0001193125-26-453558
SEC filingZeta第三季营收4.93亿美元同比增46%，GAAP净利转正并上调全年指引，AI平台Athena驱动增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $492.7 million | $337.2 million | +46% |
| Gross Margin | — | — | — |
| Operating Income | $45.9 million | $8.8 million | — |
| Net Income | $38.3 million | $(3.6) million | — |
| Diluted EPS (GAAP) | $0.14 | $(0.02) | — |
| Non-GAAP Net Income | $102.9 million | $61.5 million | — |
| Non-GAAP EPS | $0.38 | $0.24 | — |
| Adjusted EBITDA | $121.0 million | $78.1 million | — |
| Adjusted EBITDA Margin | 24.6% | 23.2% | +140 bps |
| Operating Cash Flow | $91.3 million | $57.9 million | +58% |
| Free Cash Flow | $81.5 million | $47.1 million | +73% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Revenue | $521 million to $525 million | N/A |
| Q4 2026 | Adjusted EBITDA | $135.2 million to $136.3 million | Non-GAAP |
| FY2026 | Revenue | $1,853 million to $1,857 million | N/A |
| FY2026 | Adjusted EBITDA | $414.1 million to $415.2 million | Non-GAAP |
| FY2026 | Free Cash Flow | $270.6 million to $271.6 million | Non-GAAP |
| FY2026 | GAAP EPS | $0.22 to $0.24 | GAAP |
第三季营收$492.7 million，同比增46%；剔除Marigold Enterprise Business（$48.0 million）与政治候选人收入（$7.4 million）后同比增30%，较上季剔除Marigold后的28%加速。增长由Athena采用与使用提升驱动，Super-Scaled客户数212家（同比+18%）、ARPU $2.0 million（同比+22%）均较上季加速并超前2028模型。利润率方面，GAAP经营利润$45.9 million、经营利润率约9.3%，净利$38.3 million转正；调整后EBITDA $121.0 million、利润率24.6%（同比+140 bps），叠加46%营收增速构成“Rule of 71”。Non-GAAP净利$102.9 million、EPS $0.38，主要加回股权激励$50.0 million与收购无形资产摊销$13.6 million。
现金流与资产负债：经营现金流$91.3 million（同比+58%）、自由现金流$81.5 million（同比+73%），FCF利润率16.5%；期末现金$340.1 million，长期借款$243.9 million。管理层上调全年指引：营收中值$1,855 million（+$37 million，同比+42%）、调整后EBITDA中值$414.65 million、FCF中值$271.1 million、GAAP EPS $0.22–0.24（中值较原指引+$0.13），并称指引不含潜在一次性非现金税收利益（估值备抵释放）。Q4营收指引$521–525 million（同比+32%–33%，剔除M&A与政治候选人收入后+22%–24%）。需注意政治候选人收入波动、并购整合及AI/数据隐私监管风险；本季无分红或回购授权披露。