Shutterstock (SSTK) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased 4% year-over-year to $260.1 million, driven by growth in Data, Distribution, and Services and the contribution from the Envato acquisition, despite a decline in Content revenue.

• Net income for Q3 2025 was $13.4 million, down from $17.6 million in Q3 2024, primarily due to higher tax expense and merger-related costs.

• Adjusted EBITDA margin exceeded 30% for the second consecutive quarter, with significant free cash flow growth.

• The company entered into a merger agreement with Getty Images, with the transaction pending regulatory approvals and subject to customary closing conditions.

Financial highlights

• Q3 2025 revenue: $260.1 million (+4% YoY); nine months ended revenue: $769.7 million (+12% YoY).

• Q3 2025 net income: $13.4 million (down 24% YoY); nine months ended net income: $61.5 million (+65% YoY).

• Adjusted EBITDA for Q3 2025: $79.4 million (30.5% margin); nine months ended: $225.0 million (29.2% margin).

• Adjusted net income for Q3 2025: $36.4 million; adjusted net income per diluted share: $0.99.

• Adjusted free cash flow: $75.2 million, up $29.6 million year-over-year.

Outlook and guidance

• Management expects continued fluctuations in cost of revenue and operating expenses as investments in new products, geographies, and customer acquisition continue.

• No financial guidance provided due to the pending Getty Images merger.

• The company remains committed to closing the Getty Images merger and is actively engaging with regulatory authorities.