Getty Images (GETY) investor relations material

Executive summary

• Q1 2026 revenue was $226.6 million, up 1.1% year-over-year, with growth in editorial and corporate segments offsetting declines in creative, agency, and microstock; adjusted EBITDA was $61.6 million (27.2% margin), down from $70.1 million (31.3%) last year due to higher costs and event coverage.

• Net loss narrowed significantly to $4.4 million from $102.6 million in Q1 2025, driven by higher revenue, lower tax expense, FX gains, and reduced merger-related costs.

• The business faces secular challenges in agency and microstock, but corporate and subscription revenues grew nearly 6% and annual subscription revenue rose to 57.4% of total.

• Major global events like the Milan Cortina Winter Olympics and upcoming America 250 and FIFA World Cup cycles are expected to drive future revenue opportunities.

• The company received nearly 90 industry awards for editorial excellence during the quarter.

Financial highlights

• Creative revenue declined 4.5% to $126.2 million, while editorial revenue rose 11% to $91.7 million; other revenue was $8.6 million, down from $9.3 million.

• Corporate revenue grew 6%, media was flat, and agency revenue declined 14% year-over-year.

• Americas revenue grew 1.9% currency neutral, EMEA declined 6.9%, and APAC fell 11.7% due to agency weakness and absence of one-time projects.

• Free cash flow improved to $24 million from negative $0.3 million in Q1 2025; net cash from operating activities was $40 million, up from $15.4 million.

• Adjusted net loss was $6.5 million, compared to $58.3 million in the prior year.

Outlook and guidance

• Full-year 2026 revenue guidance remains $948–$988 million, representing -3.4% to 0.6% year-over-year growth; adjusted EBITDA guidance is $279–$295 million, down 12.9% to 8.1% year-over-year, with margins expected near 30%.

• FX expected to provide $11 million revenue and $3.6 million EBITDA tailwind for the year.

• Excluding $40 million of accelerated revenue in Q4 2025, underlying 2026 revenue would show 0.7%–4.9% growth.

• Guidance includes $6.9 million in one-off SG&A increases for SOX compliance; all other merger-related costs excluded from adjusted EBITDA.

• Management expects continued transaction and integration costs related to the Shutterstock merger.