Getty Images (GETY) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $981.3 million in 2025, up 4.5% year-over-year, surpassing guidance and marking the highest in company history, with growth across creative and editorial segments.

• Secured two significant multi-year licensing agreements in Q4, contributing $40 million in accelerated revenue and establishing future recurring revenue streams.

• Strengthened recurring revenue base, expanded long-term partnerships, and demonstrated business model durability amid market volatility.

• Net loss for 2025 was $206.2 million, compared to net income of $39.5 million in 2024, driven by litigation, merger expenses, and higher interest costs.

• Regulatory clearance for the Shutterstock merger obtained in all jurisdictions except the UK, with a final decision expected by June 14, 2026.

Financial highlights

• Q4 2025 revenue was $282.3 million, up 14.1% year-over-year; adjusted EBITDA was $104.1 million, up 29.1%, with a margin of 36.9%.

• Full year adjusted EBITDA reached $320.9 million, up 6.9%, with a margin of 32.7%.

• Excluding the impact of large deals and timing, Q4 and full year revenue would have been down 0.7% and 1.4% year-over-year, respectively.

• Free cash flow for 2025 was $5.7 million, down from $60.9 million in 2024, mainly due to merger-related expenses and higher cash interest paid.

• Ended 2025 with $90.2 million in cash and $2.7 billion in total debt; total liquidity $240.2 million including undrawn revolver.

Outlook and guidance

• 2026 revenue guidance: $948 million–$988 million, representing -3.4% to +0.6% year-over-year, with normalized currency neutral growth expected between 0.7% and 4.9%.

• 2026 adjusted EBITDA guidance: $279 million–$295 million, down 8.1% to 12.9% year-over-year.

• Decline in 2026 outlook is due to accelerated revenue recognition in Q4 2025; excluding this, core business expected to grow.

• Guidance includes $5.6 million in one-off SG&A increases for SOX compliance acceleration ahead of the Shutterstock merger.