Shutterstock, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Shutterstock, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	494	557	623	651	667	773	828	875	935	990
Cost of revenue	203	233	268	278	260	278	314	353	396	407
Gross profit	291	324	356	372	407	496	514	522	539	583
Research and development	47.8	52.5	58.9	57.2	46	52	65.4	96.2	88.4	89
Selling and marketing	127	146	166	182	159	205	203	215	223	221
General and administrative	71	98.7	97.8	113	117	131	133	143	159	198
Operating income	45.8	26.3	32.5	20.2	85.3	108	93.6	68.4	68.7	75.1
Interest expense							1.34	1.86	10.6	16.8
Other non-operating income	-1.29	3.73	-4.95	4.76	4.26	-3.37	-2.59	3.81	4.4	17.1
Pre-tax income	44.5	30.1	66.1	24.9	89.5	105	91	122	62.5	75.3
Income tax	11.9	13.4	11.4	4.81	17.8	12.9	14.9	12.2	26.6	29.8
Net income	32.6	16.7	54.7	20.1	71.8	91.9	76.1	110	35.9	45.5
EBITDA	65.7	61.8	78.1	70.1	127	157	162	148	156	166
EPS, basic	0.93	0.48	1.57	0.57	2.00	2.52	2.11	3.07	1.02	1.29
EPS, diluted	0.91	0.47	1.54	0.57	1.97	2.46	2.08	3.04	1.01	1.25
Shares, basic (weighted)	35.1	34.6	34.9	35.3	35.8	36.5	36	35.9	35.3	35.3
Shares, diluted (weighted)	35.9	35.3	35.4	35.6	36.4	37.3	36.5	36.2	35.7	36.3
Dividend per share					0.68	0.84	0.96	1.08	1.20	1.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	224	253	231	303	429	314	115	100	111	178
Short-term investments	55	0
Receivables	38.1	49.9	41	47	43.8	47.7	67.2	91.1	95.2	113
Other current assets	22.6	37.1	34.8	26.7	16.7	26.5	33.3	101	49.5	47.8
Total current assets	340	340	307	377	489	388	216	293	256	339
Property, plant and equipment	56.1	85.7	76.2	58.8	50.9	48.1	54.5	64.3	66.4	62.6
Lease right-of-use assets				45.5	39.6	34.6	17.6	15.4	14	9.77
Goodwill	49.3	98.7	88.6	89	89.4	220	382	383	570	575
Intangible assets	30.2	34.2	29.5	26.7	25.8	124	173	184	248	216
Other non-current assets	3.4	9	18.1	19.2	21.4	26.7	21.8	71.2	83.7	93.4
Total assets	502	578	531	631	730	852	881	1,036	1,309	1,356
Accounts payable	7.31	7.16	7.21	6.1	2.44	10.1	7.18	9.11	9.22	13.9
Accrued liabilities	41.1	58.7	51.4	53.9	67.9	99.5	89.4	131	127	130
Deferred revenue	122	158	140	142	150	181	187	203	225	213
Short-term debt						0	50	30	158	158
Total current liabilities	203	246	223	246	257	334	384	452	625	628
Long-term debt								0	120	117
Lease liabilities				47.3	41.6	37	35.6	29.4	23.4	17.2
Other non-current liabilities	9.44	16	21.5	9.16	9.17	9.7	9.89	22.9	20.4	11.5
Total liabilities	215	263	245	302	308	383	434	509	791	775
Total debt						0	50	30	278	275
Paid-in capital	252	273	292	313	361	377	391	424	468	520
Retained earnings	129	145	101	121	168	230	271	343	336	335
Treasury stock	-77.6	-100	-100	-100	-100	-127	-200	-228	-270	-270
Other comprehensive income	-17.1	-3.56	-6.47	-6.22	-7.68	-10.8	-15.4	-12	-16.8	-4.75
Shareholders' equity	287	315	287	328	422	468	447	527	518	581
Total equity	287	315	287	328	422	468	447	527	518	581
Total liabilities and equity	502	578	531	631	730	852	881	1,036	1,309	1,356
Shares outstanding	34.8	34.7	35.1	35.5	36.2	36.4	35.8	35.6	34.9	35.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.6	16.7	54.7	20.1	71.8	91.9	76.1	110	35.9	45.5
Depreciation and amortization	19.9	35.5	45.7	49.9	41.4	48.8	68.5	79.7	87.6	90.9
Stock-based compensation	28.1	25	23.9	22.8	28.3	36.2	35.7	48.6	56.3	61.1
Deferred income tax	1.77	12.5	-6.27	-2.03	1.02	-1.77	-10.6	-26.2	-11	7.57
Change in receivables	-13.2	-10	2.64	-6.17	0.51	-4.09	-22.1	-24.4	4.94	-16.3
Change in payables	1.61	12	6.39	8.36	8.59	34.4	-24.3	20.9	-48.6	-11.6
Cash from operations	101	108	102	103	165	216	158	141	32.6	167
Capital expenditures	-40	-55.1	-34.9	-26.1	-25.6	-28.1	-43.3	-44.6	-47.2	-42.9
Acquisitions	0	-49.6	-0.85	0	0	-182	-212	-53.7	-179	0
Sales and maturities of investments		55.3	0	0
Cash from investing	-56.4	-57.4	-12.8	-27.2	-35.3	-250	-276	-54.3	-166	-47.8
Stock issued	8.71	1.68	0	0	23.2	0	0	0	0	0
Share buybacks	-60.2	-25	0	0	0	-26.5	-73.5	-28.2	-41.6	0
Dividends paid	0	0	-105	0	-24.4	-30.7	-34.6	-38.7	-42.4	-46.5
Cash from financing	-53.1	-33.9	-110	-1.7	-4.59	-77.7	-79.5	-103	150	-59.1
Exchange rate effect		12.5	-2.21	-1.31	-2.48	-2.77	-2.28	1.8	-5.81	7.2
Net change in cash	-16.3	29.2	-22.6	72.4	123	-115	-199	-14.7	10.8	67
Free cash flow	60.8	53	67.3	76.6	139	188	115	95.9	-14.6	124
Interest paid					0	0	1.05	1.72	7.83	16.5
Income taxes paid	19.2	4.98	0.58	1.9	8.75	19.1	23.4	33.1	34	20.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.9%	Gross profit / revenue.
Operating margin	-17.3%	Operating income / revenue.
EBITDA margin	-8.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-22.0%	Pre-tax income / revenue.
Net margin	-22.9%	Net income / revenue.
FCF margin	10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Return on equity (ROE)	-56.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-18.9%	Net income / average total assets.
Return on invested capital (ROIC)	-24.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.5%	Research and development expense / revenue.
Stock-based pay / revenue	5.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-8.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-15.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	410.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	2.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.75x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.0%	Total debt / total assets.
Liabilities / assets	66.7%	Total liabilities / total assets.
Net debt	$140.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-9.82x	Operating income / interest expense.
Working capital	-$307.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	54.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$228.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	14.7x	Revenue / average property, plant and equipment.
Receivables turnover	8.81x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	32.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$5.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.56	Revenue / diluted weighted shares.
FCF per share	$2.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.61	Cash from operations / diluted weighted shares.
Book value per share	$9.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.21	Tangible book value / shares outstanding.
Cash per share	$3.62	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	54.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$154.4M	Share price x shares outstanding.
Enterprise value	$294.5M	Market cap + total debt - cash - short-term investments.
P/S	0.17x	Market cap / revenue.
P/B	0.42x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	1.71x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.16x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
EV/FCF	3.27x	Enterprise value / free cash flow, when both are positive.
FCF yield	58.4%	Free cash flow / market cap.
Earnings yield	-133.5%	Net income / market cap (the inverse of P/E).
Dividend yield	32.0%	Dividends paid over the period / market cap.
Shareholder yield	32.0%	(Dividends paid + share buybacks) / market cap.

What was Shutterstock, Inc.'s revenue in fiscal 2025?

Shutterstock, Inc. reported revenue of $989.9M for fiscal 2025, 5.8% higher than the year before.

Was Shutterstock, Inc. profitable in fiscal 2025?

Yes. Net income was $45.5M, a net margin of 4.6%.

How much free cash flow did Shutterstock, Inc. generate in fiscal 2025?

Cash from operations of $166.7M minus capital expenditures of $42.9M left free cash flow of $123.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Shutterstock, Inc.