Zeta Global’s first quarter results were positively received by the market, reflecting strong enterprise adoption of its AI-powered Athena platform and broad-based customer expansion. Management attributed the quarter’s outperformance to rapid uptake of Athena among large enterprise clients, consolidation of multiple vendors onto Zeta’s unified platform, and deeper customer engagement, particularly in retail and advertising verticals. CEO David Steinberg highlighted the early impact of Athena, noting, “Athena by Zeta is an accelerant...bringing AI directly into marketing workflows and removing barriers to enterprise-wide adoption.”
Is now the time to buy ZETA? Find out in our full research report (it’s free for active Edge members).
Zeta Global (ZETA) Q1 CY2026 Highlights:
- Revenue: $396.3 million vs analyst estimates of $370.5 million (49.9% year-on-year growth, 7% beat)
- Adjusted EPS: $0.16 vs analyst estimates of $0.12 (39.2% beat)
- Adjusted Operating Income: $42.61 million vs analyst estimates of $40.11 million (10.8% margin, 6.2% beat)
- The company lifted its revenue guidance for the full year to $1.79 billion at the midpoint from $1.76 billion, a 1.7% increase
- EBITDA guidance for the full year is $397.3 million at the midpoint, above analyst estimates of $391.1 million
- Operating Margin: -4.8%, up from -6.1% in the same quarter last year
- Billings: $398.3 million at quarter end, up 53.2% year on year
- Market Capitalization: $4.29 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Zeta Global’s Q1 Earnings Call
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David Hynes (Canaccord Genuity) asked how much Zeta has benefited from competitive dynamics with platforms like The Trade Desk. CEO David Steinberg responded that Zeta’s proprietary data and native AI position it to outperform workflow-focused competitors, and that recent agency wins reflect a meaningful market share shift.
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Gabriela Borges (Goldman Sachs) inquired about change management for Athena adoption and training efforts. Steinberg detailed a comprehensive learning and development program, with onboarding for top clients and weekly virtual sessions, crediting Athena’s intuitive interface for rapid uptake.
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Arjun Bhatia (William Blair) asked about awareness and rollout of Athena among large customers. Steinberg described strong early awareness driven by marketing activations and plans for an Athena user certification program to further institutionalize adoption.
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Jackson Nichols (KeyBanc Capital Markets) questioned the expected trend in recurring revenue mix as Marigold customers adopt the Zeta platform. CFO Christopher Greiner stated that recurring revenue should increase, with recent contract wins and agency partnerships boosting visibility and long-term commitments.
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Clark Wright (D.A. Davidson) sought clarification on the impact of consolidation wins and AI on wallet share. Steinberg noted that AI, particularly Athena, is driving both higher ROI and increased wallet share, with marquee wins serving as roadmaps for future share capture.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will be closely monitoring (1) the pace of Athena adoption and certification among enterprise clients, (2) measurable improvements in ARPU and multi-use case expansion, and (3) execution of cross-sell opportunities stemming from the Marigold integration. Progress toward higher recurring revenue mix and operating margin improvement will also be critical indicators of Zeta’s strategic execution.
Zeta Global currently trades at $17.10, down from $18.42 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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