Getty Images Reports Fourth Quarter and Full Year 2025 Results

•Delivered full-year revenue of $981.3 million, well above upper end of guidance and the highest reported revenue in the Company's 30-year history

•Full-year revenue growth of 4.5%, currency neutral growth of 3.8%

•Q4 revenue growth of 14.1%, currency neutral growth of 12.7%

•Shutterstock merger has obtained regulatory clearance without conditions in all jurisdictions except UK, where the CMA's final report is due by June 14

New York, NY, March 16, 2026 - Getty Images Holdings, Inc. ("Getty Images" or the "Company") (NYSE: GETY), a preeminent global visual content creator and marketplace, today reported financial results for the fourth quarter and full year ended December 31, 2025.

"In our 30th anniversary year we delivered record revenue, with growth across both Creative and Editorial," said Craig Peters, Chief Executive Officer at Getty Images. "In a year defined by volatility in the broader market, our performance demonstrates the durability of our business model - powered by high-quality content, deep customer relationships, exclusive partnerships and access, and a diversified revenue mix. We enter 2026 with a resilient business, a strong pipeline of long-term deals and a differentiated offering which makes Getty Images the partner of choice now and into the future."

"With Revenue and Adjusted EBITDA both well above the high-end of our guidance, we ended 2025 with incredible momentum," said Jenn Leyden, Chief Financial Officer. "As we enter 2026, we are well positioned to leverage the foundational strengths of our business with the added tailwind of a strong editorial events calendar to continue building on this momentum."

Fourth Quarter 2025 Financial Summary:

•Revenue of $282.3 million increased 14.1% year over year and 12.7% on a currency neutral basis.

◦Creative revenue of $149.0 million, up 4.6% year over year and up 3.1% on a currency neutral basis.

◦Editorial revenue of $109.4 million, up 21.4% year over year and 19.9% on a currency neutral basis.

◦Other revenue of $23.9 million, up 61.3% year over year and 61.3% on a currency neutral basis.

◦The increase in revenue across Creative, Editorial, and Other includes impacts from the signing of two significant licensing agreements, one with display rights for pre-shot content and the other covering use of our data and creative content, both of which included meaningful revenue recognized in an accelerated manner.

◦Annual Subscription Revenue as a percentage of total revenue decreased to 48.6%, from 54.9% in Q4'24, with the step back in mix driven by the two significant licensing agreements signed in the quarter that are not included in subscription revenue. This was a formulaic step back and not an indication of the health of the subscription business, which excluding the impact from those deals would have been 56.6% of total revenue.

•Net Loss of $90.9 million, compared to a Net Income of $24.7 million in Q4'24. Included in the Q4'25 results are:

◦$60.0 million decrease in income from operations primarily due to $79.1 million increase in loss on litigation and a $4.7 million increase in merger related expenses,

◦$20.4 million increase in interest expense due to higher rates on our refinanced debt and incremental interest expense tied to the debt raised in connection with the merger financing, and

◦$46.4 million decrease in foreign exchange loss primarily due to revaluation of the Euro Term Loan.

•Net Loss Margin for Q4'25 was 32.2% compared to Net Income Margin of 10.0% in Q4'24.

•On a non-GAAP basis, adjusted Net Loss* was $4.3 million, as compared to $7.3 million adjusted Net Income* in Q4'24.

•Adjusted EBITDA* of $104.1 million, up 29.1% year over year and up 27.2% on a currency neutral basis, due primarily to strong revenue growth and the Company's continued ability to maintain strong profitability. Adjusted EBITDA Margin* was 36.9%, up from 32.6% in Q4'24.

•Adjusted EBITDA less capex* was $91.1 million, up 39.1% year over year and up 38.3% on a currency neutral basis.

Full Year 2025 Financial Summary:

•Revenue of $981.3 million increased 4.5% year over year and 3.8% on a currency neutral basis.

◦Creative revenue of $556.9 million, up 0.7% year over year and up 0.2% on a currency neutral basis.

◦Editorial revenue of $369.6 million, up 6.9% year over year and 6.1% on a currency neutral basis.

◦Other revenue of $54.8 million, up 35.2% year over year and 35.2% on a currency neutral basis.

◦Annual Subscription Revenue as a percentage of total revenue grew to 54.2%, up from 53.8% in 2024.

•Net Loss of $206.2 million, compared to a Net Income of $39.5 million in 2024. Included in the 2025 results are:

◦$115.0 million increase in foreign exchange loss primarily due to revaluation of the Euro Term Loan,

◦$96.9 million decrease in income from operations primarily driven by approximately $80.0 million increase in loss on litigation due to the previously disclosed warrant litigation and a $41.9 million increase of merger and acquisition related expenses,

◦$24.7 million increase in interest expense due to higher interest rates on our refinanced debt and incremental interest expense tied to debt raise in connection with the merger financing, and

◦$19.4 million increase in loss on debt extinguishment and expensed financing costs tied to the refinancing of our debt.

•Net Loss Margin was 21.0% compared to Net Income Margin of 4.2% in 2024.

•On a non-GAAP basis, adjusted Net Loss* was $11.1 million, as compared to $49.0 million adjusted Net Income* in the prior year.

•Adjusted EBITDA* of $320.9 million, up 6.9% year over year and up 5.8% on a currency neutral basis. Adjusted EBITDA Margin* was 32.7% in 2025, compared to 32.0% in 2024.

•Adjusted EBITDA less Capex* was $261.3 million, up 7.6% year over year and up 7.0% on a currency neutral basis.

Liquidity and Balance Sheet:

•Net cash provided by operating activities of $20.6 million in Q4'25, compared to $39.7 million in the prior year period.

•Free cash flow* of $7.7 million in Q4'25, compared to $24.6 million in the prior year period, with the decrease due to a $22.4 million increase in cash interest paid.

•Ending cash balance on December 31, 2025 was $90.2 million, down $31.0 million from the ending balance on December 31, 2024 and down $19.4 million from September 30, 2025. The year-on-year decrease was driven in large part by $45.7 million of merger related expenses and $36.4 million of refinancing related fees paid during the year. The Company has $150.0 million available through its Revolver, which remains undrawn, for total available liquidity of $240.2 million.

•Total debt was $2.7 billion, which included $1.2 billion in Senior Secured Notes, Term Loan balance of $537.2 million, consisting of $40.1 million in USD and $497.2 million in USD equivalent of Euros, converted using exchange rates as of December 31, 2025, and $300.0 million in senior unsecured notes.

•In October, the company completed a bond exchange for its $300.0 million of senior unsecured notes, replacing $294.7 million of 9.75% notes due in March 2027 with new 14.0% notes due in March 2028. In addition, the company issued $628.4 million of new 10.5% senior secured notes due 2030 to fund the estimated merger cash consideration, refinance existing Shutterstock debt, and cover anticipated merger related fees and expenses. The proceeds from the merger financing will remain in escrow, subject to the closing of the merger.

* Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA less capex, and Free Cash Flow are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section below.

Key Performance Indicators (KPIs)

Our KPIs outlined below are the metrics that provide management with the most immediate understanding of the drivers of business performance and our ability to deliver shareholder return, track to financial targets and prioritize customer satisfaction.

			Last Twelve Months Ended December 31,
			2025						2024						Increase / (Decrease)
LTM total purchasing customers (thousands)1			689						717						(3.9)		%
LTM total active annual subscribers (thousands)2			278						314						(11.4)		%
LTM paid download volume (millions)3			92						93						(1.4)		%
LTM annual subscriber revenue retention rate4			89.9		%				92.9		%				-300 bps
Image collection (millions)5			609						572						6.5		%
Video collection (millions) 5			36						32						13.0		%
LTM video attachment rate6			15.9		%				16.5		%				-60 bps

Annual subscription - includes all subscription products with a duration of 12 months or longer, Unsplash API, and Custom Content.

1 The count of total customers who made a purchase within the reporting period based on billed revenue.

2 The count of customers who were on an annual subscription product during the reporting period.

3 A count of the number of paid downloads by our customers in the reporting period. Excludes downloads from Editorial Subscriptions, Editorial feeds and certain API structured deals, including bulk unlimited deals. Excludes downloads related to an agreement signed with Amazon, as the magnitude of the potential download volume over the deal term could result in significant fluctuations in this metric without corresponding impact to revenue in the same period.

4 This calculates retention of total revenue for customers on an annual subscription product, comparing the customer's total billed revenue (inclusive of both annual subscription and non-annual subscription products) in the LTM period to the prior LTM period.

5 A count of the total images and videos in our content library as of the reporting date.

6 A measure of the percentage of total paid customer downloaders who are video downloaders.

Financial Outlook for Full Year 2026

Please note, the Revenue and Adjusted EBITDA guidance reflects the impact of the two multi-year licensing agreements signed in Q4 2025, with approximately $40 million of revenue recognized in an accelerated manner in Q4 2025 creating a challenging comparison for 2026. This is the primary driver in the anticipated declines in revenue and adjusted EBITDA. This impact is timing related and does not reflect underlying demand trends. With this context, the following table summarizes Getty Images' fiscal year 2026 guidance, including a normalized revenue outlook that excludes the impact of the accelerated revenue recognized in Q4 2025:

			2026 Guidance			Normalized Revenue Growth
Revenue			$948 million to $988 million
Revenue YoY			-3.4% to 0.6%			0.7% to 4.9%
Revenue YoY, Currency Neutral			-4.5% to -0.5%			-0.5% to 3.7%
Adjusted EBITDA			$279 million to $295 million
Adjusted EBITDA YoY			-12.9% to -8.1%			-2.4% to 2.9%
Adjusted EBITDA YoY, Currency Neutral			-13.9% to -9.1%			-3.6% to 1.7%

The guidance has been prepared based on the following foreign currency exchange rates: the Euro at 1.17 and GBP at 1.34.

In addition, the Adjusted EBITDA guidance includes approximately $5.6 million of one-off increases in SG&A as the company continues to work towards accelerated SOX compliance in 2026. This acceleration is required to ensure SOX compliance in anticipation of a 2026 closing of the pending Shutterstock merger.

Previously Announced Merger Agreement with Shutterstock

On January 7, 2025, Getty Images announced that it entered into a merger agreement with Shutterstock to combine in a merger of equals transaction, creating a premier visual content company. The proposed transaction was approved by Shutterstock stockholders on June 10, 2025 and remains subject to other customary closing conditions, including regulatory approval.

On April 2, 2025, Getty Images announced that the Company and Shutterstock had each received a Request for Additional Information and Documentary Material (Second Request) from the U.S. Department of Justice in connection with the proposed merger. On February 23, 2026, the companies announced that the DOJ had concluded its review of the companies proposed merger and the applicable waiting period under the Hart-Scott-Rodino Act has expired, without conditions.

Following submission of a briefing paper, on April 22, 2025, the United Kingdom Competition and Markets Authority ("CMA") invited Getty Images to submit a Merger Notice and their review process is ongoing. On October 20, 2025, Getty Images received notice from the CMA of their intent to refer the proposed merger to a Phase 2 review process unless acceptable undertakings to address their competition concerns are offered. On November 3, the CMA announced that despite the offer of a comprehensive package of remedies by Getty Images and Shutterstock, it has referred the merger to a Phase 2 review process.

On February 19, 2026, the CMA issued its interim report as part of its ongoing Phase 2 review, finding that the merger is not expected to result in a substantial lessening of competition in the global stock (creative) content market however the CMA also found that the merger may result in a lessening of competition in the UK editorial market. Getty Images and Shutterstock are actively engaged with the CMA ahead of the CMA's final decision. The CMA extended the deadline for their final report to June 14th. Based on the merits of the transaction and market realities, Getty Images and Shutterstock remain hopeful that the CMA will reach a conclusion consistent with the DOJ and other regulators around the globe.

Both parties expect the transaction to close in 2026.

For additional information associated with the transaction, please see the Company filings from time to time with the Securities and Exchange Commission.

Webcast & Conference Call Information

The Company will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time today, Monday, March 16, 2026, to discuss its fourth quarter and full year 2025 results. The live webcast will be accessible through the Investor Relations section of the Company's website at https://investors.gettyimages.com/. To access the call through a conference line, dial 1-800-245-3047 (in the U.S.) or 1-203-518-9765 (international callers). The conference ID for the call is GETTYQ4. A replay of the conference call will be posted shortly after the call and will be available for fourteen days following the call. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 11161025.

About Getty Images

Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first-place people turn to discover, purchase and share powerful visual content from the world's best photographers and videographers. Getty Images works with over 600,000 content creators and over 360 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography.

Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end-to-end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for.

For Company news and announcements, visit our Newsroom.