5.70%	-1.31%	1.65%	-3.79%	2.26%
Return on Common Equity (ROCE)	-58.50%	-70.37%	-43.23%	-12.11%	9.57%	-12.94%	-5.08%	2.15%	29.14%	-6.15%	6.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-88.77%	-67.27%	-25.33%	0.00%	-7.66%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-22	-25	-19	-8.67	12	-11	-3.57	6.13	91	-13	18
NOPAT Margin	-10.60%	-12.88%	-8.17%	-3.23%	3.73%	-4.27%	-1.16%	1.82%	23.00%	-3.33%	4.01%
Net Nonoperating Expense Percent (NNEP)	22.52%	24.37%	19.60%	-10.94%	5.94%	-16.47%	-13.30%	-4.75%	-57.59%	-0.05%	-6.80%
Return On Investment Capital (ROIC_SIMPLE)	-6.12%	-	-	-	1.35%	-1.29%	-0.41%	0.69%	9.06%	-1.22%	1.58%
Cost of Revenue to Revenue	40.23%	39.43%	39.98%	39.38%	40.02%	39.14%	37.93%	39.51%	40.51%	40.99%	40.88%
SG&A Expenses to Revenue	24.44%	25.04%	22.45%	18.82%	17.20%	20.44%	20.16%	16.73%	15.31%	18.52%	17.15%
R&D to Revenue	9.48%	10.25%	10.36%	8.50%	7.71%	10.14%	9.92%	8.84%	7.59%	11.34%	9.54%
Operating Expenses to Revenue	74.92%	78.97%	71.69%	65.23%	57.74%	66.96%	63.73%	57.89%	54.97%	63.76%	55.30%
Earnings before Interest and Taxes (EBIT)	-33	-37	-25	-15	8.88	-20	-11	-2.97	1.34	-15	8.70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-23	-12	-2.64	26	-1.94	5.95	14	21	8.47	31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.47	12.22	17.79	13.82	6.31	9.53	10.84	13.58	12.17	8.83	5.29
Price to Tangible Book Value (P/TBV)	0.00	0.00	2,820.78	25.09	20.67	29.77	31.65	36.67	359.47	63.46	26.98
Price to Revenue (P/Rev)	2.59	3.06	4.70	7.28	4.25	6.00	6.31	7.64	7.51	5.41	3.12
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.34	10.18	15.77	25.11	8.09	12.34	14.13	18.31	14.18	9.74	5.89
Enterprise Value to Revenue (EV/Rev)	2.67	3.11	4.73	7.03	4.08	5.84	6.17	7.49	7.41	5.35	3.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	693.75	263.49	208.88	245.89	154.47	63.79
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,571.33	4,147.18	277.49
Enterprise Value to Operating Cash Flow (EV/OCF)	21.46	25.08	36.86	54.11	30.64	43.61	46.01	51.40	48.61	35.92	19.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	0.96	0.85	0.41	0.29	0.29	0.29	0.29	0.24	0.22	0.21
Long-Term Debt to Equity	1.02	0.96	0.85	0.41	0.29	0.29	0.29	0.29	0.24	0.22	0.21
Financial Leverage	0.37	0.37	0.27	-0.25	-0.14	-0.14	-0.16	-0.35	-0.20	-0.17	-0.18
Leverage Ratio	3.30	3.17	3.03	2.21	1.94	1.89	1.89	1.74	1.77	1.63	1.61
Compound Leverage Factor	3.58	3.40	3.34	2.49	1.96	1.92	1.92	1.63	1.69	1.71	1.44
Debt to Total Capital	50.50%	49.02%	45.93%	29.23%	22.48%	22.50%	22.61%	22.22%	19.68%	18.31%	17.57%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	50.50%	49.02%	45.93%	29.23%	22.48%	22.50%	22.61%	22.22%	19.68%	18.31%	17.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.50%	50.98%	54.07%	70.77%	77.52%	77.50%	77.39%	77.78%	80.32%	81.69%	82.43%
Debt to EBITDA	-1.48	-1.76	-2.30	-3.47	-16.61	21.71	7.27	4.48	5.01	3.97	2.63
Net Debt to EBITDA	-0.42	-0.41	-0.37	3.93	14.38	-18.55	-6.23	-4.29	-3.12	-1.84	-1.50
Long-Term Debt to EBITDA	-1.48	-1.76	-2.30	-3.47	-16.61	21.71	7.27	4.48	5.01	3.97	2.63
Debt to NOPAT	-1.57	-1.74	-2.00	-2.63	-4.13	-5.83	-10.53	-50.73	52.41	106.51	11.43
Net Debt to NOPAT	-0.45	-0.40	-0.32	2.98	3.57	4.98	9.03	48.52	-32.62	-49.40	-6.51
Long-Term Debt to NOPAT	-1.57	-1.74	-2.00	-2.63	-4.13	-5.83	-10.53	-50.73	52.41	106.51	11.43
Altman Z-Score	2.05	2.87	5.48	9.90	5.98	9.45	10.40	12.41	8.49	8.43	5.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	1.89	1.98	3.32	3.09	3.33	3.25	3.01	1.60	2.07	2.38
Quick Ratio	1.71	1.84	1.92	3.26	3.02	3.25	3.18	2.87	1.50	1.94	2.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-64	-53	-61	-48	-262	-286	-262	-242	-84	-293	-292
Operating Cash Flow to CapEx	308.49%	260.91%	274.75%	391.33%	358.09%	504.99%	516.13%	544.76%	778.53%	581.41%	598.91%
Free Cash Flow to Firm to Interest Expense	-22.99	-20.32	-23.86	-24.71	-15,426.48	-863.34	-1,575.35	0.00	-1,559.32	-385.45	-324.79
Operating Cash Flow to Interest Expense	9.63	9.40	12.15	17.69	2,569.59	105.13	253.31	0.00	1,187.69	65.35	77.04
Operating Cash Flow Less CapEx to Interest Expense	6.51	5.80	7.73	13.17	1,852.00	84.31	204.23	0.00	1,035.13	54.11	64.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.43	1.50	1.53	1.31	1.21	1.31	1.37	1.21	1.00	1.13	1.22
Accounts Receivable Turnover	5.27	5.67	5.39	5.24	4.96	5.60	5.33	5.15	4.68	5.27	5.43
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	108.50	108.61	115.77	121.49	123.34	126.00	126.09	123.41	107.61	121.65	107.23
Accounts Payable Turnover	5.65	6.47	6.36	6.09	7.45	9.92	9.56	10.96	12.26	17.70	15.84
Days Sales Outstanding (DSO)	69.23	64.32	67.67	69.67	73.55	65.24	68.50	70.93	78.00	69.29	67.17
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	64.65	56.44	57.35	59.94	48.98	36.78	38.18	33.32	29.78	20.62	23.05
Cash Conversion Cycle (CCC)	4.58	7.89	10.32	9.73	24.57	28.45	30.32	37.61	48.22	48.67	44.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	233	234	247	252	507	509	505	501	682	789	814
Invested Capital Turnover	3.44	3.48	3.65	3.87	2.72	2.89	3.08	3.25	2.19	2.21	2.38
Increase / (Decrease) in Invested Capital	42	28	42	39	274	274	258	248	175	280	309
Enterprise Value (EV)	1,942	2,385	3,891	6,339	4,102	6,279	7,129	9,172	9,669	7,681	4,793
Market Capitalization	1,890	2,342	3,862	6,561	4,272	6,447	7,297	9,361	9,792	7,773	4,905
Book Value per Share	$0.84	$1.12	$0.99	$2.16	$2.85	$1.42	$1.43	$3.10	$1.67	$1.80	$1.86
Tangible Book Value per Share	($0.19)	($0.16)	$0.01	$1.19	$0.87	$0.46	$0.49	$1.15	$0.06	$0.25	$0.36
Total Capital	365	376	401	671	873	873	870	886	1,002	1,078	1,124
Total Debt	184	184	184	196	196	196	197	197	197	197	197
Total Long-Term Debt	184	184	184	196	196	196	197	197	197	197	197
Net Debt	52	43	30	-222	-170	-168	-169	-188	-123	-91	-112
Capital Expenditures (CapEx)	8.74	9.45	11	8.79	12	6.89	8.15	11	8.24	8.55	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.64	4.84	17	24	51	57	71	75	-63	46	83
Debt-free Net Working Capital (DFNWC)	133	146	172	443	417	421	436	460	256	335	393
Net Working Capital (NWC)	133	146	172	443	417	421	436	460	256	335	393
Net Nonoperating Expense (NNE)	13	14	9.46	8.71	-3.49	10	9.24	9.76	84	0.06	9.56
Net Nonoperating Obligations (NNO)	52	43	30	-222	-170	-168	-169	-188	-123	-91	-112
Total Depreciation and Amortization (D&A)	13	14	13	13	17	18	17	17	20	24	23
Debt-free, Cash-free Net Working Capital to Revenue	0.22%	0.63%	2.06%	2.68%	5.08%	5.26%	6.15%	6.13%	-4.86%	3.22%	5.30%
Debt-free Net Working Capital to Revenue	18.30%	19.12%	20.88%	49.12%	41.48%	39.16%	37.75%	37.58%	19.65%	23.33%	25.03%
Net Working Capital to Revenue	18.30%	19.12%	20.88%	49.12%	41.48%	39.16%	37.75%	37.58%	19.65%	23.33%	25.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.23)	($0.16)	($0.09)	$0.10	($0.10)	($0.06)	($0.02)	$0.04	($0.06)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	156.70M	171.23M	177.87M	187.91M	185.98M	212.56M	217.25M	222.44M	220.72M	238.55M	245.34M
Adjusted Diluted Earnings per Share	($0.21)	($0.23)	($0.16)	($0.09)	$0.10	($0.10)	($0.06)	($0.02)	$0.04	($0.06)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	156.70M	171.23M	177.87M	187.91M	185.98M	212.56M	217.25M	222.44M	220.72M	238.55M	256.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	218.42M	218.79M	219.95M	237.45M	475.44M	471.09M	0.00	481.17M	488.25M	498.52M	502.03M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-25	-19	-5.46	7.40	-9.07	-3.57	11	22	-7.29	12
Normalized NOPAT Margin	-10.60%	-12.88%	-8.17%	-2.03%	2.35%	-3.43%	-1.16%	3.16%	5.61%	-1.84%	2.68%
Pre Tax Income Margin	-16.80%	-20.09%	-12.11%	-6.40%	2.85%	-7.55%	-3.77%	-0.83%	0.33%	-3.99%	1.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-11.62	-13.92	-9.77	-7.83	522.35	-59.29	-69.01	0.00	24.80	-19.79	9.69
NOPAT to Interest Expense	-7.96	-9.57	-7.27	-4.46	690.99	-34.08	-21.53	0.00	1,680.97	-17.33	19.75
EBIT Less CapEx to Interest Expense	-14.74	-17.52	-14.20	-12.35	-195.24	-80.11	-118.09	0.00	-127.76	-31.03	-3.18
NOPAT Less CapEx to Interest Expense	-11.09	-13.17	-11.69	-8.98	-26.59	-54.89	-70.61	0.00	1,528.42	-28.57	6.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-8.27%	-9.82%	-13.68%	-11.50%	-10.08%	-16.46%	-17.54%	-27.76%	-20.10%	-12.55%	-386.45%
Augmented Payout Ratio	-15.44%	-15.91%	-23.18%	-23.31%	-70.54%	-141.20%	-268.56%	-535.81%	-404.01%	-534.29%	-5,857.40%

Financials Breakdown Chart

Key Financial Trends

Zeta Global’s latest quarter shows a mix of growth and pressure: revenue continued to climb, cash generation remained solid, but profitability was still negative and the company used a meaningful amount of cash on acquisitions, share repurchases, and debt activity.

What stands out most from the last several years is that Zeta has steadily grown revenue, improved gross profit dollars, and at times generated positive operating income, but earnings have remained volatile. The balance sheet has also expanded sharply, mostly because of acquisitions, while goodwill and intangible assets now make up a large share of total assets.

Revenue growth has been strong over the multi-year period, rising from $157.6 million in Q1 2023 to $396.3 million in Q1 2026.
Gross profit has also grown meaningfully, supported by a relatively stable cost of revenue as a percentage of sales.
Zeta generated $49.7 million in operating cash flow in Q1 2026, showing the business can still produce cash even with a net loss.
The company ended Q1 2026 with $288.8 million in cash and equivalents, which provides liquidity.
Long-term debt at Q1 2026 was $197.3 million, not excessive relative to total assets and equity after the company’s growth.
Operating margin has been inconsistent: Zeta posted a Q4 2025 operating profit of $17.8 million, but returned to an $18.8 million operating loss in Q1 2026.
Share count has increased over time, with weighted average diluted shares rising from 171.2 million in Q1 2024 to 238.6 million in Q1 2026, diluting per-share results.
Acquisitions have been a recurring part of the story, including $47.0 million in Q1 2026 and $89.1 million in Q4 2025, which likely helped growth but also lifted goodwill and intangibles.
Q1 2026 net income was a loss of $13.2 million, compared with a profit of $6.5 million in Q4 2025.
Operating expenses remain heavy, especially marketing expense, which was $102.4 million in Q1 2026 and contributed to the operating loss.

Balance sheet trend: Zeta’s asset base expanded sharply from $550.3 million in Q1 2024 to $1.45 billion in Q1 2026. However, a large portion of that increase came from goodwill and intangible assets, which together totaled about $757.8 million in Q1 2026. That can be a concern if future acquired growth does not meet expectations.

Cash flow trend: operating cash flow has generally stayed positive across the period, which is a constructive sign. But financing cash flow has often been negative because of debt repayment and share repurchases, while investing cash flow has been pressured by acquisitions and capital spending. In Q1 2026, net cash declined by $31.0 million despite positive operating cash flow.

Bottom line: Zeta Global looks like a company with good top-line momentum and decent cash generation, but it still has to prove it can translate that growth into consistent profitability. For retail investors, the key question is whether management can keep revenue scaling faster than operating expenses and acquisition-related costs.

08/10/26 02:31 AM ETAI Generated. May Contain Errors.

Zeta Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zeta Global's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Zeta Global's net income were at -$31.51 million at the end of 2025, a 54.8% decrease from 2024, and a 18.1% decrease since 2019. View Zeta Global's forecast to see where analysts expect Zeta Global to go next.

Zeta Global's total operating income in 2025 was $5.37 million, based on the following breakdown:

Total Gross Profit: $791.08 million
Total Operating Expenses: $785.71 million

Over the last 6 years, Zeta Global's total revenue changed from $306.05 million in 2019 to $1.30 billion in 2025, a change of 326.3%.

Zeta Global's total liabilities were at $698.94 million at the end of 2025, a 60.8% increase from 2024, and a 88.2% increase since 2020.

In the past 5 years, Zeta Global's cash and equivalents has ranged from $50.73 million in 2020 to $366.16 million in 2024, and is currently $319.76 million as of their latest financial filing in 2025.

Over the last 6 years, Zeta Global's book value per share changed from 0.00 in 2019 to 1.67 in 2025, a change of 167.2%.

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Financial statements for NYSE:ZETA last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zeta Global (ZETA) Financials

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Zeta Global (ZETA) Financials

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