Revenue growth has shifted into a contraction phase with a 17.9% year-over-year decline in 2026Q1, while gross margins have compressed to 52.4% from a 2025Q3 peak of 60.6%.
Shutterstock, Inc. (SSTK) annual income statement — 16-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 901.29M | 989.92M | 935.26M | 874.59M | 827.83M | 773.41M | 666.69M | 650.52M | 623.25M | 557.11M | 494.32M | 425.15M | 327.97M | 235.51M | 169.62M | 120.27M | 82.97M |
| Revenue Growth % | -10.81% | 5.84% | 6.94% | 5.65% | 7.04% | 16.01% | 2.48% | 4.38% | 11.87% | 12.7% | 16.27% | 29.63% | 39.26% | 38.85% | 41.03% | 44.95% | - |
| Cost of Goods Sold | 390.35M | 414.25M | 396.3M | 352.63M | 314.31M | 277.66M | 259.57M | 278.18M | 267.67M | 233.1M | 203.13M | 174.53M | 130.02M | 90.63M | 64.68M | 45.5M | 32.35M |
| COGS % of Revenue | - | 41.85% | 42.37% | 40.32% | 37.97% | 35.9% | 38.93% | 42.76% | 42.95% | 41.84% | 41.09% | 41.05% | 39.64% | 38.48% | 38.13% | 37.83% | 38.99% |
| Gross Profit | 510.93M | 575.68M | 538.97M | 521.96M | 513.52M | 495.76M | 407.11M | 372.35M | 355.58M | 324.01M | 291.19M | 250.62M | 197.95M | 144.89M | 104.94M | 74.77M | 50.62M |
| Gross Margin % | 56.69% | 58.15% | 57.63% | 59.68% | 62.03% | 64.1% | 61.07% | 57.24% | 57.05% | 58.16% | 58.91% | 58.95% | 60.36% | 61.52% | 61.87% | 62.17% | 61.01% |
| Gross Profit Growth % | - | 6.81% | 3.26% | 1.64% | 3.58% | 21.77% | 9.34% | 4.72% | 9.74% | 11.27% | 16.19% | 26.61% | 36.62% | 38.07% | 40.36% | 47.7% | - |
| Operating Expenses | 663.85M | 465.71M | 470.26M | 453.56M | 419.9M | 387.65M | 321.85M | 352.19M | 323.13M | 297.66M | 245.4M | 209.6M | 159.31M | 101.56M | 83.09M | 51.88M | 30.82M |
| OpEx % of Revenue | - | 47.05% | 50.28% | 51.86% | 50.72% | 50.12% | 48.28% | 54.14% | 51.85% | 53.43% | 49.64% | 49.3% | 48.57% | 43.12% | 48.99% | 43.13% | 37.15% |
| Selling, General & Admin | 400.79M | 418.99M | 381.84M | 352.49M | 330.46M | 335.64M | 275.81M | 294.98M | 264.23M | 245.17M | 197.61M | 168.28M | 121M | 79.8M | 66.76M | 42.1M | 26.23M |
| SG&A % of Revenue | - | 42.33% | 40.83% | 40.3% | 39.92% | 43.4% | 41.37% | 45.34% | 42.4% | 44.01% | 39.98% | 39.58% | 36.9% | 33.88% | 39.36% | 35% | 31.62% |
| Research & Development | 95.79M | 89.03M | 88.42M | 96.16M | 65.43M | 52.01M | 46.04M | 57.22M | 58.9M | 52.49M | 47.79M | 41.32M | 38.3M | 21.76M | 16.33M | 9.78M | 4.59M |
| R&D % of Revenue | - | 8.99% | 9.45% | 11% | 7.9% | 6.73% | 6.91% | 8.8% | 9.45% | 9.42% | 9.67% | 9.72% | 11.68% | 9.24% | 9.63% | 8.13% | 5.53% |
| Other Operating Expenses | 0 | -42.31M | 0 | 4.91M | 24.01M | 0 | 0 | 0 | 0 | 0 | -1.29M | 0 | -466K | 52K | -47K | 0 | 19K |
| Operating Income | -152.91M | 109.97M | 68.71M | 68.4M | 93.62M | 108.11M | 85.27M | 20.16M | 32.45M | 26.35M | 45.79M | 41.02M | 38.64M | 43.32M | 21.85M | 22.89M | 19.8M |
| Operating Margin % | -16.97% | 11.11% | 7.35% | 7.82% | 11.31% | 13.98% | 12.79% | 3.1% | 5.21% | 4.73% | 9.26% | 9.65% | 11.78% | 18.39% | 12.88% | 19.03% | 23.86% |
| Operating Income Growth % | - | 60.05% | 0.45% | -26.94% | -13.4% | 26.79% | 323.05% | -37.89% | 23.16% | -42.45% | 11.62% | 6.15% | -10.8% | 98.26% | -4.53% | 15.64% | - |
| EBITDA | -83.19M | 200.86M | 156.33M | 148.13M | 162.09M | 156.88M | 126.63M | 70.07M | 78.1M | 61.84M | 65.73M | 55.86M | 46.56M | 47.19M | 24.49M | 24.41M | 20.67M |
| EBITDA Margin % | -9.23% | 20.29% | 16.72% | 16.94% | 19.58% | 20.28% | 18.99% | 10.77% | 12.53% | 11.1% | 13.3% | 13.14% | 14.2% | 20.04% | 14.44% | 20.3% | 24.91% |
| EBITDA Growth % | -149.98% | 28.48% | 5.54% | -8.62% | 3.33% | 23.89% | 80.71% | -10.29% | 26.3% | -5.92% | 17.67% | 19.97% | -1.34% | 92.69% | 0.34% | 18.1% | - |
| D&A (Non-Cash Add-back) | 69.73M | 90.89M | 87.63M | 79.73M | 68.47M | 48.77M | 41.36M | 49.91M | 45.65M | 35.49M | 19.95M | 14.84M | 7.92M | 3.87M | 2.64M | 1.52M | 874K |
| EBIT | -164.4M | 92.16M | 73.11M | 124.33M | 92.37M | 104.8M | 85.27M | 20.16M | 32.45M | 26.35M | 45.79M | 41.02M | 39.04M | 43.32M | 21.85M | 22.89M | 19.8M |
| Net Interest Income | -28.76M | -13.17M | -4.33M | 2.93M | -1.25M | 70K | 1.19M | 4.22M | 2.74M | 891K | 149K | 27K | 84K | 83K | 0 | 10K | 0 |
| Interest Income | 1.64M | 3.65M | 6.23M | 4.78M | 87K | 137K | 1.19M | 4.22M | 2.74M | 891K | 149K | 27K | 84K | 83K | 0 | 10K | 0 |
| Interest Expense | 30.4M | 16.83M | 10.56M | 1.86M | 1.34M | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -45.61M | -34.63M | -6.16M | 54.07M | -2.59M | -3.37M | 4.26M | 4.76M | 33.66M | 3.73M | -1.29M | -6.75M | -466K | 52K | -47K | 10K | 19K |
| Pretax Income | -198.52M | 75.33M | 62.55M | 122.47M | 91.04M | 104.74M | 89.52M | 24.92M | 66.11M | 30.08M | 44.5M | 34.27M | 38.18M | 43.38M | 21.8M | 22.9M | 19.81M |
| Pretax Margin % | -22.03% | 7.61% | 6.69% | 14% | 11% | 13.54% | 13.43% | 3.83% | 10.61% | 5.4% | 9% | 8.06% | 11.64% | 18.42% | 12.86% | 19.04% | 23.88% |
| Income Tax | 7.62M | 29.84M | 26.62M | 12.2M | 14.93M | 12.85M | 17.76M | 4.81M | 11.43M | 13.35M | 11.87M | 14.72M | 16.09M | 16.9M | -25.74M | 1.04M | 876K |
| Effective Tax Rate % | -3.84% | 39.61% | 42.55% | 9.96% | 16.4% | 12.27% | 19.84% | 19.3% | 17.28% | 44.39% | 26.67% | 42.95% | 42.14% | 38.95% | -118.04% | 4.52% | 4.42% |
| Net Income | -206.14M | 45.5M | 35.93M | 110.27M | 76.1M | 91.88M | 71.77M | 20.11M | 54.69M | 16.73M | 32.63M | 19.55M | 22.09M | 26.48M | 47.54M | 21.86M | 18.94M |
| Net Margin % | -22.87% | 4.6% | 3.84% | 12.61% | 9.19% | 11.88% | 10.76% | 3.09% | 8.77% | 3% | 6.6% | 4.6% | 6.73% | 11.24% | 28.03% | 18.18% | 22.82% |
| Net Income Growth % | -420.52% | 26.62% | -67.41% | 44.89% | -17.17% | 28.03% | 256.9% | -63.23% | 226.94% | -48.73% | 66.88% | -11.49% | -16.58% | -44.31% | 117.45% | 15.45% | - |
| Net Income (Continuing) | -206.14M | 45.5M | 35.93M | 110.27M | 76.1M | 91.88M | 71.77M | 20.11M | 54.69M | 16.73M | 32.63M | 19.55M | 22.09M | 26.48M | 47.54M | 21.86M | 18.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.62 | 1.25 | 1.01 | 3.04 | 2.08 | 2.46 | 1.97 | 0.57 | 1.54 | 0.47 | 0.91 | 0.54 | 0.61 | 0.77 | 1.79 | 0.64 | 0.43 |
| EPS Growth % | -412.15% | 23.76% | -66.78% | 46.15% | -15.45% | 24.87% | 245.61% | -62.99% | 227.66% | -48.35% | 68.52% | -11.48% | -20.78% | -56.98% | 179.69% | 48.84% | - |
| EPS (Basic) | - | 1.29 | 1.02 | 3.07 | 2.11 | 2.52 | 2.00 | 0.57 | 1.57 | 0.48 | 0.93 | 0.54 | 0.63 | 0.78 | 1.79 | 0.64 | 0.43 |
| Diluted Shares Outstanding | 36.7M | 36.27M | 35.66M | 36.24M | 36.55M | 37.32M | 36.37M | 35.58M | 35.42M | 35.29M | 35.86M | 36.32M | 35.91M | 34.43M | 23.83M | 20.85M | 20.85M |
| Basic Shares Outstanding | 36.7M | 35.29M | 35.33M | 35.88M | 36.04M | 36.51M | 35.84M | 35.28M | 34.94M | 34.63M | 35.11M | 35.88M | 35.23M | 33.88M | 23.79M | 20.85M | 20.85M |
| Dividend Payout Ratio | - | 102.27% | 117.95% | 35.07% | 45.45% | 33.36% | 34% | - | 191.86% | - | - | - | - | - | 75.72% | 130.69% | 136.76% |
Quick answers to the most common questions about buying SSTK stock.
For fiscal year 2025, Shutterstock, Inc. (SSTK) reported total revenue of $989.9M. This represents a 1093.1% increase compared to $83.0M in 2010.
Shutterstock, Inc. (SSTK) is profitable, generating $45.5M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Shutterstock, Inc. (SSTK) reported an operating income of $110.0M, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Shutterstock, Inc. (SSTK) generated $575.7M in gross profit for the year, representing a gross profit margin of 58.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Generative AI disruption risk
Metrics are mathematically derived from official filings.
Revenue Growth Faces Structural Headwinds
As reported in recent financial statements, Shutterstock's revenue trajectory has shifted into a contraction phase, with the company posting a 17.9% year-over-year decline in 2026Q1, signaling that the previous growth momentum observed in mid-2025 has failed to sustain itself against intensifying market competition and shifting demand.
The sharp reversal from 21.3% growth in 2025Q2 to double-digit declines suggests that the core content licensing business is struggling to maintain relevance. Investors should monitor whether this contraction is a temporary cyclical trough or a permanent erosion of the company's addressable market due to generative AI alternatives.
Gross Margin Volatility Reflects Instability
Based on the provided income statement data, Shutterstock's gross margin has experienced significant compression, falling to 52.4% in 2026Q1 from a peak of 60.6% in 2025Q3, which indicates a potential loss of pricing power or an unfavorable shift in the underlying product mix.
The inability to maintain margins above the 60% threshold suggests that the company's royalty-heavy cost structure is becoming increasingly difficult to manage during periods of revenue decline. This volatility implies that the firm lacks the structural pricing power necessary to offset rising content acquisition or platform maintenance costs.
Operating Leverage Turns Sharply Negative
According to the latest quarterly filings, Shutterstock's operating leverage has deteriorated significantly, with the company reporting an operating loss of $31.0 million in 2026Q1, a stark contrast to the positive operating income of $34.7 million achieved during the 2025Q2 period of higher revenue.
The failure to scale SG&A expenses in proportion to declining revenue suggests that the company's cost base is relatively rigid, creating significant downside risk to profitability. This lack of operational flexibility may indicate that recent acquisitions have added fixed overhead that the current revenue base cannot adequately support.
Earnings Quality Obscured by Volatility
Based on reported figures, Shutterstock's net income has swung into a $47.6 million loss in 2026Q1, with earnings quality further complicated by inconsistent stock-based compensation charges that reached $17.9 million in 2025Q1 before fluctuating significantly in subsequent quarters, complicating the assessment of true operational profitability.
The erratic nature of the bottom line, exacerbated by non-operating items and shifting tax impacts, makes it difficult to discern the underlying health of the business. Investors should be wary of relying on GAAP net income as a proxy for performance given the frequent swings between profitability and deep losses.
Sustainability of Current Business Model
As indicated by the income statement, the rapid transition from a profitable entity in 2025 to a loss-making one in 2026 suggests that the current business model may be unsustainable, with the company's operating margin collapsing to -15.5% in the most recent quarter of data.
Short-sellers would likely focus on the inability of the company to pivot its cost structure quickly enough to match the rapid decline in top-line performance. This trend warrants investigation into whether the company's strategic investments in AI and new segments are actually providing the promised diversification or merely masking core business decay.