Getty Images Reports Third Quarter 2025 Results (Form 8-K)

Getty Images Reports Third Quarter 2025 Results

•Q3 Annual Subscription Revenue Up 11.2% (Currency Neutral 9.3%), Representing 58.4% of Total Revenue

•Strong Q3 Profitability: 9.0% Net Income margin and 32.8% Adjusted EBITDA margin

•Updates 2025 Revenue and Adjusted EBITDA Guidance

•Finalizes Strategic Partnerships to Integrate Getty Images Content into Emerging AI Platforms

New York, NY, November 10, 2025 - Getty Images Holdings, Inc. ("Getty Images" or the "Company") (NYSE: GETY), a preeminent global visual content creator and marketplace, today reported financial results for the third quarter ended September 30, 2025.

"Third quarter results were in line with our expectations, with top-line growth flattening due to challenging year-over-year comparisons against last year's robust event calendar," said Craig Peters, Chief Executive Officer. "We were pleased to finalize new strategic partnerships that integrate our high-quality, authentic content into emerging AI large language models and search platform experiences. These initiatives unlock incremental revenue streams that are closely aligned with our traditional content business. We remain confident in our value proposition and are focused on disciplined execution against our 2025 outlook."

"Our Q3 performance reflects the resilience and adaptability of our business. We navigated the challenging year-on-year compares with strong subscription revenue growth and a return to an adjusted EBITDA margin north of 32%," said Jenn Leyden, Chief Financial Officer. "As we look to the balance of the year, we are confident in our ability to execute on our updated guidance for both Revenue and Adjusted EBITDA."

Third Quarter 2025 Financial Summary:

•Revenue was $240.0 million, a decrease of 0.2% year over year and 2.0% on a currency neutral basis.

•Creative revenue of $144.9 million, up 8.4% year over year and 6.4% on a currency neutral basis.

•Editorial revenue of $89.3 million, down 3.7% year over year and 5.6% on a currency neutral basis.

•Other revenue of $5.8 million, down 58.5% year over year and 58.8% on a currency neutral basis. The decrease reflects timing of revenue recognition in the prior year for a 5-year creative content deal with data licensing rights which was largely recognized upfront.

•Annual Subscription Revenue as a percentage of total revenue grew to 58.4% up from 52.4% in Q3'24.

•Net Income of $21.6 million, compared to a Net Loss of $2.5 million in Q3'24. Included in the Q3'25 results are:

•$30.1 million decrease in foreign exchange loss primarily due to revaluation of the Euro Term Loan,

•$8.8 million increase in tax benefit primarily due to changes in foreign withholding taxes, nondeductible interest, changes in valuation allowance, and benefits related to OBBBA, and

•$12.3 million decrease in income from operations primarily due to approximately $9.9 million of merger related expenses.

•Net Income Margin for Q3'25 was 9.0% compared to Net Loss Margin of 1.1% in Q3'24.

•On a non-GAAP basis, adjusted Net Income* was $33.5 million, as compared to $24.0 million adjusted Net Income* in the prior year.

•Adjusted EBITDA* of $78.7 million, down 2.4% year over year and 4.4% on a currency neutral basis. Adjusted EBITDA Margin* remained strong at 32.8% for Q3'25 compared to 33.5% in the prior year period.

•Adjusted EBITDA less capex* was $64.0 million, down 6.1% year over year and down 8.1% on a currency neutral basis.

Liquidity and Balance Sheet:

•Net cash provided by operating activities of $22.6 million in Q3'25, compared to $10.7 million in the prior year period. The increase in cash provided by operating activities was primarily driven by timing of working capital payments, including lower cash interest and cash taxes paid.

•Free cash flow* of $7.9 million in Q3'25, compared to negative $1.8 million in the prior year period.

•Ending cash balance on September 30, 2025 was $109.5 million, down $11.6 million from the ending balance on December 31, 2024 and down $0.3 million from September 30, 2024. The Company has $150.0 million available through its Revolver, which remains undrawn, for total available liquidity of $259.5 million.

•Total debt was $1.38 billion as of September 30, 2025, which included $539.9 million in Senior Secured Notes, Term Loan balance of $543.6 million, consisting of $40.1 million in USD and $503.5 million in USD equivalent of Euros, converted using exchange rates as of September 30, 2025, and $300.0 million in senior unsecured notes.

•In October, the company completed a bond exchange for its $300.0 million of senior unsecured notes, replacing $294.7 million of 9.75% notes due in March 2027 with new 14.0% notes due in March 2028. In addition, the company issued $628.4 million of new 10.5% senior secured notes due 2030 to fund the estimated merger cash consideration, refinance existing Shutterstock debt, and cover anticipated merger related fees and expenses. The proceeds from the merger financing will remain in escrow, subject to the closing of the merger.

* Non-GAAP Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA less capex, and Free Cash Flow are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section below.

Key Performance Indicators (KPIs)

Our KPIs outlined below are the metrics that provide management with the most immediate understanding of the drivers of business performance and our ability to deliver shareholder return, track to financial targets and prioritize customer satisfaction. KPI comparisons for the last twelve months ended September 30, 2024 below reflect some impact from the Hollywood strikes.

			Last Twelve Months Ended September 30,
			2025						2024						Increase / (Decrease)
LTM total purchasing customers (thousands)1			703						719						(2.3)		%
LTM total active annual subscribers (thousands)2			304						298						1.7		%
LTM paid download volume (millions)3			93						94						(1.3)		%
LTM annual subscriber revenue retention rate4			90.3		%				92.2		%				-190 bps
Image collection (millions)5			600						563						6.7		%
Video collection (millions) 5			35						31						13.2		%
LTM video attachment rate6			16.4		%				16.4		%				0 bps

Annual subscription - includes products and subscriptions for 12 months or longer, Unsplash API, and Custom Content.

1 The count of total customers who made a purchase within the reporting period based on billed revenue.

2 The count of customers who were on an annual subscription product during the reporting period.

3 A count of the number of paid downloads by our customers in the reporting period. Excludes downloads from Editorial Subscriptions, Editorial feeds and certain API structured deals, including bulk unlimited deals. Excludes downloads related to an agreement signed with Amazon, as the magnitude of the potential download volume over the deal term could result in significant fluctuations in this metric without corresponding impact to revenue in the same period.

4 This calculates retention of total revenue for customers on an annual subscription product, comparing the customer's total billed revenue (inclusive of both annual subscription and non-annual subscription products) in the LTM period to the prior LTM period.

5 A count of the total images and videos in our content library as of the reporting date.

6 A measure of the percentage of total paid customer downloaders who are video downloaders.

Financial Outlook for Full Year 2025

The following tables summarize Getty Images' updated fiscal year 2025 guidance:

			Updated 2025 Guidance			Prior 2025 Guidance
Revenue			$942 million to $951 million			$931 million to $968 million
Revenue YoY			0.3% to 1.2%			-0.9% to 3.1%
Revenue YoY, Currency Neutral			-0.5% to 0.5%			-1.0% to 3.0%
Adjusted EBITDA			$291 million to $293 million			$277 million to $297 million
Adjusted EBITDA YoY			-3.0% to -2.3%			-7.6% to -1.2%
Adjusted EBITDA YoY, Currency Neutral			-4.1% to -3.3%			-7.9% to -1.4%

The guidance has been prepared based on the following foreign currency exchange rates: the Euro at 1.12 and GBP at 1.32, compared to the Euro at 1.10 and GBP at 1.30 previously. In addition, the Adjusted EBITDA guidance continues to include approximately $8.0 million of one-off increases in SG&A, with approximately $2.5 million expected in the fourth quarter, as the Company accelerates its SOX compliance efforts in 2025. This acceleration is to prepare for what the Company anticipates being a necessary shift in resources and focus on merger and integration related activities upon the expected close of the transaction with Shutterstock.

Previously Announced Merger Agreement with Shutterstock

On January 7, 2025, Getty Images announced that it entered into a merger agreement with Shutterstock to combine in a merger of equals transaction, creating a premier visual content company.

On April 2, 2025, Getty Images announced that the Company and Shutterstock, Inc had each received a Request for Additional Information and Documentary Material (Second Request) from the U.S. Department of Justice in connection with the proposed merger. Following submission of a briefing paper, on April 22, 2025, the United Kingdom Competition and Markets Authority ("CMA") invited Getty Images to submit a Merger Notice and their review process is ongoing. On October 20, 2025, Getty Images received notice from the CMA of their intent to refer the proposed merger of Getty Images and Shutterstock Inc. to a Phase 2 review process unless acceptable undertakings to address their competition concerns are offered. On November 3, the CMA announced that despite the offer of a comprehensive package of remedies by Getty Images and Shutterstock, it has referred the merger to a Phase 2 review process.

Getty Images and Shutterstock intend to continue working cooperatively with the DOJ and the UK Competition Markets Authority to obtain regulatory clearance for the proposed merger as expeditiously as possible. The proposed transaction was approved by Shutterstock stockholders on June 10, 2025 and remains subject to other customary closing conditions.

Both parties now expect the transaction to close in 2026.

For additional information associated with the transaction, please see the Company filings from time to time with the Securities and Exchange Commission.

Ongoing Litigation with Stability A.I.

On November 4, 2025, the High Court of England & Wales issued its ruling in the company's trademark and copyright infringement suit against Stability AI Limited. The court ruled in favor of Getty images on the trademark infringement claim, confirming that inclusion of the company's trademarks in AI-generated outputs infringed those trademarks and confirming that responsibility for infringing outputs rest with Stability AI, the model provider, who has control over the images used to train the model, not with the User.

While Getty Images was unsuccessful on the secondary infringement claim, the ruling delivered a key finding; that, wherever the training and development did take place, Getty Images' copyright-protected works were used to train Stable Diffusion. The ruling also established a powerful precedent that intangible articles, such as AI models, are

subject to copyright infringement claims in the same way as tangible articles. The company will be taking forward findings of fact from the UK ruling in its US case, which the company refiled in the Northern District of California following the delay in action by the court in Delaware.

Webcast & Conference Call Information

The Company will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time today, Monday, November 10, 2025, to discuss its third quarter 2025 results. The live webcast will be accessible through the Investor Relations section of the Company's website at https://investors.gettyimages.com/. To access the call through a conference line, dial 1-800-245-3047 (in the U.S.) or 1-203-518-9765 (international callers). The conference ID for the call is GETTYQ3. A replay of the conference call will be posted shortly after the call and will be available for fourteen days following the call. To access the replay, dial 1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international callers). The access code for the replay is 11160299.

About Getty Images

Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first-place people turn to discover, purchase and share powerful visual content from the world's best photographers and videographers. Getty Images works with almost 600,000 content creators and more than 360 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography.

Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end-to-end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for.

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