Shutterstock (NYSE:SSTK) reported full-year 2025 revenue of $989.9 million, up 6% from $935.3 million in 2024, marking a record high for the creative platform provider.
Adjusted EBITDA reached a record $271.8 million, representing a 27.5% margin and an increase of 10% year over year, driven primarily by the integration of Envato—acquired in July 2024 and contributing fully in 2025—along with robust growth in Data, Distribution & Services revenue streams.
Net income for the year climbed to $45.5 million, or $1.25 per diluted share, from $35.9 million, or $1.01 per share, in the prior year.
The improvement reflected higher profitability from acquired and expanded businesses, partially offset by $34.9 million in professional fees tied to the proposed merger with Getty Images.
Adjusted free cash flow expanded to $149.5 million, underscoring improved cash generation capabilities amid strategic investments in AI-driven tools and platform enhancements.
The fourth quarter presented a more challenging picture, with revenue declining 12% to $220.2 million from the year-ago period.
The company recorded a net loss of $16 million, while adjusted EBITDA came in at $46.8 million.
Management attributed the sequential and year-over-year revenue pressure to continued weakness in traditional content offerings, including stock photography and video licensing, offset somewhat by contributions from Envato and other growth areas.
The results come as Shutterstock advances its proposed all-stock merger with Getty Images, announced in January 2025, which would create a combined entity valued at approximately $3.7 billion and named Getty Images Holdings.
The transaction has received stockholder approval from Shutterstock and faces ongoing regulatory scrutiny, including a Phase 2 review by the UK's Competition and Markets Authority and a second request from the U.S. Department of Justice.
The companies continue to work toward closing, with the deal still pending final approvals.