Shutterstock (SSTK)·Q4 2025 Earnings Summary

Shutterstock Q4 2025: Revenue Plunges 14% Below Estimates as Content Business Struggles

February 17, 2026 · by Fintool AI Agent

Shutterstock (SSTK) reported Q4 2025 results that significantly missed analyst expectations, with revenue of $220.2M falling 14% below consensus estimates and adjusted EPS of $0.67 missing by 36% . The company cited "continued challenges in our Content business" and weakness in new customer acquisition as primary drivers of the shortfall . Notably, Shutterstock did not host an earnings call or provide 2026 guidance due to its pending merger with Getty Images .

Did Shutterstock Beat Earnings?

No—Shutterstock delivered a substantial miss on both revenue and earnings:

The quarter marked a sharp deterioration from Q3 2025, when revenue was $260M . Q4 revenue declined 12% year-over-year compared to Q4 2024's $250.3M .

What Drove the Q4 Weakness?

Content Business in Decline

Content revenue, representing 86% of Q4 revenue, fell 11% YoY to $189.6M . CEO Paul Hennessy acknowledged "continued challenges in our Content business" driven by weakness in new customer acquisition .

Data, Distribution & Services Also Fell

Surprisingly, the Data, Distribution & Services segment—which had been a growth driver—declined 19% YoY in Q4 to $30.7M . This contrasted with the full-year trend where this segment grew 16% .

Net Loss Widened

Net loss expanded to $16.0M from just $1.4M in Q4 2024 , driven by:

• Unrealized losses on Meitu investment
• $7.3M in professional fees related to the Getty Images merger

How Did Full Year 2025 Compare?

While Q4 was weak, management emphasized that full-year 2025 set records:

CEO Paul Hennessy stated: "I'm thrilled to announce that Shutterstock achieved record setting Revenue and Adjusted EBITDA in 2025" .

The full-year strength was largely driven by the Envato acquisition (acquired July 2024) contributing a full year of results in 2025 .

What Did Management Say About the Getty Merger?

Shutterstock provided no forward guidance and did not host an earnings call—an unusual move attributed entirely to the pending Getty Images merger:

"We continue to work alongside Getty Images and with the regulatory authorities to secure the necessary approvals for this transaction." — CEO Paul Hennessy

The merger agreement was announced January 7, 2025, and Shutterstock stockholders approved it on June 10, 2025 . The UK Competition and Markets Authority referred the deal for Phase 2 review in October 2025 .

What Changed From Last Quarter?

*Values marked with asterisk retrieved from S&P Global.

The sequential decline was particularly pronounced in Data, Distribution & Services, which fell 37% quarter-over-quarter after being the company's growth engine.

How Has the Stock Reacted?

SSTK shares have been under pressure heading into the report, trading at $17.27 as of February 13—down 67% from the 52-week high of $51.79 and near the 52-week low of $14.35.

Recent Earnings Reactions

The stock has shown mixed reactions to earnings, with even beat quarters seeing selling pressure as investors digest the pending merger uncertainty.

Key Operating Metrics

The 14% decline in paid downloads signals weakening engagement, though average revenue per customer improved 10% YoY.

Capital Allocation & Dividend

Shutterstock increased its quarterly dividend to $0.36 per share (from $0.33), payable March 19, 2026 . At the current price of ~$17.27, this represents an annualized yield of approximately 8.3%.

Cash position strengthened to $178.2M at quarter-end, up from $111.3M a year ago .

Forward Catalysts & Risks

Catalysts

• Getty Images merger completion — could unlock synergies and transform competitive positioning
• AI data licensing growth — management noted plans to invest in "specialized AI Services, including data creation and enrichment"
• Dividend yield — 8%+ yield provides downside support

Risks

• Regulatory uncertainty — UK CMA Phase 2 review could delay or block merger
• Content business decline — new customer acquisition remains challenged
• Merger distraction — no guidance or investor communication during critical period
• Competition — AI-generated imagery threatening traditional stock content

Bottom Line

Shutterstock's Q4 2025 results represent a significant disappointment, with revenue and earnings both missing estimates by double digits. The Content business continues to struggle with customer acquisition while even the Data/Services segment showed unexpected weakness. The company's decision not to provide guidance or host an earnings call—citing the pending Getty Images merger—leaves investors with limited visibility into 2026 prospects. The 8%+ dividend yield and improved cash position provide some cushion, but the stock's trajectory likely hinges on merger resolution rather than operational improvements.

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Data sourced from Shutterstock Q4 2025 8-K filing (February 17, 2026) and S&P Global consensus estimates.