Shutterstock (SSTK) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $989.9M, up 6% year-over-year, and record adjusted EBITDA of $271.8M, with a margin of 27.5% matching previous highs.

• Data, Distribution, and Services segment grew double digits, offsetting continued challenges in the Content business.

• Fourth quarter revenue declined 12% year-over-year to $220.2M, with a net loss of $16.0M, impacted by merger-related costs and investment losses.

• Pending merger with Getty Images remains in progress, with regulatory approvals underway.

Financial highlights

• Full-year net income rose to $45.5M from $35.9M, with EPS at $1.25 versus $1.01 year-over-year.

• Adjusted net income for the year was $140.5M, up from $138.7M, with adjusted EPS at $3.87.

• Adjusted EBITDA increased 10% to $271.8M, driven by Envato acquisition and data deal revenue.

• Q4 adjusted net income was $24.9M, up from $23.4M, with adjusted EBITDA at $46.8M, down 21% year-over-year.

• Cash and cash equivalents at year-end were $178.2M, up $66.9M from prior year.

Outlook and guidance

• Focus for 2026 is on simplifying Core Content business and expanding AI-driven Data, Distribution, and Services offerings.

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