Shutterstock Reports Third Quarter 2026 Financial Results

Nov. 5, 2026 /PRNewswire/ — , Inc. (NYSE: SSTK) (the “Company”), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the third quarter ended September 30, 2026

Commenting on the Company’s performance, Jon Oringer, Chairman and Chief Executive Officer of , said, “During the third quarter, we maintained a strong focus on operational discipline and cost management while navigating continued headwinds in our core Content segment and deal timing volatility in Data Licensing

“We reduced third-quarter Product Development and SG&A expenses by 30% year-over-year to $96 million, representing $39 million in quarterly savings, while reducing total headcount by 16% year-to-date. Importantly, we are on target to deliver the $60 million in annualized run-rate operating expense reductions we committed to in our second-quarter earnings announcement. These actions strengthen our financial position and provide greater flexibility as we focus on the opportunities ahead.

“AI is fundamentally changing how creative content is produced and consumed, creating new opportunities for Shutterstock to build on its content library, data capabilities, and relationships across the creative ecosystem. With Hichame Assi as President and COO, we’re bringing greater focus to operational performance and execution while continuing to invest in opportunities that we believe will build on our strategic assets and deliver greater value to customers and contributors. Together, we’re focused on positioning Shutterstock for long-term growth”.

Chief Financial Officer Transition

“I want to thank Rik for his <a href="https://bitcomme.com/the-leadership-fix-canadian-jobsites-need-2/” title=”The leadership fix Canadian jobsites need”>leadership and contributions to , including stepping into the interim CEO role earlier this year,” said Mr. Oringer. “We appreciate his commitment to the Company and wish him all the best.”

Third Quarter 2026 highlights as compared to Third Quarter 2025:

• Revenues were $173.9 million compared to $260.1 million.
• Net loss was $197.8 million compared to net income of $13.4 million.
  • Net loss includes a $195.6 million non-cash, after-tax goodwill impairment charge.
• Net loss per diluted common share was $5.35 compared to net income per diluted common share of $0.37.
• Adjusted net income was $16.7 million compared to $36.4 million.
• Adjusted net income per diluted common share was $0.45 compared to $0.99.
• Adjusted EBITDA was $41.8 million compared to $79.4 million.

Third quarter revenue of $173.9 million decreased by $86.2 million or 33% as compared to the third quarter of 2025.

Revenue from our Content product offering decreased by $36.4 million, or 19%, as compared to the third quarter of 2025, to $158.1 million. The reduction in our Content revenue was driven primarily by weakness in new customer acquisition. Content revenue represented 91% of our total revenue in the third quarter of 2026.

Revenue generated from our Data, Distribution, and Services product offering decreased by $49.8 million, or 76%, as compared to the third quarter of 2025, to $15.8 million, and represented 9% of third quarter revenue in 2026. Revenue recognition in our data offering may vary from quarter-to-quarter based on the delivery timing of metadata licensed assets.

Net (loss) / income and net (loss) / income per diluted common share

Net income decreased by $211.1 million to a net loss of $197.8 million in the third quarter of 2026, compared to net income of $13.4 million for the third quarter of 2025. Net loss per diluted common share was $5.35, as compared to net income per diluted common share of $0.37 for the same period in 2025. In the third quarter of 2026, the Company recorded a non-cash goodwill impairment charge of $203.3 million after identifying a triggering event resulting from the impact of the dividend suspension announced on July 22, 2026. Additionally, the Company had further declines in revenue, with operating costs not declining at a similar rate, as well as $0.4 million of unrealized losses related to our investment in Meitu, Inc, $0.5 million of costs related to the proposed merger, $2.6 million of strategic advisory and other fees, and $4.3 million of workforce optimizations expenses.

Adjusted net income and adjusted net income per diluted common share

Adjusted net income of $16.7 million in the third quarter of 2026 decreased by $19.7 million, compared to adjusted net income of $36.4 million for the third quarter of 2025, primarily due to the decline in revenue.

Adjusted net income per diluted common share was $0.45, compared to $0.99 for the third quarter of 2025.

Adjusted EBITDA of $41.8 million for the third quarter of 2026 decreased by $37.6 million, or 47%, as compared to the third quarter of 2025, primarily due to the decline in revenue.

Net loss margin of 113.7% for the third quarter of 2026 decreased by 118.8%, as compared to net income margin of 5.1% in the third quarter of 2025. The adjusted EBITDA margin of 24.0% for the third quarter of 2026 decreased by 6.5%, as compared to 30.5% in the third quarter of 2025.

Our cash and cash equivalents decreased by $22.7 million to $110.5 million at September 30, 2026, as compared with $133.2 million as June 30, 2026. This was driven by $18.3 million of net cash from operating activities, offset by $29.8 million of net cash used in financing activities and $9.8 million of net cash used in investing activities.

Net cash from operating activities of $18.3 million was driven by cash generation from our business operations and changes in the timing of cash collections from our customers and payments pertaining to operating expenses offset by $5.0 million in contributor royalty payments, an $8.6 million reduction in deferred revenue and $4.3 million of payments related to the proposed merger.

Cash used in investing activities for the three months ended September 30, 2026 consisted of $9.8 million related to capital expenditures, $0.3 million of content acquisition, partially offset by $0.1 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller.

Cash used in financing activities for the three months ended September 30, 2026 consisted primarily of $30.0 million of repayments on our revolving credit facility. 

Adjusted free cash flow was $12.5 million for the third quarter of 2026, an decrease of $62.7 million from the third quarter of 2025.

To supplement Shutterstock’s consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock’s management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), and adjusted free cash flow.

The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the “Giphy Retention Compensation Expense – non-recurring”), are required payments in accordance with the terms of the acquisition. Meta’s sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the “CMA”) and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense – non-recurring is not considered an ongoing expense necessary to operate the Company’s business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.

These non-GAAP financial measures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies

Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), adjusted free cash flow, and each measure’s most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings “Reconciliation of Non-GAAP Financial Information to GAAP” and “Supplemental Financial Data” immediately following the Consolidated Balance Sheets.

Discover our impact at www..com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube

The statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “could,” “might,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our ability to offer premier Data Licensing and AI Services, and our competitive position. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among others, the risks discussed under the caption “Risk Factors” in Shutterstock’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.