Shutterstock Inc (SSTK)

FedEx Freight Holding Company Set to Join S&P 500; EPAM Systems and Dave to Join S&P SmallCap 600May 27, 2026 6:30 PM
PR Newswire (US) NEW YORK, May 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600:  FedEx Freight Holding Company (NYSE: FDXF) will replace EPAM Systems Inc. (NYSE: EPAM) in the S&P 500, and EPAM Systems will replace Shutterstock Inc. (NYSE: SSTK) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 2. S&P 500 & 100 constituent FedEx Corp. (NYSE:FDX) is spinning off FedExFreight Holding in a transaction expected to be completed June 1. Post spin-off, the parent FedEx will remain in the S&P 500 and 100. EPAM Systems is more representative of the small-cap market space. Shutterstock is anticipated to be acquired in a deal that is expected to close soon.Dave Inc. (NASD: DAVE) will replace American Woodmark Corp. (NASD: AMWD) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, June 1. S&P SmallCap 600 constituent MasterBrand Inc. (NYSE: MBC) is acquiring American Woodmark in a deal expected to close May 29, pending final closing conditions.Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name       ActionCompany NameTickerGICS SectorJune 1, 2026S&P SmallCap 600AdditionDaveDAVEFinancialsJune 1, 2026S&P SmallCap 600DeletionAmerican WoodmarkAMWDIndustrialsJune 1, 2026S&P 500AdditionFedEx FreightFDXFIndustrialsJune 2, 2026S&P 500DeletionEPAM Systems EPAMInformation TechnologiesJune 2, 2026S&P SmallCap 600AdditionEPAM SystemsEPAMInformation TechnologiesJune 2, 2026S&P SmallCap 600DeletionShutterStockSSTKCommunication ServicesABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
index_services@spglobal.com Media Inquiries
spdji.comms@spglobal.com  View original content:https://www.prnewswire.com/news-releases/fedex-freight-holding-company-set-to-join-sp-500-epam-systems-and-dave-to-join-sp-smallcap-600-302783723.htmlSOURCE S&P Dow Jones Indices Original: FedEx Freight Holding Company Set to Join S&P 500; EPAM Systems and Dave to Join S&P SmallCap 600

Shutterstock Reports First Quarter 2026 Financial ResultsApril 28, 2026 7:02 AM
PR Newswire (US)

NEW YORK, April 28, 2026 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the first quarter ended March 31, 2026.







Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "During the first quarter, we maintained a strong focus on operational discipline and cost management, delivering $43 million in Adjusted EBITDA in the face of ongoing industry headwinds. While first quarter revenue was impacted by a slower start in our Content business than expected and the timing of revenue recognition associated with data licensing deals, we continue to invest in areas that will drive long-term growth and remain committed to simplifying our product offerings to better meet our customers' needs."He continued, "We remain highly confident in the long-term trajectory of our Data Licensing and AI Services division. With a robust pipeline of major opportunities currently in progress, we are making the necessary investments today to expand our commercial execution and position Shutterstock as the premier, go-to provider for end-to-end AI model training data and adjacent services."With regards to the pending merger with Getty Images, Mr. Hennessy said, "Like Getty Images, we disagree with the CMA's most recent assessment and do not believe the merger would substantially lessen competition in Editorial content in the UK.  We remain confident in the merits of the merger and will continue working closely with Getty Images and the CMA toward closing."MERGER AGREEMENT UPDATE WITH GETTY IMAGESThe Company has been working diligently towards regulator Merger approval.On February 23, 2026, the Company announced the DOJ had concluded its review of the Merger and the applicable waiting period under the Hart-Scott-Rodino Antitrust ("HSR") Act had expired, without conditions. As a result, the Merger condition under the HSR Act has been satisfied.On February 19, 2026, the Company announced that the U.K. Competition and Markets Authority ("CMA") issued its Interim Report and provisionally concluded the Merger is not expected to result in competition issues in the global stock content market, but that the Merger may result in a "substantial lessening of competition" ("SLC") in the U.K. editorial market; andOn April 16, 2026, the CMA published the summary of its Interim Report on Remedies ("IRR"), following its interim report of February 19, 2026 which provisionally found that the Merger could be expected to lead to an SLC in the supply of editorial content in the U.K. The IRR states that the remedy proposal offered by Getty Images was unlikely to address the provisional SLC it had identified but that a sale of Shutterstock's Rex Features, Backgrid and Splash News businesses would likely be acceptable. The CMA is now further consulting on that proposition including its view that Rex Features Backgrid and Splash News could be sold to different buyers. The statutory deadline for the CMA to publish its final report is June 14, 2026. The Company remains committed to the proposed Merger and will continue to engage with the CMA, including on its provisional SLC finding, and work with Getty Images to expeditiously secure the necessary clearances on its Editorial business.In 2025, global Editorial revenue was $32.7 million, of which $11.7 million related to our Rex Features related content and Shutterstock brands and $21.0 million was from our Backgrid and Splash branded content. In addition, our 2025 Editorial revenue for customers in the U.K. was $10.6 million, of which $5.4 million related to our Rex Features and Shutterstock brands and $5.2 million was from our Backgrid and Splash branded content.First Quarter 2026 highlights as compared to First Quarter 2025:     Financial HighlightsRevenues were $199.2 million compared to $242.6 million.Net loss was $47.6 million compared to net income of $18.7 million.Net loss per diluted common share was $1.34 compared to net income per diluted common share of $0.53.Adjusted net income was $20.7 million compared to $36.3 million.Adjusted net income per diluted common share was $0.58 compared to $1.03.Adjusted EBITDA was $42.7 million compared to $63.4 million.FIRST QUARTER RESULTSRevenue First quarter revenue of $199.2 million decreased by $43.5 million or 18% as compared to the first quarter of 2025.Revenue from our Content product offering decreased by $24.8 million, or 12%, as compared to the first quarter of 2025, to $178.1 million. The reduction in our Content revenue was driven primarily by weakness in new customer acquisition. Content revenue represented 89% of our total revenue in the first quarter of 2026.Revenue generated from our Data, Distribution, and Services product offering decreased by $18.7 million, or 47%, as compared to the first quarter of 2025, to $21.0 million, and represented 11% of first quarter revenue in 2026. Revenue recognition in our data offering may vary from quarter-to-quarter based on the delivery timing of metadata licenses.Net income and net income per diluted common shareNet income decreased by $66.3 million to a net loss of $47.6 million in the first quarter of 2026, compared to net income of $18.7 million for the first quarter of 2025. Net loss per diluted common share was $1.34, as compared to net income per diluted common share of $0.53 for the same period in 2025. These increased losses were attributable to the decline in revenue with operating costs not declining at a similar rate, $15.3 million of unrealized losses related to our investment in Meitu, Inc, $28.0 million of legal contingency expenses and $6.1 million of workforce optimizations expenses.Adjusted net income and adjusted net income per diluted common shareAdjusted net income of $20.7 million in the first quarter of 2026 decreased by $15.6 million, compared to adjusted net income of $36.3 million for the first quarter of 2025, primarily due to the decline in revenue.Adjusted net income per diluted common share was $0.58 as compared to $1.03 for the first quarter of 2025.Adjusted EBITDAAdjusted EBITDA of $42.7 million for the first quarter of 2026 decreased by $20.7 million, or 33%, as compared to the first quarter of 2025, primarily due to the decline in revenue.Net loss margin of 23.9% for the first quarter of 2026 decreased by 31.6%, as compared to net income margin of 7.7% in the first quarter of 2025. The adjusted EBITDA margin of 21.4% for the first quarter of 2026 decreased by 4.7%, as compared to 26.1% in the first quarter of 2025.FIRST QUARTER LIQUIDITY Our cash and cash equivalents decreased by $15.7 million to $162.5 million at March 31, 2026, as compared with $178.2 million as of December 31, 2025. This decrease was driven by $17.4 million of net cash provided by our operating activities, partially offset by $20.0 million of net cash used in financing activities and $11.1 million of net cash used in investing activities.Net cash provided by our operating activities was driven by our operating income and changes in the timing of cash collections from our customers and payments pertaining to operating expenses, offset by payments of year-end bonuses and commissions. In addition, cash flows for the three months ended March 31, 2026 were unfavorably impacted by $7.2 million of expenses related to the Getty Images proposed merger.Cash used in investing activities for the three months ended March 31, 2026 consisted of $11.8 million related to capital expenditures and content acquisition, partially offset by $0.4 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller.Cash used in financing activities for the three months ended March 31, 2026 consisted of $12.8 million related to the payment of the quarterly cash dividend, $6.4 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and $0.8 million used for the repayment of our credit facility.Adjusted free cash flow was $13.1 million for the first quarter of 2026, an decrease of $10.3 million from the first quarter of 2025.QUARTERLY CASH DIVIDENDDuring the three months ended March 31, 2026, the Company declared and paid a cash dividend of $0.36 per common share or $12.8 million.On April 20, 2026, the Board of Directors declared a dividend of $0.36 per share of outstanding common stock, payable on June 18, 2026 to stockholders of record at the close of business on June 4, 2026.KEY OPERATING METRICS

Three Months Ended March 31,

2026
2025


Subscribers (end of period)(1)
993,000
1,079,000Subscriber revenue (in millions)(2)
$          103.8
$          109.9




Average revenue per customer (last twelve months)(3)
$             284
$             244Paid downloads (in millions)(4)
104.1
120.9

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 22, 2024.(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. (4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.NON-GAAP FINANCIAL MEASURESTo supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow.Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, impairment loss on long-term investment, impairment of lease assets, unrealized losses / gains on investments, legal contingencies, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), impairment loss on long-term investment, impairment of lease assets, legal contingencies Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy, and cash paid for costs related to the Getty Images merger.The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the "CMA") and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense - non-recurring is not considered an ongoing expense necessary to operate the Company's business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share. For the three months ended March 31, 2026, the Company also incurred $3.3 million of Giphy Retention Compensation expense related to recurring employee costs, which is included in operating expenses, and are not included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company's ongoing business operations and provides them with the same measures that management uses as the basis for making resource allocation decisions.Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings, adjusted free cash flow), and each measure's most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.Previously Announced Merger Agreement with Getty ImagesOn January 7, 2025, Shutterstock announced that it entered into a merger agreement with Getty Images to combine in a merger of equals transaction, creating a premier visual content company. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. As previously announced, a majority of Shutterstock stockholders approved the adoption of the merger agreement at a special meeting of stockholders held on June 10, 2025.As previously communicated, in light of the pending transaction with Getty Images, Shutterstock will not be hosting a conference call or providing financial guidance in conjunction with its first quarter 2026 results.For additional information associated with the transaction, please see the Company's filings from time to time with the Securities and Exchange Commission.ABOUT SHUTTERSTOCK Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock is home to the world's largest and most diverse collection of high-quality licensable assets, data and AI solutions, advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.FORWARD-LOOKING STATEMENTSThe statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our ability to offer premier Data Licensing and AI Services, our competitive position, our ability to obtain applicable regulatory approvals on a timely basis or otherwise for the proposed transaction with Getty Images, our ability to satisfy the other closing conditions of the proposed transaction with Getty Images, on a timely basis or otherwise,  and the expected timing and completion of the proposed transaction with Getty Images. Important factors that could cause actual results to differ materially from the forward-looking statements include, among other things: risks and uncertainties associated with our proposed transaction with Getty Images and those risks discussed under the section captioned "Risk Factors" in Shutterstock's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.Shutterstock, Inc.Consolidated Statements of Operations(In thousands, except for per share data)(unaudited)


Three Months Ended March 31,

2026
2025Revenue
$      199,170
$      242,620




Operating expenses:



Cost of revenue
94,788
100,888Sales and marketing
48,346
53,359Product development
19,405
19,865General and administrative
67,585
58,307Total operating expenses
230,124
232,419(Loss) / income from operations
(30,954)
10,201Interest expense
(3,760)
(4,298)Other (expense) / income, net
(14,661)
14,515(Loss) / income before income taxes
(49,375)
20,418(Benefit) / provision for income taxes
(1,806)
1,730Net (loss) / income
$       (47,569)
$        18,688




(Losses) / earnings per share:



Basic
$           (1.34)
$            0.54Diluted
$           (1.34)
$            0.53




Weighted average common shares outstanding:



Basic
35,543
34,890Diluted
35,543
35,322 Shutterstock, Inc.Consolidated Balance Sheets(In thousands, except par value amount)(unaudited)


March 31, 2026
December 31, 2025ASSETS



Current assets:



Cash and cash equivalents
$          162,518
$          178,244Accounts receivable, net of allowance of $3,547 and $3,431
103,362
112,626Prepaid expenses and other current assets
55,366
47,769Total current assets
321,246
338,639Property and equipment, net
61,968
62,553Right-of-use assets
9,003
9,770Intangible assets, net
203,879
215,673Goodwill
574,169
574,614Deferred tax assets, net
68,185
61,289Other assets
72,748
93,398Total assets
$       1,311,198
$       1,355,936




LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:



Accounts payable
$            13,532
$           13,898Accrued expenses
103,626
129,952Contributor royalties payable
95,375
94,163Deferred revenue
208,661
212,984Debt
158,111
158,110Other current liabilities
49,790
19,295Total current liabilities
629,095
628,402Deferred tax liability, net
617
1,134Long-term debt
115,898
116,639Lease liabilities
15,338
17,247Other non-current liabilities
18,172
11,476Total liabilities
779,120
774,898Commitments and contingencies



Stockholders' equity:



Common stock, $0.01 par value; 200,000 shares authorized; 41,076 and 41,049 shares
issued and 35,555 and 35,528 shares outstanding as of March 31, 2026 and December 31,
2025, respectively
410
410Treasury stock, at cost; 5,521 shares as of March 31, 2026 and December 31, 2025
(269,804)
(269,804)Additional paid-in capital
533,004
520,018Accumulated other comprehensive loss
(6,349)
(4,754)Retained earnings
274,817
335,168Total stockholders' equity
532,078
581,038Total liabilities and stockholders' equity
$       1,311,198
$       1,355,936 Shutterstock, Inc.Consolidated Statements of Cash Flows(In thousands, except par value amount)(unaudited)


Three Months EndedMarch 31,

2026
2025CASH FLOWS FROM OPERATING ACTIVITIES



Net (loss) / income
$       (47,569)
$        18,688Adjustments to reconcile net income to net cash provided by operating activities:



Depreciation and amortization
22,704
22,671Deferred taxes
(7,342)
(7,772)Non-cash equity-based compensation
13,372
17,884Legal contingencies
28,000
—Bad debt expense
105
593Unrealized loss / (gain) on investments, net
15,305
(13,260)Changes in operating assets and liabilities:



Accounts receivable
8,966
(16,618)Prepaid expenses and other current and non-current assets
5,351
17,982Accounts payable and other current and non-current liabilities
(19,414)
(17,264)Contributor royalties payable
1,625
3,379Deferred revenue
(3,733)
(1,036)Net cash provided by operating activities
$         17,370
$        25,247




CASH FLOWS FROM INVESTING ACTIVITIES



Capital expenditures
(11,595)
(10,808)Cash received related to Giphy Retention Compensation
368
492Acquisition of content
(191)
(897)Security deposit (release) / payment
272
(21)Net cash used in investing activities
$       (11,146)
$       (11,234)




CASH FLOWS FROM FINANCING ACTIVITIES



Cash paid related to settlement of employee taxes related to RSU vesting
(6,387)
(3,539)Payment of cash dividends
(12,782)
(11,501)Repayment of credit facility
(781)
(781)Net cash used in financing activities
$       (19,950)
$      (15,821)




Effect of foreign exchange rate changes on cash
(2,000)
2,788Net (decrease) / increase in cash and cash equivalents
(15,726)
980




Cash and cash equivalents, beginning of period
178,244
111,251Cash and cash equivalents, end of period
$       162,518
$      112,231




Supplemental Disclosure of Cash Information:



Cash paid / (received) for income taxes
$              744
$           (604)Cash paid for interest
3,770
4,359Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Three Months Ended March 31,

2026
2025Net (loss) / income
$        (47,569)
$        18,688Add / (less) Non-GAAP adjustments:



  Non-cash equity-based compensation
13,372
17,884  Tax effect of non-cash equity-based compensation (1)
(3,142)
(4,203)  Acquisition-related amortization expense (2)
9,599
9,697  Tax effect of acquisition-related amortization expense (1)
(2,256)
(2,279)  Legal contingencies
28,000
—  Giphy Retention Compensation Expense - non-recurring
649
566  Tax effect of Giphy Retention Compensation Expense - non-recurring(1)
(153)
(133)  Merger related costs
2,855
11,861  Tax effect of Merger related costs(1)
(642)
(2,669)  Other(3)
21,385
(13,080)  Tax effect of other(1)
(1,368)
(41)Adjusted net income
$         20,730
$        36,291




Net (loss) / income per diluted common share
$            (1.34)
$            0.53Adjusted net income per diluted common share
$             0.58
$            1.03




Weighted average diluted shares
35,543
35,322

(1) Statutory tax rates are used to calculate the tax effect of the adjustments.(2) Of these amounts, $8.9 million and $9.0 million are included in cost of revenue for the three months ended March 31, 2026 and 2025, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.(3) Other consists of unrealized gains and losses on investments and severance costs associated with strategic workforce optimizations. 

Three Months Ended March 31,

2026
2025Net (loss) / income
$         (47,569)
$          18,688Add / (less) Non-GAAP adjustments:



  Interest expense
3,760
4,298  Interest income
(801)
(935)  Provision for income taxes
(1,806)
1,730  Depreciation and amortization
22,704
22,671  EBITDA
$         (23,712)
$          46,452




  Non-cash equity-based compensation
13,372
17,884  Giphy Retention Compensation Expense - non-recurring
649
566  Merger related costs
2,855
11,861  Foreign currency loss / (gain)
157
(320)  Unrealized loss / (gain) on investment
15,305
(13,260)  Legal contingencies
28,000
—  Workforce optimization - severance
6,080
180Adjusted EBITDA
$          42,706
$          63,363




Revenue
$        199,170
$        242,620Net (loss) /  income margin
(23.9) %
7.7 %Adjusted EBITDA margin
21.4 %
26.1 %


Three Months Ended March 31,

2026
2025Reported revenue (in thousands)
$        199,170
$        242,620




Revenue (decline) /growth
(18) %
13 %Revenue (decline) / growth on a constant currency basis
(19) %
14 %




Content reported revenue (in thousands)
$        178,126
$        202,888Content revenue (decline) / growth
(12) %
17 %Content revenue (decline) / growth on a constant currency basis
(14) %
17 %




Data, Distribution, and Services reported revenue (in thousands)
$          21,044
$          39,732Data, Distribution, and Services revenue growth / (decline)
(47) %
(2) %Data, Distribution, and Services revenue growth / (decline) on a constant currency basis
(47) %
(2) %


Three Months Ended March 31,

2026
2025Cash flow information:



Net cash provided by operating activities
$          17,370
$          25,247Net cash used in investing activities
$         (11,146)
$         (11,234)Net cash used in financing activities
$         (19,950)
$         (15,821)




Adjusted free cash flow:



Net cash provided by operating activities
$          17,370
$          25,247Capital expenditures
(11,595)
(10,808)Content acquisitions
(191)
(897)Cash received related to Giphy Retention Compensation
368
492Merger related costs
7,180
9,350Adjusted Free Cash Flow
$          13,132
$          23,384


Three Months Ended March 31,

2026
2025Content
$        178,126
$        202,888Data, Distribution, and Services
$          21,044
$          39,732Total revenue
$        199,170
$        242,620




Change in total deferred revenue
$           (4,323)
$               753Total billings
$        194,847
$        243,373 Shutterstock, Inc.Supplemental Financial Data(unaudited)
Historical Operating Metrics


Three Months Ended

3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/245
9/30/245
6/30/24
















Subscribers (end of period, in thousands) (1)
993
1,032
1,060
1,073
1,079
1,088
1,105
490Subscriber revenue (in millions) (2)
$  103.8
$  104.7
$  107.2
$  108.0
$   109.9
$  107.7
$  113.1
$   80.3
















Average revenue per customer (last twelve months) (3)
$     284
$     281
$     279
$     266
$      244
$     255
$    254
$    434Paid downloads (in millions) (4)
104.1
107.9
111.7
112.6
120.9
125.8
112.3
33.4

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 22, 2024.(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. (4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period. Equity-Based Compensation by expense category


Three Months Ended($ in thousands)
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
















Cost of revenue
$      183
$      558
$      528
$      532
$      396
$      505
$      443
$      300Sales and marketing
2,112
2,287
2,098
2,559
2,255
2,627
3,226
3,167Product development
3,078
3,218
3,370
3,529
2,912
2,722
2,745
4,171General and administrative
7,999
8,542
6,966
9,005
12,321
9,256
8,680
7,338Total non-cash equity-based compensation
$ 13,372
$ 14,605
$ 12,962
$ 15,625
$ 17,884
$ 15,110
$ 15,094
$ 14,976 Depreciation and Amortization by expense category


Three Months Ended($ in thousands)
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
















Cost of revenue
$ 20,898
$ 21,010
$ 21,028
$ 20,804
$ 20,742
$ 21,191
$ 19,653
$ 20,087General and administrative
1,806
1,725
1,849
1,807
1,929
2,096
1,991
1,346Total depreciation and amortization
$ 22,704
$ 22,735
$ 22,877
$ 22,611
$ 22,671
$ 23,287
$ 21,644
$ 21,433 



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Original: Shutterstock Reports First Quarter 2026 Financial Results

Shutterstock Announces Major Expansion of Licensed Training Datasets to Power the Next Generation of Generative AIMarch 19, 2026 9:30 AM
PR Newswire (US)

NEW YORK, March 19, 2026 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced that it is accelerating the future of generative AI with a major expansion of its training datasets. This expansion provides developers, researchers, and enterprise partners with unprecedented access to multimodal data high-quality licensed content for the full model training lifecycle, marking the next phase in Shutterstock's rapidly growing data licensing business.







A Strategic AI Data Licensing Partner to Global Technology Leaders"Generative AI models are not static; they must be continuously trained and refined to remain relevant, competitive, and accurate," said Daniel Mandell, Senior Vice President of Data Licensing and AI at Shutterstock. "While compute power often dominates headlines, it is high-quality, diverse, and rights-cleared data that fuels a model's ability to evolve and perform in a rapidly changing world. A continuous flow of fresh data has become as essential to AI infrastructure and ongoing retraining pipelines as compute power itself."Already recognized for its extensive library of images, video, audio, and 3D content, Shutterstock has become a strategic AI partner and critical enabler of enterprise AI innovation, powering systems built by some of the world's largest technology companies, including OpenAI. Shutterstock also supports global brands and startups like Black Forest Labs and Runway, as well as AI research and product companies, like ElevenLabs, that rely on high-quality data to power discovery, personalization, and content experiences at scale.Expanded Dataset Categories and Content Types for AI Model TrainingIts expanded data catalog now features a growing range of assets—from templates and fonts to long-form video, premium metadata, and specialized podcast and science imagery—giving developers even greater depth and diversity of training material to power the next generation of generative models. New categories and content types are continuously being added to meet the evolving needs of model builders worldwide.Addressing Global Demand for Transparent, Rights-Cleared AI Training Data
This expansion reflects the accelerating demand for high-quality training data as generative AI development reaches critical mass globally. By broadening access to rights-cleared, high-quality content across new formats and categories, Shutterstock is meeting the growing need while upholding the standards of transparency and data integrity and compliance that define its approach to AI. As developers seek richer, more diverse training materials to refine and evolve their models, Shutterstock continues to bridge the worlds of creativity and technology, empowering developers and enterprises to build smarter, more capable AI systems."The demand for high-quality, diverse data has never been greater," added Mandell. "As generative AI evolves, the performance and reliability of every model depend on the integrity of the data behind it. This expansion strengthens Shutterstock's position as the most trusted source of multimodal data, rights-cleared content, and long-term AI lifecycle partnership for AI development and ensures our partners have the breadth, depth, and quality they need to push the boundaries of innovation."Full AI Lifecycle Enablement Shutterstock's platform, powered by its scale, curation expertise, and global contributor network, is uniquely positioned to meet growing demand. The company continues to invest in data structuring, labeling, rights management, training orchestration, and MLOps deployment and monitoring to ensure its content is both rights-cleared and technically optimized for AI development.To support the full spectrum of AI innovation, Shutterstock offers both research and commercial data licensing options. Researchers and startups can begin with a research license to explore, experiment, and validate models before transitioning to a commercial license for scaled deployment. With this expansion, innovators gain access to even more high-quality content to power discovery, iteration, and real-world application.This announcement follows Shutterstock's recent launch of its AI Services offering, which deepened the company's role in end-to-end model training and evaluation for global partners. Together, these initiatives reflect Shutterstock's end-to-end approach to enabling generative AI development, from foundational data access to full-scale solutions that accelerate innovation.Shutterstock Data Licensing & AI Services
Shutterstock is an end-to-end AI model training partner that unifies data licensing, services, and long-term collaboration under a single provider—reducing operational complexity and helping teams bring higher-performing AI systems to market faster and with greater confidence. Shutterstock combines access to one of the world's largest rights-cleared multimodal datasets with advanced data curation and custom training datasets to power high-performing, deployment-ready generative models. This licensable training data includes high-quality labeled and continuously updated multimodal content with clear data provenance to support AI compliance. Shutterstock leverages ML-assisted evaluation tools to provide model training, fine-tuning, alignment, evaluation, and retraining. Through human-in-the-loop workflows, expert creative feedback, and structured preference data, Shutterstock delivers aesthetic preference signals, benchmarking, and regression testing to drive continuous model improvement.Learn more and start the conversation at shutterstock.com/data-licensing.About Shutterstock
Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives, and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock offers access to one of the world's largest and most diverse collections of high-quality licensable assets, specialized training datasets, evaluation tools, and end-to-end strategic partnerships for the full model training lifecycle, as well as advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.










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Original: Shutterstock Announces Major Expansion of Licensed Training Datasets to Power the Next Generation of Generative AI

Shutterstock shares rise after DOJ approves Getty Images mergerFebruary 23, 2026 11:24 AM
IH Market News
Shutterstock (NYSE:SSTK) shares climbed about 5% on Monday, while Getty Images (NYSE:GETY) gained 7%, after the U.S. Department of Justice granted antitrust clearance for the companies’ proposed merger of equals.The DOJ completed its review and allowed the waiting period under the Hart-Scott-Rodino Act to expire without imposing conditions, the companies said, marking a key regulatory step toward combining two major providers in the stock imagery and digital content licensing industry.“We are very pleased with the DOJ’s decision in recognizing the merits of this transaction,” said Craig Peters, CEO of Getty Images. “With today’s DOJ clearance, we take a significant step forward in bringing together these two companies and unlocking opportunities to strengthen our financial foundation and invest in our future.”Shutterstock CEO Paul Hennessy added, “By combining our complementary strengths, we will be able to deliver even better service and support for customers and contributors over time.”The companies expect the merger to deliver meaningful cost synergies, particularly across selling, general and administrative expenses as well as capital spending once the transaction is completed.Regulatory review is still ongoing in the United Kingdom, where the Competition and Markets Authority released an interim report on February 19 as part of a Phase 2 investigation. Shutterstock and Getty Images said they continue to engage with the regulator ahead of a final ruling expected by April 19 and remain optimistic the outcome will align with decisions from U.S. and other international authorities.Both firms said they are continuing efforts to obtain the remaining approvals required to close the deal.Shutterstock stock price

Original: Shutterstock shares rise after DOJ approves Getty Images merger

Shutterstock Issues Statement on CMA's Interim ReportFebruary 19, 2026 8:39 AM
PR Newswire (US)

NEW YORK, Feb. 19, 2026 /PRNewswire/ -- Shutterstock, a family of brands delivering scalable creative and GenAI solutions, today issued the following statement on the UK Competition and Markets Authority's (CMA) provisional decision:







"We are pleased to see the CMA's progress with respect to the proposed merger between Shutterstock and Getty Images, particularly its provisional finding that the merger is not expected to result in competition issues in the global Stock content market.We are disappointed and disagree with the CMA's provisional finding that the merger may result in a 'substantial lessening of competition' in the UK Editorial market. We do not believe the analysis or interim conclusions reflect the composition of the UK market, the level of regional competition within it or the alternatives available to customers.We will continue to engage constructively with the CMA and expect to file our response to the CMA's interim report in line with the CMA's timeline. We also continue to work cooperatively with the U.S. Department of Justice as its review progresses."About Shutterstock
Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock is home to one of the world's largest and most diverse collections of high-quality licensable assets, data and AI solutions, advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.Forward-Looking StatementsThe statements in this press release include forward-looking statements concerning Getty Images, Shutterstock, the proposed transaction described herein and other matters. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, obtaining applicable regulatory approvals for the proposed transaction on a timely basis or otherwise. A more fulsome discussion of the risks related to the proposed transaction is included in the definitive proxy statement filed by Shutterstock and the definitive information statement and prospectus filed by Getty Images with the SEC on April 30, 2025 the (collectively, "Information Statement and Proxy Statement/Prospectus"). For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned "Risk Factors" in each of Getty Images' and Shutterstock's Annual Report on Form 10-K for in the case of Shutterstock the fiscal year ended December 31, 2025 and in the case of Getty the fiscal year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is, and the list of factors presented in the Information Statement and Proxy Statement/Prospectus is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Neither Getty Images nor Shutterstock assumes, and each hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.Additional Information about the Merger and Where to Find ItIn connection with the proposed transaction, on March 31, 2025, Getty Images filed with the Securities and Exchange Commission (the "SEC") a preliminary registration statement on Form S-4 that includes an information statement of Getty Images and a proxy statement of Shutterstock and that also constitutes a prospectus with respect to shares of Getty Images' common stock to be issued in the proposed transaction (the "information statement and proxy statement/prospectus"). The registration statement was amended in a pre-effective amendment on Form S-4/A on April 28, 2025. The registration statement, as amended, was declared effective on April 30, 2025, and Getty Images filed a final prospectus on April 30, 2025. Each of Getty Images and Shutterstock may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the information statement and proxy statement/prospectus or any other document that Getty Images or Shutterstock has filed or may file with or furnish to the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE INFORMATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the information statement and definitive proxy statement/prospectus and other documents containing important information about Getty Images, Shutterstock and the proposed transaction through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by Getty Images are available free of charge on Getty Images' website at investors.gettyimages.com or by contacting Getty Images' Investor Relations department by email at investorrelations@gettyimages.com. Copies of the documents filed with or furnished to the SEC by Shutterstock are available free of charge on the Company's website at investor. shutterstock.com or by contacting Shutterstock's Investor Relations department by email at IR@shutterstock.com. 



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Original: Shutterstock Issues Statement on CMA's Interim Report

Shutterstock tops Q4 profit forecasts despite sharp revenue dropFebruary 17, 2026 10:32 AM
IH Market News
Shutterstock Inc. (NYSE:SSTK) reported fourth-quarter adjusted earnings above expectations on Tuesday, even as revenue declined significantly amid continued pressure in its core content operations.Shares were little changed in pre-market trading following the release.The digital content provider delivered adjusted earnings per share of $0.67 for the quarter, ahead of the $0.51 consensus estimate. Revenue, however, fell 12% year over year to $220.2 million, well below analyst forecasts of $254.36 million.The shortfall was largely driven by an 11% decline in Content revenue to $189.6 million and a 19% drop in Data, Distribution, and Services revenue to $30.7 million. Paid downloads decreased to 107.9 million from 125.8 million in the comparable quarter last year.“I’m thrilled to announce that Shutterstock achieved record setting Revenue and Adjusted EBITDA in 2025,” said Paul Hennessy, Shutterstock’s Chief Executive Officer. “Revenue grew 6% driven by double digit growth of our Data, Distribution, and Services business, while Adjusted EBITDA margins for the year matched a previous high of 27.5%.”Despite solid full-year performance, the fourth-quarter figures underscored ongoing headwinds. The company posted a net loss of $16 million, or -$0.43 per share, compared with a net loss of $1.4 million, or -$0.04 per share, in the fourth quarter of 2024. Adjusted EBITDA declined 21% to $46.8 million.Shutterstock also continues to pursue its planned merger with Getty Images, with Hennessy stating, “We continue to work alongside Getty Images and with the regulatory authorities to secure the necessary approvals for this transaction.”For the full year 2025, Shutterstock generated revenue of $989.9 million, up 6% from $935.3 million in 2024, while net income increased to $45.5 million from $35.9 million the prior year.Shutterstock stock price

Original: Shutterstock tops Q4 profit forecasts despite sharp revenue drop

Shutterstock Reports Full Year 2025 and Fourth Quarter Financial ResultsFebruary 17, 2026 7:02 AM
PR Newswire (US)

NEW YORK, Feb. 17, 2026 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the full year and fourth quarter ended December 31, 2025.







Commenting on the Company's performance, Paul Hennessy, the Company's Chief Executive Officer, said, "I'm thrilled to announce that Shutterstock achieved record setting Revenue and Adjusted EBITDA in 2025. Revenue grew 6% driven by double digit growth of our Data, Distribution, and Services business, while Adjusted EBITDA margins for the year matched a previous high of 27.5% and Adjusted Free Cash Flow significantly expanded year over year. These achievements were despite continued challenges in our Content business. I want to thank our employees and contributors for their focus and commitment during this past year.""Looking forward to 2026, we will continue to simplify our Core Content business with products and pricing that meet our customers' needs in order to improve on current trends and we're excited to continue investing in our Data, Distribution and Services business by offering specialized AI Services, including data creation and enrichment, in addition to our world-class stock assets for model training."With regards to the pending merger with Getty Images, Mr. Hennessy said, ''We continue to work alongside Getty Images and with the regulatory authorities to secure the necessary approvals for this transaction.''Full Year 2025 highlights as compared to Full Year 2024:Financial HighlightsRevenues were $989.9 million compared to $935.3 million.Net income was $45.5 million compared to $35.9 million.Net income per diluted common share was $1.25 compared to $1.01.Adjusted net income was $140.5 million compared to $138.7 million.Adjusted net income per diluted common share was $3.87 compared to $3.89.Adjusted EBITDA was $271.8 million compared to $247.1 million.Fourth Quarter 2025 highlights as compared to Fourth Quarter 2024:Financial HighlightsRevenues were $220.2 million compared to $250.3 million.Net loss was $16.0 million compared to $1.4 million.Net loss per diluted common share was $0.43 compared to $0.04.Adjusted net income was $24.9 million compared to $23.4 million.Adjusted net income per diluted common share was $0.67 compared to $0.67.Adjusted EBITDA was $46.8 million compared to $59.1 million.FULL YEAR 2025 RESULTSRevenueFull year revenue of $989.9 million increased $54.7 million or 6% as compared to 2024.Revenue generated through our Content product offering increased 4% as compared to the full year 2024, to $786.7 million, and represented 79% of our total revenue in 2025. The increase in Content revenue was driven by Envato which was acquired on July 21, 2024 and was included in our consolidated results for a full year in 2025 compared to the partial year in 2024. This increase was offset by continued weakness in our Content business and new customer acquisitions.Revenue from our Data, Distribution, and Services product offering increased 16% as compared to 2024, to $203.3 million and represented 21% of our total revenue in 2025. Data, Distribution, and Services revenues increased primarily from the sale and delivery of metadata to new and existing customers as well as growth in our Distribution and Services offerings.Net income and net income per diluted share Net income of $45.5 million increased $9.6 million as compared to $35.9 million for the full year 2024. Net income per diluted share was $1.25 as compared to $1.01 for the full year 2024. These increases were driven by profitability associated with the increase in revenues and having Envato's results for a full year in 2025 partially offset by $34.9 million of professional fee expenses associated with the proposed merger with Getty Images Holdings, Inc. ("Getty Images").Adjusted net income and adjusted net income per diluted common shareAdjusted net income in 2025 of $140.5 million increased $1.8 million as compared to adjusted net income of $138.7 million in 2024. Adjusted net income in 2025 was favorably impacted by profitability associated with the increase in revenues and having Envato's results for a full year in 2025, partially offset by increases in merger related expenses, interest expense and income tax expense.Adjusted net income per diluted share was $3.87 as compared to $3.89 for the full year 2024.Adjusted EBITDAAdjusted EBITDA of $271.8 million for 2025 increased $24.7 million or 10% as compared to the full year 2024, primarily due to the contribution from Envato and data deal revenue.Net income margin of 4.6% for 2025 increased by 80 basis points, as compared to 3.8% for the full year 2024.Adjusted EBITDA margin of 27.5% for 2025 increased by 110 basis points, as compared to 26.4% for the full year 2024.FOURTH QUARTER RESULTSRevenue Fourth quarter revenue of $220.2 million decreased by $30.1 million or 12% as compared to the fourth quarter of 2024.Revenue from our Content product offering decreased by $23.0 million, or 11%, as compared to the fourth quarter of 2024, to $189.6 million. The reduction in our Content revenue was driven by weakness in new customer acquisition. Content revenue represented 86% of our total revenue in the fourth quarter of 2025.Revenue generated from our Data, Distribution, and Services product offering decreased by $7.1 million, or 19%, as compared to the fourth quarter of 2024, to $30.7 million, and represented 14% of fourth quarter revenue in 2025.Net income and net income per diluted common shareNet loss in the fourth quarter of 2025 of $16.0 million increased $14.6 million as compared to net loss of $1.4 million for the fourth quarter in 2024. Net loss per diluted common share was $0.43, as compared to $0.04 for the same period in 2024. These increased losses were attributable to unrealized losses related to our investment in Meitu, Inc and $7.3 million of professional fee expenses in the quarter associated with the proposed merger with Getty Images Holdings, Inc. ("Getty Images").Adjusted net income and adjusted net income per diluted common shareAdjusted net income in the fourth quarter of 2025 of $24.9 million increased $1.5 million as compared to adjusted net income of $23.4 million for the fourth quarter in 2024. Fourth quarter 2025 adjusted net income was favorably impacted by tax benefits, partially offset by decline in revenue.Adjusted net income per diluted common share was $0.67 as compared to $0.67 for the fourth quarter of 2024.Adjusted EBITDAAdjusted EBITDA of $46.8 million for the fourth quarter of 2025 decreased by $12.3 million, or 21%, as compared to the fourth quarter of 2024, primarily due to the decline in revenue.Net loss margin of (7.3)% for the fourth quarter of 2025 decreased by 6.7%, as compared to (0.6)% in the fourth quarter of 2024. The adjusted EBITDA margin of 21.2% for the fourth quarter of 2025 decreased by (2.4)%, as compared to 23.6% in the fourth quarter of 2024.LIQUIDITYFor the full year 2025, our cash and cash equivalents increased by $66.9 million to $178.2 million at December 31, 2025, as compared with $111.3 million as of December 31, 2024. This increase was driven by $166.7 million of net cash provided by our operating activities, partially offset by $47.8 million used in investing activities and $59.1 million used in financing activities. Net cash provided by our operating activities was impacted by the timing of payments and cash receipts in the ordinary course of business which can cause operating cash flow to fluctuate from period to period.Cash used in investing activities primarily consisted of cash of (i) capital expenditures of $42.9 million for internal-use software and website development costs and purchases of software and equipment; and (ii) $6.5 million paid to acquire the rights to distribute certain digital content into perpetuity. These cash outflows were partially offset by $1.6 million of Giphy Retention Compensation, as reimbursed by the Giphy seller.Cash used in financing activities primarily consisted of (i) $46.5 million, related to the payment of the quarterly cash dividend; (ii) $9.4 million paid in the settlement of tax withholding obligations related to employee stock-based compensation awards; and (ii) $3.1 million used for the repayment of our Credit Facility. Adjusted free cash flow was $149.5 million for the full year 2025, an increase of $40.8 million from the full year 2024. This increase was primarily driven by the increase was primarily driven by changes in working capital relate primarily to accounts receivables and timing differences between data deal revenue recognition collections of the related receivables.QUARTERLY CASH DIVIDENDDuring the three months ended December 31, 2025, the Company declared and paid a cash dividend of $0.33 per common share or $11.7 million.On January 26, 2026, the Board of Directors declared a dividend of $0.36 per share of outstanding common stock, payable on March 19, 2026 to stockholders of record at the close of business on March 5, 2026.KEY OPERATING METRICS


Three Months Ended December 31,Year Ended December 31,

2025
202452025
20245





Subscribers (end of period)(1)
1,032,000
1,088,0001,032,000
1,088,000Subscriber revenue (in millions)(2)
$               104.7
$               107.7$               429.8
$               452.6







Average revenue per customer (last twelve months)(3)
$                  281
$                  255$                  281
$                  255Paid downloads (in millions)(4)
107.9
125.8453.1
456.7Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato for the three and nine months ended September 30, 2025, which was acquired in July 22, 2024.(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. (4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period. NON-GAAP FINANCIAL MEASURESTo supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock's management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow.Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense - non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, impairment loss on long-term investment, impairment of lease assets, unrealized losses / gains on investments, legal contingencies, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense - non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), impairment loss on long-term investment, impairment of lease assets, legal contingencies Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods in the comparison; billings as revenue adjusted for the change in deferred revenue, excluding deferred revenue acquired through business combinations; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy, and cash paid for costs related to the Getty Images merger.The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the "Giphy Retention Compensation Expense - non-recurring"), are required payments in accordance with the terms of the acquisition. Meta's sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the "CMA") and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense - non-recurring is not considered an ongoing expense necessary to operate the Company's business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share. For the three months ended December 31, 2025, the Company also incurred $4.0 million of Giphy Retention Compensation expense related to recurring employee costs, which is included in operating expenses, and are not included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.Shutterstock's management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock's operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock's underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock's operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock's financial reporting. Shutterstock's management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company's ongoing business operations and provides them with the same measures that management uses as the basis for making resource allocation decisions.Shutterstock's management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock's management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), billings, adjusted free cash flow), and each measure's most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings "Reconciliation of Non-GAAP Financial Information to GAAP" and "Supplemental Financial Data" immediately following the Consolidated Balance Sheets.Previously Announced Merger Agreement with Getty ImagesOn January 7, 2025, Shutterstock announced that it entered into a merger agreement with Getty Images to combine in a merger of equals transaction, creating a premier visual content company. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. As previously announced, a majority of Shutterstock stockholders approved the adoption of the merger agreement at a special meeting of stockholders held on June 10, 2025.As previously communicated, in light of the pending transaction with Getty Images, Shutterstock will not be hosting a conference call or providing financial guidance in conjunction with its full year and fourth quarter 2025 results.For additional information associated with the transaction, please see the Company's filings from time to time with the Securities and Exchange Commission.ABOUT SHUTTERSTOCK Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock is home to the world's largest and most diverse collection of high-quality licensable assets, data and AI solutions, advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.FORWARD-LOOKING STATEMENTSThe statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including "believes," "expects," "may," "will," "should," "could," "might," "seeks," "intends," "plans," "pro forma," "estimates," "anticipates," "designed," or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our ability to offer specialized AI services and simplify our Core Content business, our competitive position, our ability to obtain applicable regulatory approvals on a timely basis or otherwise for the proposed transaction with Getty Images, our ability to satisfy the other closing conditions of the proposed transaction with Getty Images, on a timely basis or otherwise,  and the expected timing and completion of the proposed transaction with Getty Images. Important factors that could cause actual results to differ materially from the forward-looking statements include, among other things: risks and uncertainties associated with our proposed transaction with Getty Images and those risks discussed under the section captioned "Risk Factors" in Shutterstock's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law. Shutterstock, Inc.
Consolidated Statements of Operations
(In thousands, except for per share data)
(unaudited) 


Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Revenue
$           220,221
$           250,306
$           989,925
$           935,262








Operating expenses:







Cost of revenue
97,406
112,434
406,846
396,297Sales and marketing
51,183
59,184
220,977
222,704Product development
26,040
18,897
89,033
88,417General and administrative
47,956
46,644
198,010
159,136Total operating expenses
222,585
237,159
914,866
866,554Income from operations
(2,364)
13,147
75,059
68,708Interest expense
(4,078)
(4,987)
(16,826)
(10,561)Other (expense) / income, net
(13,179)
(89)
17,098
4,401(Loss) / income before income taxes
(19,621)
8,071
75,331
62,548(Benefit) / provision for income taxes
(3,602)
9,500
29,835
26,616Net (loss) / income
$           (16,019)
$             (1,429)
$             45,496
$             35,932








(Losses) / earnings per share:







Basic
$               (0.45)
$               (0.04)
$                 1.29
$                 1.02Diluted
$               (0.43)
$               (0.04)
$                 1.25
$                 1.01








Weighted average common shares outstanding:







Basic
35,519
34,867
35,290
35,330Diluted
37,125
35,122
36,268
35,658 Shutterstock, Inc.
Consolidated Balance Sheets
(In thousands, except par value amount)
(unaudited)


December 31, 2025
December 31, 2024ASSETS



Current assets:



Cash and cash equivalents
$                178,244
$                111,251Accounts receivable, net of allowance of $3,431 and $3,101
112,626
95,225Prepaid expenses and other current assets
47,769
49,482Total current assets
338,639
255,958Property and equipment, net
62,553
66,400Right-of-use assets
9,770
13,956Intangible assets, net
215,673
248,477Goodwill
574,614
569,668Deferred tax assets, net
61,289
70,982Other assets
93,398
83,715Total assets
$             1,355,936
$             1,309,156




LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:



Accounts payable
$                  13,898
$                    9,221Accrued expenses
129,952
126,643Contributor royalties payable
94,163
81,076Deferred revenue
212,984
225,489Debt
158,110
158,106Other current liabilities
19,295
24,751Total current liabilities
628,402
625,286Deferred tax liability, net
1,134
2,174Long-term debt
116,639
119,598Lease liabilities
17,247
23,365Other non-current liabilities
11,476
20,383Total liabilities
774,898
790,806Commitments and contingencies



Stockholders' equity:



Common stock, $0.01 par value; 200,000 shares authorized; 41,049 and 40,395
shares issued and 35,528 and 34,874 shares outstanding as of December 31, 2025 and
December 31, 2024, respectively
410
403Treasury stock, at cost; 5,521 shares as of December 31, 2025 and December 31, 2024
(269,804)
(269,804)Additional paid-in capital
520,018
468,390Accumulated other comprehensive loss
(4,754)
(16,841)Retained earnings
335,168
336,202Total stockholders' equity
581,038
518,350Total liabilities and stockholders' equity
$             1,355,936
$             1,309,156 Shutterstock, Inc.
Consolidated Statements of Cash Flows
(In thousands, except par value amount) 
(unaudited)


Three Months EndedDecember 31,
Year EndedDecember 31,

2025
2024
2025
2024CASH FLOWS FROM OPERATING ACTIVITIES







Net (loss) / income
$           (16,019)
$             (1,429)
$             45,496
$             35,932Adjustments to reconcile net income to net cash provided by
operating activities:







Depreciation and amortization
22,735
23,287
90,894
87,626Deferred taxes
(10,128)
(2,197)
7,568
(10,963)Non-cash equity-based compensation
14,605
15,110
61,076
56,330Loss on impairment of long-term investment
—
—
5,000
—Bad debt expense
(307)
(243)
713
(2,033)Unrealized gain on investments, net
13,219
(472)
(20,909)
(2,160)Changes in operating assets and liabilities:







Accounts receivable
13,104
(3,651)
(16,325)
4,944Prepaid expenses and other current and non-current assets
1,249
1,973
11,363
(17,934)Accounts payable and other current and non-current liabilities
6,825
(1,167)
(11,572)
(48,600)Envato Seller Obligations
—
(17,572)
—
(63,320)Contributor royalties payable
(10,446)
(7,972)
11,663
14,654Deferred revenue
1,376
2,299
(18,281)
(21,830)Net cash provided by operating activities
$             36,213
$               7,966
$           166,686
$             32,646








CASH FLOWS FROM INVESTING ACTIVITIES







Capital expenditures
(10,314)
(8,918)
(42,856)
(47,215)Business combination, net of cash acquired
—
—
—
(179,071)Cash received related to Giphy Retention Compensation
371
527
1,605
63,971Acquisition of content
(379)
(1,556)
(6,506)
(4,029)Security deposit (release) / payment
(37)
(101)
(40)
176Net cash used in investing activities
$           (10,359)
$           (10,048)
$           (47,797)
$         (166,168)








CASH FLOWS FROM FINANCING ACTIVITIES







Repurchase of treasury shares
—
—
—
(41,591)Cash paid related to settlement of employee taxes related to
RSU vesting
(338)
(452)
(9,442)
(12,167)Payment of cash dividends
(11,707)
(10,445)
(46,530)
(42,383)Proceeds from credit facility
—
—
—
280,000Repayment of credit facility
(782)
(1,563)
(3,126)
(31,563)Payment of debt issuance costs
—
—
—
(2,200)Net cash (used in) / provided by financing activities
$           (12,827)
$           (12,460)
$           (59,098)
$           150,096








Effect of foreign exchange rate changes on cash
(319)
(5,600)
7,202
(5,813)Net increase / (decrease) in cash and cash equivalents
12,708
(20,142)
66,993
10,761








Cash and cash equivalents, beginning of period
165,536
131,393
111,251
100,490Cash and cash equivalents, end of period
$           178,244
$           111,251
$           178,244
$           111,251








Supplemental Disclosure of Cash Information:







Cash paid for income taxes
$               3,766
$             11,738
$             20,162
$             34,033Cash paid for interest
4,006
4,875
16,476
7,830   Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), billings and adjusted free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Net (loss) / income
$             (16,019)
$               (1,429)
$               45,496
$               35,932Add / (less) Non-GAAP adjustments:







Non-cash equity-based compensation
14,605
15,110
61,076
56,330Tax effect of non-cash equity-based compensation (1)(2)
(3,432)
(3,551)
(14,353)
(6,883)Acquisition-related amortization expense (3)
9,624
10,309
38,532
37,967Tax effect of acquisition-related amortization expense (1)
(2,262)
(2,423)
(9,056)
(8,922)Giphy Retention Compensation Expense - non-recurring
216
291
1,436
22,116Tax effect of Giphy Retention Compensation Expense - non-
recurring(1)
(51)
(68)
(338)
(5,197)Merger related costs
7,252
2,750
34,906
2,750Tax effect of Merger related costs(1)
(1,632)
(619)
(7,855)
(619)Other(4)
17,565
4,012
(7,462)
7,425Tax effect of other(1)
(977)
(1,009)
(1,900)
(2,157)Adjusted net income
$               24,889
$               23,373
$             140,482
$             138,742








Net (loss) / income per diluted common share
$                (0.43)
$                (0.04)
$                  1.25
$                  1.01Adjusted net income per diluted common share
$                  0.67
$                  0.67
$                  3.87
$                  3.89








Weighted average diluted shares
37,125
35,122
36,268
35,658____________________________________________________________________________________________________________________ (1)Statutory tax rates are used to calculate the tax effect of the adjustments.(2)The tax effect of non-cash equity-based compensation in 2024 includes a $6.2 million add-back for the reduction of deferred tax assets associated with the expiration of performance-based stock options and restricted stock units granted the Company's Founder and Executive Chairman in 2014. The performance-based metrics were not met, the awards were not exercisable, and the Company recognized a non-cash tax expense for the change in deferred taxes.(3)Of these amounts, $8.9 million and $8.6 million are included in cost of revenue for the three months ended December 31, 2025 and 2024, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.(4)Other consists of unrealized gains and losses on investments, severance costs associated with strategic workforce optimizations, impairment charges recorded for long-term investments and lease assets, and legal contingencies. 

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Net income
$          (16,019)
$            (1,429)
$            45,496
$            35,932Add / (less) Non-GAAP adjustments:







Interest expense
4,078
4,987
16,826
10,561Interest income
(771)
(595)
(3,652)
(4,072)Provision for income taxes
(3,602)
9,500
29,835
26,616Depreciation and amortization
22,735
23,287
90,894
87,626EBITDA
$             6,421
$            35,750
$          179,399
$          156,663








Non-cash equity-based compensation
14,605
15,110
61,076
56,330Giphy Retention Compensation Expense - non-recurring
216
291
1,436
22,116Merger related costs
7,252
2,750
34,906
2,750Foreign currency loss
730
1,156
2,463
1,831Unrealized loss / (gain) on investment
13,220
(472)
(20,909)
(2,160)Other(1)
4,345
4,484
13,447
9,585Adjusted EBITDA
$            46,789
$            59,069
$          271,818
$          247,115








Revenue
$          220,221
$          250,306
$          989,925
$          935,262Net (loss) /  income margin
(7.3) %
(0.6) %
4.6 %
3.8 %Adjusted EBITDA margin
21.2 %
23.6 %
27.5 %
26.4 %
(1) Other consists of  severance costs associated with strategic workforce optimizations, impairment charges recorded for long-term investments and lease assets, and legal contingencies. 

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Reported revenue (in thousands)
$          220,221
$          250,306
$          989,925
$          935,262








Revenue growth
(12) %
15 %
6 %
7 %Revenue growth on a constant currency basis
(14) %
16 %
5 %
7 %








Content reported revenue (in thousands)
$          189,551
$          212,517
$          786,661
$          760,011Content revenue growth
(11) %
20 %
4 %
3 %Content revenue growth on a constant currency basis
(13) %
20 %
2 %
3 %








Data, Distribution, and Services reported revenue (in thousands)
$            30,670
$            37,789
$          203,264
$          175,251Data, Distribution, and Services revenue growth
(19) %
(5) %
16 %
28 %Data, Distribution, and Services revenue growth on a constant currency
basis
(20) %
(5) %
16 %
28 % 

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Cash flow information:







Net cash provided by operating activities
$               36,213
$                7,966
$             166,686
$               32,646Net cash used in investing activities
$             (10,359)
$             (10,048)
$             (47,797)
$           (166,168)Net cash (used in) / provided by financing activities
$             (12,827)
$             (12,460)
$             (59,098)
$             150,096








Adjusted free cash flow:







Net cash provided by operating activities
$               36,213
$                7,966
$             166,686
$               32,646Capital expenditures
(10,314)
(8,918)
(42,856)
(47,215)Content acquisitions
(379)
(1,556)
(6,506)
(4,029)Cash received related to Giphy Retention Compensation
371
527
1,605
63,971Cash paid for Envato Seller Obligations(1)
—
17,572
—
63,320Merger related costs
7,520
—
30,588
—Adjusted Free Cash Flow
$               33,411
$               15,591
$             149,517
$             108,693
(1)  Envato Seller Obligations relate to payments made on behalf of the Envato sellers' after the closing of the acquisition. These liabilities were funded from the acquired cash on the Envato balance sheet and are not indicative of obligations and cash flows to be incurred prospectively. 

Three Months Ended December 31,
Year Ended December 31,

2025
2024
2025
2024Content
$             189,551
$             212,517
$             786,661
$             760,011Data, Distribution, and Services
$               30,670
$               37,789
$             203,264
$             175,251Total revenue
$             220,221
$             250,306
$             989,925
$             935,262








Change in total deferred revenue(1)
$                1,419
$                 (878)
$             (12,505)
$             (24,862)Total billings
$             221,640
$             249,428
$             977,420
$             910,400________________________________________________ (1) Change in total deferred revenue excludes deferred revenue acquired through business combinations. Shutterstock, Inc.
Supplemental Financial Data
(unaudited)Historical Operating Metrics

Three Months Ended

12/31/25
9/30/25
6/30/25
3/31/25
12/31/245
9/30/245
6/30/24
3/31/24
















Subscribers (end of period, in thousands) (1)
1,032
1,060
1,073
1,079
1,088
1,105
490
499Subscriber revenue (in millions) (2)
$   104.7
$   107.2
$   108.0
$   109.9
$    107.7
$   113.1
$    80.3
$    83.9
















Average revenue per customer (last twelve months) (3)
$     281
$     279
$     266
$     244
$       255
$     254
$     434
$     418Paid downloads (in millions) (4)
107.9
111.7
112.6
120.9
125.8
112.3
33.4
35.0Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato for the three and nine months ended September 30, 2025, which was acquired in July 22, 2024.(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. (4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period. Equity-Based Compensation by expense category

Three Months Ended($ in thousands)
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
















Cost of revenue
$     558
$     528
$     532
$     396
$     505
$     443
$     300
$     224Sales and marketing
2,287
2,098
2,559
2,255
2,627
3,226
3,167
2,011Product development
3,218
3,370
3,529
2,912
2,722
2,745
4,171
2,285General and administrative
8,542
6,966
9,005
12,321
9,256
8,680
7,338
6,630Total non-cash equity-based compensation
$ 14,605
$ 12,962
$ 15,625
$ 17,884
$ 15,110
$ 15,094
$ 14,976
$ 11,150 Depreciation and Amortization by expense category

Three Months Ended($ in thousands)
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
















Cost of revenue
$ 21,010
$ 21,028
$ 20,804
$ 20,742
$ 21,191
$ 19,653
$ 20,087
$ 19,874General and administrative
1,725
1,849
1,807
1,929
2,096
1,991
1,346
1,389Total depreciation and amortization
$ 22,735
$ 22,877
$ 22,611
$ 22,671
$ 23,287
$ 21,644
$ 21,433
$ 21,263 



View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-full-year-2025-and-fourth-quarter-financial-results-302688474.htmlSOURCE Shutterstock, Inc.

Original: Shutterstock Reports Full Year 2025 and Fourth Quarter Financial Results

SSTK: Must have been kind of LONELY over here, Monkster.

I will start a small position