Shutterstock (SSTK) Company Report

Getty Images reported Q3 2025 revenue of $240.0 million, a 0.2% decrease year over year, with Annual Subscription Revenue up 11.2% (currency neutral 9.3%), representing 58.4% of total revenue.
The company achieved Q3 2025 Net Income of $21.6 million and Adjusted EBITDA of $78.7 million, reflecting a 9.0% Net Income margin and 32.8% Adjusted EBITDA margin.
Getty Images updated its 2025 full-year guidance, with expected Revenue between $942 million and $951 million and Adjusted EBITDA between $291 million and $293 million.
The proposed merger with Shutterstock is now expected to close in 2026 and has been referred to a Phase 2 review process by the UK Competition and Markets Authority (CMA).
The High Court of England & Wales ruled in favor of Getty Images in its trademark infringement suit against Stability AI Limited on November 4, 2025.

Nov 10, 2025, 9:07 PM

Press Release

Shutterstock Reports Q3 2025 Financial Results

SSTK

Earnings

M&A

Revenue Acceleration/Inflection

Shutterstock reported Q3 2025 revenue of $260.1 million, a 4% increase year-over-year, primarily driven by a 40% growth in Data, Distribution, and Services revenue to $65.7 million.
Adjusted EBITDA grew 13% to $79.4 million, with the adjusted EBITDA margin reaching 30.5% in Q3 2025.
Net income for Q3 2025 was $13.4 million, or $0.37 per diluted common share, which was unfavorably impacted by $7.1 million in professional fees associated with the proposed Getty Images merger.
Adjusted free cash flow significantly increased to $75.2 million for the third quarter of 2025, an increase of $29.6 million from the prior year.
The company remains committed to its pending merger with Getty Images and is engaging with the UK’s Competition and Markets Authority.

Nov 5, 2025, 12:34 PM

8-K

Shutterstock Reports Q3 2025 Financial Results

SSTK

Earnings

M&A

Revenue Acceleration/Inflection

Shutterstock reported Q3 2025 revenue of $260.1 million, a 4% increase compared to Q3 2024, primarily driven by 40% growth in its Data, Distribution, and Services business to $65.7 million.
Net income decreased to $13.4 million (or $0.37 per diluted common share) in Q3 2025 from $17.6 million in Q3 2024, largely due to $7.1 million in professional fees associated with the proposed Getty Images merger.
Despite the net income decrease, Adjusted EBITDA grew by 13% to $79.4 million, achieving an Adjusted EBITDA margin of 30.5% for Q3 2025, and adjusted free cash flow significantly rose to $75.2 million.
The company remains committed to the merger with Getty Images and will not host a conference call or provide financial guidance due to the pending transaction.

Nov 5, 2025, 12:30 PM

Press Release

Shutterstock merger with Getty Images referred to Phase 2 review by UK CMA

SSTK

M&A

Legal Proceedings

On November 3, 2025, Shutterstock, Inc. (SSTK) was notified by the UK's Competition and Markets Authority (CMA) that its proposed merger with Getty Images Holdings, Inc. has been referred to a Phase 2 review process.
This referral occurred despite Getty Images offering comprehensive remedies to avoid a Phase 2 review.
Shutterstock expressed disappointment with the CMA's decision but reiterated its commitment to the proposed merger and its intention to work towards securing the necessary clearances.

Nov 3, 2025, 12:59 PM

8-K

Shutterstock Merger with Getty Images Faces UK Phase 2 Review

SSTK

M&A

Legal Proceedings

The UK's Competition and Markets Authority (CMA) has notified Shutterstock of its intent to refer the proposed merger with Getty Images Holdings, Inc. to a Phase 2 review process.
This referral can be avoided if acceptable undertakings are offered to address the CMA's competition concerns.
Shutterstock remains committed to the proposed merger and will engage with the CMA and Getty Images to expeditiously secure the necessary clearances.

Oct 20, 2025, 11:03 AM

Press Release

Shutterstock Launches New AI Services for Model Training and Evaluation

SSTK

Product Launch

New Projects/Investments

Shutterstock launched a new suite of AI services for model builders, expanding its role from a data provider to an active partner in AI model construction, training, and assessment.
These services provide specialized training datasets and evaluation tools to accelerate the development of next-generation AI systems.
The offering includes end-to-end support for model training, such as custom content production, creative-expert preference data, curation & annotation services, and evaluation & performance insights.
Shutterstock leverages its global creative network and machine learning expertise to deliver these services, building on collaborations with industry leaders like NVIDIA, Meta, OpenAI, and Runway.

Oct 7, 2025, 4:00 PM

Press Release

Shutterstock and Getty Images Waive Merger Closing Condition

SSTK

M&A

Debt Issuance

On September 18, 2025, Shutterstock, Inc. and Getty Images Holdings, Inc. waived the Existing Debt Modifications Condition for their previously announced merger-of-equals transaction.
This condition, set forth in the Merger Agreement dated January 6, 2025, required Getty Images to extend the maturity of its existing term loans and senior notes to no earlier than February 19, 2028.
Getty Images had already refinanced its existing term loans in February 2025, securing a new $580 million 5-year U.S. dollar term facility and a new €440 million 5-year euro term facility.

Sep 18, 2025, 9:15 PM

8-K

Getty Images Reports Q2 2025 Results

SSTK

Earnings

Guidance Update

M&A

Getty Images reported Q2 2025 revenue of $234.9 million, an increase of 2.5% year-over-year.
The company recorded a Net Loss of $34.4 million in Q2 2025, compared to a Net Income of $3.7 million in Q2 2024, primarily due to a $57.2 million increase in foreign exchange loss and a $10.9 million decrease in income from operations due to merger-related expenses.
Getty Images reaffirmed its 2025 Revenue and Adjusted EBITDA guidance, with full year 2025 Revenue expected to be between $931 million and $968 million.
The previously announced merger agreement with Shutterstock is expected to close by the end of 2025, with regulatory review by the U.S. Department of Justice and the UK Competition and Markets Authority ongoing.
Total debt for Getty Images was $1.39 billion as of June 30, 2025.

Aug 11, 2025, 8:07 PM

Press Release

Shutterstock unveils bold new brand identity

SSTK

Product Launch

M&A

Shutterstock introduced a new visual identity and positioned itself as the universal ingredient for brands, emphasizing scalable creative and GenAI solutions.
It launched an Unlimited downloads subscription granting access to over 80 million high-quality images, videos, and audio assets for individual creators.
The company rolled out Generative AI Pro, enabling photorealistic and stylized visuals at 4K resolution via a multi-model AI system.
Shutterstock expanded its offerings with AI Data Licensing, enhanced end-to-end creative production through Shutterstock Studios, and launched GIPHY Ads—which reaches over 1 billion daily search queries—to streamline content distribution.
The rebrand follows a definitive merger agreement with Getty Images to create a premier visual content company, pending customary closing conditions.

Jun 16, 2025, 1:00 PM

Press Release

Shutterstock Announces Merger Transaction and Proxy Vote Update

SSTK

M&A

Legal Proceedings

Proxy Vote Outcomes

Merger Agreement Initiated: On January 6, 2025, Shutterstock entered into a definitive merger agreement with Getty Images and related entities, outlining multiple steps including a merger, LLC conversion, and subsequent transactions.
SEC Filings and Shareholder Vote: The company and Getty Images have filed definitive proxy and registration statements with the SEC, with a special meeting scheduled for June 10, 2025 to consider the merger.
Litigation Update: Two lawsuits have been filed alleging that the proxy statement contains misleading or incomplete information regarding the proposed transactions.

May 30, 2025, 12:00 AM

8-K