Shutterstock, Inc. (SSTK) · Nov 5, 2026 · Earnings

Shutterstock earnings miss as content demand and data licensing plunge

Miss — Revenue $173.9M vs ~$195M consensus

Shutterstock’s Q3 earnings show a sharp revenue miss, collapsing subscribers and data licensing, plus an interim CFO change amid restructuring.

Shutterstock is trying to reposition its stock-content business around AI data, licensing and creative tools while its legacy Content segment contracts; after the Getty merger collapsed, management suspended the dividend, stopped issuing 2026 guidance and targeted another $60 million of annualized cost reductions. The quarter lands well below the standing expectation. Revenue was $173.9 million, roughly 11% below the published ~$195 million consensus, with no reliable public adjusted-EPS benchmark identified. The miss is operational rather than merely accounting-driven: Content revenue fell 19% and Data, Distribution, and Services revenue plunged 76%.

MetricQ3 2026Q3 2025Consensus / prior reference
Revenue (Financial Statements)$173.9M (-33%)$260.1M~$195M consensus
Content revenue (Supplemental Financial Data)$158.1M (-19%)$194.4M
Data, Distribution & Services revenue (Supplemental Financial Data)$15.8M (-76%)$65.7M
Subscribers (Subscriber Metrics)890,000 (-16%)1,060,000
Adjusted EPS (Reconciliation of Non-GAAP Financial Information)$0.45 (-55%)$0.99
Adjusted EBITDA margin (Supplemental Financial Data)24.0% (-6.5 pts)30.5%
Operating cash flow (Cash Flow statement)$18.3M (-77%)$78.4M

The core demand problem is worsening, not stabilizing. Subscribers fell to 890,000 from 1.06 million a year earlier and paid downloads dropped to 90.9 million from 111.7 million. Average revenue per customer rose to $289 from $279, but that pricing or mix benefit is not compensating for customer attrition. Management attributes the Content decline primarily to weakness in new customer acquisition, which points to a funnel problem rather than a one-quarter timing issue. 〔0〕

Cost discipline is real but defensive. Product development and SG&A were reduced 30% year over year, headcount was down 16% year to date, and management said it remains on target for $60 million of annualized run-rate savings. That helped preserve $41.8 million of adjusted EBITDA and $12.5 million of adjusted free cash flow, but adjusted EBITDA margin still compressed to 24.0% from 30.5%. The savings are cushioning the contraction; they are not yet reversing it.

The balance sheet has less room for execution error. Cash fell to $110.5 million during the quarter after $30.0 million of credit-facility repayment and $29.8 million of total financing cash use. The $203.3 million goodwill impairment is non-cash and does not itself drain liquidity, but it records how materially the dividend suspension and deteriorating business outlook have reduced the value assigned to prior acquisitions.

The interim CFO change adds execution risk at an already unsettled point. Scott Grossman is an internal finance executive with several years at Shutterstock, which limits the immediate disruption, but Rik Powell’s departure on November 13 leaves the company without a permanent CFO while it is cutting costs, managing debt and attempting to redirect the business toward AI-related opportunities. 〔1〕 The filing’s Item 5.02 text also says “November 5, 2025” for the appointment announcement, which conflicts with the November 5, 2026 filing date and appears to be a drafting error.

Bottom line: This is a clear earnings miss that deepens the existing turnaround problem: cost cuts are progressing, but customer demand, revenue and cash generation are deteriorating faster than efficiency actions can repair them. The interim CFO change makes the execution story more complicated rather than materially changing its direction.

What to watch next

Permanent CFO appointment and next quarterly results

Original filing on SEC EDGAR

More Shutterstock, Inc. news

Shutterstock earnings miss as content demand and data licensing plunge | SSTK Stock News
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