Shutterstock (SSTK) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 33% YoY to $173.9M; a $203.3M non-cash goodwill impairment contributed to a $197.8M net loss and $199.0M operating loss.

• Adjusted Q3 EBITDA fell 47% to $41.8M from $79.4M; adjusted net income was $16.7M versus $36.4M.

• Management cited operational discipline, cost reduction and investment in AI-related opportunities as priorities amid pressure in Content and volatility in Data Licensing.

Financial highlights

• Q3 revenue was $173.9M versus $260.1M; operating loss was $199.0M versus operating income of $32.5M.

• Q3 net loss was $197.8M versus net income of $13.4M; diluted loss per share was $5.35 versus earnings per share of $0.37.

• 9M revenue declined 23% YoY to $594.9M; net loss was $401.3M versus net income of $61.5M.

• 9M adjusted EBITDA was $149.6M versus $225.0M; adjusted net income was $67.5M versus $115.6M.

• 9M operating cash flow was $36.2M versus $130.5M; cash and cash equivalents were $110.5M at September 30, 2026.

Outlook and guidance

• On target to deliver $60M in annualized run-rate operating expense reductions announced in Q2; Q3 Product Development and SG&A expenses fell 30% YoY to $96M.

• Headcount declined 16% year to date; management cited cost discipline and targeted investment to support execution and long-term growth.

• Product development investment is expected to continue; sales and marketing costs may vary with channel optimization and investment in customer acquisition, products and geographies.

• Current operating plan expects cash and operating cash flow to meet anticipated needs for at least 12 months; longer-term liquidity depends on operating performance.

• Cost of revenue may fluctuate with revenue; data-offering revenue recognition may vary by quarter with metadata delivery timing.