- Delivered full-year revenue of
$981.3 million , well above upper end of guidance and the highest reported revenue in the Company’s 30-year history - Full-year revenue growth of 4.5%, currency neutral growth of 3.8%
- Q4 revenue growth of 14.1%, currency neutral growth of 12.7%
- Shutterstock merger has obtained regulatory clearance without conditions in all jurisdictions except
UK , where the CMA’s final report is due byJune 14
“In our 30th anniversary year we delivered record revenue, with growth across both Creative and Editorial,” said
“With Revenue and Adjusted EBITDA both well above the high-end of our guidance, we ended 2025 with incredible momentum,” said
Fourth Quarter 2025 Financial Summary:
- Revenue of
$282.3 million increased 14.1% year over year and 12.7% on a currency neutral basis.- Creative revenue of
$149.0 million , up 4.6% year over year and up 3.1% on a currency neutral basis. - Editorial revenue of
$109.4 million , up 21.4% year over year and 19.9% on a currency neutral basis. - Other revenue of
$23.9 million , up 61.3% year over year and 61.3% on a currency neutral basis. - The increase in revenue across Creative, Editorial, and Other includes impacts from the signing of two significant licensing agreements, one with display rights for pre-shot content and the other covering use of our data and creative content, both of which included meaningful revenue recognized in an accelerated manner.
- Annual Subscription Revenue as a percentage of total revenue decreased to 48.6%, from 54.9% in Q4’24, with the step back in mix driven by the two significant licensing agreements signed in the quarter that are not included in subscription revenue. This was a formulaic step back and not an indication of the health of the subscription business, which excluding the impact from those deals would have been 56.6% of total revenue.
- Creative revenue of
- Net Loss of
$90.9 million , compared to a Net Income of$24.7 million in Q4’24. Included in the Q4’25 results are:$60.0 million decrease in income from operations primarily due to$79.1 million increase in loss on litigation and a$4.7 million increase in merger related expenses,$20.4 million increase in interest expense due to higher rates on our refinanced debt and incremental interest expense tied to the debt raised in connection with the merger financing, and$46.4 million decrease in foreign exchange loss primarily due to revaluation of the Euro Term Loan.
- Net Loss Margin for Q4’25 was 32.2% compared to Net Income Margin of 10.0% in Q4’24.
- On a non-GAAP basis, adjusted Net Loss* was
$4.3 million , as compared to$7.3 million adjusted Net Income* in Q4’24. - Adjusted EBITDA* of
$104.1 million , up 29.1% year over year and up 27.2% on a currency neutral basis, due primarily to strong revenue growth and the Company’s continued ability to maintain strong profitability. Adjusted EBITDA Margin* was 36.9%, up from 32.6% in Q4’24. - Adjusted EBITDA less capex* was
$91.1 million , up 39.1% year over year and up 38.3% on a currency neutral basis.
Full Year 2025 Financial Summary:
- Revenue of
$981.3 million increased 4.5% year over year and 3.8% on a currency neutral basis.- Creative revenue of
$556.9 million , up 0.7% year over year and up 0.2% on a currency neutral basis. - Editorial revenue of
$369.6 million , up 6.9% year over year and 6.1% on a currency neutral basis. - Other revenue of
$54.8 million , up 35.2% year over year and 35.2% on a currency neutral basis. - Annual Subscription Revenue as a percentage of total revenue grew to 54.2%, up from 53.8% in 2024.
- Creative revenue of
- Net Loss of
$206.2 million , compared to a Net Income of$39.5 million in 2024. Included in the 2025 results are:$115.0 million increase in foreign exchange loss primarily due to revaluation of the Euro Term Loan,$96.9 million decrease in income from operations primarily driven by approximately$80 .0 million increase in loss on litigation due to the previously disclosed warrant litigation and a$41.9 million increase of merger and acquisition related expenses,$24.7 million increase in interest expense due to higher interest rates on our refinanced debt and incremental interest expense tied to debt raise in connection with the merger financing, and$19.4 million increase in loss on debt extinguishment and expensed financing costs tied to the refinancing of our debt.
- Net Loss Margin was 21.0% compared to Net Income Margin of 4.2% in 2024.
- On a non-GAAP basis, adjusted Net Loss* was
$11.1 million , as compared to$49.0 million adjusted Net Income* in the prior year. - Adjusted EBITDA* of
$320.9 million , up 6.9% year over year and up 5.8% on a currency neutral basis. Adjusted EBITDA Margin* was 32.7% in 2025, compared to 32.0% in 2024. - Adjusted EBITDA less Capex* was
$261.3 million , up 7.6% year over year and up 7.0% on a currency neutral basis.
Liquidity and Balance Sheet:
- Net cash provided by operating activities of
$20.6 million in Q4’25, compared to$39.7 million in the prior year period. - Free cash flow* of
$7.7 million in Q4’25, compared to$24.6 million in the prior year period, with the decrease due to a$22.4 million increase in cash interest paid. - Ending cash balance on
December 31, 2025 was$90.2 million , down$31.0 million from the ending balance onDecember 31, 2024 and down$19.4 million fromSeptember 30, 2025 . The year-on-year decrease was driven in large part by$45.7 million of merger related expenses and$36.4 million of refinancing related fees paid during the year. The Company has$150.0 million available through its Revolver, which remains undrawn, for total available liquidity of$240.2 million . - Total debt was
$2.7 billion , which included$1.2 billion in Senior Secured Notes, Term Loan balance of$537.2 million , consisting of$40.1 million in USD and$497.2 million in USD equivalent of Euros, converted using exchange rates as ofDecember 31, 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 inMarch 2027 with new 14.0% notes due inMarch 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.
* 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.
| Last Twelve Months Ended | |||||||
| 2025 | 2024 | Increase / (Decrease) | |||||
| LTM total purchasing customers (thousands)1 | 689 | 717 | (3.9)% | ||||
| LTM total active annual subscribers (thousands)2 | 278 | 314 | (11.4)% | ||||
| LTM paid download volume (millions)3 | 92 | 93 | (1.4)% | ||||
| LTM annual subscriber revenue retention rate4 | 89.9% | 92.9% | -300 bps | ||||
| Image collection (millions)5 | 609 | 572 | 6.5% | ||||
| Video collection (millions)5 | 36 | 32 | 13.0% | ||||
| LTM video attachment rate6 | 15.9% | 16.5% | -60 bps | ||||
Annual subscription - includes all subscription products with a duration of 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 2026
Please note, the Revenue and Adjusted EBITDA guidance reflects the impact of the two multi-year licensing agreements signed in Q4 2025, with approximately
| 2026 Guidance | Normalized Revenue Growth | |
| Revenue | ||
| Revenue YoY | -3.4% to 0.6% | 0.7% to 4.9% |
| Revenue YoY, Currency Neutral | -4.5% to -0.5% | -0.5% to 3.7% |
| Adjusted EBITDA | ||
| Adjusted EBITDA YoY | -12.9% to -8.1% | -2.4% to 2.9% |
| Adjusted EBITDA YoY, Currency Neutral | -13.9% to -9.1% | -3.6% to 1.7% |
The guidance has been prepared based on the following foreign currency exchange rates: the Euro at 1.17 and GBP at 1.34.
In addition, the Adjusted EBITDA guidance includes approximately
Previously Announced Merger Agreement with Shutterstock
On
On
Following submission of a briefing paper, on
On
Both parties 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.
Webcast & Conference Call Information
The Company will host a conference call and live webcast with the investment community at
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 over 600,000 content creators and over 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.
For company news and announcements, visit our Newsroom.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks and uncertainties, including: our inability to continue to license third-party content and offer relevant quality and diversity of content to satisfy customer needs; our ability to attract new customers and retain and motivate an increase in spending by our existing customers; our ability to grow our subscriptions business; the user experience of our customers on our websites; the extent to which we are able to maintain and expand the breadth and quality of our content library through content licensed from third-party suppliers, content acquisitions and imagery captured by our staff of in-house photographers; the mix of and basis upon which we license our content, including the price-points at, and the license models and purchase options through, which we license our content; the risk that we operate in a highly competitive market; the risk that we are unable to successfully execute our business strategy or effectively manage costs; our inability to effectively manage our growth; our inability to maintain an effective system of internal controls and financial reporting; the risk that we may lose the right to use “Getty Images” trademarks; our inability to evaluate our future prospects and challenges due to evolving markets and customers’ industries; the legal, social and ethical issues relating to the use of new and evolving technologies, such as Artificial Intelligence and machine learning (collectively, “AI”), including statements regarding AI and innovation momentum; the increased use of AI applications such as generative AI technologies that may result in harm to our brand, reputation, business, or intellectual property; the risk that our operations in and continued expansion into international markets bring additional business, political, regulatory, operational, financial and economic risks; our inability to adequately adapt our technology systems to ingest and deliver sufficient new content; the risk of technological interruptions or cybersecurity breaches, incidents, and vulnerabilities; the risk that any prolonged strike by, or lockout of, one or more of the unions that provide personnel essential to the production of films or television programs, such as the 2023 strike by the writers’ union and the actors’ unions and including its lingering effects, could impact our entertainment business; the inability to expand our operations into new products, services and technologies and to increase customer and supplier awareness of our new and emerging products and services, including with respect to our AI initiatives; the loss of and inability to attract and retain key personnel that could negatively impact our business growth; the inability to protect the proprietary information of customers and networks against security breaches and protect and enforce intellectual property rights; our reliance on third parties; the risks related to our use of independent contractors; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described under the heading “Item 1A Risk Factors” in our 2025 Form 10-K and in our other filings with the
In addition, the statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us, as applicable, as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
| GETTY IMAGES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 282,287 | $ | 247,324 | $ | 981,290 | $ | 939,287 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | $ | 71,183 | $ | 65,623 | $ | 261,315 | $ | 253,068 | |||||||
| Selling, general and administrative expenses | 111,590 | 105,490 | 415,968 | 407,796 | |||||||||||
| Depreciation | 16,007 | 15,059 | 62,459 | 58,987 | |||||||||||
| Amortization | 577 | 590 | 2,304 | 2,306 | |||||||||||
| Loss on litigation | 91,534 | 12,478 | 100,498 | 20,491 | |||||||||||
| Recovery of loss on litigation | — | — | — | — | |||||||||||
| Other operating expenses – net | 15,496 | 12,207 | 54,830 | 15,834 | |||||||||||
| Total operating expenses | 306,387 | 211,447 | 897,374 | 758,482 | |||||||||||
| Income from operations | (24,100 | ) | 35,877 | 83,916 | 180,805 | ||||||||||
| Other (expense) income, net: | |||||||||||||||
| Interest expense | (51,198 | ) | (30,790 | ) | (156,175 | ) | (131,408 | ) | |||||||
| Loss on fair value adjustment for swaps – net | — | — | — | (1,459 | ) | ||||||||||
| Foreign exchange (loss) gain – net | (525 | ) | 45,867 | (78,882 | ) | 36,071 | |||||||||
| Loss on extinguishment of debt | — | — | (5,474 | ) | — | ||||||||||
| Other non-operating (expense) income – net | (2,364 | ) | (1,201 | ) | (5,692 | ) | 2,946 | ||||||||
| Total other expense – net | (54,087 | ) | 13,876 | (246,223 | ) | (93,850 | ) | ||||||||
| (Loss) income before income taxes | (78,187 | ) | 49,753 | (162,307 | ) | 86,955 | |||||||||
| Income tax (expense) benefit | (12,683 | ) | (25,030 | ) | (43,876 | ) | (47,483 | ) | |||||||
| Net (loss) income | (90,870 | ) | 24,723 | (206,183 | ) | 39,472 | |||||||||
| Less: | |||||||||||||||
| Net (loss) income attributable to non-controlling interest | (22 | ) | 297 | (60 | ) | (61 | ) | ||||||||
| Net (loss) income attributable to | $ | (90,848 | ) | $ | 24,426 | $ | (206,123 | ) | $ | 39,533 | |||||
| Net (loss) income per share attributable to | |||||||||||||||
| Basic | $ | (0.22 | ) | $ | 0.06 | $ | (0.50 | ) | $ | 0.10 | |||||
| Diluted | (0.22 | ) | 0.06 | (0.50 | ) | 0.10 | |||||||||
| Weighted-average Class A common shares outstanding: | |||||||||||||||
| Basic | 416,105,389 | 411,441,984 | 414,344,822 | 409,144,863 | |||||||||||
| Diluted | 416,105,389 | 414,414,173 | 414,344,822 | 414,870,801 | |||||||||||
| GETTY IMAGES HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data) | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 90,183 | $ | 121,173 | |||
| Restricted cash | 635,124 | 4,131 | |||||
| Accounts receivable – net of allowance | 208,468 | 151,130 | |||||
| Prepaid expenses | 20,786 | 16,327 | |||||
| Insurance recovery receivable | 34,954 | 45,000 | |||||
| Taxes receivable | 10,342 | 9,577 | |||||
| Other current assets | 11,526 | 11,477 | |||||
| Total current assets | 1,011,383 | 358,815 | |||||
| Property and equipment, net | 184,189 | 177,292 | |||||
| Operating lease right of use assets | 24,262 | 32,453 | |||||
| 1,516,265 | 1,510,477 | ||||||
| Intangible assets, net of accumulated amortization | 414,699 | 389,906 | |||||
| Deferred income taxes, net | 57,977 | 63,965 | |||||
| Other assets | 31,513 | 30,800 | |||||
| Total assets | $ | 3,240,288 | $ | 2,563,708 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 114,231 | $ | 99,320 | |||
| Accrued expenses | 89,854 | 59,938 | |||||
| Income taxes payable | 13,772 | 10,913 | |||||
| Short-term debt - net | 696,474 | — | |||||
| Litigation reserves | 205,324 | 110,994 | |||||
| Deferred revenue | 188,338 | 172,090 | |||||
| Total current liabilities | 1,307,993 | 453,255 | |||||
| Long-term debt, net | 1,270,888 | 1,314,424 | |||||
| Lease liabilities | 23,553 | 29,034 | |||||
| Deferred income taxes, net | 14,217 | 24,357 | |||||
| Uncertain tax positions | 21,122 | 22,329 | |||||
| Other long-term liabilities | $ | 1,889 | $ | 1,969 | |||
| Total liabilities | 2,639,662 | 1,845,368 | |||||
| Commitments & contingencies (Note 11) | |||||||
| Class A common stock, | 42 | 41 | |||||
| Additional paid-in capital | 2,039,751 | 2,017,407 | |||||
| Accumulated deficit | (1,429,605 | ) | (1,223,482 | ) | |||
| Accumulated other comprehensive loss | (57,646 | ) | (123,770 | ) | |||
| $ | 552,542 | $ | 670,196 | ||||
| Non-controlling interest | 48,084 | 48,144 | |||||
| Total stockholders’ equity | 600,626 | 718,340 | |||||
| Total liabilities and stockholders’ equity | $ | 3,240,288 | $ | 2,563,708 | |||
| GETTY IMAGES HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
| Year Ended | |||||||
| 2025 | 2024 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net (loss) income | $ | (206,183 | ) | $ | 39,472 | ||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
| Depreciation | 62,459 | 58,987 | |||||
| Amortization | 2,304 | 2,306 | |||||
| Foreign currency losses (gain) on foreign denominated debt | 56,948 | (28,411 | ) | ||||
| Equity-based compensation | 16,856 | 21,848 | |||||
| Deferred income taxes – net | 3,998 | 4,094 | |||||
| Uncertain tax positions | (1,208 | ) | (2,321 | ) | |||
| Impairment of equity method investment | — | 7,459 | |||||
| Debt and refinance issuance transaction costs | 13,899 | 2,431 | |||||
| Non-cash fair value adjustment for swaps and foreign currency exchange contracts | — | 1,459 | |||||
| Amortization of debt issuance costs | 7,508 | 2,518 | |||||
| Non cash operating lease costs | 11,299 | 11,469 | |||||
| Loss on extinguishment of debt | 5,474 | — | |||||
| Other | 1,328 | 3,230 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | (52,831 | ) | (18,408 | ) | |||
| Accounts payable | 12,391 | (4,759 | ) | ||||
| Accrued expenses | 9,711 | 14,426 | |||||
| Insurance recovery receivable | 10,046 | 3,615 | |||||
| Litigation reserves | 94,330 | 12,845 | |||||
| Lease liabilities, non-current | (13,391 | ) | (12,423 | ) | |||
| Income taxes receivable/payable | 5,131 | (1,388 | ) | ||||
| Interest payable | 22,133 | — | |||||
| Deferred revenue | 11,608 | 492 | |||||
| Other | (8,620 | ) | (621 | ) | |||
| Net cash provided by operating activities | 65,190 | 118,320 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Acquisition of property and equipment | (59,518 | ) | (57,450 | ) | |||
| Acquisition of a business, net of cash acquired | — | (15,038 | ) | ||||
| Other investing activities | — | — | |||||
| Net cash used in investing activities | (59,518 | ) | (72,488 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Payment of debt | (1,037,040 | ) | (57,800 | ) | |||
| Proceeds from issuance of debt | 1,669,272 | — | |||||
| Debt issuance and refinance costs | (59,744 | ) | (3,641 | ) | |||
| Proceeds from common stock issuance | 3,682 | 7,878 | |||||
| Cash paid for settlement of employee taxes related to exercise of equity-based awards | — | (2,655 | ) | ||||
| Net cash provided by (used in) financing activities | 576,170 | (56,218 | ) | ||||
| Effects of exchange rates fluctuations | 18,161 | (5,160 | ) | ||||
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED | 600,003 | (15,546 | ) | ||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period | 125,304 | 140,850 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period | $ | 725,307 | $ | 125,304 | |||
Non-GAAP Financial Measures
In order to assist investors in understanding the core operating results that our management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Adjusted EBITDA, (2) Adjusted EBITDA Margin, (3) Adjusted EBITDA less capex (4) Adjusted EBITDA less capex Margin, (5) Adjusted Net Income and Adjusted Earnings Per Share and (6) Free Cash Flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with
The Company believes that these measures are relevant and provide useful information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. We also evaluate our revenue and other metrics on an as reported (
Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided below.
The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding
Reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EBITDA less capex and Adjusted EBITDA less capex Margin
| (in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income (loss) | $ | (90,870 | ) | $ | 24,723 | $ | (206,183 | ) | $ | 39,472 | ||||||
| Depreciation and amortization | 16,584 | 15,649 | 64,763 | 61,293 | ||||||||||||
| Loss and recovery on litigation, net of recovery | 91,534 | 12,478 | 100,498 | 20,491 | ||||||||||||
| Other operating expenses – net | 15,496 | 12,207 | 54,830 | 15,834 | ||||||||||||
| Interest expense | 51,198 | 30,790 | 156,175 | 131,408 | ||||||||||||
| Fair value adjustments, foreign exchange and other non-operating (expense) income — net1 | 2,889 | (44,666 | ) | 84,574 | (37,558 | ) | ||||||||||
| Loss on extinguishment of debt | — | — | 5,474 | — | ||||||||||||
| Income tax expense (benefits) | 12,683 | 25,030 | 43,876 | 47,483 | ||||||||||||
| Equity-based compensation expense, net of capitalization | 4,541 | 4,394 | 16,856 | 21,848 | ||||||||||||
| Adjusted EBITDA | 104,055 | 80,605 | 320,863 | 300,271 | ||||||||||||
| Capex | 12,966 | 15,135 | 59,518 | 57,450 | ||||||||||||
| Adjusted EBITDA less capex | 91,089 | 65,470 | 261,345 | 242,821 | ||||||||||||
| Net income (loss) margin | (32.2)% | 10.0 | % | (21.0)% | 4.2 | % | ||||||||||
| Adjusted EBITDA Margin | 36.9 | % | 32.6 | % | 32.7 | % | 32.0 | % | ||||||||
| Adjusted EBITDA less capex margin | 32.3 | % | 26.5 | % | 26.6 | % | 25.9 | % | ||||||||
(1) Fair value adjustments for our swaps and foreign currency exchange contracts, foreign exchange gains (losses) and other insignificant non-operating related (expenses) income.
Reconciliation of Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings Per Share are non-GAAP financial measures that we use to provide a more meaningful comparison of our core operating results from period to period. These measures exclude the impact of certain items that we believe are not indicative of our core operating performance. These adjustments include, but are not limited to, foreign exchange gains (losses), net and other non-recurring items. The following table reconciles Net Income (Loss) and Earnings (Loss) Per Share, the most directly comparable GAAP measures, to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share for the periods presented:
| (In thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net (loss) income | $ | (90,870 | ) | $ | 24,723 | $ | (206,183 | ) | $ | 39,472 | ||||||
| Add/(less) non-GAAP adjustments: | ||||||||||||||||
| Equity-based compensation expense | 4,541 | 4,394 | 16,856 | 21,848 | ||||||||||||
| Tax effect of equity-based compensation expense1 | (1,230 | ) | (1,119 | ) | (4,370 | ) | (5,574 | ) | ||||||||
| Loss on litigation | 91,534 | 12,478 | 100,498 | 20,491 | ||||||||||||
| Tax effect of loss on litigation, net of recovery1 | (24,439 | ) | (3,248 | ) | (26,771 | ) | (5,333 | ) | ||||||||
| Foreign exchange | 525 | (45,867 | ) | 78,882 | (36,071 | ) | ||||||||||
| Tax effect on foreign exchange (loss) gain – net1 | (591 | ) | 12,866 | (23,035 | ) | 10,320 | ||||||||||
| Acquisition related costs | 8,867 | 4,134 | 47,095 | 5,234 | ||||||||||||
| Tax effect of acquisition related costs1 | (2,594 | ) | (1,076 | ) | (12,481 | ) | (1,362 | ) | ||||||||
| 5,775 | — | 5,775 | — | |||||||||||||
| Tax effect of | (1,538 | ) | — | (1,538 | ) | — | ||||||||||
| Loss on debt extinguishment and expensed financing costs1 | $ | 7,865 | $ | — | $ | 19,373 | $ | — | ||||||||
| Tax effect of loss on debt extinguishment and expensed financing costs | (2,167 | ) | (5,160 | ) | — | |||||||||||
| Adjusted net (loss) income | (4,322 | ) | 7,285 | (11,059 | ) | 49,025 | ||||||||||
| Earnings per share: | ||||||||||||||||
| Diluted earnings per share | $ | (0.22 | ) | $ | 0.06 | $ | (0.50 | ) | $ | 0.10 | ||||||
| Adjusted diluted earnings per share | $ | (0.01 | ) | $ | 0.02 | $ | (0.03 | ) | $ | 0.12 | ||||||
| Weighted average diluted shares | 416,105,389 | 414,414,173 | 414,344,822 | 414,870,801 | ||||||||||||
(1) Statutory tax rates used to calculate the tax effect of the adjustments.
Reconciliation of Free Cash Flow
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities? | $ | 20,640 | $ | 39,696 | $ | 65,190 | $ | 118,320 | ||||||||
| Acquisition of property and equipment? | (12,966 | ) | (15,127 | ) | (59,518 | ) | (57,450 | ) | ||||||||
| Free Cash Flow? | $ | 7,674 | $ | 24,569 | $ | 5,672 | $ | 60,870 | ||||||||
OTHER FINANCIAL DATA
Revenue by Product
| (In thousands, except percentages) | Three Months Ended | increase / (decrease) | |||||||||||||||||||
| 2025 | % of revenue | 2024 | % of revenue | $ change | % change | CN % change | |||||||||||||||
| Creative | 148,969 | 52.8 | % | 142,377 | 57.6 | % | 6,592 | 4.6 | % | 3.1 | % | ||||||||||
| Editorial | 109,369 | 38.7 | % | 90,103 | 36.4 | % | 19,266 | 21.4 | % | 19.9 | % | ||||||||||
| Other | 23,949 | 8.5 | % | 14,844 | 6.0 | % | 9,105 | 61.3 | % | 61.3 | % | ||||||||||
| Total revenue | $ | 282,287 | 100.0 | % | $ | 247,324 | 100.0 | % | $ | 34,963 | 14.1 | % | 12.7 | % | |||||||
| Certain prior year amounts have been reclassified to conform to the current year presentation. | |||||||||||||||||||||
| (In thousands, except percentages) | Twelve Months Ended | increase / (decrease) | |||||||||||||||||||
| 2025 | % of revenue | 2024 | % of revenue | $ change | % change | CN % change | |||||||||||||||
| Creative | 556,859 | 56.7 | % | 552,828 | 58.9 | % | 4,031 | 0.7 | % | 0.2 | % | ||||||||||
| Editorial | 369,643 | 37.7 | % | 345,932 | 36.8 | % | 23,711 | 6.9 | % | 6.1 | % | ||||||||||
| Other | 54,788 | 5.6 | % | 40,527 | 4.3 | % | 14,261 | 35.2 | % | 35.2 | % | ||||||||||
| Total revenue | $ | 981,290 | 100.0 | % | $ | 939,287 | 100.0 | % | $ | 42,003 | 4.5 | % | 3.8 | % | |||||||
| Certain prior year amounts have been reclassified to conform to the current year presentation. | |||||||||||||||||||||
Balance Sheet & Liquidity
| ($ millions) | |||||||||
| Cash & Cash Equivalents1 | $ | 90.2 | $ | 109.5 | $ | 121.2 | |||
| Available under Revolving Credit Facility2 | 150.0 | 150.0 | 150.0 | ||||||
| Total Liquidity | $ | 240.2 | $ | 259.5 | $ | 271.2 | |||
| Old Term Loans Outstanding - USD Tranche | $ | — | $ | — | $ | 579.2 | |||
| Old Term Loans Outstanding - EUR Tranche3 | — | — | 435.2 | ||||||
| New Term Loans Outstanding - USD Tranche | 40.1 | 40.1 | — | ||||||
| New Term Loans Outstanding - EUR Tranche3 | 497.2 | 503.5 | — | ||||||
| Total Balance - Term Loans Outstanding4 | $ | 537.2 | $ | 543.5 | $ | 1,014.4 | |||
| Short-term debt, net4 | $ | 696.5 | $ | 21.1 | $ | — | |||
| Senior Unsecured Notes | $ | 300.0 | $ | 300.0 | $ | 300.0 | |||
| Senior Secured Notes | $ | 1,168.3 | $ | 539.9 | $ | — | |||
1 Excludes restricted cash of $635.1 million as of
2 Our Revolving Credit Facility was effective May, 2023 and matures May, 2028.
3 Face Value of Debt is €423.5 million as of
4 Represents face value of debt, not GAAP carrying value.
Investor Contact:
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investorrelations@gettyimages.com
Media Contacts:
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Anne.Flanagan@gettyimages.com
