Getty Images (GETY) investor relations material

Executive summary

• Achieved record annual revenue of $981.3 million in 2025, up 4.5% year-over-year, surpassing guidance and marking the highest in company history, with growth across creative and editorial segments.

• Q4 2025 revenue reached $282.3 million, up 14.1% year-over-year, driven by strong performance in Creative and Editorial segments and two significant multi-year licensing agreements.

• Net loss for 2025 was $206.2 million, compared to net income of $39.5 million in 2024, due to litigation, merger expenses, and higher interest costs.

• Strengthened recurring revenue base, expanded long-term partnerships, and demonstrated business model durability amid market volatility.

• Regulatory clearance for the Shutterstock merger obtained in all jurisdictions except the UK, with a final decision expected by June 14, 2026.

Financial highlights

• Adjusted EBITDA for 2025 was $320.9 million (32.7% margin), up 6.9% year-over-year; Q4 adjusted EBITDA was $104.1 million (36.9% margin), up 29.1%.

• Q4 results included $40 million of accelerated revenue from two large licensing deals, with total deal value of $65 million spanning multiple years.

• Excluding these deals and timing elements, Q4 and full-year revenue would have declined 0.7% and 1.4%, respectively.

• Free cash flow for 2025 was $5.7 million, down from $60.9 million in 2024, mainly due to higher merger-related expenses; Q4 free cash flow was $7.7 million.

• Ended 2025 with $90.2 million in cash and $2.01 billion in total debt; total liquidity was $240.2 million including undrawn revolver.

Outlook and guidance

• 2026 revenue guidance: $948–$988 million, representing a year-over-year change of -3.4% to +0.6%, reflecting a challenging comparison due to $40 million of accelerated revenue in Q4 2025.

• 2026 adjusted EBITDA guidance: $279–$295 million, down 8.1% to 12.9% year-over-year.

• Decline in 2026 outlook is due to accelerated revenue recognition in Q4 2025; excluding this, core business expected to grow 0.7–4.9% on a currency neutral basis.

• Guidance includes $5.6 million in one-off SG&A increases for SOX compliance ahead of the Shutterstock merger; all other merger costs excluded from adjusted EBITDA.