Shutterstock Reports Full Year 2025 and Fourth Quarter Financial Results
Rhea-AI Summary
Shutterstock (NYSE: SSTK) reported full-year 2025 revenue of $989.9M (+6%) and record Adjusted EBITDA of $271.8M (27.5% margin). Full-year net income was $45.5M and adjusted free cash flow expanded to $149.5M. The company credited Envato contributions and growth in Data, Distribution & Services, while noting continued weakness in Content and merger-related costs tied to the pending Getty Images transaction.
Q4 revenue declined to $220.2M (-12%), with a Q4 net loss of $16.0M and Adjusted EBITDA of $46.8M.
Positive
- Adjusted EBITDA increased to $271.8M (+10% year-over-year)
- Adjusted free cash flow rose to $149.5M, up $40.8M from 2024
Negative
- Q4 revenue declined 12% to $220.2M versus Q4 2024
- Q4 Adjusted EBITDA fell 21% to $46.8M versus Q4 2024
- Q4 net loss of $16.0M, driven by unrealized investment losses and merger fees
- Merger-related professional fees totaled $34.9M for full-year 2025
News Market Reaction
On the day this news was published, SSTK declined 11.93%, reflecting a significant negative market reaction. Argus tracked a trough of -10.3% from its starting point during tracking. Our momentum scanner triggered 31 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $77M from the company's valuation, bringing the market cap to $569M at that time. Trading volume was elevated at 2.6x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SSTK is down 1.31% with mixed peer action: GETY, ANGI and KIND are lower, CARS is slightly higher, and FVRR is up 5.52%. This suggests a stock-specific reaction rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +5.5% | Revenue and adjusted EBITDA growth with expanding margins and higher cash. |
| Jul 29 | Q2 2025 earnings | Positive | +2.7% | Record revenue, strong net income and margin expansion aided by Envato. |
| May 02 | Q1 2025 earnings | Positive | +2.0% | Double‑digit revenue growth, higher net income and EBITDA, subscriber gains. |
| Feb 25 | FY 2024 results | Neutral | -6.9% | Record revenue and EBITDA but steep decline in net income versus 2023. |
| Oct 29 | Q3 2024 earnings | Positive | +11.3% | Record revenue with strong Content growth and raised 2024 guidance. |
Earnings releases have usually led to positive moves, with four of the last five tagged earnings events seeing gains despite occasional mixed fundamentals.
Over the last five earnings cycles, Shutterstock has repeatedly reported revenue growth and solid adjusted EBITDA, often tied to Envato contributions and expansion of Data, Distribution, and Services. Prior quarters in 2025 showed double‑digit revenue growth and margin expansion, and the full year 2024 also delivered record revenue. The current full year 2025 release continues that pattern of record revenue and adjusted EBITDA, but contrasts with a weaker Q4, including lower revenue and a widened net loss, while merger‑related costs with Getty Images remain a recurring theme.
Historical Comparison
Past five earnings releases saw an average move of about 2.93%, with most strong reports rewarded, setting a context for how investors have typically reacted to Shutterstock’s financial updates.
Earnings releases from late 2024 through 2025 show progression from record 2024 revenue to higher 2025 quarterly revenues, margin expansion and increased adjusted EBITDA, supported by Envato and growing Data, Distribution, and Services, alongside ongoing disclosures on the pending Getty Images merger.
Market Pulse Summary
The stock dropped -11.9% in the session following this news. A negative reaction despite record full‑year metrics fits a pattern where investors scrutinize mix and trajectory. While 2025 revenue reached $989.9M and adjusted EBITDA rose to $271.8M, Q4 revenue fell 12% year‑over‑year and net loss widened to $16.0M. Continued merger‑related costs and weakness in Core Content may have raised concerns that strong Data and AI‑driven growth and higher cash generation might not fully offset near‑term pressure.
Key Terms
adjusted EBITDA financial
adjusted free cash flow financial
non-gaap financial measures financial
billings financial
constant currency financial
AI-generated analysis. Not financial advice.
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
"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 Highlights
- Revenues were
$989.9 million $935.3 million - Net income was
$45.5 million $35.9 million - Net income per diluted common share was
$1.25 $1.01 - Adjusted net income was
$140.5 million $138.7 million - Adjusted net income per diluted common share was
$3.87 $3.89 - Adjusted EBITDA was
$271.8 million $247.1 million
Fourth Quarter 2025 highlights as compared to Fourth Quarter 2024:
Financial Highlights
- Revenues were
$220.2 million $250.3 million - Net loss was
$16.0 million $1.4 million - Net loss per diluted common share was
$0.43 $0.04 - Adjusted net income was
$24.9 million $23.4 million - Adjusted net income per diluted common share was
$0.67 $0.67 - Adjusted EBITDA was
$46.8 million $59.1 million
FULL YEAR 2025 RESULTS
Revenue
Full year revenue of
Revenue generated through our Content product offering increased
Revenue from our Data, Distribution, and Services product offering increased
Net income and net income per diluted share
Net income of
Adjusted net income and adjusted net income per diluted common share
Adjusted net income in 2025 of
Adjusted net income per diluted share was
Adjusted EBITDA
Adjusted EBITDA of
Net income margin of
Adjusted EBITDA margin of
FOURTH QUARTER RESULTS
Revenue
Fourth quarter revenue of
Revenue from our Content product offering decreased by
Revenue generated from our Data, Distribution, and Services product offering decreased by
Net income and net income per diluted common share
Net loss in the fourth quarter of 2025 of
Adjusted net income and adjusted net income per diluted common share
Adjusted net income in the fourth quarter of 2025 of
Adjusted net income per diluted common share was
Adjusted EBITDA
Adjusted EBITDA of
Net loss margin of (7.3)% for the fourth quarter of 2025 decreased by
LIQUIDITY
For the full year 2025, our cash and cash equivalents increased by
Cash used in investing activities primarily consisted of cash of (i) capital expenditures of
Cash used in financing activities primarily consisted of (i)
Adjusted free cash flow was
QUARTERLY CASH DIVIDEND
During the three months ended December 31, 2025, the Company declared and paid a cash dividend of
On January 26, 2026, the Board of Directors declared a dividend of
KEY OPERATING METRICS | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2025 | 20245 | 2025 | 20245 | ||||
Subscribers (end of period)(1) | 1,032,000 | 1,088,000 | 1,032,000 | 1,088,000 | |||
Subscriber revenue (in millions)(2) | $ 104.7 | $ 107.7 | $ 429.8 | $ 452.6 | |||
Average revenue per customer (last twelve months)(3) | $ 281 | $ 255 | $ 281 | $ 255 | |||
Paid downloads (in millions)(4) | 107.9 | 125.8 | 453.1 | 456.7 | |||
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 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 MEASURES
To supplement Shutterstock's consolidated financial statements presented in accordance with the accounting principles generally accepted in
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
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 Images
On 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 STATEMENTS
The 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.
| ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenue | $ 220,221 | $ 250,306 | $ 989,925 | $ 935,262 | ||||
Operating expenses: | ||||||||
Cost of revenue | 97,406 | 112,434 | 406,846 | 396,297 | ||||
Sales and marketing | 51,183 | 59,184 | 220,977 | 222,704 | ||||
Product development | 26,040 | 18,897 | 89,033 | 88,417 | ||||
General and administrative | 47,956 | 46,644 | 198,010 | 159,136 | ||||
Total operating expenses | 222,585 | 237,159 | 914,866 | 866,554 | ||||
Income from operations | (2,364) | 13,147 | 75,059 | 68,708 | ||||
Interest 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 | 26,616 | ||||
Net (loss) / income | $ (16,019) | $ (1,429) | $ 45,496 | $ 35,932 | ||||
(Losses) / earnings per share: | ||||||||
Basic | $ (0.45) | $ (0.04) | $ 1.29 | $ 1.02 | ||||
Diluted | $ (0.43) | $ (0.04) | $ 1.25 | $ 1.01 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 35,519 | 34,867 | 35,290 | 35,330 | ||||
Diluted | 37,125 | 35,122 | 36,268 | 35,658 | ||||
Shutterstock, Inc. | ||||
December 31, 2025 | December 31, 2024 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 178,244 | $ 111,251 | ||
Accounts receivable, net of allowance of | 112,626 | 95,225 | ||
Prepaid expenses and other current assets | 47,769 | 49,482 | ||
Total current assets | 338,639 | 255,958 | ||
Property and equipment, net | 62,553 | 66,400 | ||
Right-of-use assets | 9,770 | 13,956 | ||
Intangible assets, net | 215,673 | 248,477 | ||
Goodwill | 574,614 | 569,668 | ||
Deferred tax assets, net | 61,289 | 70,982 | ||
Other assets | 93,398 | 83,715 | ||
Total assets | $ 1,355,936 | $ 1,309,156 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ 13,898 | $ 9,221 | ||
Accrued expenses | 129,952 | 126,643 | ||
Contributor royalties payable | 94,163 | 81,076 | ||
Deferred revenue | 212,984 | 225,489 | ||
Debt | 158,110 | 158,106 | ||
Other current liabilities | 19,295 | 24,751 | ||
Total current liabilities | 628,402 | 625,286 | ||
Deferred tax liability, net | 1,134 | 2,174 | ||
Long-term debt | 116,639 | 119,598 | ||
Lease liabilities | 17,247 | 23,365 | ||
Other non-current liabilities | 11,476 | 20,383 | ||
Total liabilities | 774,898 | 790,806 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Common stock, | 410 | 403 | ||
Treasury 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 | 468,390 | ||
Accumulated other comprehensive loss | (4,754) | (16,841) | ||
Retained earnings | 335,168 | 336,202 | ||
Total stockholders' equity | 581,038 | 518,350 | ||
Total liabilities and stockholders' equity | $ 1,355,936 | $ 1,309,156 | ||
Shutterstock, Inc. | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net (loss) / income | $ (16,019) | $ (1,429) | $ 45,496 | $ 35,932 | ||||
Adjustments to reconcile net income to net cash provided by | ||||||||
Depreciation and amortization | 22,735 | 23,287 | 90,894 | 87,626 | ||||
Deferred taxes | (10,128) | (2,197) | 7,568 | (10,963) | ||||
Non-cash equity-based compensation | 14,605 | 15,110 | 61,076 | 56,330 | ||||
Loss 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) | 4,944 | ||||
Prepaid 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 | 14,654 | ||||
Deferred 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 | 63,971 | ||||
Acquisition of content | (379) | (1,556) | (6,506) | (4,029) | ||||
Security deposit (release) / payment | (37) | (101) | (40) | 176 | ||||
Net 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 | (338) | (452) | (9,442) | (12,167) | ||||
Payment of cash dividends | (11,707) | (10,445) | (46,530) | (42,383) | ||||
Proceeds from credit facility | — | — | — | 280,000 | ||||
Repayment 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 | 100,490 | ||||
Cash 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 | $ 34,033 | ||||
Cash 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
Three Months Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net (loss) / income | $ (16,019) | $ (1,429) | $ 45,496 | $ 35,932 | ||||
Add / (less) Non-GAAP adjustments: | ||||||||
Non-cash equity-based compensation | 14,605 | 15,110 | 61,076 | 56,330 | ||||
Tax 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 | 37,967 | ||||
Tax 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 | 22,116 | ||||
Tax effect of Giphy Retention Compensation Expense - non- | (51) | (68) | (338) | (5,197) | ||||
Merger related costs | 7,252 | 2,750 | 34,906 | 2,750 | ||||
Tax effect of Merger related costs(1) | (1,632) | (619) | (7,855) | (619) | ||||
Other(4) | 17,565 | 4,012 | (7,462) | 7,425 | ||||
Tax 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 | $ 1.01 | ||||
Adjusted 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 |
(3) | Of these amounts, |
(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 | 2024 | |||||
Net income | $ (16,019) | $ (1,429) | $ 45,496 | $ 35,932 | ||||
Add / (less) Non-GAAP adjustments: | ||||||||
Interest expense | 4,078 | 4,987 | 16,826 | 10,561 | ||||
Interest income | (771) | (595) | (3,652) | (4,072) | ||||
Provision for income taxes | (3,602) | 9,500 | 29,835 | 26,616 | ||||
Depreciation and amortization | 22,735 | 23,287 | 90,894 | 87,626 | ||||
EBITDA | $ 6,421 | $ 35,750 | $ 179,399 | $ 156,663 | ||||
Non-cash equity-based compensation | 14,605 | 15,110 | 61,076 | 56,330 | ||||
Giphy Retention Compensation Expense - non-recurring | 216 | 291 | 1,436 | 22,116 | ||||
Merger related costs | 7,252 | 2,750 | 34,906 | 2,750 | ||||
Foreign currency loss | 730 | 1,156 | 2,463 | 1,831 | ||||
Unrealized loss / (gain) on investment | 13,220 | (472) | (20,909) | (2,160) | ||||
Other(1) | 4,345 | 4,484 | 13,447 | 9,585 | ||||
Adjusted EBITDA | $ 46,789 | $ 59,069 | $ 271,818 | $ 247,115 | ||||
Revenue | $ 220,221 | $ 250,306 | $ 989,925 | $ 935,262 | ||||
Net (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 | 2024 | |||||
Reported 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 | $ 760,011 | ||||
Content 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 | $ 175,251 | ||||
Data, Distribution, and Services revenue growth | (19) % | (5) % | 16 % | 28 % | ||||
Data, Distribution, and Services revenue growth on a constant currency | (20) % | (5) % | 16 % | 28 % | ||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Cash flow information: | ||||||||
Net cash provided by operating activities | $ 36,213 | $ 7,966 | $ 166,686 | $ 32,646 | ||||
Net 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 | $ 32,646 | ||||
Capital 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 | 63,971 | ||||
Cash paid for Envato Seller Obligations(1) | — | 17,572 | — | 63,320 | ||||
Merger 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 | 2024 | |||||
Content | $ 189,551 | $ 212,517 | $ 786,661 | $ 760,011 | ||||
Data, Distribution, and Services | $ 30,670 | $ 37,789 | $ 203,264 | $ 175,251 | ||||
Total 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 | 499 | ||||||||
Subscriber 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 | $ 418 | ||||||||
Paid downloads (in millions) (4) | 107.9 | 111.7 | 112.6 | 120.9 | 125.8 | 112.3 | 33.4 | 35.0 | ||||||||
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 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 | $ 224 | ||||||||
Sales and marketing | 2,287 | 2,098 | 2,559 | 2,255 | 2,627 | 3,226 | 3,167 | 2,011 | ||||||||
Product development | 3,218 | 3,370 | 3,529 | 2,912 | 2,722 | 2,745 | 4,171 | 2,285 | ||||||||
General and administrative | 8,542 | 6,966 | 9,005 | 12,321 | 9,256 | 8,680 | 7,338 | 6,630 | ||||||||
Total non-cash equity-based compensation | ||||||||||||||||
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 | ||||||||||||||||
General and administrative | 1,725 | 1,849 | 1,807 | 1,929 | 2,096 | 1,991 | 1,346 | 1,389 | ||||||||
Total depreciation and amortization | ||||||||||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-full-year-2025-and-fourth-quarter-financial-results-302688474.html
SOURCE Shutterstock, Inc.
FAQ
What were Shutterstock (SSTK) full-year 2025 revenues and growth rate?
How did Shutterstock (SSTK) perform on profitability in 2025?
Why did Shutterstock (SSTK) report a Q4 2025 net loss of $16.0M?
What happened to Shutterstock (SSTK) revenue in Q4 2025 and which segments were affected?
How much cash did Shutterstock (SSTK) generate in 2025 and what is adjusted free cash flow?
What is the status of Shutterstock's (SSTK) pending merger with Getty Images?
