Zeta Global Holdings
34 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.
Customers
Super-scaled customers (top ten customers)
concentrated in · more than one-third of our total revenuenamed as a riskIn 2025, our top ten customers accounted for more than one-third of our total revenue, and one customer accounted for more than 10% of our total revenue.Risk factors (Item 1A)
Super-scaled customers
concentrated in · 87% of our revenuenamed as a risk87% of our revenue for the year ended December 31, 2025 was derived from super-scaled customers, which we define as customers from which we have generated trailing-12-month revenue of at least $1,000,000.Business (Item 1)
Consumer & retail industry
earns from · 24%We work with some of the largest and most well-known enterprises across a wide spectrum of industry verticals including consumer & retail, travel and hospitality, insurance, telecommunications, and financial services, which contributed 24%, 11%, 11%, 10%, and 8% of our revenues for the year ended December 31, 2025 and 22%, 7%, 10%, 9%, and 8% of our revenues for the year ended December 31, 2024, respectively.Business (Item 1)
Marketing agencies (sequential liability)
earns fromnamed as a riskContracting with these agencies, which in some cases have or may develop higher-risk credit profiles, may subject us to greater credit risk than if we were to contract directly with the customer.Risk factors (Item 1A)
Suppliers
Third-party data suppliers
depends onnamed as a riskIf a substantial number of data suppliers were to withdraw or withhold their data from us, or if we had to terminate our ties with data suppliers either due to commercial or regulatory reasons, our ability to provide products to our customers could be materially adversely impacted, which could result in decreased revenues and operating results.Risk factors (Item 1A)
Partners and platforms
OpenAI
depends onnamed as a riskIn addition to our proprietary AI Technologies, we use AI Technologies licensed from third parties in our technologies, including under our partnership with OpenAI, and our ability to continue to use such technologies at the scale we need may be dependent on access to specific third-party software and infrastructure.Risk factors (Item 1A)
Also named by AMD, COMP, CRWV, HOOD, MRNA, MSFT, NVDA, NYT and 3 more
Inbox service providers
depends onnamed as a riskIf inbox service providers materially limit or halt the delivery of our customers’ emails, or if we fail to deliver our customers’ emails in a manner compatible with inbox service providers’ email handling or authentication technologies or other policies, or if the open rates of our customers’ emails are negatively impacted by the actions of inbox service providers to categorize emails, then customers may question the effectiveness of our platform and cancel their accounts.Risk factors (Item 1A)
Android and iOS
depends onnamed as a riskMobile devices using Android and iOS operating systems limit the ability of cookies, or similar technology, to track consumers while they are using applications other than their web browser on the device.Risk factors (Item 1A)
Social networking messaging services
depends onnamed as a riskChanges to the terms of these social networking services to limit promotional communications, any restrictions that would limit our ability or our customers’ ability to send communications through their services, disruptions or downtime experienced by these social networking services or decline in the use of or engagement with social networking services by our customers’ end consumers could materially and adversely affect our business, financial condition and operating results.Risk factors (Item 1A)
Amazon Web Services / Google Cloud / Microsoft Azure
depends onThe ZMP is hosted in the Zeta Hybrid Cloud, which is a unique pairing of a public cloud (AWS/Google/Azure) deployment and self-hosted private cloud (VMware/Docker/Kubernetes) resources designed to facilitate workload management in a cost-effective, performant and efficient manner.Business (Item 1)
Other companies
Bank of America, N.A.
depends on · $200.0 million outstandingnamed as a riskAs of the date hereof, we have $200.0 million outstanding under our loan and security agreement (“Senior Secured Credit Facility”) with Bank of America, N.A., dated August 30, 2024.Risk factors (Item 1A)
Term Loan variable interest rate
exposed to its price · $2.0 millionnamed as a riskBased upon the principal balance owed on our long-term borrowings as of December 31, 2025, a hypothetical one percentage point increase or decrease in the interest rate would increase or decrease our annual interest expense by $2.0 million.Market risk (Item 7A)
U.S. presidential and midterm election cycles
earns fromnamed as a riskOur political and advocacy customers are impacted by political cycles, leading us to generally experience higher revenues in presidential election years.Business (Item 1)
Marigold's Enterprise Business
named as a riskdifficulties in integrating the operations, technologies, product or service offerings, administrative systems and personnel of Marigold’s Enterprise Business or any other acquired businesses, especially if those businesses operate outside of our core competency or geographies in which we currently operate;Risk factors (Item 1A)
Places
Commodities and inputs
Regulators
Federal Trade Commission (FTC)
subject tonamed as a riskFuture FTC enforcement actions against marketing companies could result in more material impacts to us.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Digital Advertising Alliance (DAA)
subject tonamed as a riskIf we fail to keep up with or to properly implement such changes, we could become subject to regulatory investigations, fines and legally-mandated corrective actions.Risk factors (Item 1A)
Laws and programs
General Data Protection Regulation (GDPR)
subject to · up to €20 million / £17.5 million or 4% of the annual global revenuesnamed as a riskThese requirements have served as barriers to the expansion of Zeta’s business in these markets; Zeta has created solutions which can be configured to address these requirements, but has not been able in some cases to achieve sufficient scale of data collection to create compelling business cases for customers in these markets.Business (Item 1)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
EU Artificial Intelligence Act
subject to · up to 7% of worldwide annual turnovernamed as a riskOnce fully applicable, the EU AI Act and the EU Product Liability Directive will have a material impact on the way AI is regulated in the EU, and together with developing guidance and/or decisions in this area, likely to affect our use of AI and our ability to provide and to improve our services, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us, and could adversely affect our business, operations and financial condition.Risk factors (Item 1A)
Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskThese laws and their requirements could have a material adverse effect on our financial performance, and any liability from failure to comply with the requirements of these laws could adversely affect our financial condition.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
Telephone Consumer Protection Act (TCPA)
subject tonamed as a riskAs such, the actual or perceived improper calling of customer phones or sending of text messages may subject us to potential risks, including liabilities or claims relating to the TCPA.Risk factors (Item 1A)
Also named by ADP, AFL, BBW, CART, COMP, CRM, CSGP, FCFS and 9 more
Section 230 of the Communications Decency Act
subject tonamed as a riskLawmakers also have proposed new laws and regulations, and modifications to existing laws and regulations, that affect the activities of technology companies such as the recent efforts to eliminate or modify Section 230 of the Communications Decency Act.Risk factors (Item 1A)
Also named by APP, DOCN, EBAY, GOOG, META, PPLI, RBLX, RDDT and 1 more
Digital Operational Resilience Act (DORA)
subject tonamed as a riskConsequently, we have an increased compliance burden in this regard, which may require additional resources and incur costs, and non-compliance may result in breach of contract claims and possible loss of business from certain DORA regulated customers.Risk factors (Item 1A)
EU ePrivacy Directive
subject tonamed as a riskThe GDPR, ePrivacy Directive (and its local implementations) and PECR impose conditions on obtaining valid consent for cookies, such as a prohibition on pre-checked consents and a requirement to ensure separate consents are sought for each type of cookie or similar technology.Risk factors (Item 1A)
CAN-SPAM Act
subject tonamed as a riskOur communications with consumers are also subject to certain laws and regulations, including the Controlling the Assault of Non-Solicited Pornography and Marketing (“CAN-SPAM”) Act, the Telephone Consumer Protection Act (the “TCPA”), and the Telemarketing Sales Rule and analogous state laws, that could expose us to significant damages awards, fines and other penalties that could materially impact our business.Risk factors (Item 1A)
Colorado Artificial Intelligence Act
subject tonamed as a riskIn addition, Colorado’s Artificial Intelligence Act will require developers and deployers of “high-risk” AI systems to implement certain safeguards against algorithmic discrimination (among other requirements), and the Texas Responsible Artificial Intelligence Governance Act prohibits the development and deployment of AI systems for certain purposes while establishing a regulatory sandbox.Risk factors (Item 1A)
California Delete Act
subject tonamed as a riskThe impacts of this law will not be fully known until late 2026, but it could potentially decrease our ability to reach California consumers.Risk factors (Item 1A)
Also named by MGNI
Canada's Anti-Spam Legislation (CASL)
subject tonamed as a riskFor example, Canada’s Anti-Spam Legislation (“CASL”) prohibits email marketing without the recipient’s consent, with limited exceptions.Risk factors (Item 1A)
Also named by KVYO
Delete Request and Opt-Out Platform (DROP)
subject tonamed as a riskNew requirements relating to automated, browser-based, or one-stop opt-out mechanisms (“OOMs”) such as the Global Privacy Control, the Delete Request and Opt-Out Platform (“DROP”) established under the California Delete Act, or other OOMs that will be established in the future may result in significantly larger numbers of consumers opting out of having their data used for marketing purposes versus historical averages.Risk factors (Item 1A)
California Invasion of Privacy Act
subject tonamed as a riskLitigation targeting standard commercial online marketing practices under such laws and other state or federal wiretapping, video privacy, or invasion of privacy statutes has proliferated since 2024, and is expected to continue through 2026.Risk factors (Item 1A)
PIPEDA
subject tonamed as a riskFailure to comply with PIPEDA or other Canadian provincial privacy or data protection laws could result in significant fines and penalties or possible damage awards.Risk factors (Item 1A)
Technology
Third-party cookies
depends onnamed as a riskProviders of major browsers could change, eliminate or restrict the usage of third-party cookies to track user behaviors, and allow users to limit the collection of certain data generally or from specified websites, which could impair our ability to collect user information, including personal data and usage information, that helps us provide more targeted advertising to our current and prospective consumers.Risk factors (Item 1A)