- ZETA Q1 2026 revenue hit $396M, up 50% YoY — 19th consecutive beat-and-raise quarter.
- Snowflake OSI integration drove a 4% single-session gain to $17.60 on May 16.
- Consensus price target of $28.33 implies 64% upside; stock sits 38% below that.
Adj. EBITDA +42% YoY: $66M
Price vs. Consensus: –38%
Super-Scaled Clients +19% YoY: 189
Zeta Global joined Snowflake’s Open Semantic Exchange on May 16. The market gave it a 4% pop to $17.60 — the highest close since early May. Volume printed 6.9 million shares, slightly below the 90-day average of 8 million, so conviction was present but not overwhelming.
The OSI framework standardizes data definitions across a vendor-agnostic semantic layer. For Zeta, whose core product is an AI-driven marketing cloud built on first-party data intelligence, plugging into a universal data infrastructure directly extends its addressable pipeline. This is not a vanity partnership. Athena, Zeta’s AI platform, just closed its largest contract to date. OSI expands the surface area for that product to operate inside enterprise data stacks already anchored to Snowflake.
The JPMorgan Global TMC Conference appearance on May 19 added a secondary bid. Institutional roadshow visibility at a tier-one bank event matters at this market cap level, particularly when the stock is still trading well off its prior highs.
The numbers from April 30 are not ambiguous. Revenue of $396 million grew 50% year-over-year. Adjusted EBITDA reached $66 million, up 42%. Operating cash flow came in at $50 million, up 43%. Nine of ten target verticals posted growth. The Marigold acquisition outperformed initial projections. This is a company firing on every operational cylinder simultaneously.
Super-scaled clients — the highest-tier cohort — grew 19% YoY to 189, extending sequential expansion to six straight quarters. ARPU within that segment climbed 21% YoY to $1.7 million. That combination of cohort growth and per-client monetization is where durable revenue compounding lives.
Management raised full-year revenue guidance by $30 million, setting the midpoint at $1.785 billion. RBC Capital, which lifted its price target from $27 to $29 on May 1, considers that guidance conservative given Athena’s early traction. The 2028 targets — $2.3 billion in revenue, $573 million in adjusted EBITDA, $371 million in free cash flow — are ambitious but not disconnected from the current growth trajectory. B. Riley, KeyCorp, Goldman Sachs, and Needham (Buy, $25 target) all maintain constructive ratings. Consensus sits at $28.33.
Technically, the stock is caught between $14.60 support and $19.40 resistance. It has not reclaimed its 50-day EMA or cleared the 50% Fibonacci retracement. A clean close above $19.40 opens the path to $25. Below $14.60, the thesis gets stress-tested.
Zeta’s fundamentals are not the problem. Nineteen consecutive beat-and-raise quarters, 50% revenue growth, and an AI platform securing record contracts paint a clear picture of execution. The gap between $17.60 and the $28.33 consensus is not a valuation puzzle — it reflects macro sentiment and a stock that has been de-rated alongside broader tech multiple compression. The Snowflake OSI deal is a product-level win that extends Zeta’s data moat inside enterprise infrastructure. Guidance at $1.785 billion for fiscal 2026 is likely the floor, not the ceiling. The risk is that $19.40 resistance holds and the stock grinds sideways despite the fundamental case.
Watch Item: ZETA’s presentation at the JPMorgan Global TMC Conference on May 19 — any forward commentary on Athena contract pipeline or OSI adoption velocity will be the next near-term price driver.
Disclaimer: This post is for informational purposes only and does not constitute investment advice. All investment decisions and their outcomes are solely the responsibility of the reader.