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Software - Application · Technology · Fiscal year ends Dec 31
Zeta Global reported revenue of $1.3B in the fiscal year ended Dec 2025, up 29.7% from the year before. Operating income was $5M, an operating margin of 0.4%, and net income was −$32M. Operating cash flow of $199M less capital expenditure of $14M left free cash flow of $185M. It held more cash than debt (net cash $123M).
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 458 | 591 | 729 | 1,006 | 1,305 |
| Cost of revenue | 175 | 215 | 274 | 400 | 514 |
| Gross profit | 284 | 375 | 454 | 606 | 791 |
| Research & development | 64.5 | 69.5 | 73.9 | 90.7 | 117 |
| Selling, general & admin | 419 | 513 | 494 | 519 | 573 |
| Operating income | −248 | −259 | −168 | −67.9 | 5.4 |
| Interest expense | 7.0 | 7.3 | 10.9 | 7.1 | 0.4 |
| Pre-tax income | −250 | −281 | −186 | −74.9 | −33.1 |
| Income tax | −0.6 | −1.5 | 1.0 | −5.2 | −1.6 |
| Net income | −250 | −279 | −187 | −69.8 | −31.5 |
| Diluted EPS | −2.95 | −2.01 | −1.20 | −0.38 | −0.14 |
| Diluted shares | 86.9 | 139 | 157 | 186 | 221 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 104 | 121 | 132 | 366 | 320 |
| Receivables | 83.6 | 106 | 170 | 235 | 322 |
| Current assets | 196 | 236 | 310 | 617 | 686 |
| Net PP&E | 5.6 | 6.0 | 7.5 | 8.9 | 15.4 |
| Goodwill | 115 | 133 | 141 | 326 | 528 |
| Total assets | 397 | 467 | 551 | 1,111 | 1,504 |
| Payables | 21.7 | 33.7 | 63.6 | 43.7 | 40.1 |
| Deferred revenue | 6.9 | 2.2 | 3.3 | 10.3 | 35.4 |
| Current liabilities | 106 | 129 | 176 | 199 | 429 |
| Long-term debt | 184 | 184 | 184 | 196 | 197 |
| Total liabilities | 307 | 338 | 370 | 435 | 699 |
| Shareholders' equity | 90.5 | 128 | 181 | 677 | 805 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 44.3 | 78.5 | 90.5 | 134 | 199 |
| Capital expenditure | 9.5 | 22.2 | 20.5 | 25.7 | 13.8 |
| Free cash flow | 34.8 | 56.3 | 70.0 | 108 | 185 |
| Depreciation & amortisation | 45.9 | 51.9 | 51.1 | 56.1 | 72.0 |
| Stock-based compensation | 259 | 299 | 243 | 195 | 178 |
| Acquisitions | 20.1 | 9.2 | 18.2 | 55.8 | 90.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.9% | 23.3% | 38.0% | 29.7% |
| Gross margin | 61.9% | 63.5% | 62.3% | 60.3% | 60.6% |
| Operating margin | −54.2% | −43.8% | −23.0% | −6.8% | 0.4% |
| Net margin | −54.4% | −47.3% | −25.7% | −6.9% | −2.4% |
| Return on equityBlank when equity is negative | −275.8% | −218.1% | −103.9% | −10.3% | −3.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −85.2% | −76.7% | −44.8% | −7.4% | 0.5% |
| Free cash flow margin | 7.6% | 9.5% | 9.6% | 10.8% | 14.2% |
| Cash conversion (CFO ÷ net income) | −0.18x | −0.28x | −0.48x | −1.92x | −6.31x |
| Receivable days | 67 | 66 | 85 | 85 | 90 |
| Payable days | 45 | 57 | 85 | 40 | 29 |
| Interest cover | −35.3x | −35.5x | −15.3x | −9.50x | 14.5x |
| Debt ÷ equity | 2.03x | 1.44x | 1.02x | 0.29x | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 79.8 | 62.8 | 52.4 | −170 | −123 |
| Current ratio | 1.85x | 1.84x | 1.76x | 3.09x | 1.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.