Getty Images (GETY) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $234.9 million, up 2.5% year-over-year, marking the fifth consecutive quarter of growth, with subscription and editorial segments offsetting creative declines.

• Net loss was $34.4 million versus net income of $3.7 million in Q2 2024, mainly due to foreign exchange losses and merger-related costs.

• Adjusted EBITDA was $68 million (28.9% margin), down 1.2% year-over-year.

• Subscription business expanded, with annual subscription revenue comprising 53.5%–55% of total revenue and 13.8%–14% growth in active annual subscribers.

• Major merger agreement with Shutterstock announced, incurring significant legal and advisory costs.

Financial highlights

• Annual subscription revenue grew 3.7%; retention rate rose to 93.4%, up 400 bps year-over-year.

• Creative revenue declined 5.1% year-over-year to $130.8 million; editorial revenue grew 5.6% to $88.3 million.

• Other revenue increased, driven by new data access, licensing agreements, and AI rights.

• Free cash flow was negative $9.6 million, compared to positive $31.1 million in Q2 2024, mainly due to merger and legal expenses.

• Ended Q2 with $110.3 million in cash and $1.39 billion in total debt; net leverage at 4.3x.

Outlook and guidance

• Full-year 2025 revenue expected at $931–$968 million, down 0.9% to up 3.1% year-over-year.

• Adjusted EBITDA guidance of $277–$297 million, down 7.6% to 1.2% year-over-year.

• Guidance reflects FX impacts, tougher H2 2025 comps, and $8 million in one-off SG&A increases for SOX compliance.

• Merger with Shutterstock expected to close by end of 2025, pending regulatory approvals.

• Management expects continued volatility in FX and legal expenses due to ongoing litigation and merger activities.