The stock-photography showdown between Shutterstock and Getty Images took a major turn in 2025 as the two industry giants moved forward with their merger plans. Yet even as the merger process continues without a completion date, Shutterstock has been proving it can stand strong on its own. The company’s third quarter of 2025 brought total revenue of $260.1 million, marking a 4% jump from the previous year. This growth came largely from its data and services segment, showing the company isn’t just relying on traditional stock photos anymore. Market capitalization remains a useful way to compare Shutterstock’s size to peers, helping investors gauge where it fits in the industry market cap.
Shutterstock’s Q3 2025 revenue hit $260.1 million with 4% growth, proving its independence even amid ongoing Getty merger uncertainty.
The Envato acquisition played a starring role in this revenue story, adding $38 million to content revenue during the quarter. That boost helped Shutterstock raise its full-year revenue guidance to between $935 million and $940 million. The company seems to be building momentum even while merger-related costs eat into profits. GAAP net income actually dropped to $13.4 million from $17.6 million the year before, largely because of expenses tied to the Getty merger process.
Earnings per share told a bumpier story. The third quarter EPS came in at $0.99, missing analyst estimates of $1.13 by more than 12%. This miss followed a pattern of recent quarters where Shutterstock struggled to meet earnings expectations, even though revenue often came in at or above targets. The second quarter had been brighter with an EPS beat, but the fourth quarter of 2024 missed by over 21%. Looking ahead, analysts have set expectations for the fourth quarter at $0.98 per share as the company prepares to report results on February 24, 2026.
Despite these earnings hiccups, Shutterstock is betting big on the future through AI-focused content strategies and technological innovations. The company is changing subscription models and exploring new ways to serve customers in an evolving digital landscape. Adjusted EBITDA and free cash flow remain healthy, suggesting the business fundamentals are solid.
Whether the Getty merger ever completes or not, Shutterstock appears to be carving out its own path forward. The combination of strategic acquisitions, AI investments, and steady revenue growth shows a company adapting to survive and potentially thrive independently.
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