Zeta Global Holdings Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Zeta Global Holdings Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	306	368	458	591	729	1,006	1,305
Cost of revenue	110	149	175	215	274	400	514
Gross profit	196	219	284	375	454	606	791
Research and development	28.7	31.8	64.5	69.5	73.9	90.7	117
Selling and marketing	69.5	77.1	229	299	288	315	340
General and administrative	73.3	70.8	190	214	205	205	233
Operating income	-17.5	-8.08	-248	-259	-168	-67.9	5.37
Interest expense	15.5	16.3	7.03	7.3	10.9	7.15	0.37
Other non-operating income	-19.9	-44.2	-1.75	-21.7	-18.8	-7.03	-38.5
Pre-tax income	-37.5	-52.3	-250	-281	-186	-74.9	-33.1
Income tax	1.01	0.92	-0.6	-1.49	1.04	-5.18	-1.58
Net income	-38.5	-53.2	-250	-279	-187	-69.8	-31.5
EBITDA	16.8	32	-202	-207	-117	-11.8	77.4
EPS, basic	-1.77	-2.23	-2.95	-2.01	-1.20	-0.38	-0.14
EPS, diluted	-1.77	-2.23	-2.95	-2.01	-1.20	-0.38	-0.14
Shares, basic (weighted)	31.6	32.6	86.9	139	157	186	221
Shares, diluted (weighted)	31.6	32.6	86.9	139	157	186	221

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	37.8	50.7	104	121	132	366	320
Receivables		79.4	83.6	106	170	235	322
Other current assets		7.37	1.65	1.87	1.62	1.81	14.7
Total current assets		141	196	236	310	617	686
Property, plant and equipment		6.12	5.63	5.98	7.45	8.86	15.4
Lease right-of-use assets				7.39	6.6	8.81	19.1
Goodwill	78.2	76.4	115	133	141	326	528
Intangible assets		28.6	41	44.4	48.8	115	218
Other non-current assets		0.52	1.11	1.8	4.37	6.43	4.69
Total assets		286	397	467	551	1,111	1,504
Accounts payable		41	21.7	33.7	63.6	43.7	40.1
Accrued liabilities		44.6	64	72.4	85.5	121	179
Deferred revenue		4.05	6.87	2.23	3.3	10.3	35.4
Total current liabilities		104	106	129	176	199	429
Long-term debt		190	184	184	184	196	197
Lease liabilities				7.88	6.6	7.14	11.7
Other non-current liabilities		2.39	2.49	7.88	6.6	9.81	15.7
Total liabilities		371	307	338	370	435	699
Total debt		190	184	184	184	196	197
Paid-in capital		4.96	584	901	1,141	1,707	1,864
Retained earnings		-242	-492	-771	-959	-1,028	-1,060
Treasury stock		-23.5
Other comprehensive income		-2.04	-2.1	-2.05	-2.01	-2.01	0.47
Shareholders' equity	-186	-239	90.5	128	181	677	805
Total equity	-186	-239	90.5	128	181	677	805
Total liabilities and equity		286	397	467	551	1,111	1,504

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.5	-53.2	-250	-279	-187	-69.8	-31.5
Depreciation and amortization	34.3	40.1	45.9	51.9	51.1	56.1	72
Stock-based compensation	0.22	0.11	259	299	243	195	178
Deferred income tax		-0.1	-2.49	-2.71	0.02	-7.5	-4.6
Change in receivables	18.9	24.3	-1.16	-19.8	-64.1	-41.8	-77.2
Change in payables	22.2	4.44	-22.2	13.5	26.3	-28.6	-8.49
Cash from operations	30.6	35.5	44.3	78.5	90.5	134	199
Capital expenditures	-3.3	-2.25	-9.48	-22.2	-20.5	-25.7	-13.8
Acquisitions	-39		-20.1	-9.21	-18.2	-55.8	-90.3
Cash from investing	-61.7	-25.2	-46.8	-48.4	-54.2	-97.6	-124
Debt issued	24.5		183	5.63	11.3	209	6.25
Debt repaid				-5.63	-11.3	-6.25	-10
Stock issued			0.14	0.2	0.24	3.18	2.24
Cash from financing	28	2.78	55.7	-12.6	-25.7	198	-121
Exchange rate effect	-0.08	-0.21	-0.04
Net change in cash	-3.11	12.9	53.1	17.3	10.6	234	-46.4
Free cash flow	27.3	33.3	34.8	56.3	70	108	185
Interest paid	12.2	13.1	7	5.67	10.5	7.35	0.91
Income taxes paid	0.78	1.3	1.76	1.61	1.9	1.89	3.06

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.5%	Gross profit / revenue.
Operating margin	1.6%	Operating income / revenue.
EBITDA margin	6.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.6%	Pre-tax income / revenue.
Net margin	-0.1%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Return on equity (ROE)	-0.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.1%	Net income / average total assets.
Return on invested capital (ROIC)	2.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.4%	Research and development expense / revenue.
Stock-based pay / revenue	12.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	29.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	28.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	29.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	48.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	41.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	71.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	48.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	84.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	35.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	47.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	39.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	16.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	46.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.38x	Current assets / current liabilities.
Quick ratio	2.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.5%	Total debt / total assets.
Liabilities / assets	36.9%	Total liabilities / total assets.
Net debt	-$112.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.1x	Operating income / interest expense.
Working capital	$393.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$216.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	84.9x	Revenue / average property, plant and equipment.
Receivables turnover	4.80x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	6.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.12	Revenue / diluted weighted shares.
FCF per share	$0.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.94	Cash from operations / diluted weighted shares.
Book value per share	$3.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.84	Tangible book value / shares outstanding.
Cash per share	$1.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.39B	Share price x shares outstanding.
Enterprise value	$7.28B	Market cap + total debt - cash - short-term investments.
P/S	4.71x	Market cap / revenue.
P/B	7.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	34.2x	Market cap / tangible book value, when positive.
P/FCF	32.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.7x	Market cap / cash from operations, when positive.
EV/Sales	4.63x	Enterprise value / revenue.
EV/EBIT	295x	Enterprise value / operating income, when both are positive.
EV/EBITDA	67.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	-0.0%	Net income / market cap (the inverse of P/E).

What was Zeta Global Holdings Corp.'s revenue in fiscal 2025?

Zeta Global Holdings Corp. reported revenue of $1.30B for fiscal 2025, 29.7% higher than the year before.

Was Zeta Global Holdings Corp. profitable in fiscal 2025?

No. It reported a net loss of $31.5M.

How much free cash flow did Zeta Global Holdings Corp. generate in fiscal 2025?

Cash from operations of $198.9M minus capital expenditures of $13.8M left free cash flow of $185.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Zeta Global Holdings Corp.