Shutterstock (SSTK) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 reached a record $267.0 million, up 21% year-over-year, driven by the Envato acquisition and growth in data offerings.

• Net income rose sharply to $29.4 million from $3.6 million, with EPS at $0.82 versus $0.10.

• The merger with Getty Images was approved by shareholders and awaits regulatory and closing conditions, with $8.7 million in related professional fees incurred.

• Envato and Backgrid acquisitions expanded content and editorial offerings, contributing to revenue and subscriber growth.

• Subscriber count more than doubled year-over-year to 1,073,000.

Financial highlights

• Q2 2025 revenue: $266.99 million, up from $220.05 million in Q2 2024 (21% increase).

• Net income: $29.4 million, up 712% year-over-year; diluted EPS: $0.82 vs. $0.10.

• Adjusted EBITDA margin improved to 30.8% from 28.2% year-over-year.

• Content revenue grew 18% to $199.8 million; Data, Distribution, and Services revenue rose 34% to $67.2 million.

• Adjusted net income was $42.9 million, up from $35.9 million; adjusted EPS rose to $1.19 from $1.00.

Outlook and guidance

• Management expects cost of revenue and sales/marketing expenses to fluctuate in line with revenue and ongoing investments.

• Effective tax rate may fluctuate with international expansion and discrete items; new tax legislation (OBBBA) under evaluation.

• Non-GAAP measures such as adjusted EBITDA and adjusted net income are expected to remain key performance indicators.

• No financial guidance provided due to pending merger.