10-Q · April 28, 2026
Shutterstock reported Q1 revenue of $199.17 million, an 18% year-over-year decline driven by weakness in new customer acquisition and a sharp drop in Data, Distribution, and Services. The company recorded an operating…
Earnings analysis · 10-Q
SSTK earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Shutterstock generated $221.801 million of Q2 2026 revenue, a sequential improvement from $199 million but a 16.9% year-over-year decline from $266.990 million. Adjusted EPS of $0.82 materially exceeded the $0.18…
Read full summary
Shutterstock generated $221.801 million of Q2 2026 revenue, a sequential improvement from $199 million but a 16.9% year-over-year decline from $266.990 million. Adjusted EPS of $0.82 materially exceeded the $0.18 estimate, but GAAP EPS was negative $4.25 because of a $173.7 million goodwill impairment. The company withdrew its remaining 2026 guidance, while the filing reported no material changes to the risk factors from the 2025 Form 10-K. Gross margin, operating margin, balance-sheet details, operating cash flow, and free cash flow were not disclosed in the provided filing text.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-4.25
What stood out
-
Revenue improved sequentially, declined year over year
Second-quarter revenue was $221.801 million, up from $199 million in Q1 2026 but down 16.9% from $266.990 million in Q2 2025.
-
Adjusted EPS beat; impairment drove GAAP loss
Adjusted EPS was $0.82 versus the $0.18 consensus estimate, but GAAP diluted EPS was negative $4.25, primarily due to a $173.7 million goodwill impairment.
-
Disclosure controls remained effective
Management reported effective disclosure controls as of June 30, 2026, at the reasonable assurance level, with no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
-
International revenue exposure increased
Foreign-currency revenue represented approximately 29% of revenue for the six months ended June 30, 2026, versus 26% in the prior-year period, indicating increased international-currency exposure.
What to watch
-
Broad revenue contraction
Revenue fell to $221.801 million from $266.990 million year over year, extending the company’s broad revenue contraction and creating pressure on profitability and cash generation.
-
Goodwill impairment drove GAAP loss
The $173.7 million goodwill impairment resulted in GAAP diluted EPS of negative $4.25, highlighting material impairment and earnings-volatility risk.
-
Foreign-exchange sensitivity
A 10% change in the U.S. dollar exchange rate against foreign-currency revenue would result in an approximately 3% impact on revenue; foreign-currency revenue was 29% of six-month revenue.
-
2026 outlook withdrawn
The company withdrew guidance for the remainder of 2026, leaving investors without a quantitative outlook and increasing forecast uncertainty.
-
Floating-rate debt exposure
Amounts borrowed under the A&R Credit Agreement bear interest at Term SOFR plus a 1.375% to 1.750% margin, plus a 0.100% credit spread adjustment, although management estimated that a hypothetical 10% interest-rate change would not materially affect interest expense.
Management's outlook
The company withdrew guidance for the remainder of 2026 and cancelled its August 6, 2026 earnings call pending a strategic update; no quantitative 2026 outlook was provided.
Earlier filings 2
10-K · April 24, 2026
Shutterstock reported full-year 2025 revenue of $976.6 million and adjusted EBITDA of $262.5 million, coming in below internal targets (92.9% of revenue target and 93.8% of adjusted EBITDA target). The company is…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.