Shutterstock (NYSE: SSTK) suspends dividend, cites debt reduction and flexibility
Rhea-AI Filing Summary
Shutterstock, Inc. reported that Chief Accounting Officer Steven Ciardiello has decided to resign, effective August 28, 2026, following a transition period. The company states that his resignation is not due to any disagreement regarding operations, policies or practices, and it has begun a search for a successor.
The Board of Directors resolved at its July 20, 2026 meeting to suspend future quarterly cash dividends. The Board cites an ongoing review of capital-allocation priorities and a focus on deploying capital for long-term value, including reducing debt, minimizing interest expense and strengthening financial flexibility. Any future dividends will be at the Board’s discretion, based on operating results, financial condition, capital needs, contractual restrictions, law and other relevant factors.
Positive
- None.
Negative
- Suspension of quarterly cash dividend eliminates ongoing dividend payments, as the Board resolved on July 20, 2026 to halt future quarterly cash dividends while it reassesses capital-allocation priorities, including debt reduction and financial flexibility.
8-K Event Classification
3 items: 5.02, 8.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
CAO resignation effective date: August 28, 2026
Resignation notice date: July 16, 2026
Board meeting date on dividend suspension: July 20, 2026
+1 more
4 metrics
CAO resignation effective date
August 28, 2026
Effective date of Steven Ciardiello’s resignation as Chief Accounting Officer
Resignation notice date
July 16, 2026
Date Steven Ciardiello notified Shutterstock of his decision to resign
Board meeting date on dividend suspension
July 20, 2026
Board meeting at which suspension of future quarterly cash dividend was approved
Public announcement date
July 22, 2026
Date Shutterstock announced the capital allocation update and dividend suspension
Key Terms
capital-allocation priorities, quarterly cash dividend, financial flexibility, forward-looking statements, +1 more
5 terms
capital-allocation priorities financial
"reflects its ongoing review of the Company's capital-allocation priorities"
quarterly cash dividend financial
"resolved to suspend the Company's future quarterly cash dividend"
A quarterly cash dividend is a payment made by a company to its shareholders four times a year, usually based on its profits. It is like a regular bonus or reward for owning the company's stock, providing shareholders with income. Many investors see these payments as a sign of the company's stability and its ability to generate consistent profits.
financial flexibility financial
"minimizing related interest expense and strengthening financial flexibility"
forward-looking statements regulatory
"This press release includes forward-looking statements within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Risk Factors regulatory
"see the sections captioned “Risk Factors” and “Management's Discussion"
Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What leadership change did Shutterstock (SSTK) disclose regarding its Chief Accounting Officer?
Shutterstock disclosed that Chief Accounting Officer Steven Ciardiello decided to resign, effective August 28, 2026, following a transition period. The company noted that his resignation is not due to any disagreement about its operations, policies or practices, and it is searching for a successor.
What dividend decision did Shutterstock (SSTK)’s Board make in July 2026?
At a meeting on July 20, 2026, Shutterstock’s Board resolved to suspend the company’s future quarterly cash dividend. The decision was later announced on July 22, 2026 as part of a broader capital-allocation review focused on long-term value creation and financial flexibility.
Why did Shutterstock (SSTK) suspend its future quarterly cash dividend?
The Board said suspending the quarterly cash dividend reflects its focus on capital-allocation priorities, including reducing debt, minimizing related interest expense and strengthening financial flexibility. The move is part of an ongoing review aimed at supporting long-term value creation for shareholders.
Can Shutterstock (SSTK) resume paying dividends in the future?
Yes. The company stated that any future declaration and payment of dividends will remain at the Board’s discretion. Decisions will depend on results of operations, financial condition, capital requirements, contractual restrictions, applicable law, and other factors the Board considers relevant.
How does Shutterstock (SSTK) plan to use capital after suspending its dividend?
Shutterstock indicated that its capital-allocation focus includes reducing debt, minimizing interest expense, and strengthening financial flexibility. The Board framed the suspension of the quarterly cash dividend as part of an ongoing effort to deploy capital to support long-term value creation.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices, including zip code)
(646 ) 710-3417
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Class
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Trading symbol
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On July 16, 2026, Steven Ciardiello notified Shutterstock, Inc. (the “Company”) of his decision to resign as Chief Accounting Officer of the Company, effective August 28, 2026 following a transition period. Mr. Ciardiello’s resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Company is conducting a
search for a successor.
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Item 8.01
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Other Events.
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On July 22, 2026, the Company issued a press release announcing that at a meeting held on July 20, 2026 its Board of Directors resolved to
suspend the Company's future quarterly cash dividend. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits
| Exhibit No. | Description |
| 99.1 | Press release entitled “Shutterstock Announces Capital Allocation Update,” dated July 22, 2026 |
| 104 |
Cover Page Interactive Data File (formatted as Inline XBRL)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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SHUTTERSTOCK, INC.
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Dated: July 22, 2026
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By:
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/s/ Rik Powell
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Rik Powell
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Chief Financial Officer & Interim Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
Shutterstock Announces Capital Allocation Update
New York, NY — July 22, 2026 — Shutterstock, Inc.
(NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced that at a
meeting held on July 20, 2026 its Board of Directors (the "Board") resolved to suspend the Company's future quarterly cash dividend.
The Board's determination reflects its ongoing review of the Company's capital-allocation priorities and its focus on deploying capital to support long-term
value creation for shareholders, including reducing debt, minimizing related interest expense and strengthening financial flexibility.
The Board will continue to evaluate the Company’s capital allocation priorities as part of its regular governance process. Any future declaration and payment
of dividends, and the amount thereof, will remain subject to the discretion of the Board and will depend upon, the Company's results of operations, financial condition, capital requirements, contractual restrictions, applicable law, and such other
factors as the Board deems relevant.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements. Forward-looking statements may discuss intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise. Forward-looking
statements speak only as of the date they are made 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 occur. Forward-looking statements can
often, but not always, be identified by the use of forward-looking terminology including “believes,” ”could,” “expects,” “intends,” "may,” “might,” “ongoing,” “plans,” "seeks,” “should,” ”will,” 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 differ materially from those indicated or anticipated by such forward-looking
statements. The forward-looking statements in this press release relate to, among other things, the Company's capital allocation strategy, the suspension of the Company's quarterly cash dividend, the Company's plans with respect to debt reduction,
interest expense management and financial flexibility, and any future declaration and payment of dividends. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see
the sections captioned “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company's Quarterly Reports
on Form 10-Q, and the Company's other filings with the Securities and Exchange Commission. While those factors are considered representative, no list of risk factors should be considered a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The Company assumes no obligation to update forward-looking statements, and the Company disclaims any such obligation, except as may be
required by law.
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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Press Contact:
Lori Rodney
press@shutterstock.com
917-563-4991