Shutterstock, Inc. reported full‑year 2025 revenue of $989.9 million, up 6% from $935.3 million in 2024. Core Content revenue rose 4% to $786.7 million, while the Data, Distribution & Services segment grew 16% to $203.3 million, representing 21% of total revenue. The company’s data business, which includes AI‑related services, drove the double‑digit growth, offsetting a modest decline in the legacy Content business.
Adjusted EBITDA for 2025 reached $271.8 million, a 10% increase from $247.1 million in 2024, and the adjusted EBITDA margin expanded to 27.5%, up 1.1 percentage points from 26.4% the previous year. The margin lift reflects a higher mix of higher‑margin data services and disciplined cost management amid a challenging Content market. Adjusted free cash flow grew to $149.5 million, up $40.8 million year‑over‑year, largely due to the timing of cash receipts from data‑deal transactions.
In the fourth quarter, revenue fell 12% to $220.2 million, missing the consensus estimate of $252.34 million. Q4 adjusted EBITDA declined to $46.8 million, a 21% drop from $59.1 million in the prior year. Despite the revenue miss, the company’s adjusted EPS of $0.67 beat the consensus estimate of $0.51, a $0.16 or 31% beat, driven by stronger profitability in the data segment and effective cost controls that offset the revenue shortfall.
"I'm thrilled to announce that Shutterstock achieved record setting Revenue and Adjusted EBITDA in 2025. Revenue grew 6% driven by double digit growth of our Data, Distribution, and Services business, while Adjusted EBITDA margins for the year matched a previous high of 27.5% and Adjusted Free Cash Flow significantly expanded year over year. These achievements were despite continued challenges in our Content business." – CEO Paul Hennessy
"Looking forward to 2026, we will continue to simplify our Core Content business with products and pricing that meet our customers' needs in order to improve on current trends and we're excited to continue investing in our Data, Distribution and Services business by offering specialized AI Services, including data creation and enrichment, in addition to our world‑class stock assets for model training." – CEO Paul Hennessy
"We continue to work alongside Getty Images and with the regulatory authorities to secure the necessary approvals for this transaction." – CEO Paul Hennessy
Investors reacted cautiously, with pre‑market trading largely unchanged. The muted response reflects a balance between the Q4 revenue miss and the EPS beat, as well as ongoing uncertainty around the pending Getty Images merger and the company’s continued challenges in its legacy Content business.
Shutterstock’s long‑term targets remain $1.2 billion in revenue and $350 million in EBITDA by 2027, underscoring management’s confidence in the data‑driven growth strategy and the potential synergies from the Getty merger.
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