Shutterstock Inc. (NYSE:SSTK) reported fourth-quarter adjusted earnings above expectations on Tuesday, even as revenue declined significantly amid continued pressure in its core content operations.
Shares were little changed in pre-market trading following the release.
The digital content provider delivered adjusted earnings per share of $0.67 for the quarter, ahead of the $0.51 consensus estimate. Revenue, however, fell 12% year over year to $220.2 million, well below analyst forecasts of $254.36 million.
The shortfall was largely driven by an 11% decline in Content revenue to $189.6 million and a 19% drop in Data, Distribution, and Services revenue to $30.7 million. Paid downloads decreased to 107.9 million from 125.8 million in the comparable quarter last year.
“I’m thrilled to announce that Shutterstock achieved record setting Revenue and Adjusted EBITDA in 2025,” said Paul Hennessy, Shutterstock’s Chief Executive Officer. “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%.”
Despite solid full-year performance, the fourth-quarter figures underscored ongoing headwinds. The company posted a net loss of $16 million, or -$0.43 per share, compared with a net loss of $1.4 million, or -$0.04 per share, in the fourth quarter of 2024. Adjusted EBITDA declined 21% to $46.8 million.
Shutterstock also continues to pursue its planned merger with Getty Images, with Hennessy stating, “We continue to work alongside Getty Images and with the regulatory authorities to secure the necessary approvals for this transaction.”
For the full year 2025, Shutterstock generated revenue of $989.9 million, up 6% from $935.3 million in 2024, while net income increased to $45.5 million from $35.9 million the prior year.