Free cash flow remains highly inconsistent, with margins swinging from a 13.6% peak in 2024Q2 to a low of -4.1% in 2025Q2, while maintaining a persistent CapEx/Revenue ratio of up to 7.1%.
| Cash from Operations | 88.96M | 65.19M | 118.32M | 132.72M | 163.12M | 188.89M | 148.46M |
| Operating CF Margin % | - | 6.64% | 12.6% | 14.48% | 17.61% | 20.56% | 18.21% |
| Operating CF Growth % | 132.95% | -44.9% | -10.85% | -18.64% | -13.64% | 27.23% | - |
| Net Income | -107.61M | -206.18M | 39.47M | 19.58M | -77.64M | 117.4M | -37.38M |
| Depreciation & Amortization | 63.63M | 62.46M | 61.29M | 78.44M | 93.22M | 100.46M | 99.36M |
| Stock-Based Compensation | 12.33M | 16.86M | 21.85M | 37.65M | 9.29M | 6.44M | 8M |
| Deferred Taxes | -821K | 0 | 1.77M | -89.19M | 10.43M | -14.71M | -9.62M |
| Other Non-Cash Items | 6.37M | 101.55M | 155K | 44.75M | 132.59M | -51.98M | 78.03M |
| Working Capital Changes | 115.13M | 90.51M | -6.22M | 41.48M | -4.77M | 31.29M | 10.06M |
| Change in Receivables | -23.31M | -42.78M | -14.79M | -60.32M | 6.02M | -16.07M | 9.06M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -13.44M |
| Change in Payables | 6.25M | 12.39M | -4.76M | 9.8M | 6M | -555K | 7.4M |
| Cash from Investing | -59.87M | -59.52M | -72.49M | -57M | -61.29M | -136.93M | -53.48M |
| Capital Expenditures | -62.61M | -59.52M | -57.45M | -57M | -59.29M | -49.32M | -44.86M |
| CapEx % of Revenue | 6.36% | 6.07% | 6.12% | 6.22% | 6.4% | 5.37% | 5.5% |
| Acquisitions | 0 | 0 | -15.04M | 0 | -2M | -89.21M | -8.5M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 2.74M | 0 | 0 | 0 | 2M | 1.6M | -122K |
| Cash from Financing | 582.18M | 576.17M | -56.22M | -45.35M | -184.35M | -19.27M | -52M |
| Debt Issued (Net) | 582.75M | 572.49M | -57.8M | -50.4M | -310.4M | -17.45M | -52.01M |
| Equity Issued (Net) | 3.68M | 3.68M | 7.88M | 15.05M | -614.68M | 0 | 846.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -615M | 0 | 0 |
| Other Financing | -4.25M | 0 | -6.3M | -10M | 740.74M | -1.82M | -846.55M |
| Net Change in Cash | 618.62M | 600M | -15.55M | 38.46M | -89.14M | 30.22M | 43.08M |
| Free Cash Flow | 26.35M | 5.67M | 60.87M | 75.72M | 103.83M | 139.57M | 103.6M |
| FCF Margin % | 2.68% | 0.58% | 6.48% | 8.26% | 11.21% | 15.19% | 12.71% |
| FCF Growth % | -50.73% | -90.68% | -19.61% | -27.07% | -25.61% | 34.72% | - |
| FCF per Share | 0.06 | 0.01 | 0.15 | 0.18 | 0.37 | 0.42 | 0.32 |
| FCF Conversion (FCF/Net Income) | -0.24x | -0.32x | 2.99x | 6.86x | -2.10x | 1.61x | -3.99x |
| Interest Paid | 0 | 0 | 128.8M | 122.83M | 110.91M | 115.26M | 0 |
| Taxes Paid | 0 | 0 | 41.4M | 31.7M | 30.8M | 32.3M | 12.9M |
Debt service and litigation
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -9.63 in 2026Q1 to 12.07 in 2024Q2, indicating that accounting accruals and non-cash charges frequently decouple the company's reported profitability from its actual cash generation.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generating capacity. Investors should monitor whether this divergence is driven by recurring non-cash impairments or the timing of working capital shifts, as the current lack of correlation complicates the assessment of core operational health.
Based on recent SEC filings, GETY's free cash flow trajectory remains inconsistent, with margins fluctuating between a high of 13.6% in 2024Q2 and a low of -4.1% in 2025Q2, highlighting the difficulty in maintaining positive cash flow conversion amidst significant operational and interest-related headwinds.
The inability to sustain positive FCF margins suggests that the business model is highly sensitive to operational disruptions or seasonal demand shifts. This volatility warrants further investigation into whether the company can achieve the scale necessary to consistently fund its debt obligations through internal cash generation alone.
According to quarterly data, the company maintains a consistent capital intensity, with CapEx/Revenue ratios hovering between 5.2% and 7.1%, suggesting that ongoing investment in digital infrastructure and archive maintenance is a non-discretionary requirement that continues to exert pressure on the company's free cash flow profile.
The persistent level of capital expenditure appears to be a structural necessity to maintain the company's competitive moat in editorial and historical imagery. Analysts should consider whether these investments are effectively driving future revenue growth or if they represent a defensive cost floor that limits the company's ability to deleverage.
As indicated by the provided financial data, working capital changes are a primary driver of quarterly cash flow, with a notable $80.6M inflow in 2025Q4 contrasting with periodic outflows, suggesting that the company's cash position is heavily reliant on the timing of customer collections and subscription renewals.
The significant reliance on working capital movements to bolster operating cash flow may mask underlying operational weaknesses. Investors should monitor the sustainability of these inflows, as any shift in customer payment behavior or subscription churn could lead to immediate liquidity constraints given the company's existing debt burden.
Quick answers to the most common questions about buying GETY stock.
Getty Images Holdings, Inc. (GETY) generated $65.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Getty Images Holdings, Inc. (GETY) generated $5.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Getty Images Holdings, Inc. (GETY) spent $59.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.