0001549346-26-000023 | 10-Q | XBRL Viewer

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Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Current debt	$ 158,111	$ 158,110
Non-current debt	115,898	116,639
Revolving Credit Facility \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current debt	155,000	155,000
Secured Debt \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current debt	3,111	3,110
Non-current debt	$ 115,898	$ 116,639

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Merger Agreement with Getty Images	3 Months Ended
Merger Agreement with Getty Images	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Merger Agreement with Getty Images	Merger Agreement with Getty Images On January 6, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to combine in a merger-of-equals transaction with Getty Images Holdings, Inc. (NYSE:GETY) (“Getty Images”) (such transaction referred to herein as the “Merger”). Subject to terms and conditions in the Merger Agreement, the aggregate consideration to be paid by Getty Images in respect of the outstanding shares of common stock of Shutterstock will be: (a)An amount in cash equal to the product of $9.50 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units); and (b)A number of shares of Getty Images common stock equal to the product of 9.17 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units). Each holder of shares of Shutterstock common stock immediately prior to the transaction close will have the option to receive, subject to proration, for each share of Shutterstock common stock held by such holder: (a)Cash consideration of $9.50 and 9.17 shares of Getty Images common stock (a “Mixed Election”); (b)Cash consideration of $28.8487; or (c)13.67237 shares of Getty Images common stock. If no election is made by a holder, each of such holder’s shares of Shutterstock common stock shall be treated as having made a Mixed Election. A majority of Shutterstock stockholders approved the adoption of the Merger Agreement at a special meeting of stockholders held on June 10, 2025 (the “Shutterstock Stockholder Approval”). The Merger is subject to the satisfaction of customary closing conditions, further described below, including receipt of required regulatory approvals. Subject to the satisfaction of the closing conditions, upon closing of the Merger, Shutterstock’s common stock will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended. The closing of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: •the Shutterstock Stockholder Approval, which condition was satisfied at the special meeting described above, and the Getty Images stockholder approval, which condition was subsequently satisfied by the Getty Images stockholder written consent; •Getty Images’ registration statement on Form S-4 filed in connection with the Merger having become effective and the mailing of an information statement to Getty Images stockholders at least 20 business days prior to the closing, which condition was subsequently satisfied on April 30, 2025; •absence of any order, injunction or other order or law in certain jurisdictions prohibiting the Merger or making the closing of the Merger illegal; •the expiration of the applicable waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). On April 2, 2025, the Company and Getty Images each received a Request for Additional Information and Documentary Material from the U.S. Department of Justice (“DOJ”) in connection with the Merger. On February 23, 2026, the Company announced the DOJ had concluded its review of the Merger and the applicable waiting period under the HSR Act had expired, without conditions. As a result, the condition under the HSR Act has been satisfied; •the receipt of other regulatory approvals deemed necessary or advisable, including but not limited to the U.K. Competition and Markets Authority (the “CMA”): ◦on November 3, 2025, the Company announced that the CMA referred the Merger to a Phase 2 review process; ◦on February 19, 2026, the Company announced that the CMA issued its Interim Report and provisionally concluded the Merger is not expected to result in competition issues in the global stock content market, but that the Merger may result in a “substantial lessening of competition” (“SLC”) in the U.K. editorial market; and ◦on April 16, 2026, the CMA published the summary of its Interim Report on Remedies (“IRR”), following its interim report of February 19, 2026 which provisionally found that the Merger could be expected to lead to an SLC in the supply of editorial content in the U.K. The IRR states that the remedy proposal offered by Getty Images was unlikely to address the provisional SLC it had identified but that a sale of Shutterstock’s Rex Features, Backgrid and Splash News businesses would likely be acceptable. The CMA is now further consulting on that proposition including its view that Rex Features, Backgrid and Splash News could be sold to different buyers. The statutory deadline for the CMA to publish its final report is June 14, 2026. The Company remains committed to the proposed Merger and will continue to engage with the CMA, including on its provisional SLC finding, and work with Getty Images to expeditiously secure the necessary clearances on its Editorial business. In 2025, global Editorial revenue was $32.7 million, of which $11.7 million related to our Rex Features related content and Shutterstock brands and $21.0 million was from our Backgrid and Splash branded content. In addition, our 2025 Editorial revenue for customers in the U.K. was $10.6 million, of which $5.4 million related to our Rex Features related content and Shutterstock brands and $5.2 million was from our Backgrid and Splash branded content. •shares of Getty Images common stock to be issued in connection with the Merger having been approved for listing on the NYSE; •accuracy of each party’s representations and warranties, subject to certain standards set forth in the Merger Agreement; •performance and compliance in all material respects of each party’s agreements and covenants under the Merger Agreement; •absence of any Getty Images material adverse effect or Shutterstock material adverse effect, as applicable and subject to the definitions thereof in the Merger Agreement; •delivery of an opinion of tax counsel that the Second Merger and the Third Merger, as defined in the Merger Agreement, taken together, will qualify as a “reorganization” within the meaning of section 368(a) of the Internal Revenue Code of 1986, as amended; and •Getty Images having amended or otherwise refinanced its existing term loans and senior notes to extend the maturity of each to no earlier than February 19, 2028. On September 18, 2025, the Company and Getty Images agreed to waive this condition such that it is no longer a condition to the Merger.

Summary of Operations	3 Months Ended
Summary of Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Operations	Summary of Operations Summary of Operations Shutterstock, Inc. (the “Company” or “Shutterstock”) is a leading global creative platform connecting brands and businesses to high quality content. The Company’s platform brings together users and contributors of content by providing readily-searchable content that customers pay to license and by compensating contributors as their content is licensed. Contributors upload their content to the Company’s web properties in exchange for royalty payments based on customer download activity. Beyond content, customers also leverage the Company’s platform to assist with the entire creative process from ideation through creative execution. Digital content licensed to customers for their creative needs includes images, footage, music, and 3D models (the Company’s “Content” offering). Content revenues represent the majority of the Company’s business and are supported by the Company’s searchable creative platform and driven by the Company’s large contributor network. In addition, customers have needs that are beyond traditional content license products and services. These include (i) licenses to metadata associated with the Company’s images, footage, music tracks and 3D models through the Company’s data offering, (ii) distribution and advertising services from the Company’s Giphy business, which consists of GIFs (graphics interchange format visuals) that serve as a critical ingredient in text- and message- based conversations and in contextual advertising settings, (iii) specialized solutions for high-quality content matched with production tools and services through Shutterstock Studios and (iv) other tailored white-glove services (collectively, the Company’s “Data, Distribution, and Services” offerings). The Company’s Content offering includes: •Images - consisting of photographs, vectors and illustrations. Images are typically used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and other similar uses. •Footage - consisting of video clips, premium footage filmed by industry experts and cinema grade video effects, available in HD and 4K formats. Footage is often integrated into websites, social media, marketing campaigns and cinematic productions. •Music - consisting of high-quality music tracks and sound effects, which are often used to complement images and footage. •3 Dimensional (“3D”) Models - consisting of 3D models, used in a variety of industries such as advertising, media and video production, gaming, retail, education, design and architecture. •Generative AI Content - consisting of images generated from algorithms trained with high-quality, ethically sourced content. Customers can generate images by entering a description of their desired content into model prompts.

Stockholders’ Equity and Equity-Based Compensation - Narrative (Details) - USD ($)			3 Months Ended
	Apr. 20, 2026	Apr. 01, 2026	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)			28,000	27,000
Value remaining for repurchase			$ 30,200,000
Payment of cash dividend (in dollars per share)			$ 0.36	$ 0.33
Cash dividend paid			$ 12,800,000	$ 11,500,000
Value of shares withheld			$ 6,387,000	3,539,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			(49,000)
Nonvested shares outstanding (in shares)			4,656,000
Weighted average grant-date fair value (in dollars per share)			$ 24.49
Unrecognized non-cash equity-based compensation charge			$ 51,000,000.0
Value of shares withheld			$ 400,000	$ 500,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly cash dividend, declared (in dollars per share)	$ 0.36
Subsequent Event \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)		1,215,000
Fair value of shares granted		$ 16,700,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized purchase amount (up to)					$ 100,000,000
Repurchase of treasury shares (in shares)			5,500,000
Shares repurchased, average per share cost (in dollars per share)			$ 48.86

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Compensation	$	29,552	$	49,705
Non-income taxes	40,405		41,584

Website hosting and marketing fees	7,151		6,307



Other expenses	26,518		32,356
Total accrued expenses	$	103,626	$	129,952

As of March 31, 2026 and December 31, 2025, compensation-related accrued expenses included amounts due to Giphy employees for compensation earned pre-acquisition and severance costs associated with workforce optimizations. Approximately $3.3 million and $1.5 million of severance costs associated with workforce optimization is included within accrued expenses as of March 31, 2026 and December 31, 2025, respectively.

Fair Value Measurements and Long-term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

Its fair value level hierarchy and amount at March 31, 2026 are as follows (in thousands):


	As of March 31, 2026		As of December 31, 2025

Level 1	$	24,465	$	40,021

Stockholders’ Equity and Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Non-Cash Equity-Based Compensation Expense Included in the Company's Statement of Operations

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by financial statement line item included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	183	$	396
Sales and marketing	2,112		2,255
Product development	3,078		2,912
General and administrative	7,999		12,321
Total	$	13,372	$	17,884

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amortizing intangible assets
Amortization expense	$ 11.7	$ 12.1
Remainder of 2026	33.6
2027	38.9
2028	36.0
2029	29.3
2030	17.9
2031	12.7
Thereafter	35.4
Cost of revenue
Amortizing intangible assets
Amortization expense	10.2	10.5
Selling, General and Administrative Expenses
Amortizing intangible assets
Amortization expense	$ 1.5	$ 1.6

Merger Agreement with Getty Images (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 06, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Business Combination [Line Items]
Total revenue		$ 199,170	$ 242,620
Editorial Revenue
Business Combination [Line Items]
Total revenue				$ 32,700
Rex Features and Shutterstock Brands
Business Combination [Line Items]
Total revenue				11,700
Backgrid and Splash Branded Content
Business Combination [Line Items]
Total revenue				21,000
UK \| Editorial Revenue
Business Combination [Line Items]
Total revenue				10,600
UK \| Rex Features and Shutterstock Brands
Business Combination [Line Items]
Total revenue				5,400
UK \| Backgrid and Splash Branded Content
Business Combination [Line Items]
Total revenue				$ 5,200
Getty Images
Business Combination [Line Items]
Business combination, consideration transferred, equity interests, issued and issuable, cash paid per acquiree share (in dollars per share)	$ 9.50
Business combination, consideration transferred, equity interests, issued and issuable, entity shares issued per acquiree share (in shares)	9.17
Business acquisition, share price (in dollars per share)	$ 28.8487
Business acquisition, equity interest issued or issuable, number of shares (in shares)	13.67237

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property and Equipment
Depreciation	$ 10.9	$ 10.6
Capitalized amount	10.5	9.0
Amortization expense	10.4	10.0
Internal use software	57.8		$ 57.7
Cost of revenue
Property and Equipment
Depreciation	10.7	10.3
Selling, General and Administrative Expenses
Property and Equipment
Depreciation	$ 0.3	$ 0.3

Fair Value Measurements and Long-term Investments - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 27, 2024	Dec. 31, 2018	Mar. 31, 2026	Dec. 31, 2025
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments			$ 30.5	$ 30.5
Meitu, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 18.4
Equity securities, realized gain	$ 3.4
Investment transfer period	3 years
Variable Interest Entity, Not Primary Beneficiary \| Zcool Network Technology Limited \| Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment value		$ 15.0

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Unbilled contracts receivable	$ 37,500
Bad debt expense	105	$ 593
Allowance for doubtful accounts	3,547		$ 3,431
Allowance for credit loss	10,100		9,800
Chargeback and sales refund allowances	$ 200		$ 200
One Customer \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	16.00%		15.00%
Accounts Receivable
Concentration Risk [Line Items]
Unbilled contracts receivable	$ 23,200
Other Assets
Concentration Risk [Line Items]
Unbilled contracts receivable	$ 14,300

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim Consolidated Balance Sheet as of March 31, 2026, and the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 are unaudited. The Consolidated Balance Sheet as of December 31, 2025, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state the Company’s financial position as of March 31, 2026, and its consolidated results of operations, comprehensive income, stockholders’ equity and cash flows for the three months ended March 31, 2026 and 2025. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2026 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 17, 2026. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability. Cash and Cash Equivalents The Company’s cash and cash equivalents consist primarily of bank deposits. Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts and credit losses based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates. For certain Data, Distribution, and Services transactions, the Company has $37.5 million of unbilled receivables of which $23.2 million are recorded in Accounts Receivable and $14.3 million are recorded in Other Assets, as of March 31, 2026. During the three months ended March 31, 2026, the Company recorded bad debt expense of $0.1 million. As of March 31, 2026 and December 31, 2025, the Company’s allowance for doubtful accounts was approximately $3.5 million and $3.4 million, respectively. The allowance for doubtful accounts is included as a reduction of accounts receivable on the Consolidated Balance Sheets. The Company has certain customer arrangements that contain financing elements. Interest income earned from these financing receivables is recorded on the effective interest method and is included within interest income on the Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, approximately $10.1 million and $9.8 million of financing receivables, respectively, were included in accounts receivable and other assets on the Consolidated Balance Sheets. In addition, as of March 31, 2026 one customer accounted for approximately 16% of the accounts receivable balance. As of December 31, 2025, one customer accounted for approximately 15% of the accounts receivable balance. Chargeback and Sales Refund Allowance The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other information. As of March 31, 2026 and December 31, 2025, the Company’s combined allowance for chargebacks and sales refunds was $0.2 million and $0.2 million, respectively, which was included as a component of other current liabilities on the Consolidated Balance Sheets. Revenue Recognition A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products. The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less. For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers. The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers. The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available.

Other (expense) / income, net (Tables)

3 Months Ended

Mar. 31, 2026

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other Income and Expense Activity

The following table presents a summary of the Company’s other income and expense activity included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Foreign currency (loss) / gain	$	(157)	$	320




Interest income, unrealized (loss) / gain on investments, and other	(14,504)		14,195
Total other (expense) / income, net	$	(14,661)	$	14,515

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Changes in goodwill
Balance at the beginning of the period	$ 574,614
Foreign currency translation adjustment	(445)
Balance at the end of the period	$ 574,169

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Debt - Narrative (Details) - USD ($)			3 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 22, 2024	May 06, 2022	Mar. 31, 2026
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term	5 years
Variable rate, basis spread	0.10%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term		5 years
Maximum borrowing capacity	$ 250,000,000	$ 100,000,000
Available additional revolving loan commitments		$ 100,000,000
Payment of debt issuance costs	$ 2,200,000
Repayments of debt			$ 30,000,000.0
Remaining borrowing capacity			94,000,000
Interest expense			3,800,000
Revolving Credit Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.175%
Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread	0.375%
Revolving Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread	1.375%
Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread	0.75%
Revolving Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread	1.75%
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Unamortized debt issuance costs			$ 500,000
Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 125,000,000

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The maturity of the Revolver is in 2029.


	As of March 31, 2026	As of December 31, 2025
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,111	3,110
Non-Current Debt:
Term Loan - A&R Credit Agreement	115,898	116,639

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements.
Unaudited Interim Financial Statements	The interim Consolidated Balance Sheet as of March 31, 2026, and the Consolidated Statements of Operations, Comprehensive Income and Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 are unaudited. The Consolidated Balance Sheet as of December 31, 2025, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state the Company’s financial position as of March 31, 2026, and its consolidated results of operations, comprehensive income, stockholders’ equity and cash flows for the three months ended March 31, 2026 and 2025. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2026 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 17, 2026. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability.
Cash and Cash Equivalents	The Company’s cash and cash equivalents consist primarily of bank deposits.
Accounts Receivable and Allowance for Doubtful Accounts	The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts and credit losses based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates.
Chargeback and Sales Refund Allowance and Revenue Recognition	The Company establishes a chargeback allowance and sales refund reserve allowance based on factors surrounding historical credit card chargeback trends, historical sales refund trends and other information. As of March 31, 2026 and December 31, 2025, the Company’s combined allowance for chargebacks and sales refunds was $0.2 million and $0.2 million, respectively, which was included as a component of other current liabilities on the Consolidated Balance Sheets. A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products. The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less. For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers. The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers. The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property and Equipment
Property and equipment	$ 435,329	$ 425,770
Less accumulated depreciation	(373,361)	(363,217)
Property and equipment, net	61,968	62,553
Computer equipment and software
Property and Equipment
Property and equipment	403,735	394,200
Furniture and fixtures
Property and Equipment
Property and equipment	11,042	11,046
Leasehold improvements
Property and Equipment
Property and equipment	$ 20,552	$ 20,524

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) channel
Segment Reporting Information [Line Items]
Number of primary channels for content offerings \| channel	2
Disposal group deferred revenue	$ 143.6
Revenue, remaining performance obligation, amount	$ 35.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Segment Reporting Information [Line Items]
Period of performance obligation recognition	5 years

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

The Company distributes its products through two primary offerings:

Content: The majority of the Company’s customers license image, video, music and 3D content for commercial purposes either directly through the Company’s self-service web properties or through the Company’s dedicated sales teams. Content customers have the flexibility to purchase subscription-based plans that are paid on a monthly or annual basis. Customers are also able to license content on a transactional basis. These customers generally license content under the Company’s standard or enhanced licenses, with additional licensing options available to meet customers’ individual needs. Certain content customers also have unique content, licensing and workflow needs. These customers communicate with dedicated sales professionals, service and research teams which provide a number of tailored enhancements to their creative workflows including non-standard licensing rights, multi-seat access, ability to pay on credit terms, multi-brand licensing packages, increased indemnification protection and content licensed for use-cases outside of those available on the e-commerce platform.

Data, Distribution, and Services: The Company’s Data, Distribution, and Services offerings address customer demand for products and services that are beyond the stock image, footage music and 3D model licenses. These offerings include access to the Company’s metadata for machine learning and generative artificial intelligence model training and high-quality production and custom content at scale provided by Shutterstock Studios.

The Company’s revenues by product offering for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Content	$	178,126	$	202,888
Data, Distribution, and Services	21,044		39,732
Total Revenue	$	199,170	$	242,620

Deferred revenue reported on the balance sheet represents unfulfilled performance obligations for which the Company has either received payment or has outstanding receivables. The March 31, 2026 deferred revenue balance will be earned as content is downloaded or upon the expiration of subscription-based products, and nearly all is expected to be earned within the next

twelve months. $143.6 million of total revenue recognized for the three months ended March 31, 2026 was reflected in deferred revenue as of December 31, 2025. In addition, as of March 31, 2026, the Company has approximately $35.2 million of contracted but unsatisfied performance obligations relating primarily to our data deal offerings, which are not included as a component of deferred revenue and that the Company expects to recognize over a five year period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Compensation	$ 29,552	$ 49,705
Non-income taxes	40,405	41,584
Website hosting and marketing fees	7,151	6,307
Other expenses	26,518	32,356
Total accrued expenses	$ 103,626	$ 129,952

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2026 USD ($)	Apr. 30, 2025 complaint
Other Commitments [Line Items]
Other obligations	$ 150,700,000
Maturity of unconditional purchase obligations
Remainder of 2025	61,200,000
2026	51,300,000
2027	38,200,000
Number of complaints filed \| complaint		2
Legal contingency expense	28,000,000.0
Loss contingency accrual	30,000,000.0
Indemnification Agreement
Maturity of unconditional purchase obligations
Loss contingency accrual	0
Maximum possible loss per customer	$ 10,000

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net (loss) / income	$ (47,569)	$ 18,688
Shares used to compute basic net income per share (in shares)	35,543	34,890
Dilutive potential common shares
Unvested restricted stock awards (in shares)	0	432
Shares used to compute diluted net income per share (in shares)	35,543	35,322
Basic net income per share (in dollars per share)	$ (1.34)	$ 0.54
Diluted net income per share (in dollars per share)	$ (1.34)	$ 0.53
Dilutive shares included in the calculation (in shares)	0	827
Anti-dilutive shares excluded from the calculation (in shares)	4,902	2,125

Segment and Geographic Information - Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 199,170	$ 242,620
North America
Segment Reporting Information [Line Items]
Total revenue	89,021	120,208
Europe
Segment Reporting Information [Line Items]
Total revenue	62,721	66,179
Rest of the world
Segment Reporting Information [Line Items]
Total revenue	$ 47,428	$ 56,233

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Other (expense) / income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (loss) / gain	$ (157)	$ 320
Interest income, unrealized (loss) / gain on investments, and other	(14,504)	14,195
Total other (expense) / income, net	$ (14,661)	$ 14,515

Stockholders’ Equity and Equity-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity and Equity-Based Compensation

Stockholders’ Equity

Common Stock

The Company issued approximately 28,000 and 27,000 shares of common stock during the three months ended March 31, 2026 and 2025, respectively, related to the exercise of stock options and the vesting of restricted stock units.

Treasury Stock

In June 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), providing authorization to repurchase up to $100 million of its common stock.

The Company expects to fund future repurchases, if any, through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the 2023 Share Repurchase Program is subject to the Company having available cash to fund repurchases. Under the 2023 Share Repurchase Program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.

As of March 31, 2026, the Company has repurchased approximately 5.5 million shares of common stock in total since 2015 under the repurchase programs (including the 2015 and 2017 Share Repurchase Programs and the 2023 Share Repurchase Program) at an average per-share cost of $48.86. During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares of common stock. As of March 31, 2026, the Company had $30.2 million of remaining authorization for purchases under the 2023 Share Repurchase Program.

Dividends

The Company declared and paid cash dividends of $0.36 and $0.33 per share of common stock, or $12.8 million and $11.5 million during the three months ended March 31, 2026 and 2025, respectively.

On April 20, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.36 per share of outstanding common stock payable on June 18, 2026 to stockholders of record at the close of business on June 4, 2026. Future declarations of dividends are subject to the final determination of the Board of Directors, and will depend on, among other things, the Company’s future financial condition, results of operations, capital requirements, capital expenditure requirements, contractual restrictions, anticipated cash needs, business prospects, provisions of applicable law and other factors the Board of Directors may deem relevant.

Equity-Based Compensation

The Company recognizes stock-based compensation expense for all equity-based compensation awards, including employee restricted stock units and performance-based restricted stock units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and stock options, based on the fair value of each award on the grant date. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan. At the Annual Meeting held on June 6, 2024, the Company’s stockholders approved the Amended and Restated 2022 Omnibus Equity Incentive Plan (the “2022 Amended and Restated Plan”). Awards granted subsequent to June 6, 2024 were granted under the 2022 Amended and Restated Plan.


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	183	$	396
Sales and marketing	2,112		2,255
Product development	3,078		2,912
General and administrative	7,999		12,321
Total	$	13,372	$	17,884

For the three months ended March 31, 2026 and 2025, substantially all of the Company’s non-cash equity-based compensation expense related to RSUs.

Restricted Stock Unit Awards

During the three months ended March 31, 2026, the Company had RSU grants, net of forfeitures, of approximately (49,000). As of March 31, 2026, there are approximately 4,656,000 non-vested RSUs outstanding with a weighted average grant-date fair value of $24.49. As of March 31, 2026, the total unrecognized non-cash equity-based compensation expense related to the non-vested RSUs was approximately $51.0 million, which is expected to be recognized through 2030.

During the three months ended March 31, 2026 and 2025, shares of common stock with an aggregate value of $0.4 million and $0.5 million were withheld upon vesting of RSUs and paid in connection with related remittance of employee withholding taxes to taxing authorities.

On April 1, 2026, the Company granted approximately 1,215,000 RSUs with a grant date fair value of $16.7 million.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35669
Entity Registrant Name	SHUTTERSTOCK, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0812659
Entity Address, Address Line One	350 Fifth Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10118
City Area Code	646
Local Phone Number	710-3417
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SSTK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,738,014
Entity Central Index Key	0001549346
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1

Stockholders’ Equity and Equity-Based Compensation - Schedule of Non-Cash Equity-Based Compensation Expense Included in the Company's Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Non-cash equity-based compensation expense
Non-cash equity-based compensation	$ 13,372	$ 17,884
Cost of revenue
Non-cash equity-based compensation expense
Non-cash equity-based compensation	183	396
Sales and marketing
Non-cash equity-based compensation expense
Non-cash equity-based compensation	2,112	2,255
Product development
Non-cash equity-based compensation expense
Non-cash equity-based compensation	3,078	2,912
General and administrative
Non-cash equity-based compensation expense
Non-cash equity-based compensation	$ 7,999	$ 12,321

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates were 3.7% and 8.5% for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the net effect of discrete items decreased the effective tax rate by 33.2%. Excluding these items, the Company’s effective tax rate would have been 36.9% for the three months ended March 31, 2026. For the three months ended March 31, 2025, the net effect of discrete items decreased the effective tax rate by 19.6%. Excluding these items, the Company’s effective tax rate would have been 28.1% for the three months ended March 31, 2025. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, in the applicable period. During the three months ended March 31, 2026, uncertain tax positions recorded by the Company were a reserve of $6.6 million. During the three months ended March 31, 2025, uncertain tax positions recorded by the Company were not material. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company recognizes interest expense and tax penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. The Company’s accrual for interest and penalties related to unrecognized tax benefits was not material for the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026, the Company had net cash taxes paid of $0.7 million and during the three months ended March 31, 2025, the Company had net cash tax refund of $0.6 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Deferred Revenue Arrangement [Line Items]
Total revenue	$ 199,170	$ 242,620
Content
Deferred Revenue Arrangement [Line Items]
Total revenue	178,126	202,888
Data, Distribution, and Services
Deferred Revenue Arrangement [Line Items]
Total revenue	$ 21,044	$ 39,732

- Definition

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortizing intangible assets
Gross Carrying Amount	$ 437,124	$ 437,913
Accumulated Amortization	(233,245)	(222,240)
Net Carrying Amount	203,879	215,673
Customer relationships
Amortizing intangible assets
Gross Carrying Amount	106,152	106,557
Accumulated Amortization	(47,009)	(45,066)
Net Carrying Amount	$ 59,143	61,491
Weighted Average Life (Years)	11 years
Trade name
Amortizing intangible assets
Gross Carrying Amount	$ 69,609	69,702
Accumulated Amortization	(20,410)	(19,072)
Net Carrying Amount	$ 49,199	50,630
Weighted Average Life (Years)	11 years
Developed technology
Amortizing intangible assets
Gross Carrying Amount	$ 179,498	179,917
Accumulated Amortization	(118,891)	(113,223)
Net Carrying Amount	$ 60,607	66,694
Weighted Average Life (Years)	5 years
Contributor content
Amortizing intangible assets
Gross Carrying Amount	$ 81,606	81,478
Accumulated Amortization	(46,734)	(44,682)
Net Carrying Amount	$ 34,872	36,796
Weighted Average Life (Years)	8 years
Patents
Amortizing intangible assets
Gross Carrying Amount	$ 259	259
Accumulated Amortization	(201)	(197)
Net Carrying Amount	$ 58	$ 62
Weighted Average Life (Years)	18 years

Accrued Expenses - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued severance costs	$ 3.3	$ 1.5

Net Income Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding unvested RSUs and stock options. Diluted net income per share is based upon the weighted average shares of common stock outstanding for the period plus dilutive potential shares of common stock, including unvested RSUs and stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Net (loss) / income	$	(47,569)	$	18,688
Shares used to compute basic net income per share	35,543		34,890
Dilutive potential common shares

Unvested restricted stock awards	—		432

Shares used to compute diluted net income per share	35,543		35,322
Basic net income per share	$	(1.34)	$	0.54
Diluted net income per share	$	(1.34)	$	0.53

Dilutive shares included in the calculation	—		827
Anti-dilutive shares excluded from the calculation	4,902		2,125

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s revenues by product offering for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Content	$	178,126	$	202,888
Data, Distribution, and Services	21,044		39,732
Total Revenue	$	199,170	$	242,620

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is summarized as follows (in thousands):


	As of March 31, 2026		As of December 31, 2025
Computer equipment and software	$	403,735	$	394,200
Furniture and fixtures	11,042		11,046
Leasehold improvements	20,552		20,524
Property and equipment	435,329		425,770
Less accumulated depreciation	(373,361)		(363,217)
Property and equipment, net	$	61,968	$	62,553

Depreciation and amortization expense related to property and equipment was $10.9 million and $10.6 million for the three months ended March 31, 2026 and 2025, respectively. Of these amounts, $10.7 million and $10.3 million are included in cost of revenue for the three months ended March 31, 2026 and 2025, respectively, and $0.3 million and $0.3 million are included in general and administrative expense for the three months ended March 31, 2026 and 2025, respectively.

Depreciation and amortization expense is included in cost of revenue and general and administrative expense in the Consolidated Statements of Operations based on the nature of the asset being depreciated.

Capitalized Internal-Use Software

The Company capitalized costs related to the development of internal-use software of $10.5 million and $9.0 million for the three months ended March 31, 2026 and 2025, respectively. Capitalized amounts are included as a component of property and equipment under computer equipment and software on the Consolidated Balance Sheets.

The portion of total depreciation expense related to capitalized internal-use software was $10.4 million and $10.0 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense related to capitalized internal-use software is included in cost of revenue in the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the Company had capitalized internal-use software of $57.8 million and $57.7 million, respectively, net of accumulated depreciation, which was included in property and equipment, net.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	3.70%	8.50%
Effective income tax rate reconciliation, tax expense (benefit)	(33.20%)	(19.60%)
Effective tax rate, excluding discrete items	36.90%	28.10%
Increase (decrease) in uncertain tax positions	$ 6,600	$ 0
Cash paid (refunded) for income taxes	$ 744	$ (604)

Segment and Geographic Information - Narrative (Details) - segment	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of operating segments	1
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	33.00%	39.00%
United States \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	46.00%		48.00%
Ireland \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	23.00%		23.00%
Australia \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	23.00%		20.00%

Segment and Geographic Information - Schedule of Significant Operating Expense Categories Used to Evaluate the Business and Allocate Resources to Net income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 199,170	$ 242,620
Less:
(Loss) / income from operations	(30,954)	10,201
Interest expense	(3,760)	(4,298)
Other (expense) / income, net	(14,661)	14,515
(Loss) / income before income taxes	(49,375)	20,418
(Benefit) / provision for income taxes	(1,806)	1,730
Net (loss) / income	(47,569)	18,688
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	199,170	242,620
Less:
Technology costs	20,152	20,069
Advertising costs	17,648	21,663
Adjusted cost of revenue	82,860	89,432
Adjusted sales and marketing	29,343	30,522
Adjusted product and development	16,031	16,721
Adjusted general and administrative	64,090	54,012
Total operating expenses	230,124	232,419
(Loss) / income from operations	(30,954)	10,201
Interest expense	(3,760)	(4,298)
Other (expense) / income, net	(14,661)	14,515
(Loss) / income before income taxes	(49,375)	20,418
(Benefit) / provision for income taxes	(1,806)	1,730
Net (loss) / income	$ (47,569)	$ 18,688

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 162,518	$ 178,244
Accounts receivable, net of allowance of $3,547 and $3,431	103,362	112,626
Prepaid expenses and other current assets	55,366	47,769
Total current assets	321,246	338,639
Property and equipment, net	61,968	62,553
Right-of-use assets	9,003	9,770
Intangible assets, net	203,879	215,673
Goodwill	574,169	574,614
Deferred tax assets, net	68,185	61,289
Other assets	72,748	93,398
Total assets	1,311,198	1,355,936
Current liabilities:
Accounts payable	13,532	13,898
Accrued expenses	103,626	129,952
Contributor royalties payable	95,375	94,163
Deferred revenue	208,661	212,984
Debt	158,111	158,110
Other current liabilities	49,790	19,295
Total current liabilities	629,095	628,402
Deferred tax liability, net	617	1,134
Long-term debt	115,898	116,639
Lease liabilities	15,338	17,247
Other non-current liabilities	18,172	11,476
Total liabilities	779,120	774,898
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 41,076 and 41,049 shares issued and 35,555 and 35,528 shares outstanding as of March 31, 2026 and December 31, 2025, respectively	410	410
Treasury stock, at cost; 5,521 shares as of March 31, 2026 and December 31, 2025	(269,804)	(269,804)
Additional paid-in capital	533,004	520,018
Accumulated other comprehensive loss	(6,349)	(4,754)
Retained earnings	274,817	335,168
Total stockholders’ equity	532,078	581,038
Total liabilities and stockholders’ equity	$ 1,311,198	$ 1,355,936

Segment and Geographic Information - Schedule of Long-Lived Tangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 61,968	$ 62,553
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	30,628	32,553
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	16,832	17,382
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 14,508	$ 12,618

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 199,170	$ 242,620
Operating expenses:
Cost of revenue	94,788	100,888
Sales and marketing	48,346	53,359
Product development	19,405	19,865
General and administrative	67,585	58,307
Total operating expenses	230,124	232,419
(Loss) / income from operations	(30,954)	10,201
Interest expense	(3,760)	(4,298)
Other (expense) / income, net	(14,661)	14,515
(Loss) / income before income taxes	(49,375)	20,418
(Benefit) / provision for income taxes	(1,806)	1,730
Net (loss) / income	$ (47,569)	$ 18,688
(Losses) / Earnings per share:
Basic (in dollars per share)	$ (1.34)	$ 0.54
Diluted (in dollars per share)	$ (1.34)	$ 0.53
Weighted average common shares outstanding:
Basic (in shares)	35,543	34,890
Diluted (in shares)	35,543	35,322

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

On May 6, 2022, the Company entered into a five-year $100 million unsecured revolving loan facility (the “Credit Facility”) with Bank of America, N.A., as Administrative Agent and other lenders. The Credit Facility included a letter of credit sub-facility and a swingline facility and it also permitted, subject to the satisfaction of certain conditions, up to $100 million of additional revolving loan commitments with the consent of the Administrative Agent.

On July 22, 2024, the Company entered into an amended and restated credit agreement (the “A&R Credit Agreement”), which was entered into among the Company, as borrower, certain direct and indirect subsidiaries of the Company as guarantors, the lenders party thereto, and Bank of America, N.A., as Administrative Agent for the lenders. The A&R Credit Agreement provides for a five-year (i) senior unsecured term loan facility (the “Term Loan”) in an aggregate principal amount $125 million and (ii) senior unsecured revolving credit facility (the “Revolver”) in an aggregate principal amount of $250 million. The A&R Credit Agreement also provides for a letter of credit subfacility and a swingline facility.

At the Company’s option, loans under the A&R Credit Agreement accrue interest at a per annum rate based on either (i) the base rate plus a margin ranging from 0.375% to 0.750%, determined based on the Company’s consolidated net leverage ratio or (ii) the Term Secured Overnight Financing Rate (“SOFR”) (for interest periods of 1, 3 or 6 months) plus a margin ranging from 1.375% to 1.750%, determined based on the Company’s consolidated net leverage ratio, plus a credit spread of 0.100%. The Company is also required to pay an unused commitment fee ranging from 0.175% to 0.250%, determined based on the Company’s consolidated leverage ratio. In connection with the execution of this agreement, the Company paid debt issuance costs of approximately $2.2 million.

The A&R Credit Agreement replaces the Company’s existing Credit Facility, which was fully repaid and terminated upon the effectiveness of the A&R Credit Agreement. In connection with the closing of the Credit Facility, the Company repaid $30.0 million of existing outstanding borrowings and accrued interest.

As of March 31, 2026, the Company had a remaining borrowing capacity of $94 million, net of standby letters of credit.

The A&R Credit Agreement contains financial covenants and requirements restricting certain of the Company’s activities, which are customary for this type of credit facility. The Company is also required to maintain compliance with a consolidated leverage ratio and a consolidated interest coverage ratio, in each case, determined in accordance with the terms of the A&R Credit Agreement. As of March 31, 2026, the Company was in compliance with these covenants.

The Company’s outstanding debt (in thousands) is reflected in the table below. The Company classifies the Revolver as a current liability since the Company could draw upon and repay the outstanding amount as needed. The maturity of the Revolver is in 2029.


	As of March 31, 2026	As of December 31, 2025
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,111	3,110
Non-Current Debt:
Term Loan - A&R Credit Agreement	115,898	116,639

Based on Level 2 inputs, the carrying value of the Company’s debt approximates its fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

For the three months ended March 31, 2026, the Company recognized interest expense of $3.8 million. As of March 31, 2026, unamortized debt issuance cost related to the Term Loan - A&R Credit Agreement is $0.5 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The Company’s goodwill balance is attributable to its Content reporting unit and is tested for impairment annually on October 1 or upon a triggering event. No triggering events were identified during the three months ended March 31, 2026.

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the three months ended March 31, 2026 (in thousands):


	Goodwill
Balance as of December 31, 2025	$	574,614


Foreign currency translation adjustment	(445)

Balance as of March 31, 2026	$	574,169

Intangible Assets

Intangible assets, all of which are subject to amortization, consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026							As of December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Customer relationships	$	106,152	$	(47,009)	$	59,143	11	$	106,557	$	(45,066)	$	61,491
Trade name	69,609		(20,410)		49,199		11	69,702		(19,072)		50,630
Developed technology	179,498		(118,891)		60,607		5	179,917		(113,223)		66,694
Contributor content	81,606		(46,734)		34,872		8	81,478		(44,682)		36,796

Patents	259		(201)		58		18	259		(197)		62

Total	$	437,124	$	(233,245)	$	203,879		$	437,913	$	(222,240)	$	215,673

Amortization expense was $11.7 million and $12.1 million for the three months ended March 31, 2026 and 2025, respectively. Of these amounts, $10.2 million and $10.5 million are included in cost of revenue for the three months ended March 31, 2026 and 2025, respectively, and $1.5 million and $1.6 million are included in general and administrative expense for the three months ended March 31, 2026 and 2025, respectively.

The Company determined that there was no indication of impairment of the intangible assets for any period presented. Estimated amortization expense is: $33.6 million for the remaining nine months of 2026, $38.9 million in 2027, $36.0 million in 2028, $29.3 million in 2029, $17.9 million in 2030, $12.7 million in 2031 and $35.4 million thereafter.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unconditional purchase obligations and other obligations As of March 31, 2026, the Company had total other non-lease obligations in the amount of approximately $150.7 million, which consisted primarily of minimum royalty guarantees and unconditional purchase obligations related to contracts for infrastructure and other business services. As of March 31, 2026, the Company’s other obligations for the remainder of 2026 and for the years ending December 31, 2027, and 2028 were approximately $61.2 million, $51.3 million, and $38.2 million, respectively. Legal Matters Although we are not currently a party to any material pending litigation (except as described below), from time to time, third parties assert claims against us regarding intellectual property rights, employment matters, privacy issues and other matters arising during the ordinary course of business. Although we cannot be certain of the outcome of any litigation or the disposition of any claims, nor the amount of damages and exposure, if any, that we could incur, we currently believe that the final disposition of all existing matters will not have a material adverse effect on our business, results of operations, financial condition or cash flows. In addition, in the ordinary course of our business, we are also subject to periodic threats of lawsuits, investigations and claims. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Except as described below, the Company currently has no material active litigation matters and, accordingly, no material reserves related to litigation. Since the definitive proxy statement filed with the SEC on April 30, 2025 (the “Proxy Statement”), two complaints have been filed against Shutterstock and each member of Shutterstock’s board of directors (the “Individual Defendants”). The two complaints are captioned as follows: Johnson v. Shutterstock, Inc., et al., 682860/2025 (filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Johnson Action”) and Weiss v. Shutterstock, Inc., et al., 652853/2025 at ECF No. 1, filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Weiss Action”, and together with the Johnson Action, the “Stockholder Actions”). The Stockholder Actions allege that, among other things, the Proxy Statement contains false and misleading and/or incomplete information regarding the Merger. The Stockholder Actions assert claims for (i) negligent misrepresentation and concealment, and (ii) negligence in connection with the filing of the allegedly false and misleading Proxy Statement. The Stockholder Actions seek an injunction enjoining the consummation of the Merger unless and until the Individual Defendants disclose the allegedly omitted material information, in the event that the Merger are consummated, rescission of the Merger and awarding actual and punitive damages to plaintiff, and an award of attorneys’ and experts’ fees. Except as described below, the Company currently does not expect the outcome of pending legal proceedings to have a material effect on its consolidated results of operations, financial position or cash flows In addition to the Stockholder Actions, beginning on April 25, 2025, certain purported stockholders of Shutterstock and Getty Images sent demand letters (the “Demand Letters”, and together with the Stockholder Actions, the “Matters”) alleging similar deficiencies regarding the disclosures made in the Proxy Statement and seeking additional disclosures to address those alleged deficiencies. Shutterstock believes it has substantial defenses in connection with the Matters and no supplemental disclosure is required under applicable law. However, in order to avoid the risk that the Matters may delay or otherwise adversely affect the implementation of the Merger, to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Shutterstock has determined to voluntarily supplement the Proxy Statement as described in the Current Report on Form 8-K filed with the SEC on May 30, 2025, to provide additional information to Shutterstock stockholders. Nothing in said Current Report on Form 8-K shall be deemed an admission of the legal necessity or materiality under applicable law of any of the disclosures set forth therein or in the Proxy Statement. To the contrary, Shutterstock denies all allegations in the Matters that any additional disclosure was or is required. In August 2024, the Company received a Civil Investigative Demand (a “CID”) from the Federal Trade Commission (the “FTC”) regarding its investigation into the Company’s disclosure and subscription enrollment and cancellation practices under Section 5 of the Federal Trade Commission Act (“FTC Act”) and the Restore Online Shoppers’ Confidence Act (“ROSCA”). The Company has cooperated throughout the investigation, and in January 2026 the FTC entered into discussions with management to resolve this matter. The defense or resolution of this matter could involve significant monetary costs or penalties and have a significant impact on the Company’s financial results and operations. There can be no assurance that the Company will be successful in reaching a favorable resolution of this matter. Any costs, penalties, remedies or compliance requirements could adversely affect the Company’s ability to operate its business or have a materially adverse impact on its financial results. Since a possible range of loss cannot be reasonably estimated, the Company recorded its best estimate of a loss reserve. Accordingly, the Company recorded a legal contingency expense of $28.0 million for the three months ended March 31, 2026 within General and administrative expenses in the Consolidated Statements of Operations, and has a loss contingency accrual of $30.0 million recorded as of March 31, 2026 within Other current liabilities in the Consolidated Balance Sheets. Customer Indemnifications In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers with respect to certain matters, including, but not limited to, losses arising out of the breach of the Company’s intellectual property warranties for damages to the customer directly attributable to the Company’s breach. The Company is not responsible for any damages, costs, or losses to the extent such damages, costs or losses arise as a result of the modifications made by the customer, or the context in which an image is used. The standard maximum aggregate obligation and liability to any one customer for all claims is generally limited to ten thousand dollars. The Company offers certain of its customers greater levels of indemnification, including unlimited indemnification, and believes that it has appropriate insurance coverage in place to adequately cover indemnification claims, if necessary. As of and for the three months ended March 31, 2026, the Company made no material payments for losses on customer indemnification claims and recorded no liabilities related to indemnification for loss contingencies, before considering any insurance recoveries. Employment Agreements and Indemnification Agreements The Company has entered into employment arrangements and indemnification agreements with certain executive officers and with certain employees. The agreements specify various employment-related matters, including annual compensation, performance incentive bonuses, and severance benefits in the event of termination with or without cause.

Fair Value Measurements and Long-term Investments - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 24,465	$ 40,021

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

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+ Details

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenue	$	199,170	$	242,620
Less:
Technology costs	20,152		20,069
Advertising costs	17,648		21,663
Adjusted cost of revenue1	82,860		89,432
Adjusted sales and marketing1	29,343		30,522
Adjusted product and development1	16,031		16,721
Adjusted general and administrative1	64,090		54,012
Total operating expenses	230,124		232,419
(Loss) / Income from operations	(30,954)		10,201

Interest expense	(3,760)		(4,298)
Other (expense) / income, net	(14,661)		14,515
(Loss) / income before income taxes	(49,375)		20,418

(Benefit) / provision for income taxes	(1,806)		1,730
Net (loss) / income	$	(47,569)	$	18,688

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Cost of revenue	$	20,898	$	20,742
General and administrative	1,806		1,929
Total depreciation and amortization	$	22,704	$	22,671

Schedule of Geographic Revenue

The following table presents the Company’s revenue based on customer location (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	89,021	$	120,208
Europe	62,721		66,179
Rest of the world	47,428		56,233
Total revenue	$	199,170	$	242,620

Schedule of Long-Lived Tangible Assets

The Company’s long-lived tangible assets were located as follows (in thousands):


	As of March 31,		As of December 31,
	2026		2025
North America	$	30,628	$	32,553
Europe	16,832		17,382
Rest of the world	14,508		12,618
Total long-lived tangible assets	$	61,968	$	62,553

Fair Value Measurements and Long-term Investments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Long-term Investments

Fair Value Measurements

The Company had no assets or liabilities requiring fair value hierarchy disclosures as of March 31, 2026 or December 31, 2025, except as noted below.

Other Fair Value Measurements

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. Debt consists of principal amounts outstanding under our credit facility, which approximates fair value as underlying interest rates are reset regularly based on current market rates and is classified as Level 2. The Company’s non-financial assets, which include long-lived assets, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate a non-financial asset for impairment, whether due to certain triggering events or because annual impairment testing is required, a resulting asset impairment would require that the non-financial asset be recorded at fair value.

Long-term Investments

Investment in Meitu, Inc. (“Meitu”)

In 2018, the Company invested $15.0 million in convertible preferred shares issued by ZCool Technologies Limited (“ZCool”) (the “Preferred Shares”). ZCool’s primary business is the operation of an e-commerce platform in the People’s Republic of China (the “PRC”) whereby customers can pay to license content contributed by creative professionals. ZCool and its affiliates have been the exclusive distributor of Shutterstock content in China since 2014.

On March 27, 2024, ZCool was acquired by Meitu, and the Company’s Preferred Shares in ZCool were exchanged for $18.4 million of Meitu common shares, resulting in an investment carrying value increase of $3.4 million, which is recorded in Other income, net in the Consolidated Statement of Operations. Meitu’s primary business is the provision of online advertising and other internet value added services in the PRC, and its common shares are publicly traded on the Main Board of The Stock Exchange of Hong Kong Limited. This investment is recorded at fair value on a recurring basis, with changes in fair value

being recorded in Other income, net in the Consolidated Statement of Operations. The investment is subject to a contractual sale restriction that limits the sale or transfer of the investment for a period of 3 years, ending March 2027. Its fair value level hierarchy and amount at March 31, 2026 are as follows (in thousands):


	As of March 31, 2026		As of December 31, 2025

Level 1	$	24,465	$	40,021

Other Long-Term Investments

In connection with its Data, Distribution, and Services business, the Company may receive equity instruments in addition to cash for revenue contract consideration. As of March 31, 2026 and December 31, 2025, the Company had $30.5 million and $30.5 million, respectively, recorded in Other Assets in the Consolidated Balance Sheet from equity instruments received. The Company estimated the value of these equity instruments based on issuers’ recent market transactions at the time the instruments were received from the customers. The Company will use the measurement alternative for fair value since the equity instruments do not have a readily determinable fair value and will report the instruments at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) / income	$ (47,569)	$ 18,688
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,704	22,671
Deferred taxes	(7,342)	(7,772)
Non-cash equity-based compensation	13,372	17,884
Legal contingencies	28,000	0
Bad debt expense	105	593
Unrealized loss / (gain) on investments, net	15,305	(13,260)
Changes in operating assets and liabilities:
Accounts receivable	8,966	(16,618)
Prepaid expenses and other current and non-current assets	5,351	17,982
Accounts payable and other current and non-current liabilities	(19,414)	(17,264)
Contributor royalties payable	1,625	3,379
Deferred revenue	(3,733)	(1,036)
Net cash provided by operating activities	17,370	25,247
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(11,595)	(10,808)
Cash received related to Giphy Retention Compensation	368	492
Acquisition of content	(191)	(897)
Security deposit payment	272	(21)
Net cash used in investing activities	(11,146)	(11,234)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash paid related to settlement of employee taxes related to RSU vesting	(6,387)	(3,539)
Payment of cash dividends	(12,782)	(11,501)
Repayment of credit facility	(781)	(781)
Net cash used in financing activities	(19,950)	(15,821)
Effect of foreign exchange rate changes on cash	(2,000)	2,788
Net increase in cash and cash equivalents	(15,726)	980
Cash and cash equivalents, beginning of period	178,244	111,251
Cash and cash equivalents, end of period	162,518	112,231
Supplemental Disclosure of Cash Information:
Cash paid / (received) for income taxes	744	(604)
Cash paid for interest	$ 3,770	$ 4,359

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) / Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2024		40,395
Beginning balance at Dec. 31, 2024	$ 518,350	$ 403	$ (269,804)	$ 468,390	$ (16,841)	$ 336,202
Beginning balance (in shares) at Dec. 31, 2024			5,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	17,884			17,884
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		46
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(19)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(538)			(538)
Cash dividends paid	(11,501)					(11,501)
Other comprehensive (loss) income	4,297				4,297
Net (loss) income	18,688					18,688
Ending balance (in shares) at Mar. 31, 2025		40,422
Ending balance at Mar. 31, 2025	$ 547,180	$ 403	$ (269,804)	485,736	(12,544)	343,389
Ending balance (in shares) at Mar. 31, 2025			5,521
Beginning balance (in shares) at Dec. 31, 2025	35,528	41,049
Beginning balance at Dec. 31, 2025	$ 581,038	$ 410	$ (269,804)	520,018	(4,754)	335,168
Beginning balance (in shares) at Dec. 31, 2025	5,521		5,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 13,372			13,372
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		48
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(21)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(386)			(386)
Cash dividends paid	(12,782)					(12,782)
Other comprehensive (loss) income	(1,595)				(1,595)
Net (loss) income	$ (47,569)					(47,569)
Ending balance (in shares) at Mar. 31, 2026	35,555	41,076
Ending balance at Mar. 31, 2026	$ 532,078	$ 410	$ (269,804)	$ 533,004	$ (6,349)	$ 274,817
Ending balance (in shares) at Mar. 31, 2026	5,521		5,521

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,547	$ 3,431
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	41,076,000	41,049,000
Common stock, shares outstanding (in shares)	35,555,000	35,528,000
Treasury stock, shares held in treasury (in shares)	5,521,000	5,521,000

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Compensation	$	29,552	$	49,705
Non-income taxes	40,405		41,584

Website hosting and marketing fees	7,151		6,307



Other expenses	26,518		32,356
Total accrued expenses	$	103,626	$	129,952

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is summarized as follows (in thousands):


	As of March 31, 2026		As of December 31, 2025
Computer equipment and software	$	403,735	$	394,200
Furniture and fixtures	11,042		11,046
Leasehold improvements	20,552		20,524
Property and equipment	435,329		425,770
Less accumulated depreciation	(373,361)		(363,217)
Property and equipment, net	$	61,968	$	62,553

Other (expense) / income, net

3 Months Ended

Mar. 31, 2026

Other Nonoperating Income (Expense) [Abstract]

Other (expense) / income, net


	Three Months Ended March 31,
	2026		2025
Foreign currency (loss) / gain	$	(157)	$	320




Interest income, unrealized (loss) / gain on investments, and other	(14,504)		14,195
Total other (expense) / income, net	$	(14,661)	$	14,515

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table summarizes the changes in the carrying value of the Company’s goodwill balance during the three months ended March 31, 2026 (in thousands):


	Goodwill
Balance as of December 31, 2025	$	574,614


Foreign currency translation adjustment	(445)

Balance as of March 31, 2026	$	574,169

Schedule of Intangible Assets

Intangible assets, all of which are subject to amortization, consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026							As of December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets:
Customer relationships	$	106,152	$	(47,009)	$	59,143	11	$	106,557	$	(45,066)	$	61,491
Trade name	69,609		(20,410)		49,199		11	69,702		(19,072)		50,630
Developed technology	179,498		(118,891)		60,607		5	179,917		(113,223)		66,694
Contributor content	81,606		(46,734)		34,872		8	81,478		(44,682)		36,796

Patents	259		(201)		58		18	259		(197)		62

Total	$	437,124	$	(233,245)	$	203,879		$	437,913	$	(222,240)	$	215,673

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) / income	$ (47,569)	$ 18,688
Foreign currency translation (loss) / gain	(1,595)	4,297
Other comprehensive (loss) / income	(1,595)	4,297
Comprehensive (loss) / income	$ (49,164)	$ 22,985

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Net (loss) / income	$	(47,569)	$	18,688
Shares used to compute basic net income per share	35,543		34,890
Dilutive potential common shares

Unvested restricted stock awards	—		432

Shares used to compute diluted net income per share	35,543		35,322
Basic net income per share	$	(1.34)	$	0.54
Diluted net income per share	$	(1.34)	$	0.53

Dilutive shares included in the calculation	—		827
Anti-dilutive shares excluded from the calculation	4,902		2,125

Segment and Geographic Information - Schedule of Segment Reporting Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 22,704	$ 22,671
Cost of revenue
Segment Reporting Information [Line Items]
Depreciation and amortization	20,898	20,742
General and administrative
Segment Reporting Information [Line Items]
Depreciation and amortization	1,806	1,929
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 22,704	$ 22,671

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and Geographic Information

The Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s revenues are supported by its searchable creative platform and driven by its large contributor network. The Company’s chief executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating segment based on net income. The CODM considers budget-to-actual variances when making decisions about capital allocation to the segment. Asset information is not provided to the Company’s CODM as that information is not used in the determination of resource allocation or in assessing the performance of the Company’s segment.

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenue	$	199,170	$	242,620
Less:
Technology costs	20,152		20,069
Advertising costs	17,648		21,663
Adjusted cost of revenue1	82,860		89,432
Adjusted sales and marketing1	29,343		30,522
Adjusted product and development1	16,031		16,721
Adjusted general and administrative1	64,090		54,012
Total operating expenses	230,124		232,419
(Loss) / Income from operations	(30,954)		10,201

Interest expense	(3,760)		(4,298)
Other (expense) / income, net	(14,661)		14,515
(Loss) / income before income taxes	(49,375)		20,418

(Benefit) / provision for income taxes	(1,806)		1,730
Net (loss) / income	$	(47,569)	$	18,688

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Cost of revenue	$	20,898	$	20,742
General and administrative	1,806		1,929
Total depreciation and amortization	$	22,704	$	22,671

The following table presents the Company’s revenue based on customer location (in thousands):


	Three Months Ended March 31,
	2026		2025
North America	$	89,021	$	120,208
Europe	62,721		66,179
Rest of the world	47,428		56,233
Total revenue	$	199,170	$	242,620

The United States, included in North America in the above table, accounted for 33% and 39% of consolidated revenue for the three months ended March 31, 2026 and 2025, respectively. No other country accounts for more than 10% of the Company’s revenue in any period presented.

The Company’s long-lived tangible assets were located as follows (in thousands):


	As of March 31,		As of December 31,
	2026		2025
North America	$	30,628	$	32,553
Europe	16,832		17,382
Rest of the world	14,508		12,618
Total long-lived tangible assets	$	61,968	$	62,553

The United States, included in North America in the above table, accounted for 46% and 48% of total long-lived tangible assets as of March 31, 2026 and December 31, 2025, respectively. Ireland, included in Europe in the above table, accounted for 23% and 23% of total long-lived tangible assets as of March 31, 2026 and December 31, 2025, respectively. Australia, included in Rest of the world in the above table, accounted for 23% and 20% of the total long-lived tangible assets as of March 31, 2026 and December 31, 2025, respectively. No other country accounts for more than 10% of the Company’s long-lived tangible assets in any period presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details