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Katie Keezer

Research Analyst at Morgan Stanley

Katie Keezer's questions to Zeta Global Holdings (ZETA) leadership

Question · Q4 2025

Katie Keezer asked for an update on the political and advocacy side of the business, specifically what Zeta is observing in early 2026 regarding advocacy, how political spend is phased in guidance, and what scenario would cause the political candidate revenue assumption to prove conservative.

Answer

Chris Greiner, CFO, noted that political candidate revenue was $40 million in 2024, and the $15 million assumption for 2026 (split $7M in Q3, $8M in Q4) is likely conservative. He highlighted that advocacy is an always-on industry for Zeta, with new hires made in 2025 to build momentum. David Steinberg, Co-founder, Chairman, and CEO, added that there could be upside to the political revenue guidance.

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