sstk-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________________________________________

FORM 10-Q

___________________________________________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35669

_____________________________________________________________________

SHUTTERSTOCK, INC.

(Exact name of registrant as specified in its charter)

________________________________________________________


Delaware						80-0812659
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

350 Fifth Avenue, 20th Floor

New York, NY 10118

(Address of principal executive offices, including zip code)

(646) 710-3417

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

______________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	SSTK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐

Yes

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 24, 2026, 36,738,014 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.

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Shutterstock, Inc.

FORM 10-Q

Table of Contents

For the Quarterly Period Ended March 31, 2026


		Page No.

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	4
	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	43

Signatures		45

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, particularly in the discussion under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding our proposed merger with Getty Images Holdings, Inc. (the “Merger”), guidance, 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 and our competitive position. You can identify many forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expects,” “aims,” “anticipates,” “believes,” “estimates,” “intends,” “plans,” “predicts,” “projects,” “seeks,” “potential,” “opportunities” and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to the proposed Merger; our ability to continue to attract and retain customers of, and contributors to, our creative platform; competition in our industry; the effectiveness and efficiency of our marketing efforts; our ability to innovate technologically or develop, market and offer new products and services, or enhance existing technology and products and services; costs related to litigation or infringement claims, indemnification claims and the inability to prevent misuse of our content; our ability to increase market awareness of our brand and our existing and new products and services; pricing pressure, and increased service, indemnification and working capital requirements; expansion of our operations into new products, services and technologies; the impact of worldwide economic, political and social conditions; issues relating to the use of new and evolving technologies, such as AI; our ability to grow our revenues at historical rates; our ability to effectively expand, train, manage changes to and retain our sales force; our ability to effectively manage our growth; our ability to successfully make, integrate and maintain acquisitions and investments, risks related to our personnel; risks related to our use of independent contractors; the non-payment or late payment of amounts due to us and other payment-related risks; the potential impairment of our goodwill or intangible assets; the need to raise additional capital; risks related to our debt; our reliance on information technologies and systems and other risks related to our intellectual property and security vulnerabilities; our international operations and our continued expansion internationally; foreign exchange risk; risks related to regulatory and tax challenges; as well as those risks discussed under the caption “Risk Factors” in our most recently filed Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the “SEC”) on February 17, 2026 (our “2025 Form 10-K”) and in our consolidated financial statements, related notes, and the other information appearing elsewhere in the 2025 Form 10-K, this Quarterly Report on Form 10-Q and our other filings with the SEC. Given these risks and uncertainties, you should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are made only as of the date hereof, and we do not intend, and, except as required by law, we undertake no obligation to update any forward-looking statements contained herein after the date of this report to reflect actual results or future events or circumstances.

Unless the context otherwise indicates, references in this Quarterly Report on Form 10-Q to the terms “Shutterstock,” “the Company,” “we,” “our” and “us” refer to Shutterstock, Inc. and its subsidiaries. “Shutterstock,” “Shutterstock Editorial,” “Asset Assurance,” “Offset,” “Bigstock,” “Rex Features,” “PremiumBeat,” “TurboSquid,” “PicMonkey,” “Pattern89,” “Shotzr,” “Pond5,” “Splash News,” “Giphy,” “Shutterstock Studios,” “Shutterstock Editor,” “Shutterstock.AI,” “Creative Flow,” “Backgrid,” “Envato,” “Envato Elements,” “Photodune,” “Tuts+,” “Themeforest,” “Codecanyon,” “Audiojungle,” “Graphicriver,” “Videohive,” “3DOcean,” “Mixkit,” and “Placeit” and their logos are registered trademarks and are the property of Shutterstock, Inc. or one of our subsidiaries. All other trademarks, service marks and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Shutterstock, Inc.

Consolidated Balance Sheets

(In thousands, except par value amount)

(unaudited)


	March 31,		December 31,
	2026		2025

ASSETS
Current assets:
Cash and cash equivalents	$	162,518	$	178,244


Accounts receivable, net of allowance of $3,547 and $3,431	103,362		112,626
Prepaid expenses and other current assets	55,366		47,769


Total current assets	321,246		338,639
Property and equipment, net	61,968		62,553
Right-of-use assets	9,003		9,770
Intangible assets, net	203,879		215,673
Goodwill	574,169		574,614
Deferred tax assets, net	68,185		61,289
Other assets	72,748		93,398
Total assets	$	1,311,198	$	1,355,936
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,532	$	13,898
Accrued expenses	103,626		129,952
Contributor royalties payable	95,375		94,163

Deferred revenue	208,661		212,984
Debt	158,111		158,110
Other current liabilities	49,790		19,295
Total current liabilities	629,095		628,402
Deferred tax liability, net	617		1,134
Long-term debt	115,898		116,639
Lease liabilities	15,338		17,247
Other non-current liabilities	18,172		11,476
Total liabilities	779,120		774,898
Commitments and contingencies (Note 15)

Stockholders’ equity:

Common stock, $0.01 par value; 200,000 shares authorized; 41,076 and 41,049 shares issued and 35,555 and 35,528 shares outstanding as of March 31, 2026 and December 31, 2025, respectively	410		410
Treasury stock, at cost; 5,521 shares as of March 31, 2026 and December 31, 2025	(269,804)		(269,804)
Additional paid-in capital	533,004		520,018
Accumulated other comprehensive loss	(6,349)		(4,754)
Retained earnings	274,817		335,168
Total stockholders’ equity	532,078		581,038
Total liabilities and stockholders’ equity	$	1,311,198	$	1,355,936

See Notes to Unaudited Consolidated Financial Statements.

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Shutterstock, Inc.

Consolidated Statements of Operations

(In thousands, except for per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025

Revenue	$	199,170	$	242,620

Operating expenses:
Cost of revenue	94,788		100,888
Sales and marketing	48,346		53,359
Product development	19,405		19,865
General and administrative	67,585		58,307
Total operating expenses	230,124		232,419
(Loss) / income from operations	(30,954)		10,201


Interest expense	(3,760)		(4,298)
Other (expense) / income, net	(14,661)		14,515
(Loss) / income before income taxes	(49,375)		20,418
(Benefit) / provision for income taxes	(1,806)		1,730
Net (loss) / income	$	(47,569)	$	18,688





(Losses) / Earnings per share:
Basic	$	(1.34)	$	0.54
Diluted	$	(1.34)	$	0.53

Weighted average common shares outstanding:
Basic	35,543		34,890
Diluted	35,543		35,322

See Notes to Unaudited Consolidated Financial Statements.

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Shutterstock, Inc.

Consolidated Statements of Comprehensive Income

(In thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025

Net (loss) / income	$	(47,569)	$	18,688
Foreign currency translation (loss) / gain	(1,595)		4,297

Other comprehensive (loss) / income	(1,595)		4,297
Comprehensive (loss) / income	$	(49,164)	$	22,985

See Notes to Unaudited Consolidated Financial Statements.

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Shutterstock, Inc.

Consolidated Statements of Stockholders’ Equity

(In thousands)

(unaudited)


											Additional Paid-in Capital		Accumulated Other Comprehensive (Loss) / Income		Retained Earnings
	Common Stock					Treasury Stock
Three Months Ended March 31, 2026	Shares		Amount			Shares		Amount									Total
Balance at December 31, 2025		41,049		$	410		5,521		$	(269,804)	$	520,018	$	(4,754)	$	335,168		$	581,038




Equity-based compensation		—		—			—		—		13,372		—		—			13,372



Issuance of common stock in connection with employee stock option exercises and RSU vesting		48		—			—		—		—		—		—			—
Common shares withheld for settlement of taxes in connection with equity-based compensation		(21)		—			—		—		(386)		—		—			(386)




Cash dividends paid		—		—			—		—		—		—		(12,782)			(12,782)
Other comprehensive loss		—		—			—		—		—		(1,595)		—			(1,595)
Net loss		—		—			—		—		—		—		(47,569)			(47,569)
Balance at March 31, 2026		41,076		$	410		5,521		$	(269,804)	$	533,004	$	(6,349)	$	274,817		$	532,078

Three Months Ended March 31, 2025
Balance at December 31, 2024		40,395		$	403		5,521		$	(269,804)	$	468,390	$	(16,841)	$	336,202		$	518,350




Equity-based compensation		—		—			—		—		17,884		—		—			17,884



Issuance of common stock in connection with employee stock option exercises and RSU vesting		46		—			—		—		—		—		—			—
Common shares withheld for settlement of taxes in connection with equity-based compensation		(19)		—			—		—		(538)		—		—			(538)




Cash dividends paid		—		—			—		—		—		—		(11,501)			(11,501)
Other comprehensive income		—		—			—		—		—		4,297		—			4,297
Net income		—		—			—		—		—		—		18,688			18,688
Balance at March 31, 2025		40,422		$	403		5,521		$	(269,804)	$	485,736	$	(12,544)	$	343,389		$	547,180

SEC Form 10-Q filed by Shutterstock Inc.