Revenue: As of FY2026 Q2, the actual value is USD 221.8 M, beating the estimate of USD 196.1 M.

EPS: As of FY2026 Q2, the actual value is USD -4.25, missing the estimate of USD 0.11.

EBIT: As of FY2026 Q2, the actual value is USD -152.58 M.

Second Quarter 2026 Financial Highlights (vs. Second Quarter 2025)

Revenue

Total revenue was $221.8 million, a decrease of $45.2 million or 17% compared to $267.0 million in the second quarter of 2025. Revenue from the Content product offering decreased by $34.1 million, or 17%, to $165.7 million, representing 75% of total revenue. Revenue from the Data, Distribution, and Services product offering decreased by $11.1 million, or 16%, to $56.1 million, representing 25% of total revenue.

Net Income / Loss

Net loss was - $155.9 million, a decrease of $185.4 million from net income of $29.4 million in the second quarter of 2025. Net loss includes a - $163.4 million non-cash, after-tax goodwill impairment charge. Adjusted net income was $30.0 million, a decrease of $12.9 million compared to $42.9 million in the second quarter of 2025, primarily due to the decline in revenue.

Operating Profitability

Adjusted EBITDA was $65.1 million, a decrease of $17.1 million or 21% compared to $82.2 million in the second quarter of 2025, primarily due to the decline in revenue. Net loss margin was -70.3%, compared to a net income margin of 11.0% in the second quarter of 2025. Adjusted EBITDA margin was 29.3%, a decrease of 1.5% compared to 30.8% in the second quarter of 2025. Loss from operations was - $155,236 thousand in the second quarter of 2026, compared to $34,731 thousand income from operations in the second quarter of 2025.

Operating Expenses (in thousands)

Cost of revenue was $93,787 in Q2 2026, compared to $105,994 in Q2 2025. Sales and marketing expenses were $48,008 in Q2 2026, compared to $57,077 in Q2 2025. Product development expenses were $17,574 in Q2 2026, compared to $20,754 in Q2 2025. General and administrative expenses were $43,930 in Q2 2026, compared to $48,434 in Q2 2025. Goodwill impairment was $173,738 in Q2 2026, compared to $0 in Q2 2025. Total operating expenses were $377,037 in Q2 2026, compared to $232,259 in Q2 2025. Shutterstock, Inc. recorded a non-cash goodwill impairment charge of $173.7 million in the second quarter of 2026. Operating costs were unfavorably impacted by $3.0 million of unrealized losses related to the investment in Meitu, Inc., $3.7 million of Merger related costs, $5.0 million of legal contingency expenses, and $3.0 million of workforce optimization expenses.

Cash Flow (in thousands)

Net cash provided by operating activities was $621 in the second quarter of 2026, compared to $26,836 in the second quarter of 2025. Net cash used in operating activities in Q2 2026 included a $35.0 million payment for the settlement of the FTC’s civil investigative demand. Adjusted free cash flow was $28,475 in the second quarter of 2026, an increase of $11,000 from $17,498 in the second quarter of 2025. Cash and cash equivalents decreased by $29,308 to $133,208 at June 30, 2026, from $162,518 as of March 31, 2026. Net cash used in investing activities was - $10,139 in the second quarter of 2026, compared to - $14,965 in the second quarter of 2025. Net cash used in financing activities was - $18,457 in the second quarter of 2026, compared to - $13,878 in the second quarter of 2025.

Key Operating Metrics

Subscribers (end of period) were 951,000 in Q2 2026, down from 1,073,000 in Q2 2025. Subscriber revenue was $99.8 million in Q2 2026, down from $108.0 million in Q2 2025. Average revenue per customer (last twelve months) increased to $292 in Q2 2026 from $266 in Q2 2025. Paid downloads were 98.7 million in Q2 2026, down from 112.6 million in Q2 2025.

Outlook / Guidance

Shutterstock, Inc. will not be issuing guidance for the remainder of 2026. Management is focused on strengthening the balance sheet, reducing the cost structure, and sharpening focus on high-potential areas, targeting an additional $60 million in annualized run-rate operating expense reductions by year-end. Shutterstock, Inc. plans to discuss its refined long-term strategy and next phase of growth in the coming weeks.