November 25, 2025 — Leads & Copy — Zeta Global has updated its financial outlook for 2025 and 2026 following the acquisition of Marigold’s enterprise software business.
The acquisition, valued at $325 million, includes Marigold Loyalty, Cheetah Digital, Selligent, Sailthru, Liveclicker, and Grow. Zeta Global expects the acquisition to expand its global presence and strengthen the Zeta Marketing Platform’s capabilities in loyalty, omnichannel engagement, and personalization.
Zeta Global (NYSE: ZETA) projects the inclusion of Marigold will increase penetration among Fortune 500 brands and subscription revenue streams.
According to David A. Steinberg, Co-Founder, Chairman, and CEO of Zeta Global, the combination of Marigold’s enterprise loyalty capabilities with Zeta’s AI and data-driven platform will unlock greater value for clients, increasing ROI from 6x to more than 10x over time.
Zeta acquired Marigold’s enterprise software business for aggregate consideration of up to $325 million, subject to customary adjustments. The transaction proceeds consist of (i) $100 million of cash and 5,329,070 newly issued shares of Class A common stock of Zeta, par value $0.001 per share (“Zeta Stock”), delivered at the Closing and (ii) seller notes (the “Seller Notes”) that are payable within three months of Closing for an aggregate amount equal to up to $125 million (up to $50 million of which will be paid in cash, with the remaining $75 million paid, at Zeta’s election, in cash or newly issued shares of Zeta Stock).
For the fourth quarter of 2025, Zeta Global is increasing revenue guidance to a range of $378.8 million to $381.8 million, including $15.8 million from Marigold. The revised guidance represents a year-over-year growth rate of 20% to 21%, or 23% to 24% excluding political candidate, LiveIntent, and Marigold revenue. Adjusted EBITDA guidance is increased to a range of $90.7 million to $91.5 million, representing a year-over-year growth rate of 29% to 30% and an adjusted EBITDA margin of 23.8% to 24.2%. Free cash flow guidance remains at $48.5 million.
For the full year 2025, the company is raising revenue guidance to a range of $1,289 million to $1,292 million, including $15.8 million from Marigold. This represents a year-over-year growth rate of 28%, or 26% excluding political candidate, LiveIntent, and Marigold revenue. Adjusted EBITDA is increased to a range of $274.2 million to $275.1 million, representing a year-over-year growth rate of 42% to 43% and an adjusted EBITDA margin of 21.2% to 21.3%. Free cash flow guidance remains in the range of $156.9 million to $157.9 million.
For the first quarter of 2026, Zeta Global is increasing revenue guidance to $362.0 million, including $47.5 million from Marigold. This represents a year-over-year growth rate of 37%. Adjusted EBITDA guidance is increased to $60.0 million, representing a year-over-year growth rate of 28% and an adjusted EBITDA margin of 16.6%.
For the full year 2026, the company is raising revenue guidance to at least $1,730 million, including at least $190 million from Marigold. This represents a year-over-year growth rate of 34%, or 20% excluding political candidate and Marigold revenue. Adjusted EBITDA is increased to $385.4 million, representing a year-over-year growth rate of 40% and an adjusted EBITDA margin of 22.3%. Free cash flow guidance is increased to $224.0 million.
Zeta Global, founded in 2007, is an AI Marketing Cloud company headquartered in New York City.
*This press release does not include a reconciliation of forward-looking adjusted EBITDA, adjusted EBITDA margin, free cash flow, and free cash flow margin to forward-looking GAAP net income (loss), net income (loss) margin, net cash provided by operating activities, or net cash provided by operating activities margin, respectively, because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.
Source: Zeta Global
