- 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
‑ 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.
- $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.
‑ 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.
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.
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.
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 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.
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.
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 almost 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.
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 financial and other 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 U.S. dollar, hyperinflation, higher interest rates, trade wars and restrictions, tariffs, devaluation, the impact of bank failures on the marketplace and the ability to access credit and significant political or civil disturbances in international markets where we conduct business; the risk that claims, judgements, lawsuits and other proceedings that have been, or may be, instituted against us or our predecessors, including pending lawsuits brought against us by former warrant holders, could adversely affect our business; the inability to maintain the listing of our Class A common stock on the New York Stock Exchange; volatility in our stock price and in the liquidity of the trading market for our Class A common stock; the impact of any widespread outbreak of an illness, pandemic or other local or global health issue, natural disasters, or climate change; changes in applicable laws or regulations; the risks associated with evolving corporate governance and public disclosure requirements; the risk of greater than anticipated tax liabilities; the risks associated with the storage and use of personally identifiable information; earnings‑related risks such as those associated with late payments, goodwill or other intangible assets; our ability to obtain additional capital on commercially reasonable terms; the risks associated with being an “emerging growth company” and “smaller reporting company” within the meaning of the U.S. securities laws; risks associated with our reliance on information technology in critical areas of our operations; our potential inability to pay dividends for the foreseeable future; the risks associated with additional issuances of Class A common stock without stockholder approval; risks related to our proposed merger with Shutterstock, Inc.; costs related to operating as a public company; and other risks and uncertainties identified in “Item 1A Risk Factors” of our most recently filed Annual Report on Form 10‑K (the “2024 Form 10‑K”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward‑looking statements.
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 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.
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.
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 almost 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.
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 financial and other 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 U.S. dollar, hyperinflation, higher interest rates, trade wars and restrictions, tariffs, devaluation, the impact of bank failures on the marketplace and the ability to access credit and significant political or civil disturbances in international markets where we conduct business; the risk that claims, judgements, lawsuits and other proceedings that have been, or may be, instituted against us or our predecessors, including pending lawsuits brought against us by former warrant holders, could adversely affect our business; the inability to maintain the listing of our Class A common stock on the New York Stock Exchange; volatility in our stock price and in the liquidity of the trading market for our Class A common stock; the impact of any widespread outbreak of an illness, pandemic or other local or global health issue, natural disasters, or climate change; changes in applicable laws or regulations; the risks associated with evolving corporate governance and public disclosure requirements; the risk of greater than anticipated tax liabilities; the risks associated with the storage and use of personally identifiable information; earnings‑related risks such as those associated with late payments, goodwill or other intangible assets; our ability to obtain additional capital on commercially reasonable terms; the risks associated with being an “emerging growth company” and “smaller reporting company” within the meaning of the U.S. securities laws; risks associated with our reliance on information technology in critical areas of our operations; our potential inability to pay dividends for the foreseeable future; the risks associated with additional issuances of Class A common stock without stockholder approval; risks related to our proposed merger with Shutterstock, Inc.; costs related to operating as a public company; and other risks and uncertainties identified in “Item 1A Risk Factors” of our most recently filed Annual Report on Form 10‑K (the “2024 Form 10‑K”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward‑looking statements.
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 U.S. GAAP.
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 U.S. GAAP.
1 Excludes restricted cash of $4.1 million as of September 30, 2025, $4.1 million as of December 31, 2024 and $4.5 million as of September 30, 2024.
2 Our Revolving Credit Facility was effective May, 2023 and matures May, 2028.
3 Face Value of Debt is €429.0 million as of September 30, 2025 converted using FX spot rate of 1.17 on and face value of debt of 419M EUR as of both December 31, 2024 and September 30, 2024 converted using the FX spot rate as of 1.04 and 1.12, respectively, as of those dates.
4 Represents face value of debt, not GAAP carrying value.
Investor Contact:
Getty Images
Steven Kanner
Investorrelations@gettyimages.com
Getty Images
Julia Holmes
Julia.Holmes@gettyimages.com
2 Our Revolving Credit Facility was effective May, 2023 and matures May, 2028.
3 Face Value of Debt is €429.0 million as of September 30, 2025 converted using FX spot rate of 1.17 on and face value of debt of 419M EUR as of both December 31, 2024 and September 30, 2024 converted using the FX spot rate as of 1.04 and 1.12, respectively, as of those dates.
4 Represents face value of debt, not GAAP carrying value.
Investor Contact:
Getty Images
Steven Kanner
Investorrelations@gettyimages.com
Getty Images
Julia Holmes
Julia.Holmes@gettyimages.com
