# Zeta Global Holdings Corp. (ZETA)

Informational only - not investment advice.

CIK: 0001851003
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1851003
Filing source: https://www.sec.gov/Archives/edgar/data/1851003/000119312526068598/zeta-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001193125-26-068598 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001851003.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,304,668,000 USD | 2025 | verified |
| Net income | -31,509,000 USD | 2025 | verified |
| Assets | 1,503,524,000 USD | 2025 | verified |
| Free cash flow | 185,087,000 USD | 2025 | computed |
| Net margin | -2.42% | 2025 | computed |
| Operating margin | 0.41% | 2025 | computed |
| Revenue YoY | +29.72% | 2025 | computed |
| ROE | -3.92% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ZETA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.4% | 1.5% | 40 | 122 |
| Operating margin | 0.4% | 1.3% | 48 | 121 |
| Revenue growth | 29.7% | 13.5% | 89 | 124 |
| FCF margin | 14.2% | 19.3% | 39 | 120 |
| ROE | -3.9% | 2.0% | 36 | 112 |
| ROA | -2.1% | 0.9% | 33 | 124 |
| Liabilities / equity | 0.87 | 0.91 | 46 | 113 |
| Current ratio | 1.60 | 1.57 | 51 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1304668000 | USD | 2025 | 2026-02-25 |
| Net income | -31509000 | USD | 2025 | 2026-02-25 |
| Assets | 1503524000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001851003.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 306,051,000 | 368,120,000 | 458,338,000 | 590,961,000 | 728,723,000 | 1,005,754,000 | 1,304,668,000 |
| Net income |  | -38,465,000 | -53,225,000 | -249,563,000 | -279,239,000 | -187,481,000 | -69,771,000 | -31,509,000 |
| Operating income |  | -17,526,000 | -8,075,000 | -248,407,000 | -259,034,000 | -167,685,000 | -67,915,000 | 5,372,000 |
| Diluted EPS |  | -1.77 | -2.23 | -2.95 | -2.01 | -1.20 | -0.38 | -0.14 |
| Operating cash flow |  | 30,599,000 | 35,539,000 | 44,292,000 | 78,486,000 | 90,523,000 | 133,861,000 | 198,902,000 |
| Capital expenditures |  | 3,300,000 | 2,249,000 | 9,482,000 | 22,232,000 | 20,483,000 | 25,727,000 | 13,815,000 |
| Assets |  |  | 286,286,000 | 397,265,000 | 466,502,000 | 550,714,000 | 1,111,373,000 | 1,503,524,000 |
| Liabilities |  |  | 371,296,000 | 306,777,000 | 338,472,000 | 370,194,000 | 434,572,000 | 698,935,000 |
| Stockholders' equity | -170,430,000 | -186,334,000 | -239,220,000 | 90,488,000 | 128,030,000 | 180,520,000 | 676,801,000 | 804,589,000 |
| Cash and cash equivalents |  |  | 50,725,000 | 103,859,000 | 121,110,000 | 131,732,000 | 366,157,000 | 319,764,000 |
| Free cash flow |  | 27,299,000 | 33,290,000 | 34,810,000 | 56,254,000 | 70,040,000 | 108,134,000 | 185,087,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -12.57% | -14.46% | -54.45% | -47.25% | -25.73% | -6.94% | -2.42% |
| Operating margin |  | -5.73% | -2.19% | -54.20% | -43.83% | -23.01% | -6.75% | 0.41% |
| Return on equity |  |  |  | -275.80% | -218.10% | -103.86% | -10.31% | -3.92% |
| Return on assets |  |  | -18.59% | -62.82% | -59.86% | -34.04% | -6.28% | -2.10% |
| Liabilities / equity |  |  |  | 3.39 | 2.64 | 2.05 | 0.64 | 0.87 |
| Current ratio |  |  | 1.36 | 1.85 | 1.84 | 1.76 | 3.09 | 1.60 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001851003.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.49 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.38 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.34 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 188,984,000 | -43,086,000 | -0.27 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 210,320,000 | -35,281,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 194,947,000 | -39,566,000 | -0.23 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 227,839,000 | -28,066,000 | -0.16 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 268,295,000 | -17,375,000 | -0.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 314,673,000 | 15,236,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 264,419,000 | -21,600,000 | -0.10 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 308,442,000 | -12,814,000 | -0.06 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 337,169,000 | -3,634,000 | -0.02 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 394,638,000 | 6,539,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 396,304,000 | -13,247,000 | -0.06 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 442,766,000 | 8,173,000 | 0.03 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ZETA's latest 10-K: [/company/ZETA/business/](/company/ZETA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ZETA's latest 10-K: [/company/ZETA/risk-factors/](/company/ZETA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1851003/000119312526333902/zeta-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Overview

Zeta is a leading AI-powered omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software. We empower our customers to target, connect and engage consumers through software that delivers personalized marketing across all addressable channels, including email, social media, web, chat, Connected TV (“CTV”) and video, among others. Our Generative AI (GenAI)-driven marketing solutions enable brands to personalize experiences at scale, measure impact with precision and optimize marketing spend to increase return on investment (“ROI”).

Our Zeta Marketing Platform, or ZMP, is an AI-powered marketing platform with identity data at its core. Leveraging GenAI and machine learning, the ZMP processes billions of structured and unstructured data signals to predict consumer intent, optimize messaging and drive personalized messaging across all channels. The ZMP enables brands to connect with consumers through native integration of marketing channels and application programming interface (“API”) integration with third parties. The ZMP’s data-driven algorithms and processes learn and optimize each customer’s marketing program in real time, producing a ‘flywheel effect’ that enables our customers to test, learn and improve their marketing programs in real time.

The ZMP enhances our customers’ ability to personalize consumer experiences at scale across multiple touchpoints. With AI-driven automation, brands can orchestrate highly effective programs through intuitive workflows and real-time intelligence. Our Zeta SuperGraph™ improves identity resolution while maintaining compliance with evolving privacy standards. Zeta Answers, our intelligence suite, synthesizes Zeta’s proprietary data and data generated by our customers to uncover consumer insights that are translated into marketing programs designed for highly targeted audiences across digital channels, including email, SMS, websites, applications, social media, CTV and chat.

Macroeconomic trends

Our business and the operations of our customers depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. While core inflation has remained relatively steady for the first six months of the year, the economy continues to be impacted by the looming potential of increased inflation rates and faces further inflation risk. To date, the effects of tariffs and changes in global trade policies on the overall state of the economy and on our business have not materially impacted our costs or operations. However, the evolving tariffs and changes in global trade policies continue to cause overall economic uncertainty and may increase our costs and adversely impact our operations as well as customers’ businesses and operations. Additionally, other potentially challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our and our customers’ businesses and operations.

Factors Affecting Results of Operations

For a discussion of the factors affecting our results of operations, please see “Factors Affecting Results of Operations” in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part 1, Item 1A “Risk Factors” of our 2025 Annual Report, as well as in Part II, Item 1A “Risk Factors” included in this Quarterly Report on Form 10-Q.

Key Performance Metrics

We review key performance metrics, discussed below, to evaluate our business, track performance, identify trends, formulate plans and make strategic decisions. We believe that the presentation of such metrics provides investors with effective ways to measure and model the performance of companies such as ours, with recurring revenue streams.

Super-scaled customers increased 17% to 197 as of June 30, 2026, compared to 168 as of June 30, 2025, primarily due to higher usage of our platform among our customers and new additions to our super-scaled customer base.

Super-scaled customer Average Revenue Per User (“ARPU”) increased 17% to $1.8 million (across 197 customers) for the three months ended June 30, 2026, compared to $1.6 million (across 168 customers) for the three months ended June 30, 2025.

22

Description of Certain Components of Financial Data

Revenues

Our revenue primarily arises from use of our technology platform via subscription fees, volume-based utilization fees and fees for professional services. Our platform revenue is comprised of a mix of direct platform revenue and integrated platform revenue, which leverages API integrations with third parties. For the six months ended June 30, 2026 and 2025, we derived 73% and 74% of our revenues from direct platforms, respectively, and 27% and 26% of our revenues from integrated platforms, respectively. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Sales and other taxes collected by us are excluded from revenue. Our revenue recognition policies are discussed in more detail below under “Critical Accounting Estimates.”

Cost of revenues (excluding depreciation and amortization)

Cost of revenues excludes depreciation and amortization and consists primarily of media and marketing costs and certain employee-related costs. Media and marketing costs consist primarily of fees paid to third-party publishers, media owners or managers, and strategic partners that are directly related to revenue-generating events. We pay these third-party publishers, media owners or managers and strategic partners on revenue-share, a cost-per-lead, cost-per-click, or cost-per-thousand-impressions basis. Expenses related to “internet traffic” associated with the viewing of available impressions or queries per second and costs of providing support to our customers are also included in the cost of revenues (excluding depreciation and amortization). Employee-related costs included in cost of revenues (excluding depreciation and amortization) include salaries, bonuses, commissions, stock-based compensation and employee benefit costs primarily related to individuals directly associated with providing services to our customers. Our cost of revenues (excluding depreciation and amortization) are dependent on the revenue mix and therefore can slightly increase or decrease in the future as a percentage of revenue over the long term.

General and administrative expenses

General and administrative expenses primarily consist of technology and infrastructure costs, employee-related costs, including salaries, bonuses, stock-based compensation and employee benefits costs associated with our executives, finance, legal, human resources and other administrative personnel, as well as accounting and legal professional services fees and platform and related infrastructure costs. We expect general and administrative expenses to increase in absolute dollars in future periods. We expect that general and administrative expenses to decrease as a percentage of revenue over the long term.

Selling and marketing expenses

Selling and marketing expenses primarily consist of employee-related costs, including salaries, bonuses, employee benefits costs, stock-based compensation and commission costs for our sales and marketing personnel. Selling and marketing expenses also include costs for market development programs, advertising, promotional and other marketing activities. We intend to continue to invest in marketing initiatives and as a result we expect selling and marketing expenses to increase in absolute dollars in future periods. Selling and marketing expenses as a percentage of revenue may fluctuate from period to period based on revenue levels and the timing of our investments in these functions over the long term.

Research and development expenses

Research and development expenses primarily consist of employee-related costs, including salaries, bonuses and employee benefit costs, stock-based compensation associated with engineering and technology services associated with the ongoing research and maintenance of internal use software. We expect to continue to invest in research and development in order to develop our technology platform to drive incremental value and growth, and as a result we expect research and development expenses to increase in absolute dollars in future periods. We also expect that research and development expenses to fluctuate from period to period as a percentage of revenue over the long term.

Depreciation and amortization

Depreciation and amortization relate to property and equipment, website and software development costs as well as acquisition-related and other acquired intangible assets. We record depreciation and amortization using straight-line method over the estimated useful life of the assets.

23

Acquisition-related expenses

Acquisition-related expenses primarily consist of legal and professional services fees and employee related expenses that are associated with business combinations. We expect that acquisition-related expenses will be correlated with future acquisitions (if any), which could be greater than or less than our historic levels.

Restructuring expenses

Restructuring expenses primarily consist of employee termination costs due to internal restructuring. We expect that restructuring expenses will be correlated with future restructuring activities (if any), which could be greater than or less than our historic levels.

Interest expenses, net

Interest expenses, net primarily consists of interest payable on our long-term borrowings, net of interest earned on our short-term investments in money market accounts and other short-term deposits. We anticipate interest expense to be impacted by changes in variable interest rates.

Other expenses, net

Other expenses, net primarily consist of changes in fair value of acquisition-related liabilities, gains and losses on assets and foreign exchange gains and losses. We expect that the magnitude of other income and expenses will depend on external factors such as foreign exchange rates and the remeasurement impact of acquisition-related liabilities, which depends on the performance of our acquisitions and could be greater than or less than our historic levels.

Income tax (benefit) / provision

We account for income taxes in accordance with ASC 740, Income Taxes, which requires an asset and liability approach for the financial accounting and reporting of income taxes. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of operations in the period that includes the enactment date. A valuation allowance is established when we determine that it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Based on the weight of existing objective evidence as of the balance sheet date which includes cumulative losses in recent years, we have concluded that the U.S. deferred tax assets are not realizable on a more-likely-than-not basis and that a full valuation allowance is required. However, given anticipated future earnings, we believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1851003/000119312526068598/zeta-20251231.htm
Complete FY 2025 MD&A: /company/ZETA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the heading “Risk Factors.” Actual results may differ materially from those contained in any forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Our management’s discussion and analysis of financial condition and results of operations included in this document generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this document can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025.

Overview

Zeta is a leading AI-powered omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software. We empower our customers to target, connect and engage consumers through software that delivers personalized marketing across all addressable channels, including email, social media, web, chat, Connected TV (“CTV”) and video, among others. Our Generative AI (GenAI)-driven marketing solutions enable brands to personalize experiences at scale, measure impact with precision and optimize marketing spend to increase return on investment (“ROI”).

Our Zeta Marketing Platform, or ZMP, is an AI-powered marketing platform with identity data at its core. Leveraging GenAI and machine learning, the ZMP processes billions of structured and unstructured data signals to predict consumer intent, optimize messaging and drive personalized messaging across all channels. The ZMP enables brands to connect with consumers through native integration of marketing channels and application programming interface (“API”) integration with third parties. The ZMP’s data-driven algorithms and processes learn and optimize each customer’s marketing program in real time, producing a ‘flywheel effect’ that enables our customers to test, learn and improve their marketing programs in real time.

The ZMP enhances our customers’ ability to personalize consumer experiences at scale across multiple touchpoints. With AI-driven automation, brands can orchestrate highly effective programs through intuitive workflows and real-time intelligence. Our Zeta SuperGraph™ improves identity resolution while maintaining compliance with evolving privacy standards. Zeta Answers, our intelligence suite, synthesizes Zeta’s proprietary data and data generated by our customers to uncover consumer insights that are translated into marketing programs designed for highly targeted audiences across digital channels, including email, SMS, websites, applications, social media, CTV and chat.

Macroeconomic trends

Our business and the operations of our customers depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. While core inflation has remained relatively steady for the last year, the economy continues to be impacted by the looming potential of increased inflation rates and faces further inflation risk. To date, the effects of tariffs and changes in global trade policies on the overall state of the economy and on our business have not materially impacted our costs or operations. However, the evolving tariffs and changes in global trade policies continue to cause overall economic uncertainty and may increase our costs and adversely impact our operations as well as customers’ businesses and operations. Additionally, other potentially challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our and our customers’ businesses and operations.

38

Factors Affecting Results of Operations

The following factors have been important to our business, and we expect them to impact our results of operations and financial condition in future periods:

New Super-Scaled Customer Acquisition

We are focused on increasing the number of super-scaled customers that adopt the ZMP in their enterprises. We define “super-scaled customers” as customers from which we generated at least $1,000,000 in revenues in the trailing twelve months. Our long-term growth and operating results will depend on our ability to attract more super-scaled customers as we address their most pressing marketing automation needs. We will continue to focus on enterprises across multiple geographies. Between January 1, 2025 and December 31, 2025, our sales team increased by 36 sales employees, and we expect to continue to invest in our go-to-market efforts in 2026. We have significantly enhanced our sales techniques in order to build a collaborative environment that encourages cross-selling and implemented a new learning and development program for our sales team. Our sales team productivity increases with tenure and our current management system gives us confidence that we are well positioned for sustainable growth. Our Zeta Answers suite is a module that provides actionable insights to our customers and serves as an entry point into the ZMP. Zeta Answers suite has been a proven way to land scaled customers, with minimal cost of implementation and high value adoption.

Drive Increase to Average Revenue Per User

During the year ended December 31, 2025, we experienced an increase in our scaled and super-scaled customer Average Revenue Per User (“ARPU”), which resulted in our revenues increasing for the year compared to the prior-year period. Our scaled customer ARPU growth resulted primarily from the effects of transitioning our sales team model to focus a dedicated team on new business development and a separate team on training and educating new and existing users on our platform capabilities. Our transition to this hunter/farmer sales model has included focusing more of our sales team on growth of existing scaled customers and aligning scaled customers with sellers that have specific industry expertise.

Expand Sales to Existing Customers

We adhere to a “land, expand, extend” sales model. After prospecting and landing new customers, we focus on expanding sales to such customers. This includes increasing their use of one product and/or embedding multiple products within an enterprise with our Zeta Answers suite serving as the connective tissue across multiple products. We have super-scaled customers both in the U.S. and internationally, and we believe we can achieve growth by cross-selling our existing solutions and introducing new features and functionalities within the platform. We expect that our ability to increase adoption of our products within existing customers increases our future opportunities through additional sales. As part of this strategy, we expect to drive expansion in the number of channels per super-scaled customer. During both the years ended December 31, 2025 and 2024, our channels per scaled customer were 2.3. During the years ended December 31, 2025 and 2024, our channels per super-scaled customer were 3.3 and 3.0, respectively.

We use an annual net revenue retention (“NRR”) rate as a measure of our ability to retain and expand business generated from our existing customers base. We believe that many companies frequently use annual NRR rate as an indicator for determining customer loyalty. We calculate our annual NRR rate by dividing current year revenue earned from customers from which we also earned revenue in the prior year, by the prior year revenues. Our annual NRR rate was 128.0% and 113.6% for the years ended December 31, 2025 and 2024, respectively. We exclude political and advocacy customers, which represented 1.0% and 8.0% of revenue for 2025 and 2024, respectively, from our calculation of annual NRR rate because of the biennial nature of these customers.

Our customer loyalty is also reflected in the table below, which breaks down the tenure of our scaled and super-scaled customers for the year ended December 31, 2025.

Tenure for All Scaled Customers for Year Ended December 31, 2025

[[GREPCENT_TABLE]]
[["Customer Tenure","","Number of Scaled Customers","","","% of Scaled Customers","","","% of Scaled Customer Revenue"],["5+ Years","","","209","","","","34.7","%","","","64.2","%"],["3-5 Years","","","65","","","","10.8","%","","","10.6","%"],["1-3 Years","","","217","","","","36.0","%","","","19.0","%"],["Under 1 Year","","","111","","","","18.5","%","","","6.2","%"],["Total","","","602","","","","100.0","%","","","100.0","%"]]
[[/GREPCENT_TABLE]]

39

Tenure for All Super-Scaled Customers for Year Ended December 31, 2025

[[GREPCENT_TABLE]]
[["Customer Tenure","","Number of Super-Scaled Customers","","","% of Super-Scaled Customers","","","% of Super-Scaled Customer Revenue"],["5+ Years","","","90","","","","49.0","%","","","68.2","%"],["3-5 Years","","","26","","","","14.1","%","","","10.6","%"],["1-3 Years","","","56","","","","30.4","%","","","16.7","%"],["Under 1 Year","","","12","","","","6.5","%","","","4.5","%"],["Total","","","184","","","","100.0","%","","","100.0","%"]]
[[/GREPCENT_TABLE]]

Adoption of Marketing Automation Products

Our ability to drive adoption of the ZMP will depend on the overall demand for marketing automation solutions. We expect continued strong investment in marketing technology by enterprise companies. Additionally, as enterprise marketing spend shifts towards digital from offline channels, we expect marketing automation technology will benefit. As a result, we expect our enterprise customer base to grow and propel greater platform deployment and usage. While we do not believe our competitors offer a comparable all-in-one platform solution for marketing automation, certain competitors offer point solutions that compete with specific tools and products we offer as part of the ZMP. Potential customers may also elect to build in-house solutions for marketing automation. While it is difficult to predict adoption rates and future product demand, we are focused on continuing to innovate and create marketing automation products that address the business requirements of our customers better than alternative solutions.

Investment in Innovation

We intend to invest in our business in order to drive long-term growth in an expanding market and capture economies of scale derived from a larger business base. For example, we plan to invest in our research and development activities to ensure we remain at the forefront of data management, AI development and marketing automation. We will also continue to invest in our sales and marketing capabilities. Lastly, we expect to invest in the expansion of markets including international and the B2B sector. We plan to incur additional general and administrative expenses to support our growth. Even as cost of revenues (excluding depreciation and amortization) and other operating expenses fluctuate over time and may be negatively impacted by factors beyond our control, we plan to remain focused on making necessary investments to drive long-term growth.

Seasonality and Cyclicality

In general, the marketing industry experiences seasonal trends that affect the vast majority of participants in the digital marketing ecosystem, as well as cyclicality in political ac

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ZETA/mda/fy2025/
All MD&A years: /company/ZETA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ZETA/mda/fy2024/): filed 2025-02-26; accession 0000950170-25-027338 (https://www.sec.gov/Archives/edgar/data/1851003/000095017025027338/zeta-20241231.htm)
- [FY 2023 MD&A](/company/ZETA/mda/fy2023/): filed 2024-02-28; accession 0000950170-24-021671 (https://www.sec.gov/Archives/edgar/data/1851003/000095017024021671/zeta-20231231.htm)
- [FY 2022 MD&A](/company/ZETA/mda/fy2022/): filed 2023-02-24; accession 0000950170-23-004243 (https://www.sec.gov/Archives/edgar/data/1851003/000095017023004243/zeta-20221231.htm)
- [FY 2021 MD&A](/company/ZETA/mda/fy2021/): filed 2022-02-25; accession 0001193125-22-053214 (https://www.sec.gov/Archives/edgar/data/1851003/000119312522053214/d34083d10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ZETA.md · JSON record: /company/ZETA.json · verified financials: /company/ZETA/financials.json / /company/ZETA/financials.csv · machine TOC for the whole site: /llms.txt