SSTK earnings analysis
What we found in SSTK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-4.25
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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