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Acquisitions - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
As Reported	$ 989,925	$ 935,262	$ 874,587
Pro Forma	989,925	1,045,391
Income before income taxes
As Reported	75,331	62,548	$ 122,468
Pro Forma	$ 75,331	$ 79,347

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability.

Concentration of Risk

Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable balances. Cash and cash equivalents are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits.

A significant portion of the Company’s revenues are derived from customers who license content using electronic payments at the time of a transaction. The Company’s accounts receivable are primarily from enterprise customers who require invoicing. The Company performs initial and ongoing credit reviews on these customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay. The Company also performs ongoing financial condition evaluations for its existing customers. As of December 31, 2025, one customer accounted for approximately 15% of the accounts receivable balance. No other customer accounted for or exceeded 10% of the accounts receivable balance. As of December 31, 2024, one customer accounted for 17% of the accounts receivable balance.

Cash, Cash Equivalents

As of December 31, 2025 and 2024, the Company’s cash and cash equivalents were $178.2 million and $111.3 million, respectively. The Company’s cash balance consist primarily of bank deposits. Cash equivalents consists primarily of money market accounts and are stated at cost, which approximates fair value. Restricted cash is not material in any period presented.

Fair Value Measurements

The Company records its financial assets and liabilities at fair value. Fair value is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair value is estimated by applying inputs which are classified into the following levels of a three-tier hierarchy as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2- inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 - unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions regarding what market participants would use in pricing.

Accounts Receivable and Allowance for Doubtful Accounts

The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates.

The following table presents the changes in the Company’s allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance, beginning of period	$	3,101	$	6,335	$	5,830
Add / (Less): bad debt expense / (recovery)	713		(2,033)		1,894
Less: write-offs, net of recoveries and other adjustments	(383)		(1,201)		(1,389)
Balance, end of period	$	3,431	$	3,101	$	6,335

For certain Data, Distribution, and Services transactions, the Company has $53.4 million of unbilled receivables of which $34.1 million are recorded in Accounts Receivable and $19.3 million are recorded in Other Assets.

We have certain customer arrangements that contain financing elements. Interest income earned from these financing receivables is recorded on the effective interest method and is included within interest income on the Consolidated Statements of Operations. As of December 31, 2025 and December 31, 2024, approximately $9.8 million and $13.3 million of financing receivables, respectively, were included in accounts receivable and other assets on the Consolidated Balance Sheets.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the related assets. Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Capitalized Internal Use Software

The Company capitalizes the qualifying costs of computer software developed for internal use, which are incurred during the application development stage, and amortizes them over the software’s estimated useful life. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred. The amounts capitalized include employee payroll and payroll-related costs directly associated with the development activities as well as external direct costs of services used in developing internal-use software. The Company’s policy is to amortize capitalized costs using the straight-line method over the estimated useful life, which is currently three years, beginning when the software is substantially complete and ready for its intended use.

Impairment of Long-Lived Assets

Long-lived assets, inclusive of definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying value or the fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

Goodwill and Intangible Assets

Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually on October 1 of each fiscal year or more frequently if events occur or circumstances exist that indicate that the fair value of a reporting unit may be below its carrying value.

The Company’s goodwill balance was allocated to a single reporting unit. Since inception through December 31, 2025, the Company has not had any impairment of goodwill.

Revenue Recognition

A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform.

For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products.

The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less.

For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers.

The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers.

The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available.

Cost of Revenue

The Company’s cost of revenue includes royalties paid to contributors, credit card processing fees, content reviewer costs, customer service expenses, infrastructure and hosting costs related to maintaining our creative platform and cloud-based software platform, depreciation and amortization of capitalized internal-use software, purchased content and acquisition-related intangible assets, allocated facility costs and other supporting overhead costs. Costs of revenue also includes employee compensation, including non-cash equity-based compensation, bonuses and benefits associated with the maintenance of the Company’s creative platform and cloud-based software platform.

Contributor Royalties and Internal Sales Commissions

The Company expenses contributor royalties in the period revenue is recognized, which is generally when the customer download occurs, and includes the corresponding contributor royalties in cost of revenue. Contributor royalties are generally paid monthly. The Company advances certain contributor royalties which are initially deferred and expensed based on the contractual royalty rate at the time of customer download or when the Company determines future recovery is not probable. For the years ended December 31, 2025, 2024 and 2023, the Company deferred $2.0 million, $3.4 million and $3.9 million, respectively, in royalty advances and amortized $2.0 million, $3.7 million and $4.0 million, respectively, in royalty advance expense which is included in cost of revenue. As of December 31, 2025 and 2024, the Company has deferred contributor royalties of $0.3 million, which is included in prepaid expenses and other current assets in the Consolidated Balance Sheets.

Internal sales commissions are generally paid in the month following collection or invoicing of the commissioned receivable and is reported in sales and marketing expense on the Consolidated Statements of Operations. The Company expenses contract acquisition costs, including internal sales commissions, as incurred, to the extent that the amortization period would otherwise be one year or less.

Product Development

The Company expenses product development costs as incurred, except for costs that are capitalized for certain internal software development projects. Product development costs are primarily comprised of development personnel salaries, non-cash equity-based compensation, software and other IT equipment costs as well as allocated facility costs and related overhead.

Advertising Costs

The Company expenses the cost of advertising and promoting its products as incurred. Such costs totaled $87.0 million, $91.8 million and $93.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in sales and marketing expense in the Consolidated Statements of Operations.

Leasing

The Company records rent expense on a straight-line basis over the term of the related lease. At inception, the Company first determines if an arrangement contains a lease and the classification of that lease, if applicable. The Company recognizes right-of-use (“ROU”) assets and lease liabilities for its operating leases. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. The Company has also elected not to recognize a lease liability or ROU asset for leases with a term of 12 months or less, and recognize lease payments for those short-term leases on a straight-line basis over the lease term in the Consolidated Statements of Operations. Operating leases are included in ROU assets, other current liabilities and lease liabilities (net of current portion) on the Consolidated Balance Sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s leases is generally not determinable and therefore the incremental borrowing rate at the lease commencement date is utilized to determine the present value of lease payments. The determination of the incremental borrowing rate requires judgment. Management determines the incremental borrowing rate for each lease using the Company’s estimated borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability

when the Company is reasonably certain that the option will be exercised. An option to terminate is considered unless the Company is reasonably certain the option will not be exercised.

Equity-Based Compensation

The Company grants Restricted Stock Units, Performance-based Restricted Stock Units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and Stock Options to directors and officers and certain other employees of the Company. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan.

The Company measures and recognizes non-cash equity-based compensation expense for all stock-based awards granted to employees based on estimated fair values. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. Forfeitures are accounted for as they occur. For awards with a change of control condition, an evaluation is made at the grant date and future periods as to the likelihood of the condition being met. Compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the change of control conditions until the vesting date. Compensation expense related to awards with a market condition is recognized over the requisite service period regardless of the achievement of the market condition. Compensation expense related to awards with a performance condition is recognized over the requisite service period based on the expected levels of achievement. To the extent that the expected levels of achievement change, stock-based compensation expense is adjusted and recorded in the Consolidated Statements of Operations and the remaining unrecognized stock-based compensation is recognized over the remaining requisite service period.

The Company uses the closing price of the Company’s common stock on the date of grant to determine the fair value of RSUs. The Company uses the Black Scholes option pricing model, to determine the fair value of stock options on the date of grant. The Monte Carlo simulation model is used if the award has a market condition.

The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include the Company’s closing market price at the grant date, the expected stock price volatility over the expected term of the awards, awards’ exercise and cancellation behaviors, risk-free interest rates and expected dividends.

The awards granted pursuant to the 2012 Plan and the 2022 Plan are subject to a time-based vesting requirement and certain award grants may also include market based or performance based vesting conditions. While each PRSU corresponds to one target share of the Company’s stock, the number of shares that may eventually vest will be between 0% and 150% of a recipient’s target shares, depending on both the recipient’s continued service with the Company and the extent to which performance goals will have been achieved. Awards generally vest over three or four years.

Upon the vesting of RSUs, the Company has a practice of net share settlement, to cover any required withholding taxes by retaining the number of shares with a value equal to the amount of the tax and remitting an equal amount of cash to the appropriate taxing authorities.

Employee Benefit Plans

The Company offers a 401(k) defined contribution plan and provides for discretionary employer matching contributions. All matching contributions are recognized as an expense in the Statement of Operations, as incurred. The Company recorded employer matching contributions of $5.0 million, $5.6 million and $5.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Interest expense

Interest expense is comprised of borrowing costs on debt, amortization of debt issuance costs and unused commitment fees associated with the Company’s credit facility.

Debt issuance costs are recorded in prepaid expenses and other current assets and other assets in the Consolidated Balance Sheets and are amortized over the term of the credit facility.

Income Taxes

The Company’s income tax expense includes U.S. (federal and state) and foreign income taxes. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. The Company records an income tax liability for the difference, if any, between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The reserves are adjusted in light of changing facts and circumstances, such as the outcomes of tax audits or lapses in statutes of limitations. Any reserve for uncertain tax provisions and related penalties and interest is included in the income tax provision.

On a quarterly basis, the Company assesses the realizability of deferred tax assets, based on the available evidence including a history of taxable income, estimates of future taxable income and planning strategies and a valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized. Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities. In the event that actual results differ from these estimates, the Company will adjust these estimates in future periods which may result in a change in the effective tax rate in a future period.

The global intangible low-taxed income (“GILTI”) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat any potential GILTI inclusions as a period cost.

Other Non-income Taxes

The Company is subject to certain non-income taxes, including value added taxes, sales taxes and royalty withholding taxes. Where appropriate, the Company has made accruals for these taxes, which are reflected in the Company’s consolidated financial statements. These accruals are subject to statute of limitations requirements and review by governmental authorities.

Treasury Stock

The Company accounts for treasury stock under the cost method and is included as a component of stockholders’ equity. Treasury stock held by the Company may be reissued in the future. The Company’s policy is to account for reissued shares as a reduction of Treasury stock on a first-in, first-out basis.

Net Income Per Share

Basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, is excluded from basic weighted average number of common shares outstanding.

Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average common shares outstanding and all potential common shares, if they are dilutive.

Reportable Segments

For the year ended December 31, 2025, the Company has identified one operating segment, which has also been determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing financial performance.

Contingent Consideration

The Company records an asset or liability for contingent consideration at the date of a business combination and reassesses the fair value of the asset or liability each period until it is settled. Upon settlement of these assets or liabilities,

the portion of the contingent consideration payment that is attributable to the initial amount recorded as part of the business combination is classified as a cash flow from financing activities if the contingent consideration is a liability, or a cash flow from investing activities if the contingent consideration is an asset, and the portion of the settlement that is attributable to subsequent changes in the fair value of the contingent consideration is classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is generally the respective local currency. Monetary assets and liabilities that are denominated in currencies other than each entity’s functional currency are remeasured into the functional currency at the period-end exchange rates and result in transactional gains and losses. The net impact of foreign currency transactional gains and losses on the Company’s results of operations were losses of $2.3 million and $3.2 million in 2025 and 2024, respectively, and a gain of $0.7 million in 2023. Translation adjustments resulting from converting the foreign subsidiaries financial statements into U.S. dollars using the period-end exchange rates for balance sheet accounts and the period average exchange rate for the Statements of Operations are recorded as a component of accumulated other comprehensive income / (loss) within stockholders’ equity.

Recently Adopted Accounting Standard Updates

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances incremental disclosures on an annual and interim basis, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. This ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2025 consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2025 consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350-40): Targeted Improvements”. This ASU provides updated guidance clarifying the capitalization of costs related to internal-use software, including enhanced guidance on cloud computing arrangements. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Early adoption is permitted. The Company is currently assessing the impact of this standard on its accounting for internal-use software development costs.

Fair Value Measurements and Other Long-term Investments - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 40,021	$ 17,290

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35669
Entity Registrant Name	Shutterstock, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0812659
Entity Address, Address Line One	350 Fifth Avenue, 20th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10118
City Area Code	646
Local Phone Number	710-3417
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SSTK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 453,516,595
Entity Common Stock, Shares Outstanding		35,546,755
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2026, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates. Except as expressly incorporated by reference, the registrant’s proxy statement shall not be deemed to be part of this report.
Entity Central Index Key	0001549346
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 45,496	$ 35,932	$ 110,269
Shares used to compute basic net income per share (in shares)	35,290	35,330	35,878
Dilutive potential common shares:
Stock options and employee stock purchase plan shares (in shares)	0	40	100
Unvested restricted stock awards (in shares)	978	288	264
Shares used to compute diluted net income per share (in shares)	36,268	35,658	36,242
Basic net income per share (in dollars per share)	$ 1.29	$ 1.02	$ 3.07
Diluted net income per share (in dollars per share)	$ 1.25	$ 1.01	$ 3.04
Potentially dilutive shares included in the calculation (in shares)	2,953	1,157	1,034
Anti-dilutive shares excluded from the calculation (in shares)	1,539	1,551	944

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Net Income per Share

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Net income	$	45,496	$	35,932	$	110,269
Shares used to compute basic net income per share	35,290		35,330		35,878
Dilutive potential common shares:
Stock options and employee stock purchase plan shares	—		40		100
Unvested restricted stock awards	978		288		264
Shares used to compute diluted net income per share	36,268		35,658		36,242
Basic net income per share	$	1.29	$	1.02	$	3.07
Diluted net income per share	$	1.25	$	1.01	$	3.04

Potentially dilutive shares included in the calculation	2,953		1,157		1,034
Anti-dilutive shares excluded from the calculation	1,539		1,551		944

Fair Value Measurements and Other Long-term Investments - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Mar. 27, 2024	Jun. 30, 2025	Dec. 31, 2018	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market accounts				$ 0	$ 0
Variable interest investment					5,000,000.0
Impairment charge		$ 5,000,000.0
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest investment				$ 30,500,000	$ 24,000,000.0
Meitu, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of hierarchy securities	$ 18,400,000
Equity securities, FV-NI, realized gain	$ 3,400,000
Investment transfer period	3 years
Variable Interest Entity, Not Primary Beneficiary \| Zcool Network Technology Limited \| Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment to acquire interest in subsidiaries and affiliates			$ 15,000,000.0

Income Taxes - Schedule of Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Income before income taxes	$ 75,331	$ 62,548	$ 122,468
Amount
U.S. Federal Statutory Tax Rate	15,828	13,132	25,719
Tax Credits
Research credits	(310)	(5,898)	(4,889)
Withholding taxes	(4,679)	(3,995)	(3,789)
Nontaxable and Non-deductible Items
Equity-based compensation	3,104	4,204	3,170
Bargain purchase gain	0	0	(10,555)
Transaction costs	0	1,399	334
Cross-border Tax Laws
GILTI	2,717	0	4
BEAT	8,113	0	0
FDII	(362)	(5,339)	(7,889)
US taxation of foreign disregarded entity	294	995	319
Shortfall tax expense on share-based payments	4,368	2,431	576
Equity-based compensation award expiration	0	6,354	0
Domestic state and local income taxes, net of federal effect	1,859	1,825	2,672
Withholding taxes	4,691	5,572	3,806
Worldwide changes in unrecognized tax benefits	(2,969)	(1,336)	1,125
Provision for income taxes	$ 29,835	$ 26,616	$ 12,199
Percent
U.S. Federal Statutory Tax Rate	21.00%	21.00%	21.00%
Tax Credits
Research credits	(0.40%)	(9.40%)	(4.00%)
Withholding taxes	(6.20%)	(6.40%)	(3.10%)
Nontaxable and Non-deductible Items
Equity-based compensation	4.10%	6.70%	2.60%
Bargain purchase gain	0.00%	0.00%	(8.60%)
Transaction costs	0.00%	2.20%	0.30%
Cross-border Tax Laws
GILTI	3.60%	0.00%	0.00%
BEAT	10.80%	0.00%	0.00%
FDII	(0.50%)	(8.50%)	(6.40%)
US taxation of foreign disregarded entity	0.40%	1.60%	0.30%
Shortfall tax expense on share-based payments	5.80%	3.90%	0.50%
Equity-based compensation award expiration	0.00%	10.20%	0.00%
Domestic state and local income taxes, net of federal effect	2.50%	2.90%	2.20%
Withholding taxes (in percent)	6.20%	8.90%	3.10%
Worldwide changes in unrecognized tax benefits	(3.90%)	(2.10%)	0.90%
Effective Tax Rate	39.60%	42.60%	10.00%
United Kingdom
Cross-border Tax Laws
Other	$ (214)	$ 0	$ 93
Changes in Valuation Allowance	(3,839)	1,328	1,621
Statutory income tax rate differential	$ 751	$ (26)	$ (182)
Cross-border Tax Laws
Other	(0.30%)	0.00%	0.10%
Changes in Valuation Allowance	(5.10%)	2.10%	1.30%
Statutory income tax rate differential	1.00%	0.00%	(0.10%)
Ireland
Cross-border Tax Laws
Other	$ 483	$ (41)	$ 248
Statutory income tax rate differential	$ (754)	$ (1,198)	$ (998)
Cross-border Tax Laws
Other	0.60%	(0.10%)	0.20%
Statutory income tax rate differential	(1.00%)	(1.90%)	(0.80%)
Australia
Cross-border Tax Laws
Other	$ (147)	$ 662	$ (79)
Statutory income tax rate differential	538	(516)	7
Other foreign rate differential on acquired intangibles	$ (1,911)	$ 5,454	$ 0
Cross-border Tax Laws
Other	(0.20%)	1.10%	(0.10%)
Statutory income tax rate differential	0.70%	(0.80%)	0.00%
Other foreign rate differential on acquired intangibles	(2.50%)	8.70%	0.00%
Canada
Cross-border Tax Laws
Statutory income tax rate differential	$ 531	$ 960	$ 825
Cross-border Tax Laws
Statutory income tax rate differential	0.70%	1.50%	0.70%
Other Foreign Jurisdictions
Cross-border Tax Laws
Other	$ 726	$ 461	$ 199
Cross-border Tax Laws
Other	1.00%	0.70%	0.20%
United States
Cross-border Tax Laws
Other	$ 16	$ 188	$ (138)
Changes in Valuation Allowance	$ 1,001	$ 0	$ 0
Cross-border Tax Laws
Other	0.00%	0.30%	(0.10%)
Changes in Valuation Allowance	1.30%	0.00%	0.00%

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment
Property and equipment	$ 425,770	$ 382,529
Less: accumulated depreciation	(363,217)	(316,129)
Property and equipment, net	62,553	66,400
Computer equipment and software
Property and Equipment
Property and equipment	394,200	351,062
Furniture and fixtures
Property and Equipment
Property and equipment	11,046	11,016
Leasehold improvements
Property and Equipment
Property and equipment	$ 20,524	$ 20,451

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Geographical Income Before Income Taxes

The Company’s geographical breakdown of its income before income taxes is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	30,029	$	49,827	$	108,013
Foreign	45,302		12,721		14,455
Income before income taxes	$	75,331	$	62,548	$	122,468

Schedule of Consolidated Provision for Income Taxes

The following table summarizes the consolidated provision for income taxes (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current provision:
Federal	$	6,602	$	18,578	$	24,015
State and local	(137)		5,245		5,392
Foreign	15,802		13,756		8,967
Deferred provision (benefit):
Federal	12,060		(28,582)		(24,880)
State and local	348		(2,824)		(1,047)
Foreign	(4,840)		20,443		(248)
Provision for income taxes	$	29,835	$	26,616	$	12,199

Schedule of Tax Rate Reconciliation

The provision for income taxes differs from statutory income tax rate as follows:


	Year Ended December 31,
	2025				2024				2023
	$		%		$		%		$		%
Income before income taxes	$	75,331			$	62,548			$	122,468

U.S. Federal Statutory Tax Rate	15,828		21.0	%	13,132		21.0	%	25,719		21.0	%

Domestic Federal Tax Effects
Tax Credits
Research credits	(310)		(0.4)		(5,898)		(9.4)		(4,889)		(4.0)
Withholding taxes	(4,679)		(6.2)		(3,995)		(6.4)		(3,789)		(3.1)
Nontaxable and Non-deductible Items
Equity-based compensation	3,104		4.1		4,204		6.7		3,170		2.6
Bargain purchase gain	—		—		—		—		(10,555)		(8.6)
Transaction costs	—		—		1,399		2.2		334		0.3
Cross-border Tax Laws
GILTI	2,717		3.6		—		—		4		—
BEAT	8,113		10.8		—		—		—		—
FDII	(362)		(0.5)		(5,339)		(8.5)		(7,889)		(6.4)
US taxation of foreign disregarded entity	294		0.4		995		1.6		319		0.3
Other	16		—		188		0.3		(138)		(0.1)
Shortfall tax expense on share-based payments	4,368		5.8		2,431		3.9		576		0.5
Equity-based compensation award expiration	—		—		6,354		10.2		—		—
Changes in Valuation Allowance	1,001		1.3		—		—		—		—
Domestic state and local income taxes, net of federal effect	1,859		2.5		1,825		2.9		2,672		2.2

Foreign Tax Effects
United Kingdom
Statutory income tax rate differential	751		1.0		(26)		—		(182)		(0.1)
Changes in Valuation Allowance	(3,839)		(5.1)		1,328		2.1		1,621		1.3
Other	(214)		(0.3)		—		—		93		0.1

Ireland
Statutory income tax rate differential	(754)		(1.0)		(1,198)		(1.9)		(998)		(0.8)
Other	483		0.6		(41)		(0.1)		248		0.2

Australia
Statutory income tax rate differential	538		0.7		(516)		(0.8)		7		—
Foreign rate differential on acquired intangibles	(1,911)		(2.5)		5,454		8.7		—		—
Other	(147)		(0.2)		662		1.1		(79)		(0.1)
Canada	531		0.7		960		1.5		825		0.7
Other Foreign Jurisdictions	726		1.0		461		0.7		199		0.2
Withholding taxes	4,691		6.2		5,572		8.9		3,806		3.1

Worldwide changes in unrecognized tax benefits	(2,969)		(3.9)		(1,336)		(2.1)		1,125		0.9
Effective Tax Rate	29,835		39.6		26,616		42.6		12,199		10.0

Schedule of Income Taxes Paid

The income taxes paid by the Company are as follows (in thousands):


	Year Ended December 31,
	2025	2024	2023
Federal	9,056	16,072	22,400
State	3,702	5,171	6,517
Foreign	7,404	12,790	4,150
Total	20,162	34,033	33,067

From the above amounts, income taxes paid (net of refunds) exceeds 5% of taxes paid in the following jurisdictions:


	Year Ended December 31,
	2025	2024	2023
Foreign
Canada	3,663	2,693	3,715
Ireland	1,343	4,373	* below 5%
Australia	* below 5%	4,672	* below 5%
State
California	* below 5%	2,201	2,371
New York	1,068	* below 5%	* below 5%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of the Company’s temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Non-cash equity-based compensation	$	13,598	$	10,492
Intangible amortization	5,836		31,263
Accruals and reserves	27,402		15,106
Lease liabilities	5,443		7,050

Net operating losses	19,569		18,003
Other	4,661		1,496
Gross deferred tax assets	76,509		83,410
Valuation allowance	(6,517)		(8,761)
Net deferred tax assets	69,992		74,649
Deferred tax liabilities:
Right-of-use assets	(1,682)		(2,502)
Depreciation and amortization	(1,918)		(2,680)
Contingent consideration	(6,237)		(659)
Net deferred tax assets	$	60,155	$	68,808

Schedule of Changes in Unrecognized Tax Benefits

The following table summarizes changes to the Company’s unrecognized tax benefits as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance of unrecognized tax benefits at January 1	$	12,296	$	13,516	$	13,021
Gross additions for tax positions for prior years	312		2,408		399
Gross additions for tax positions for current year	204		3,355		1,054
Gross reductions for tax positions of prior years	—		(6,983)		(958)
Gross expirations	(3,708)		—		—

Balance of unrecognized tax benefits at December 31	$	9,104	$	12,296	$	13,516

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Changes in goodwill
Beginning balance	$ 569,668
Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,358
Ending balance	$ 574,614

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

2024 Acquisitions

Envato

On July 22, 2024, the Company completed its acquisition of Envato Pty Ltd. (“Envato”) pursuant to a Share Purchase Agreement (the “Purchase Agreement”) entered into on May 1, 2024, to acquire all of the issued and outstanding capital stock of Envato. The aggregate amount paid by the Company, after customary working capital and other adjustments in accordance with the terms of the Purchase Agreement, was $250.2 million. The consideration was sourced with cash obtained through the A&R Credit Agreement. See Note 9 Debt for more information. In connection with the acquisition, the Company incurred approximately $7.0 million of transaction costs in total, which are included in general and administrative expenses on the Consolidated Statements of Operations.

Envato offers digital creative assets and templates, including Envato Elements, a creative subscription providing unlimited downloads of a diverse array of assets, templates, and more. The Company believes this acquisition complements Shutterstock’s existing offerings and expands its reach with faster growing audiences such as freelancers, hobbyists, small businesses and agencies.

The purchased assets included identifiable intangible assets, comprised of trademarks, developed technology and customer relationships, which have weighted average useful lives of approximately 10 years, 5 years and 6 years, respectively. Fair values of the trademark and developed technology were determined using the relief-from-royalty method, and the fair value of the customer relationships was determined using the excess of earnings method. Determining the fair value requires management to use significant judgement and estimates, including revenue growth rates, the royalty rate and the discount rate , and the economic life related to developed technology and revenue growth rates, the royalty rate, and the discount rate related to the trademark, among others. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

Backgrid

On February 1, 2024, the Company completed its acquisition of all of the outstanding shares of Backgrid USA, Inc. and Backgrid London LTD, (collectively, “Backgrid”), for approximately $20 million, subject to customary working capital adjustments. The total purchase price was paid with existing cash on hand. In connection with the acquisition, the Company incurred approximately $1.5 million of transaction costs in total, which are included in general and administrative expenses on the Consolidated Statements of Operations.

Backgrid supplies media organizations with real-time celebrity content. The Company believes this acquisition expands Shutterstock Editorial’s Newsroom offering of editorial images and footage across celebrity, red carpet and live-events.

The identifiable intangible assets, trademark and developed technology, have useful lives of approximately 10 years and 5 years, respectively. Fair values of the trademark and developed technology were determined using the excess earnings and relief-from-royalty methods, respectively. The goodwill arising from the transaction is primarily attributable to expected operational synergies and is not deductible for income tax purposes.

The Envato and Backgrid transactions were accounted for using the acquisition method and, accordingly, the results of the acquired businesses have been included in the Company’s results of operations from the respective acquisition dates. The fair value of consideration transferred in these business combinations have been allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the remaining unallocated amount recorded as goodwill. The identifiable intangible assets of these acquisitions are being amortized on a straight-line basis.

The results of the operations of Envato and Backgrid have been included in the Consolidated Statements of Operations since the date of acquisitions.

The aggregate purchase price for the Envato and Backgrid acquisitions have been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Envato		Backgrid		Total
Cash and cash equivalents1	$	90,591	$	1,718	$	92,309
Accounts receivable	6,818		732		7,550
Other assets	5,404		77		5,481
Right of use asset	273		—		273
Fixed assets	895		—		895
Intangible assets:
Trademark	31,000		300		31,300
Developed technology	61,000		900		61,900
Customer relationships	14,200		—		14,200
Intangible assets	106,200		1,200		107,400
Goodwill2	169,161		19,843		189,004
Deferred tax asset	36,956		—		36,956
Total assets acquired	$	416,298	$	23,570	$	439,868

Accounts payable	(4,173)		—		(4,173)
Contributor royalties payable	(11,917)		(849)		(12,766)
Accrued expenses	(30,233)		(228)		(30,461)
Deferred revenue	(46,888)		—		(46,888)
Deferred tax liability	—		(271)		(271)
Other liabilities1	(72,682)		(1,074)		(73,756)
Lease liability	(190)		—		(190)
Total liabilities assumed	(166,083)		(2,422)		(168,505)
Net assets acquired	$	250,215	$	21,148	$	271,363

1 Envato’s cash includes $63.4 million for the funding of Envato obligations that were triggered upon the closing of the acquisition (the “Envato Seller Obligations”). These obligations are also reported as assumed liabilities within Other liabilities. The Envato Obligations would not have been incurred had the acquisition not closed, and are presented “on-the-line” because they are not reflected in either the acquirer’s or acquiree’s statement of operations.

2 In the first quarter of 2025, the Company updated its preliminary allocation of the Envato purchase price to the assets acquired and liabilities assumed. This resulted in (i) a $1.6 million increase to goodwill, (ii) a $0.4 million decrease to Deferred tax assets, and (iii) a $1.2 million increase to Other liabilities.

2023 Acquisition

Giphy, Inc.

On May 22, 2023, the Company entered into a Stock Purchase Agreement with Meta Platforms, Inc. (“Meta”) dated May 22, 2023 (the “Purchase Agreement”). On June 23, 2023, the Company completed its acquisition of all of the outstanding shares of Giphy, Inc. (“Giphy”) from Meta. The consideration paid by the Company pursuant to the Purchase Agreement was $53 million in net cash, in addition to cash acquired, assumed debt and other working capital adjustments. The consideration was paid with existing cash on hand. Giphy is a New York-based company that operates a collection of GIFs and stickers that supplies casual conversational content. The Company believes its acquisition of Giphy extends Shutterstock’s audience touchpoints beyond primarily professional marketing and advertising use cases and expands into casual conversations.

In January 2023, the United Kingdom Competition and Markets Authority (the “CMA”) issued its final order requiring Meta to divest its ownership of Giphy, which Meta acquired in 2020. In connection with the closing of the acquisition, whose terms were preapproved by the CMA, the Company and Meta entered into a transitional services agreement (the “TSA”) pursuant to which Meta is responsible for certain costs related to retention of Giphy employees, including (i) recurring salary, bonus, and benefits through August 2024, which would be $35.6 million if all employees are retained through August 2024, and (ii) nonrecurring items, totaling $87.9 million, comprised of one-time employment inducement bonuses and the cash value of unvested Meta equity awards (collectively, the “Giphy Retention Compensation”) and certain costs related to technology and integration expenses, totaling $30 million to be paid in $1.25 million monthly installments through May 2025.

The Giphy Retention Compensation will be paid to the individuals for being employees of the Company subsequent to the completion of the acquisition. Accordingly, it was determined that the payments by the Company are for future service requirements and will be reflected as operating expenses, less any amounts earned by the employees prior to the acquisition, in the Company’s Statements of Operations as incurred. The Giphy Retention Compensation is reflected as a reduction of the purchase price and has been funded into an escrow account.

The Giphy purchase price was calculated as follows:


	Purchase Price
Purchase price	$	53,000
Cash acquired and other working capital adjustments	4,750
Cash paid on closing	$	57,750

Fair value of Giphy Retention Compensation contingent consideration1	(98,723)
Fair value of consideration attributable to pre-combination service2	34,972

Net purchase price	$	(6,001)

1 - This amount consists of $123.5 million of Giphy Retention Compensation, adjusted for $18.9 million of income tax obligations associated with the receipt of the Giphy Retention Compensation and $5.9 million for the time value of money.

2 - Relates to the cash value of replaced unvested Meta equity awards attributable to pre-combination services.

Upon closing of the acquisition, the Company also entered into an agreement with Meta whereby the Company will provide Meta with access to Giphy content that is displayed through an API for a period of two years. The Company determined that the API arrangement represents a transaction separate from the business combination and was priced below market. Therefore, the Company allocated $30 million of the purchase price to these services, which represents the step-up to fair market value. This amount has been recognized in deferred revenue and is recognized as revenue over-time as the API is provided.

The identifiable intangible assets, which include developed technology and the trade name have weighted average useful lives of approximately 7 years and 15 years, respectively. The fair value of the developed technology and the trade name was determined using the relief-from-royalty method. Determining the fair value requires management to use significant judgement and estimates, including revenue growth rates, the royalty rate and the discount rate related to the trade name and revenue growth rates, the royalty rate and the economic life related to developed technology, among others.

The Giphy transaction was accounted for using the acquisition method and, accordingly, the results of the acquired business has been included in the Company’s results of operations from the acquisition date. The results of operations of Giphy

have been included in the Consolidated Statements of Operations since the date of the acquisition. The fair value of consideration transferred in this business combination has been allocated to the intangible and tangible assets acquired and liabilities assumed at the acquisition date, with the excess of the fair value of the net assets acquired over the net consideration received recorded as a bargain purchase gain. The identifiable intangible assets of these acquisitions are being amortized on a straight-line basis.

The aggregate purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Giphy
Cash and cash equivalents	$	4,030

Prepaid expenses and other current assets	1,416

Right of use assets	1,243
Intangible assets:

Trade name	21,000
Developed technology	19,500

Intangible assets	40,500

Deferred tax asset	1,463
Other assets	1,647
Total assets acquired	$	50,299

Accounts payable, accrued expenses and other liabilities	(4,949)



Lease liability	(1,090)
Total liabilities assumed	(6,039)
Net assets acquired	$	44,260
Net purchase price	(6,001)
Bargain purchase gain	$	50,261

The Company recognized a non-taxable bargain purchase gain of $50.3 million, representing the excess of the fair value of the net assets acquired in addition to the net consideration to be received from Meta. The bargain purchase gain is the result of the CMA’s regulatory order requiring Meta’s divestiture of Giphy and the Giphy Retention Compensation payments. In connection with the acquisition, the Company incurred approximately $3.0 million of transaction costs, which is included in general and administrative expenses on the Consolidated Statements of Operations.

As of December 31, 2025, Shutterstock’s receivable of $1.2 million is against an escrow fully funded by Meta. $1.0 million and $0.2 million are included within Prepaid expenses and other current assets and Other assets, respectively, on the Consolidated Balance Sheet.

Pro-Forma Financial Information (unaudited)

The following unaudited pro forma consolidated financial information (in thousands) reflects the results of operations of the Company for the twelve months ended December 31, 2025 and 2024, as if the Backgrid and Envato acquisitions had been completed on January 1, 2023. These pro forma results have been prepared for comparative purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma information and are not necessarily indicative of what the Company’s operating results would have been, had the acquisitions actually taken place at the beginning of the previous annual period.


	Year Ended December 31,
		2025		2024
Revenue
As Reported		$	989,925	$	935,262
Pro Forma		989,925		1,045,391
Income before income taxes
As Reported		$	75,331	$	62,548
Pro Forma		75,331		79,347

- Definition

The entire disclosure for business combination.

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+ Details

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Current Debt:	$ 158,110	$ 158,106
Non-Current Debt:	116,639	119,598
Revolving Credit Facility \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	155,000	155,000
Secured Debt \| Line of Credit \| A&R Agreement
Debt Instrument [Line Items]
Current Debt:	3,110	3,106
Non-Current Debt:	$ 116,639	$ 119,598

- Definition

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+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2025		2024
Compensation	$	49,705	$	46,753
Non-income taxes	41,584		43,171


Website hosting and marketing fees	6,307		9,568


Other expenses	32,356		27,151
Total accrued expenses	$	129,952	$	126,643

As of December 31, 2025 and December 31, 2024, compensation-related accrued expenses included amounts due to Giphy employees for compensation earned pre-acquisition and severance costs associated with workforce optimizations. Approximately $1.5 million and $5.8 million of severance costs associated with workforce optimization is included within accrued expenses as of December 31, 2025 and December 31, 2024, respectively and expected to be paid to employees over the next 12 months.

Merger Agreement with Getty Images	12 Months Ended
Merger Agreement with Getty Images	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Merger Agreement with Getty Images	Merger Agreement with Getty Images On January 6, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to combine in a merger-of-equals transaction with Getty Images Holdings, Inc. (NYSE:GETY) (“Getty Images”) (such transaction referred to herein as the “Merger”). Subject to terms and conditions in the Merger Agreement, the aggregate consideration to be paid by Getty Images in respect of the outstanding shares of common stock of Shutterstock will be: (a)An amount in cash equal to the product of $9.50 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units); and (b)A number of shares of Getty Images common stock equal to the product of 9.17 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units). Each holder of Shutterstock common stock immediately prior to the transaction close will have the option to receive, subject to proration, for each share of Shutterstock common stock held by such holder: (a)Cash consideration of $9.50 and 9.17 shares of Getty Images common stock (a “Mixed Election”); (b)Cash consideration of $28.8487; or (c)13.67237 shares of Getty Images common stock. If no election is made by a holder, each of such holder’s shares of Shutterstock common stock shall be treated as having made a Mixed Election. A majority of Shutterstock stockholders approved the adoption of the Merger Agreement at a special meeting of stockholders held on June 10, 2025 (the “Shutterstock Stockholder Approval”). The Merger is subject to the satisfaction of customary closing conditions, further described below, including receipt of required regulatory approvals. Subject to the satisfaction of the closing conditions, upon closing of the Merger, Shutterstock’s common stock will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended. The closing of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: •the Shutterstock Stockholder Approval, which condition was subsequently satisfied as described above, and the Getty Images stockholder approval, which condition was subsequently satisfied by the Getty Images stockholder written consent; •Getty Images’ registration statement on Form S-4 to be filed in connection with the Merger having become effective and the mailing of an information statement to Getty Images stockholders at least 20 business days prior to the closing, which condition was subsequently satisfied on April 30, 2025; •absence of any order, injunction or other order or law in certain jurisdictions prohibiting the Merger or making the closing of the Merger illegal; •expiration of the applicable waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of other regulatory approvals deemed necessary or advisable including but not limited to the U.K. Competition and Markets Authority (the “CMA”). On April 2, 2025, the Company and Getty Images each received a Request for Additional Information and Documentary Material from the U.S. Department of Justice (“DOJ”) in connection with the Merger and on November 3, 2025, the Company announced that the CMA has referred the Merger to a Phase 2 review process. The Company remains committed to the proposed Merger and will continue to engage with the DOJ and the CMA and work with Getty Images to expeditiously secure the necessary clearances; •shares of Getty Images common stock to be issued in connection with the Merger having been approved for listing on the NYSE; •accuracy of each party’s representations and warranties, subject to certain standards set forth in the Merger Agreement; •performance and compliance in all material respects of each party’s agreements and covenants under the Merger Agreement; •absence of any Getty Images material adverse effect or Shutterstock material adverse effect, as applicable and subject to the definitions thereof in the Merger Agreement; •delivery of an opinion of tax counsel that the Second Merger and the Third Merger as defined in the Merger Agreement, taken together, will qualify as a “reorganization” within the meaning of section 368(a) of the Internal Revenue Code of 1986, as amended; and •Getty Images having amended or otherwise refinanced its existing term loans and senior notes to extend the maturity of each to no earlier than February 19, 2028. On September 18, 2025, the Company and Getty Images agreed to waive this condition such that it is no longer a condition to the Merger.

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed using the weighted average number of common shares outstanding for the period, excluding unvested RSUs and stock options. Diluted net income per share is based upon the weighted average common shares outstanding for the period plus dilutive potential common shares, including unvested RSUs and stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted net income per share for fiscal years 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Net income	$	45,496	$	35,932	$	110,269
Shares used to compute basic net income per share	35,290		35,330		35,878
Dilutive potential common shares:
Stock options and employee stock purchase plan shares	—		40		100
Unvested restricted stock awards	978		288		264
Shares used to compute diluted net income per share	36,268		35,658		36,242
Basic net income per share	$	1.29	$	1.02	$	3.07
Diluted net income per share	$	1.25	$	1.01	$	3.04

Potentially dilutive shares included in the calculation	2,953		1,157		1,034
Anti-dilutive shares excluded from the calculation	1,539		1,551		944

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Non-cash equity-based compensation	$ 13,598	$ 10,492
Intangible amortization	5,836	31,263
Accruals and reserves	27,402	15,106
Lease liabilities	5,443	7,050
Net operating losses	19,569	18,003
Other	4,661	1,496
Gross deferred tax assets	76,509	83,410
Valuation allowance	(6,517)	(8,761)
Net deferred tax assets	69,992	74,649
Deferred tax liabilities:
Right-of-use assets	(1,682)	(2,502)
Depreciation and amortization	(1,918)	(2,680)
Contingent consideration	(6,237)	(659)
Net deferred tax assets	$ 60,155	$ 68,808

Summary of Significant Accounting Policies - Equity-Based Compensation (Details) - 2012 Plan	12 Months Ended
	Dec. 31, 2025
Minimum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting as percent of recipient's target shares	0.00%
Minimum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting as percent of recipient's target shares	150.00%
Maximum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Non-cash Equity-based Compensation Expense

The following table summarizes non-cash equity-based compensation expense, net of forfeitures, by line item included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	2,014	$	1,472	$	815
Sales and marketing	9,199		11,031		7,359
Product development	13,029		11,923		13,200
General and administrative	36,834		31,904		27,203
Total	$	61,076	$	56,330	$	48,577

Schedule of Stock Option Awards Activity and Weighted Average Exercise Price per Share

The following is a summary of stock option awards (in thousands) and weighted average exercise price per option:


	Plan Options	Weighted Average Exercise Price
Options outstanding at December 31, 2024	299	$	34.14



Options canceled or expired	(35)	42.96
Options outstanding at December 31, 2025	264	32.95

Options exercisable at December 31, 2025	264	32.95

Schedule of Restricted Stock Units (RSUs) Activity

The following table presents a summary of the Company’s RSUs activity for the year ended December 31, 2025 (in thousands):


	Plan RSUs	Weighted Average Fair Value
Non-vested balance at December 31, 2024	2,900	$	46.13
Units granted	3,811	17.01

Units vested	(1,138)	56.43
Units canceled or forfeited	(821)	21.08
Non-vested balance at December 31, 2025	4,752	$	24.64

Non-vested and deferred balance at December 31, 2025	4,805	$	24.92

Acquisitions - Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Bargain purchase gain		$ 0	$ 0	$ 50,261
Giphy, Inc.
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents	$ 4,030
Prepaid expenses and other current assets	1,416
Right of use asset	1,243
Intangible assets	40,500
Deferred tax asset	1,463
Other assets	1,647
Total assets acquired	50,299
Accounts payable, accrued expenses and other liabilities	(4,949)
Lease liability	(1,090)
Total liabilities assumed	(6,039)
Net assets acquired	44,260
Net purchase price	(6,001)
Bargain purchase gain	50,261
Giphy, Inc. \| Trade name
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets	21,000
Giphy, Inc. \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets	$ 19,500

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 989,925	$ 935,262	$ 874,587
Operating expenses:
Cost of revenue	406,846	396,297	352,630
Sales and marketing	220,977	222,704	214,749
Product development	89,033	88,417	96,162
General and administrative	198,010	159,136	142,646
Total operating expenses	914,866	866,554	806,187
Income from operations	75,059	68,708	68,400
Bargain purchase gain	0	0	50,261
Interest expense	(16,826)	(10,561)	(1,857)
Other income, net	17,098	4,401	5,664
Income before income taxes	75,331	62,548	122,468
Provision for income taxes	29,835	26,616	12,199
Net income	$ 45,496	$ 35,932	$ 110,269
Earnings per share:
Basic (in dollars per share)	$ 1.29	$ 1.02	$ 3.07
Diluted (in dollars per share)	$ 1.25	$ 1.01	$ 3.04
Weighted average shares outstanding:
Basic (in shares)	35,290	35,330	35,878
Diluted (in shares)	36,268	35,658	36,242

Segment and Geographic Information - Schedule of Long-lived Tangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 62,553	$ 66,400
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	32,553	45,354
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	17,382	17,175
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived tangible assets	$ 12,618	$ 3,871

Fair Value Measurements and Other Long-term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

Its fair value level hierarchy and amount are as follows (in thousands):


	As of December 31, 2025		As of December 31, 2024

Level 1	$	40,021	$	17,290

Commitments and Contingencies - Schedule of Other Non-Lease Obligations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Other Obligations
2026	$ 73,400
2027	49,700
2028	38,100
Total non-lease unconditional obligations	$ 161,200

Other Income, net (Tables)

12 Months Ended

Dec. 31, 2025

Other Nonoperating Income (Expense) [Abstract]

Schedule of Other Income Activity

The following table presents a summary of the Company’s other income activity included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2025		2024		2023
Foreign currency (loss) / gain	$	(2,463)	$	(1,831)	$	879

Impairment of a long-term asset	(5,000)		—		—
Interest income, unrealized gain on investments, and other	24,561		6,232		4,785

Other income, net	$	17,098	$	4,401	$	5,664

Segment and Geographic Information - Schedule of Significant Operating Expense Categories Used to Evaluate the Business and Allocate Resources to Net income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 989,925	$ 935,262	$ 874,587
Less:
Advertising costs	87,000	91,800	93,100
Income from operations	75,059	68,708	68,400
Bargain purchase gain	0	0	50,261
Interest expense	(16,826)	(10,561)	(1,857)
Other income, net	17,098	4,401	5,664
Income before income taxes	75,331	62,548	122,468
Provision for income taxes	29,835	26,616	12,199
Net income	45,496	35,932	110,269
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	989,925	935,262	874,587
Less:
Technology costs	91,039	69,883	58,853
Advertising costs	86,969	91,845	93,109
Adjusted cost of revenue	360,963	355,074	318,281
Adjusted sales and marketing	128,647	125,802	116,821
Adjusted product and development	64,824	80,876	90,255
Adjusted general and administrative	182,424	143,074	128,868
Total operating expenses	914,866	866,554	806,187
Income from operations	75,059	68,708	68,400
Bargain purchase gain	0	0	50,261
Interest expense	(16,826)	(10,561)	(1,857)
Other income, net	17,098	4,401	5,664
Income before income taxes	75,331	62,548	122,468
Provision for income taxes	29,835	26,616	12,199
Net income	$ 45,496	$ 35,932	$ 110,269

Equity-Based Compensation - Schedule of Non-cash Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	$ 61,076	$ 56,330	$ 48,577
Cost of revenue
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	2,014	1,472	815
Sales and marketing
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	9,199	11,031	7,359
Product development
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	13,029	11,923	13,200
General and administrative
Non-cash equity-based compensation expense related to the 2012 Plan and 2012 ESPP
Total	$ 36,834	$ 31,904	$ 27,203

Summary of Significant Accounting Policies - Cash, Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 178,244	$ 111,251

Debt - Narrative (Details) - USD ($)			12 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 22, 2024	May 06, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Payment debt issuance costs			$ 0	$ 2,200,000	$ 0
Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term	5 years
Variable rate, basis spread	0.10%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit, term		5 years
Maximum borrowing capacity	$ 250,000,000	$ 100,000,000
Available additional revolving loan commitments		$ 100,000,000
Payment debt issuance costs	$ 2,200,000
Repayments of debt			30,000,000
Remaining borrowing capacity			94,000,000
Interest expense			16,800,000
Revolving Credit Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.175%
Revolving Credit Facility \| Line of Credit \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread	0.375%
Revolving Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread	1.375%
Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Revolving Credit Facility \| Line of Credit \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Variable rate, basis spread	0.75%
Revolving Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Variable rate, basis spread	1.75%
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, unamortized discount (premium) and debt issuance costs, net			$ 600,000
Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 125,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 45,496	$ 35,932	$ 110,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,894	87,626	79,729
Deferred taxes	7,568	(10,963)	(26,176)
Non-cash equity-based compensation	61,076	56,330	48,577
Loss on impairment of long-term investment	5,000	0	0
Bad debt expense	713	(2,033)	1,894
Bargain purchase gain	0	0	(50,261)
Unrealized gain on investments, net	(20,909)	(2,160)	0
Changes in operating assets and liabilities:
Accounts receivable	(16,325)	4,944	(24,409)
Prepaid expenses and other current and non-current assets	11,363	(17,934)	(50,501)
Accounts payable and other current and non-current liabilities	(11,572)	(48,600)	20,892
Envato Seller Obligations	0	(63,320)	0
Contributor royalties payable	11,663	14,654	15,841
Deferred revenue	(18,281)	(21,830)	14,697
Net cash provided by operating activities	166,686	32,646	140,552
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(42,856)	(47,215)	(44,645)
Business combination, net of cash acquired	0	(179,071)	(53,721)
Cash received related to Giphy Retention Compensation	1,605	63,971	53,657
Acquisition of content	(6,506)	(4,029)	(11,096)
Security deposit (payment) / release	(40)	176	1,489
Net cash used in investing activities	(47,797)	(166,168)	(54,316)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	0	0	2
Cash paid related to settlement of employee taxes related to RSU vesting	(9,442)	(12,167)	(15,834)
Payment of cash dividends	(46,530)	(42,383)	(38,667)
Proceeds from credit facility	0	280,000	30,000
Repayment of credit facility	(3,126)	(31,563)	(50,000)
Repurchase of treasury shares	0	(41,591)	(28,205)
Payment of debt issuance costs	0	(2,200)	0
Net cash (used in) / provided by financing activities	(59,098)	150,096	(102,704)
Effect of foreign exchange rate changes on cash	7,202	(5,813)	1,804
Net increase / (decrease) in cash and cash equivalents	66,993	10,761	(14,664)
Cash and cash equivalents, beginning of period	111,251	100,490	115,154
Cash and cash equivalents, end of period	178,244	111,251	100,490
Supplemental Disclosure of Cash Information:
Cash paid for income taxes	20,162	34,033	33,067
Cash paid for interest	$ 16,476	$ 7,830	$ 1,724

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Advertising Costs
Advertising costs	$ 87.0	$ 91.8	$ 93.1

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to the prior distribution rights of any outstanding preferred stock. The common stock has no preemptive or conversion rights or other subscription rights. The outstanding shares of common stock are fully paid and non-assessable. Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company’s certificate of incorporation authorized 200,000,000 shares of $0.01 per share par value common stock. Preferred Stock Under the amended and restated certificate of incorporation, which became effective upon completion of the IPO, the Company’s Board of Directors has the authority, without further action by the stockholders, to issue up to 5,000,000 shares of preferred stock, $0.01 par value, in one or more series. The Board of Directors also has the authority to designate the rights, preferences, privileges and restrictions of each such series, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Shutterstock without further action by the stockholders. The issuance of preferred stock with voting and conversion rights may also adversely affect the voting power of the holders of common stock. In certain circumstances, an issuance of preferred stock could have the effect of decreasing the market price of the common stock. As of December 31, 2025, the Company has not issued and has no plans to issue any shares of preferred stock. Treasury Stock In October 2015, the Company’s Board of Directors approved a share repurchase program, authorizing the Company to repurchase up to $100 million of its common stock and in February 2017, the Company’s Board of Directors approved an increase to the share repurchase program (collectively, the “2015 and 2017 Share Repurchase Programs”), authorizing the Company to repurchase up to an additional $100 million of its outstanding common stock. As of December 31, 2022, the Company had fully utilized its authorization for repurchases under the 2015 and 2017 Share Repurchase Programs. In June 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”), providing authorization to repurchase up to $100 million of its common stock. During 2025, the Company did not repurchase any shares of common stock. During 2024, the Company repurchased approximately 1.1 million shares of its common stock, at an average per share cost of $37.42. As of December 31, 2025, the Company had $30.2 million of remaining authorization for purchases under the 2023 Share Repurchase Program. The Company expects to fund repurchases through a combination of cash on hand, cash generated by operations and future financing transactions, if appropriate. Accordingly, the share repurchase program is subject to the Company having available cash to fund repurchases. Under the share repurchase program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors As of December 31, 2025, the Company has repurchased approximately 5.5 million shares of its common stock in total since 2015 under the repurchase programs (including the 2015 and 2017 Share Repurchase Programs and the 2023 Share Repurchase Program) at an average per-share cost of $48.86. Dividends On February 11, 2020, the Board of Directors approved the initiation of a quarterly cash dividend. The Company declared and paid cash dividends totaling $1.32 and $1.20 per share of common stock, or $46.5 million and $42.4 million, during the years ended December 31, 2025 and 2024, respectively. On January 26, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.36 per share of outstanding common stock payable on March 19, 2026 to stockholders of record at the close of business on March 5, 2026. Future declaration of dividends are subject to the final determination of the Board of Directors, and will depend on, among other things, the Company’s future financial condition, results of operations, capital requirements, capital expenditure requirements, contractual restrictions, anticipated cash needs, business prospects, provisions of applicable law and other factors the Board of Directors may deem relevant.

- Definition

The entire disclosure for equity.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,431	$ 3,101
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	41,049,000	40,395,000
Common stock, shares outstanding (in shares)	35,528,000	34,874,000
Treasury stock, shares (in shares)	5,521,000	5,521,000

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table summarizes the changes in the Company’s goodwill balance for the year ended December 31, 2025 (in thousands):


	Goodwill


Balance as of December 31, 2024	$	569,668

Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,358

Balance as of December 31, 2025	$	574,614

Schedule of Intangible Assets

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31, 2025							As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	106,557	$	(45,066)	$	61,491	11	$	103,130	$	(34,847)	$	68,283
Trade name	69,702		(19,072)		50,630		11	68,980		(12,941)		56,039
Developed technology	179,917		(113,223)		66,694		5	176,560		(86,140)		90,420
Contributor content	81,478		(44,682)		36,796		8	69,574		(35,917)		33,657
Patents	259		(197)		62		18	259		(181)		78

Total	$	437,913	$	(222,240)	$	215,673		$	418,503	$	(170,026)	$	248,477

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is summarized as follows (in thousands):


	December 31,
	2025		2024
Computer equipment and software	$	394,200	$	351,062
Furniture and fixtures	11,046		11,016
Leasehold improvements	20,524		20,451
Property and equipment	425,770		382,529
Less: accumulated depreciation	(363,217)		(316,129)
Property and equipment, net	$	62,553	$	66,400

Depreciation and amortization expense related to property and equipment amounted to $43.5 million, $42.0 million and $37.7 million, for the years ended December 31, 2025, 2024 and 2023, respectively. Of these amounts, $42.1 million, $40.4 million and $36.1 million are included in cost of revenue for the years ended December 31, 2025, 2024 and 2023, respectively, and $1.4 million, $1.6 million and $1.7 million are included in general and administrative expense for the years ended December 31, 2025, 2024 and 2023, respectively.

Depreciation and amortization expense is included in cost of revenue and general and administrative expense based on the nature of the asset. There was no loss on disposal for the years ended December 31, 2025, 2024 and 2023, respectively.

Capitalized Internal-Use Software

The Company capitalized costs related to the development of internal-use software of $41.1 million, $36.9 million and $45.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized amounts are included as a component of property and equipment under computer equipment and software. During 2025, 2024 and 2023, the Company invested significantly in its product development and hosting infrastructure to enhance its customer experience and increase the efficiency with which management deploys new products and features.

The portion of total depreciation expense related to capitalized internal-use software was $41.2 million, $39.3 million and $34.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Depreciation expense related to capitalized internal-use software is included in cost of revenue in the Consolidated Statement of Operations.

As of December 31, 2025 and 2024, the Company had capitalized internal-use software of $57.7 million and $57.8 million, respectively, net of accumulated depreciation, which was included in property and equipment, net.

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

On May 6, 2022, the Company entered into a five-year $100 million unsecured revolving loan facility (the “Credit Facility”) with Bank of America, N.A., as Administrative Agent and other lenders. The Credit Facility included a letter of credit sub-facility and a swingline facility and it also permitted, subject to the satisfaction of certain conditions, up to $100 million of additional revolving loan commitments with the consent of the Administrative Agent.

On July 22, 2024, the Company entered into an amended and restated credit agreement (the “A&R Credit Agreement”), which was entered into among the Company, as borrower, certain direct and indirect subsidiaries of the Company as guarantors, the lenders party thereto, and Bank of America, N.A., as Administrative Agent for the lenders. The A&R Credit Agreement provides for a five-year (i) senior unsecured term loan facility (the “Term Loan”) in an aggregate principal amount $125 million and (ii) senior unsecured revolving credit facility (the “Revolver”) in an aggregate principal amount of $250 million. The A&R Credit Agreement also provides for a letter of credit subfacility and a swingline facility.

At the Company’s option, loans under the A&R Credit Agreement accrue interest at a per annum rate based on either (i) the base rate plus a margin ranging from 0.375% to 0.750%, determined based on the Company’s consolidated net leverage ratio or (ii) the Term Secured Overnight Financing Rate (“SOFR”) (for interest periods of 1, 3 or 6 months) plus a margin ranging from 1.375% to 1.750%, determined based on the Company’s consolidated net leverage ratio, plus a credit spread of 0.100%. The Company is also required to pay an unused commitment fee ranging from 0.175% to 0.250%, determined based on the Company’s consolidated leverage ratio. In connection with the execution of this agreement, the Company paid debt issuance costs of approximately $2.2 million.

The A&R Credit Agreement replaces the Company’s existing Credit Facility, which was fully repaid and terminated upon the effectiveness of the A&R Credit Agreement. In connection with the closing of the Credit Facility, the Company repaid $30.0 million of existing outstanding borrowings and accrued interest.

As of December 31, 2025, the Company had a remaining borrowing capacity of $94 million, net of standby letters of credit.

The A&R Credit Agreement contains financial covenants and requirements restricting certain of the Company’s activities, which are customary for this type of credit facility. The Company is also required to maintain compliance with a consolidated leverage ratio and a consolidated interest coverage ratio, in each case, determined in accordance with the terms of the A&R Credit Agreement. As of December 31, 2025, the Company was in compliance with these covenants.

The Company’s outstanding debt (in thousands) is reflected in the table below. The Company classifies the Revolver as a current liability since the Company could draw upon and repay the outstanding amount as needed. The maturity of the Revolver is in 2029.


	As of December 31, 2025	As of December 31, 2024
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,110	3,106
Non-Current Debt:
Term Loan - A&R Credit Agreement	116,639	119,598

Based on Level 2 inputs, the carrying value of the Company’s debt approximates its fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

For the year ended December 31, 2025, the Company recognized interest expense of $16.8 million. As of December 31, 2025, the unamortized debt issuance cost related to the Term Loan - A&R Credit Agreement is $0.6 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial changes in presentation have been made to conform the prior period presentation to current period reporting.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, the determination of the allowance for doubtful accounts, the volume of expected unused licenses for our subscription-based products, the assessment of recoverability of property and equipment, the fair value of acquired goodwill and intangible assets, the amount of non-cash equity-based compensation, the assessment of recoverability of deferred tax assets, the measurement of income tax and contingent non-income tax liabilities and the determination of the incremental borrowing rate used to calculate the lease liability.
Concentration of Risk	Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable balances. Cash and cash equivalents are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. A significant portion of the Company’s revenues are derived from customers who license content using electronic payments at the time of a transaction. The Company’s accounts receivable are primarily from enterprise customers who require invoicing. The Company performs initial and ongoing credit reviews on these customers, which involve consideration of the customers’ financial information, their location, and other factors to assess the customers’ ability to pay. The Company also performs ongoing financial condition evaluations for its existing customers.
Cash, Cash Equivalents	As of December 31, 2025 and 2024, the Company’s cash and cash equivalents were $178.2 million and $111.3 million, respectively. The Company’s cash balance consist primarily of bank deposits. Cash equivalents consists primarily of money market accounts and are stated at cost, which approximates fair value. Restricted cash is not material in any period presented.
Fair Value Measurements	The Company records its financial assets and liabilities at fair value. Fair value is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. Fair value is estimated by applying inputs which are classified into the following levels of a three-tier hierarchy as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2- inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 - unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions regarding what market participants would use in pricing.
Accounts Receivable and Allowance for Doubtful Accounts	The Company’s accounts receivable consists of customer obligations due under normal trade terms, carried at their face value less an allowance for doubtful accounts, if required. The Company determines its allowance for doubtful accounts based on an evaluation of (i) the aging of its accounts receivable considering historical receivables loss rates, (ii) on a customer-by-customer basis, where appropriate, and (iii) the economic environments in which the Company operates.
Property and Equipment	Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the related assets.
Capitalized Internal Use Software	The Company capitalizes the qualifying costs of computer software developed for internal use, which are incurred during the application development stage, and amortizes them over the software’s estimated useful life. Costs incurred in the preliminary and post-implementation stages of the Company’s products are expensed as incurred. The amounts capitalized include employee payroll and payroll-related costs directly associated with the development activities as well as external direct costs of services used in developing internal-use software. The Company’s policy is to amortize capitalized costs using the straight-line method over the estimated useful life, which is currently three years, beginning when the software is substantially complete and ready for its intended use.
Impairment of Long-Lived Assets	Long-lived assets, inclusive of definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying value of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying value or the fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.
Goodwill and Intangible Assets	Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually on October 1 of each fiscal year or more frequently if events occur or circumstances exist that indicate that the fair value of a reporting unit may be below its carrying value. The Company’s goodwill balance was allocated to a single reporting unit.
Revenue Recognition and Cost of Revenue	A significant portion of the Company’s revenue is earned from the license of content. Content licenses are generally purchased on a monthly or annual basis, whereby a customer pays for a predetermined quantity of content that may be downloaded over a specific period of time, or, on a transactional basis, whereby a customer pays for individual content licenses at the time of download. The Company also generates revenue from tools available through the Company’s platform. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The standalone selling price is determined based on the price at which the performance obligation is sold separately, or if not observable through past transactions, is estimated taking into account available information including internally approved pricing guidelines and pricing information of comparable products. The Company recognizes revenue upon the satisfaction of performance obligations. The Company recognizes revenue on both its subscription-based and transaction-based products when content is downloaded by a customer, at which time the license is provided. In addition, for subscription-based products in which the Customer obtains an allotted number of digital assets to download, the Company estimates expected unused licenses and recognizes the revenue associated with the unused licenses as digital assets are downloaded and licenses are obtained for such content by the customer during the subscription period. The estimate of unused licenses is based on historical download activity and future changes in the estimate could impact the timing of revenue recognition of the Company’s subscription products. For unlimited download subscription-based products, the Company recognizes revenue in a manner that reflects estimated content download patterns during the subscription period. The estimate of content download patterns is based on historical download activities from the unlimited download products. Revenue associated with tools available through the Company’s platform is recognized on a straight-line basis over the subscription period. The Company expenses contract acquisition costs as incurred, to the extent that the amortization period would otherwise be one year or less. For customers making electronic payments, collectability is probable at the time the order or contract is entered. A significant portion of the Company’s customers purchase products by making electronic payments with a credit card at the time of the transaction. Customer payments received in advance of revenue recognition are contract liabilities and are recorded as deferred revenue. Customers that do not pay in advance are invoiced and are required to make payments under standard credit terms. Collectability for customers who pay on credit terms allowing for payment beyond the date at which service commences, is based on a credit evaluation for certain new customers and transaction history with existing customers. The Company recognizes revenue gross of contributor royalties because the Company is the principal in the transaction as it is the party responsible for the performance obligation and it controls the product or service before transferring it to the customer. The Company also licenses content to customers through third-party resellers. Third-party resellers sell the Company’s products directly to customers as the principal in those transactions. Accordingly, the Company recognizes revenue net of costs paid to resellers. The Company also reports revenue net of return and chargeback allowances. These allowances are based off historical trends when available. The Company’s cost of revenue includes royalties paid to contributors, credit card processing fees, content reviewer costs, customer service expenses, infrastructure and hosting costs related to maintaining our creative platform and cloud-based software platform, depreciation and amortization of capitalized internal-use software, purchased content and acquisition-related intangible assets, allocated facility costs and other supporting overhead costs. Costs of revenue also includes employee compensation, including non-cash equity-based compensation, bonuses and benefits associated with the maintenance of the Company’s creative platform and cloud-based software platform.
Contributor Royalties and Internal Sales Commissions	The Company expenses contributor royalties in the period revenue is recognized, which is generally when the customer download occurs, and includes the corresponding contributor royalties in cost of revenue. Contributor royalties are generally paid monthly. The Company advances certain contributor royalties which are initially deferred and expensed based on the contractual royalty rate at the time of customer download or when the Company determines future recovery is not probable. For the years ended December 31, 2025, 2024 and 2023, the Company deferred $2.0 million, $3.4 million and $3.9 million, respectively, in royalty advances and amortized $2.0 million, $3.7 million and $4.0 million, respectively, in royalty advance expense which is included in cost of revenue. As of December 31, 2025 and 2024, the Company has deferred contributor royalties of $0.3 million, which is included in prepaid expenses and other current assets in the Consolidated Balance Sheets. Internal sales commissions are generally paid in the month following collection or invoicing of the commissioned receivable and is reported in sales and marketing expense on the Consolidated Statements of Operations. The Company expenses contract acquisition costs, including internal sales commissions, as incurred, to the extent that the amortization period would otherwise be one year or less.
Product Development	The Company expenses product development costs as incurred, except for costs that are capitalized for certain internal software development projects. Product development costs are primarily comprised of development personnel salaries, non-cash equity-based compensation, software and other IT equipment costs as well as allocated facility costs and related overhead.
Advertising Costs	The Company expenses the cost of advertising and promoting its products as incurred.
Leasing	The Company records rent expense on a straight-line basis over the term of the related lease. At inception, the Company first determines if an arrangement contains a lease and the classification of that lease, if applicable. The Company recognizes right-of-use (“ROU”) assets and lease liabilities for its operating leases. For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. The Company has also elected not to recognize a lease liability or ROU asset for leases with a term of 12 months or less, and recognize lease payments for those short-term leases on a straight-line basis over the lease term in the Consolidated Statements of Operations. Operating leases are included in ROU assets, other current liabilities and lease liabilities (net of current portion) on the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s leases is generally not determinable and therefore the incremental borrowing rate at the lease commencement date is utilized to determine the present value of lease payments. The determination of the incremental borrowing rate requires judgment. Management determines the incremental borrowing rate for each lease using the Company’s estimated borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when the Company is reasonably certain that the option will be exercised. An option to terminate is considered unless the Company is reasonably certain the option will not be exercised.
Equity-Based Compensation	The Company grants Restricted Stock Units, Performance-based Restricted Stock Units (“PRSUs” and, collectively with Restricted Stock Units, “RSUs”) and Stock Options to directors and officers and certain other employees of the Company. Awards granted prior to June 1, 2022 were granted under the Company’s Amended and Restated 2012 Omnibus Equity Incentive Plan (the “2012 Plan”). At the Annual Meeting held on June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan. The Company measures and recognizes non-cash equity-based compensation expense for all stock-based awards granted to employees based on estimated fair values. The portion of the award that is ultimately expected to vest is recognized as expense over the requisite service period. Forfeitures are accounted for as they occur. For awards with a change of control condition, an evaluation is made at the grant date and future periods as to the likelihood of the condition being met. Compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the change of control conditions until the vesting date. Compensation expense related to awards with a market condition is recognized over the requisite service period regardless of the achievement of the market condition. Compensation expense related to awards with a performance condition is recognized over the requisite service period based on the expected levels of achievement. To the extent that the expected levels of achievement change, stock-based compensation expense is adjusted and recorded in the Consolidated Statements of Operations and the remaining unrecognized stock-based compensation is recognized over the remaining requisite service period. The Company uses the closing price of the Company’s common stock on the date of grant to determine the fair value of RSUs. The Company uses the Black Scholes option pricing model, to determine the fair value of stock options on the date of grant. The Monte Carlo simulation model is used if the award has a market condition. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include the Company’s closing market price at the grant date, the expected stock price volatility over the expected term of the awards, awards’ exercise and cancellation behaviors, risk-free interest rates and expected dividends. The awards granted pursuant to the 2012 Plan and the 2022 Plan are subject to a time-based vesting requirement and certain award grants may also include market based or performance based vesting conditions. While each PRSU corresponds to one target share of the Company’s stock, the number of shares that may eventually vest will be between 0% and 150% of a recipient’s target shares, depending on both the recipient’s continued service with the Company and the extent to which performance goals will have been achieved. Awards generally vest over three or four years. Upon the vesting of RSUs, the Company has a practice of net share settlement, to cover any required withholding taxes by retaining the number of shares with a value equal to the amount of the tax and remitting an equal amount of cash to the appropriate taxing authorities.
Employee Benefit Plans	The Company offers a 401(k) defined contribution plan and provides for discretionary employer matching contributions. All matching contributions are recognized as an expense in the Statement of Operations, as incurred.
Interest expense	Interest expense is comprised of borrowing costs on debt, amortization of debt issuance costs and unused commitment fees associated with the Company’s credit facility. Debt issuance costs are recorded in prepaid expenses and other current assets and other assets in the Consolidated Balance Sheets and are amortized over the term of the credit facility.
Income Taxes and Other Non-income Taxes	The Company’s income tax expense includes U.S. (federal and state) and foreign income taxes. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. The Company records an income tax liability for the difference, if any, between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The reserves are adjusted in light of changing facts and circumstances, such as the outcomes of tax audits or lapses in statutes of limitations. Any reserve for uncertain tax provisions and related penalties and interest is included in the income tax provision. On a quarterly basis, the Company assesses the realizability of deferred tax assets, based on the available evidence including a history of taxable income, estimates of future taxable income and planning strategies and a valuation allowance is recorded to the extent that it is not more likely than not that the deferred tax assets will be realized. Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities. In the event that actual results differ from these estimates, the Company will adjust these estimates in future periods which may result in a change in the effective tax rate in a future period. The global intangible low-taxed income (“GILTI”) provisions of the TCJA impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat any potential GILTI inclusions as a period cost. The Company is subject to certain non-income taxes, including value added taxes, sales taxes and royalty withholding taxes. Where appropriate, the Company has made accruals for these taxes, which are reflected in the Company’s consolidated financial statements. These accruals are subject to statute of limitations requirements and review by governmental authorities.
Treasury Stock	The Company accounts for treasury stock under the cost method and is included as a component of stockholders’ equity. Treasury stock held by the Company may be reissued in the future. The Company’s policy is to account for reissued shares as a reduction of Treasury stock on a first-in, first-out basis.
Net Income Per Share	Basic net income per share is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, is excluded from basic weighted average number of common shares outstanding. Diluted net income per share is computed by dividing the net income attributable to common stockholders by the weighted average common shares outstanding and all potential common shares, if they are dilutive.
Reportable Segments	For the year ended December 31, 2025, the Company has identified one operating segment, which has also been determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing financial performance.
Contingent Consideration	The Company records an asset or liability for contingent consideration at the date of a business combination and reassesses the fair value of the asset or liability each period until it is settled. Upon settlement of these assets or liabilities, the portion of the contingent consideration payment that is attributable to the initial amount recorded as part of the business combination is classified as a cash flow from financing activities if the contingent consideration is a liability, or a cash flow from investing activities if the contingent consideration is an asset, and the portion of the settlement that is attributable to subsequent changes in the fair value of the contingent consideration is classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows.
Foreign Currency	The functional currency of the Company’s foreign subsidiaries is generally the respective local currency. Monetary assets and liabilities that are denominated in currencies other than each entity’s functional currency are remeasured into the functional currency at the period-end exchange rates and result in transactional gains and losses.
Recently Adopted Accounting Standard Updates and Recent Accounting Pronouncements Not Yet Adopted	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances incremental disclosures on an annual and interim basis, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. This ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2025 consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Company adopted the ASU 2023-07 disclosure requirements in its December 31, 2025 consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Shutterstock is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350-40): Targeted Improvements”. This ASU provides updated guidance clarifying the capitalization of costs related to internal-use software, including enhanced guidance on cloud computing arrangements. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Early adoption is permitted. The Company is currently assessing the impact of this standard on its accounting for internal-use software development costs.

Equity-Based Compensation - Schedule of Stock Option Awards and Weighted Average Exercise Price per Option (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Plan Options
Options outstanding at the beginning of the period (in shares) \| shares	299,000
Options canceled or expired (in shares) \| shares	(35,000)
Options outstanding at the end of the period (in shares) \| shares	264,000
Options exercisable at the end of the period (in shares) \| shares	264,000
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 34.14
Options cancelled or expired (in dollars per share) \| $ / shares	42.96
Options outstanding at the end of the period (in dollars per share) \| $ / shares	32.95
Options exercisable at the end of the period (in dollars per shares) \| $ / shares	$ 32.95

Leasing

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leasing

The Company’s leases relate primarily to office facilities that expire on various dates from 2026 through 2029, some of which include one or more options to renew. All of the Company’s leases are classified as operating leases. Operating lease costs, including insignificant costs related to short-term leases, were $7.7 million, $8.0 million and $6.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company made cash payments for operating leases of $10.2 million, $10.0 million and $10.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, which were included in cash flows from operating activities within the Consolidated Statements of Cash Flows. In addition, for the years ended December 31, 2025 and 2024, the Company recorded right-of-use assets of $0.8 million and $2.9 million, respectively, which were obtained in exchange for lease obligations. For the years ended December 31, 2025 and 2024, the Company’s operating leases have a weighted average remaining lease term of 3.3 years and 4.1 years, respectively, and a weighted average discount rate of 6.5%.

Balance sheet information for the Company’s leases as of December 31, 2025, is as follows:


	December 31,
(in thousands)	2025		2024

Right-of-use assets	$	9,770	$	13,956

Lease liabilities, current	$	8,335	$	9,717
Lease liabilities, non-current	17,247		23,365
Total lease liabilities	$	25,582	$	33,082

Lease Commitments

Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its lease liabilities at December 31, 2025 are as follows (in thousands):


Reconciliation of future undiscounted lease payments to lease liabilities	Lease Commitments
Year ending December 31,

2026	8,560
2027	8,651
2028	8,395
2029	2,660


Total undiscounted lease payments	28,266
Less: imputed interest	(2,684)
Total lease liabilities	$	25,582

The Company’s most significant lease is for its headquarters in New York City, which was entered into in March 2013 and was amended in January 2016 (“ESB Lease”). As amended, the ESB Lease will expire in 2029, and the undiscounted remaining future minimum lease payments are approximately $25.4 million. The Company is also party to a letter of credit as a security deposit for this leased facility, in the amount of $1.3 million.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2025
Income Tax Paid, by Individual Jurisdiction [Line Items]
Deferred tax assets, valuation allowance	$ 8,761	$ 6,517
Impact on effective tax rate on recognition of unrecognized tax benefits		8,800
Reasonably possible reversal of unrecognized tax benefits in the next fiscal year		1,100
Income tax examination, penalties and interest expense	$ 900
Operating loss carryforwards		80,700
Foreign
Income Tax Paid, by Individual Jurisdiction [Line Items]
Valuation allowance, foreign net operating loss carryforwards		4,800
Domestic Tax Jurisdiction
Income Tax Paid, by Individual Jurisdiction [Line Items]
Deferred tax assets, valuation allowance		$ 1,700

Summary of Significant Accounting Policies - Capitalized Internal Use Software and Impairment of Long-Lived Assets (Details)	Dec. 31, 2025
Software
Property, Plant and Equipment [Line Items]
Useful lives	3 years

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Revenue	$	989,925	$	935,262	$	874,587
Less:
Technology costs	91,039		69,883		58,853
Advertising costs	86,969		91,845		93,109
Adjusted cost of revenue1	360,963		355,074		318,281
Adjusted sales and marketing1	128,647		125,802		116,821
Adjusted product and development1	64,824		80,876		90,255
Adjusted general and administrative1	182,424		143,074		128,868

Total operating expenses	914,866		866,554		806,187
Income from operations	75,059		68,708		68,400
Bargain purchase gain	—		—		50,261
Interest expense	(16,826)		(10,561)		(1,857)
Other income, net	17,098		4,401		5,664
Income before income taxes	75,331		62,548		122,468

Provision for income taxes	29,835		26,616		12,199
Net income	45,496		35,932		110,269

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Year Ended December 31,
($ in thousands)	2025		2024		2023

Cost of revenue	$	83,584	$	80,805	$	74,824
General and administrative	7,310		6,821		4,905
Total depreciation and amortization	$	90,894	$	87,626	$	79,729

Schedule of Geographic Revenue

The following represents the Company’s geographic revenue based on customer location (in thousands):


	Year Ended December 31,
	2025		2024		2023
North America	$	509,116	$	474,683	$	427,746
Europe	264,659		245,678		231,048
Rest of the world	216,150		214,901		215,793
Total revenue	$	989,925	$	935,262	$	874,587

Schedule of Long-lived Tangible Assets

The Company’s long-lived tangible assets were located as follows (in thousands):


	December 31,
	2025		2024
North America	$	32,553	$	45,354
Europe	17,382		17,175
Rest of the world	12,618		3,871
Total long-lived tangible assets	$	62,553	$	66,400

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The maturity of the Revolver is in 2029.


	As of December 31, 2025	As of December 31, 2024
Current Debt:
Revolver - A&R Credit Agreement	155,000	155,000
Term Loan - A&R Credit Agreement	3,110	3,106
Non-Current Debt:
Term Loan - A&R Credit Agreement	116,639	119,598

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Leasing - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leasing - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 29, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs, including insignificant costs related to short-term leases	$ 7,700	$ 8,000	$ 6,400
Cash paid for amounts included in lease liabilities	10,200	10,000	$ 10,900
ROU assets obtained in exchange for lease obligations	$ 800	$ 2,900
Weighted average remaining lease term	3 years 3 months 18 days	4 years 1 month 6 days
Weighted average discount rate	6.50%	6.50%
Total minimum lease payments	$ 28,266
Letter of credit as a security deposit for the leased facilities				$ 1,300
ESB Lease
Lessee, Lease, Description [Line Items]
Total minimum lease payments	$ 25,400

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2025
Equipment
Property and Equipment
Useful lives	3 years
Furniture and fixtures
Property and Equipment
Useful lives	7 years
Software
Property and Equipment
Useful lives	3 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Other Non-Lease Obligations

As of December 31, 2025, the Company’s other unconditional cash obligations, consisting primarily of unconditional purchase obligations related to contracts for cloud-based services, infrastructure and other business services as well as minimum royalty guarantees in connection with certain content licenses, are as follows:


Year Ending December 31,	Other Obligations
2026	$	73,400
2027	49,700
2028	38,100



Total non-lease unconditional obligations	$	161,200

Legal Matters

Although we are not currently a party to any material pending litigation (except as described below), from time to time, third parties assert claims against us regarding intellectual property rights, employment matters, privacy issues and other matters arising during the ordinary course of business. Although we cannot be certain of the outcome of any litigation or the disposition of any claims, nor the amount of damages and exposure, if any, that we could incur, we currently believe that the final disposition of all existing matters will not have a material adverse effect on our business, results of operations, financial condition or cash flows. In addition, in the ordinary course of our business, we are also subject to periodic threats of lawsuits, investigations and claims. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Except as described below, the Company currently has no material active litigation matters and, accordingly, no material reserves related to litigation.

Since the definitive proxy statement filed with the SEC on April 30, 2025 (the “Proxy Statement”), two complaints have been filed against Shutterstock and each member of Shutterstock’s board of directors (the “Individual Defendants”). The two complaints are captioned as follows: Johnson v. Shutterstock, Inc., et al., 682860/2025 (filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Johnson Action”) and Weiss v. Shutterstock, Inc., et al., 652853/2025 at ECF No. 1, filed in the Supreme Court of the State of New York, County of New York, Commercial Division (the “Weiss Action”, and together with the Johnson Action, the “Stockholder Actions”). The Stockholder Actions allege that, among other things, the Proxy Statement contains false and misleading and/or incomplete information regarding the Merger. The Stockholder Actions assert claims for (i) negligent misrepresentation and concealment, and (ii) negligence in connection with the filing of the allegedly false and misleading Proxy Statement. The Stockholder Actions seek an injunction enjoining the consummation of the Merger unless and until the Individual Defendants disclose the allegedly omitted material information, in the event that the Merger are consummated, rescission of the Merger and awarding actual and punitive damages to plaintiff, and an award of attorneys’ and experts’ fees. The Company currently does not expect the outcome of pending legal proceedings to have a material effect on its consolidated results of operations, financial position or cash flows.

In addition to the Stockholder Actions, beginning on April 25, 2025, certain purported stockholders of Shutterstock and Getty Images sent demand letters (the “Demand Letters”, and together with the Stockholder Actions, the “Matters”) alleging similar deficiencies regarding the disclosures made in the Proxy Statement and seeking additional disclosures to address those alleged deficiencies.

Shutterstock believes it has substantial defenses in connection with the Matters and no supplemental disclosure is required under applicable law. However, in order to avoid the risk that the Matters may delay or otherwise adversely affect the implementation of the Merger, to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Shutterstock has determined to voluntarily supplement the Proxy Statement as described in the Current Report on Form 8-K filed with the SEC on May 30, 2025, to provide additional information to Shutterstock stockholders. Nothing in said Current Report on Form 8-K shall be deemed an admission of the legal necessity or materiality under applicable law of any of the disclosures set forth therein or in the Proxy Statement. To the contrary, Shutterstock denies all allegations in the Matters that any additional disclosure was or is required.

In August 2024, the Company received a Civil Investigative Demand (a “CID”) from the Federal Trade Commission (the “FTC”) regarding its investigation into the Company’s disclosure and subscription enrollment and cancellation practices under Section 5 of the Federal Trade Commission Act (“FTC Act”) and the Restore Online Shoppers’ Confidence Act (“ROSCA”). The Company has cooperated throughout the investigation, and in January 2026 the FTC entered into discussions with management to resolve this matter. The defense or resolution of this matter could involve significant monetary costs or penalties and have a significant impact on the Company’s financial results and operations. There can be no assurance that the Company will be successful in reaching a favorable resolution of this matter. Any costs, penalties, remedies or compliance requirements could adversely affect the Company’s ability to operate its business or have a materially adverse impact on its financial results. As of December 31, 2025, a possible range of loss cannot be reasonably estimated and the Company did not record any material legal contingency accrual associated with this matter.

Customer Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which it agrees to provide indemnification of varying scope and terms to customers with respect to certain matters, including, but not limited to, losses arising out of the breach of the Company’s intellectual property warranties for damages to the customer directly attributable to the Company’s breach. The Company is not responsible for any damages, costs, or losses to the extent such damages, costs or losses arise as a result of the modifications made by the customer, or the context in which an image is used. The standard maximum aggregate obligation and liability to any one customer for all claims is generally limited to ten thousand dollars. The Company offers certain of its customers greater levels of indemnification, including unlimited indemnification and believes that it has appropriate insurance coverage in place to adequately cover indemnification claims, if necessary. As of and for the year ended December 31, 2025, the Company made no material payments for losses on customer indemnification claims and recorded no liabilities related to indemnification for loss contingencies, before considering any insurance recoveries.

Employment Agreements and Indemnification Agreements

The Company has entered into employment arrangements and indemnification agreements with certain executive officers and with certain employees. The agreements specify various employment-related matters, including annual compensation, performance incentive bonuses, and severance benefits in the event of termination with or without cause.

Equity-Based Compensation - Schedule of RSUs Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Plan RSUs
Non-vested balance at the beginning of the period (in shares) \| shares	2,900,000
Units granted (in shares) \| shares	3,811,000
Units vested (in shares) \| shares	(1,138,000)
Units cancelled or forfeited (in shares) \| shares	(821,000)
Non-vested balance at the end of the period (in shares) \| shares	4,752,000
Non-vested and deferred balance (in shares) \| shares	4,805,000
Weighted Average Fair Value
Non-vested balance at the beginning of the period (in dollars per share) \| $ / shares	$ 46.13
Units granted (in dollars per share) \| $ / shares	17.01
Units vested (in dollars per share) \| $ / shares	56.43
Units cancelled or forfeited (in dollars per share) \| $ / shares	21.08
Non-vested balance at the end of the period (in dollars per share) \| $ / shares	24.64
Non-vested and deferred balance (in dollars per share) \| $ / shares	$ 24.92

Summary of Significant Accounting Policies - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts:
Balance, beginning of period	$ 3,101	$ 6,335	$ 5,830
Add / (Less): bad debt expense / (recovery)	713	(2,033)	1,894
Less: write-offs, net of recoveries and other adjustments	(383)	(1,201)	(1,389)
Balance, end of period	$ 3,431	$ 3,101	$ 6,335

Equity-Based Compensation - Narrative (Details) - USD ($)			12 Months Ended
	Jan. 01, 2022	Oct. 10, 2012	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 06, 2024	Jun. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding			$ 0	$ 0
Intrinsic value of total stock options exercised			$ 0	$ 0
Options granted (in shares)			0	0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation charge			$ 66,400,000
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares/notional units available for issuance (in shares)		6,750,000				7,500,000	4,000,000
Annual increase in shares available for issuance (in shares)		1,500,000
Annual increase in the shares available for issuance as a percentage of common stock outstanding as of the last day of immediately preceding fiscal year		3.00%
2012 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase (in shares)	1,093,000

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of assessing, identifying and managing risks from cyber security threats, and our processes to manage risks from cybersecurity threats have been integrated into our overall risk management framework. As a foundation of this approach, we have implemented a layered governance structure, and our privacy and cybersecurity risk management systems encompass policies, practices, and procedures for incident responses, information security and vendor management. In order to help develop these policies and procedures, we monitor the privacy and cybersecurity laws, regulations and guidance applicable to us in the regions where we do business including European Union General Data Protection Regulation (GDPR), UK Data Protection Law, the Brazilian General Data Protection Law (LGPD), the California Privacy Rights Act (CPRA) and other US state privacy laws, as well as proposed privacy and cybersecurity laws, regulations, guidance and emerging risks. We annually undergo a Payment Card Industry (PCI) compliance certification process and obtain an attestation through a Qualified Security Assessor (QSA). We have an established bug bounty program and conduct penetration testing as needed to identify vulnerabilities for remediation. With respect to third party service providers, we obligate vendors to adhere to privacy and cybersecurity measures, perform risk assessments of vendors including their ability to protect data from unauthorized access. As described in Item 1A “Risk Factors,” our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks, as we provide content licensing to customers in more than 150 countries and license content from contributors located in over 100 countries. Computer viruses, hackers, employee or vendor misconduct, and other external hazards could expose our information systems and those of our vendors to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our business including brand reputation, customer sales, legal impacts, and financial costs. While we have experienced cybersecurity incidents, to date, we have not experienced any material cybersecurity incidents. The sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may be insufficient. In addition, new technology that could result in greater operational efficiency such as artificial intelligence, cloud computing, and machine learning may further expose our computer systems to the risk of cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As a foundation of this approach, we have implemented a layered governance structure, and our privacy and cybersecurity risk management systems encompass policies, practices, and procedures for incident responses, information security and vendor management. In order to help develop these policies and procedures, we monitor the privacy and cybersecurity laws, regulations and guidance applicable to us in the regions where we do business including European Union General Data Protection Regulation (GDPR), UK Data Protection Law, the Brazilian General Data Protection Law (LGPD), the California Privacy Rights Act (CPRA) and other US state privacy laws, as well as proposed privacy and cybersecurity laws, regulations, guidance and emerging risks. We annually undergo a Payment Card Industry (PCI) compliance certification process and obtain an attestation through a Qualified Security Assessor (QSA). We have an established bug bounty program and conduct penetration testing as needed to identify vulnerabilities for remediation. With respect to third party service providers, we obligate vendors to adhere to privacy and cybersecurity measures, perform risk assessments of vendors including their ability to protect data from unauthorized access.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO).
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO).
Cybersecurity Risk Role of Management [Text Block]	As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO). Our CISO, who has over 20 years of experience in cyber security and technology, oversees the implementation and compliance of our information security standards and mitigation of information security related risks. We also have management level committees and a cybersecurity incident team that support our processes to assess and manage cybersecurity risk as follows: •Privacy is co-chaired by the CISO and Assistant General Counsel. They bring IT, cybersecurity, legal, compliance and other function cross-functional members together as needed throughout the year to consider emerging technologies, such as artificial intelligence and emerging cybersecurity and privacy risks; review cybersecurity and privacy regulations; approve, review and update policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy risks across the enterprise. •Our Technology Leadership Team, which includes our group Chief Technology Officer, CISO, Technology Vice Presidents, and members of executive leadership, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives on a monthly cadence. •Our Senior Leadership Team including IT, operations, risk, legal and compliance leaders across business segments, meet quarterly to manage risks from matters related to business continuity including risks posed by cybersecurity threats, and implements controls to mitigate such operational risks. Among other processes, these leaders review the Company’s programs and processes related to information security, third party risk, vendor management, facilities, unplanned downtime, business disruption, business continuity and disaster recovery. •The Crisis Incident Management Team, which includes senior executives across the Company, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. Annually, this team assesses its communication plan to confirm that its members can be alerted quickly in the event of an actual crisis and meet as a team to discuss the event and response options. Each of these committees provides summary reports on their activities, which the CISO communicates as appropriate to the Audit Committee. At the employee level, we maintain an experienced information technology team who are tasked with implementing our privacy and cybersecurity program and support the CISO in carrying out reporting, security and mitigation functions. We also hold annual employee trainings on privacy and cybersecurity, records and information management, and generally seek to promote awareness of cybersecurity risk through communication and education of our employee population.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO). Our CISO, who has over 20 years of experience in cyber security and technology, oversees the implementation and compliance of our information security standards and mitigation of information security related risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO, who has over 20 years of experience in cyber security and technology, oversees the implementation and compliance of our information security standards and mitigation of information security related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee, comprised of independent directors from our Board, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our group Chief Information Security Officer (CISO). Our CISO, who has over 20 years of experience in cyber security and technology, oversees the implementation and compliance of our information security standards and mitigation of information security related risks. We also have management level committees and a cybersecurity incident team that support our processes to assess and manage cybersecurity risk as follows: •Privacy is co-chaired by the CISO and Assistant General Counsel. They bring IT, cybersecurity, legal, compliance and other function cross-functional members together as needed throughout the year to consider emerging technologies, such as artificial intelligence and emerging cybersecurity and privacy risks; review cybersecurity and privacy regulations; approve, review and update policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy risks across the enterprise. •Our Technology Leadership Team, which includes our group Chief Technology Officer, CISO, Technology Vice Presidents, and members of executive leadership, oversees IT initiatives while considering cybersecurity risk mitigation with respect to these initiatives on a monthly cadence. •Our Senior Leadership Team including IT, operations, risk, legal and compliance leaders across business segments, meet quarterly to manage risks from matters related to business continuity including risks posed by cybersecurity threats, and implements controls to mitigate such operational risks. Among other processes, these leaders review the Company’s programs and processes related to information security, third party risk, vendor management, facilities, unplanned downtime, business disruption, business continuity and disaster recovery. •The Crisis Incident Management Team, which includes senior executives across the Company, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. Annually, this team assesses its communication plan to confirm that its members can be alerted quickly in the event of an actual crisis and meet as a team to discuss the event and response options. Each of these committees provides summary reports on their activities, which the CISO communicates as appropriate to the Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition, Contingent Consideration [Line Items]
Purchase price		$ 0	$ 179,071	$ 53,721
Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Purchase price	$ 53,000
Cash acquired and other working capital adjustments	4,750
Cash paid on closing	57,750
Net purchase price	(6,001)
Nonrecurring benefits receivable	123,500
Income tax obligation	18,900
Time value of money	5,900
Fair value of Giphy Retention Compensation contingent consideration \| Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Fair value consideration	(98,723)
Fair value of consideration attributable to pre-combination service \| Giphy, Inc.
Asset Acquisition, Contingent Consideration [Line Items]
Fair value consideration	$ 34,972

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 9,056	$ 16,072	$ 22,400
State	3,702	5,171	6,517
Foreign	7,404	12,790	4,150
Total	20,162	34,033	33,067
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	3,663	2,693	3,715
Ireland
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	1,343	4,373
Australia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign		4,672
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State		$ 2,201	$ 2,371
New York
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 1,068

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provision:
Federal	$ 6,602	$ 18,578	$ 24,015
State and local	(137)	5,245	5,392
Foreign	15,802	13,756	8,967
Deferred provision (benefit):
Federal	12,060	(28,582)	(24,880)
State and local	348	(2,824)	(1,047)
Foreign	(4,840)	20,443	(248)
Provision for income taxes	$ 29,835	$ 26,616	$ 12,199

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of unrecognized tax benefits
Balance of unrecognized tax benefits at January 1	$ 12,296	$ 13,516	$ 13,021
Gross additions for tax positions for prior years	312	2,408	399
Gross additions for tax positions for current year	204	3,355	1,054
Gross reductions for tax positions of prior years	0	(6,983)	(958)
Gross expirations	(3,708)	0	0
Balance of unrecognized tax benefits at December 31	$ 9,104	$ 12,296	$ 13,516

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed

The aggregate purchase price for the Envato and Backgrid acquisitions have been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Envato		Backgrid		Total
Cash and cash equivalents1	$	90,591	$	1,718	$	92,309
Accounts receivable	6,818		732		7,550
Other assets	5,404		77		5,481
Right of use asset	273		—		273
Fixed assets	895		—		895
Intangible assets:
Trademark	31,000		300		31,300
Developed technology	61,000		900		61,900
Customer relationships	14,200		—		14,200
Intangible assets	106,200		1,200		107,400
Goodwill2	169,161		19,843		189,004
Deferred tax asset	36,956		—		36,956
Total assets acquired	$	416,298	$	23,570	$	439,868

Accounts payable	(4,173)		—		(4,173)
Contributor royalties payable	(11,917)		(849)		(12,766)
Accrued expenses	(30,233)		(228)		(30,461)
Deferred revenue	(46,888)		—		(46,888)
Deferred tax liability	—		(271)		(271)
Other liabilities1	(72,682)		(1,074)		(73,756)
Lease liability	(190)		—		(190)
Total liabilities assumed	(166,083)		(2,422)		(168,505)
Net assets acquired	$	250,215	$	21,148	$	271,363

The aggregate purchase price for this acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):


Assets acquired and liabilities assumed:	Giphy
Cash and cash equivalents	$	4,030

Prepaid expenses and other current assets	1,416

Right of use assets	1,243
Intangible assets:

Trade name	21,000
Developed technology	19,500

Intangible assets	40,500

Deferred tax asset	1,463
Other assets	1,647
Total assets acquired	$	50,299

Accounts payable, accrued expenses and other liabilities	(4,949)



Lease liability	(1,090)
Total liabilities assumed	(6,039)
Net assets acquired	$	44,260
Net purchase price	(6,001)
Bargain purchase gain	$	50,261

Schedule of Business Combination, Contingent Consideration

The Giphy purchase price was calculated as follows:


	Purchase Price
Purchase price	$	53,000
Cash acquired and other working capital adjustments	4,750
Cash paid on closing	$	57,750

Fair value of Giphy Retention Compensation contingent consideration1	(98,723)
Fair value of consideration attributable to pre-combination service2	34,972

Net purchase price	$	(6,001)

2 - Relates to the cash value of replaced unvested Meta equity awards attributable to pre-combination services.

Schedule of Business Combination, Pro Forma Information

These pro forma results have been prepared for comparative purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma information and are not necessarily indicative of what the Company’s operating results would have been, had the acquisitions actually taken place at the beginning of the previous annual period.


	Year Ended December 31,
		2025		2024
Revenue
As Reported		$	989,925	$	935,262
Pro Forma		989,925		1,045,391
Income before income taxes
As Reported		$	75,331	$	62,548
Pro Forma		75,331		79,347

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s geographical breakdown of its income before income taxes is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	30,029	$	49,827	$	108,013
Foreign	45,302		12,721		14,455
Income before income taxes	$	75,331	$	62,548	$	122,468

The following table summarizes the consolidated provision for income taxes (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current provision:
Federal	$	6,602	$	18,578	$	24,015
State and local	(137)		5,245		5,392
Foreign	15,802		13,756		8,967
Deferred provision (benefit):
Federal	12,060		(28,582)		(24,880)
State and local	348		(2,824)		(1,047)
Foreign	(4,840)		20,443		(248)
Provision for income taxes	$	29,835	$	26,616	$	12,199

The provision for income taxes differs from statutory income tax rate as follows:


	Year Ended December 31,
	2025				2024				2023
	$		%		$		%		$		%
Income before income taxes	$	75,331			$	62,548			$	122,468

U.S. Federal Statutory Tax Rate	15,828		21.0	%	13,132		21.0	%	25,719		21.0	%

Domestic Federal Tax Effects
Tax Credits
Research credits	(310)		(0.4)		(5,898)		(9.4)		(4,889)		(4.0)
Withholding taxes	(4,679)		(6.2)		(3,995)		(6.4)		(3,789)		(3.1)
Nontaxable and Non-deductible Items
Equity-based compensation	3,104		4.1		4,204		6.7		3,170		2.6
Bargain purchase gain	—		—		—		—		(10,555)		(8.6)
Transaction costs	—		—		1,399		2.2		334		0.3
Cross-border Tax Laws
GILTI	2,717		3.6		—		—		4		—
BEAT	8,113		10.8		—		—		—		—
FDII	(362)		(0.5)		(5,339)		(8.5)		(7,889)		(6.4)
US taxation of foreign disregarded entity	294		0.4		995		1.6		319		0.3
Other	16		—		188		0.3		(138)		(0.1)
Shortfall tax expense on share-based payments	4,368		5.8		2,431		3.9		576		0.5
Equity-based compensation award expiration	—		—		6,354		10.2		—		—
Changes in Valuation Allowance	1,001		1.3		—		—		—		—
Domestic state and local income taxes, net of federal effect	1,859		2.5		1,825		2.9		2,672		2.2

Foreign Tax Effects
United Kingdom
Statutory income tax rate differential	751		1.0		(26)		—		(182)		(0.1)
Changes in Valuation Allowance	(3,839)		(5.1)		1,328		2.1		1,621		1.3
Other	(214)		(0.3)		—		—		93		0.1

Ireland
Statutory income tax rate differential	(754)		(1.0)		(1,198)		(1.9)		(998)		(0.8)
Other	483		0.6		(41)		(0.1)		248		0.2

Australia
Statutory income tax rate differential	538		0.7		(516)		(0.8)		7		—
Foreign rate differential on acquired intangibles	(1,911)		(2.5)		5,454		8.7		—		—
Other	(147)		(0.2)		662		1.1		(79)		(0.1)
Canada	531		0.7		960		1.5		825		0.7
Other Foreign Jurisdictions	726		1.0		461		0.7		199		0.2
Withholding taxes	4,691		6.2		5,572		8.9		3,806		3.1

Worldwide changes in unrecognized tax benefits	(2,969)		(3.9)		(1,336)		(2.1)		1,125		0.9
Effective Tax Rate	29,835		39.6		26,616		42.6		12,199		10.0

The income taxes paid by the Company are as follows (in thousands):


	Year Ended December 31,
	2025	2024	2023
Federal	9,056	16,072	22,400
State	3,702	5,171	6,517
Foreign	7,404	12,790	4,150
Total	20,162	34,033	33,067

From the above amounts, income taxes paid (net of refunds) exceeds 5% of taxes paid in the following jurisdictions:


	Year Ended December 31,
	2025	2024	2023
Foreign
Canada	3,663	2,693	3,715
Ireland	1,343	4,373	* below 5%
Australia	* below 5%	4,672	* below 5%
State
California	* below 5%	2,201	2,371
New York	1,068	* below 5%	* below 5%

The tax effect of the Company’s temporary differences that give rise to deferred tax assets and liabilities are presented below (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Non-cash equity-based compensation	$	13,598	$	10,492
Intangible amortization	5,836		31,263
Accruals and reserves	27,402		15,106
Lease liabilities	5,443		7,050

Net operating losses	19,569		18,003
Other	4,661		1,496
Gross deferred tax assets	76,509		83,410
Valuation allowance	(6,517)		(8,761)
Net deferred tax assets	69,992		74,649
Deferred tax liabilities:
Right-of-use assets	(1,682)		(2,502)
Depreciation and amortization	(1,918)		(2,680)
Contingent consideration	(6,237)		(659)
Net deferred tax assets	$	60,155	$	68,808

In addition, the valuation allowance of $4.8 million relates to certain foreign net operating loss carryforwards, and $1.7 million relates to certain US Federal and State tax attributes, where the Company has determined that there is sufficient uncertainty regarding the future realization of these net operating losses.

The following table summarizes changes to the Company’s unrecognized tax benefits as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance of unrecognized tax benefits at January 1	$	12,296	$	13,516	$	13,021
Gross additions for tax positions for prior years	312		2,408		399
Gross additions for tax positions for current year	204		3,355		1,054
Gross reductions for tax positions of prior years	—		(6,983)		(958)
Gross expirations	(3,708)		—		—

Balance of unrecognized tax benefits at December 31	$	9,104	$	12,296	$	13,516

The total amount of unrecognized tax benefits as of December 31, 2025 was $8.8 million, which, if recognized, would impact the Company’s effective tax rate in future periods. Unrecognized tax benefits is included within prepaid expenses and other current assets and other non-current liabilities on the Consolidated Balance Sheets. The Company has determined that it is reasonably possible that there will be a reversal of unrecognized tax benefits by as much as $1.1 million in the next fiscal year due to the expected resolution of prior year tax matters.

The Company recognizes interest expense and tax penalties related to unrecognized tax benefits as a component of income tax expense in the Consolidated Statements of Operations. Interest and penalties included in the Company’s provision for income taxes were not material in all the periods presented.

The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. During the tax year ending December 31, 2024 the U.S. Internal Revenue Service closed the audit for tax years 2017 through 2021 with $0.9 million of additional tax and interest assessed. During the tax year ending December 31, 2025 the state of California closed the audit for tax years 2021 and 2022 with no changes. The Company is currently under examination by the state of New York for the tax years 2022 and 2023. The Company is no longer subject to U.S. federal, state, local and foreign tax examinations by tax authorities for years before 2020.

As of December 31, 2025, the Company has $80.7 million in tax net operating loss carryforwards in U.S. and foreign tax jurisdictions which are available to reduce future income taxes and the majority of this amount relates to jurisdictions with an indefinite carryforward period.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Leasing - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of future undiscounted lease payments to lease liabilities
2026	$ 8,560
2027	8,651
2028	8,395
2029	2,660
Total undiscounted lease payments	28,266
Less: imputed interest	(2,684)
Total lease liabilities	$ 25,582	$ 33,082

Other Income, net (Details) - USD ($) $ in Thousands	12 Months Ended
Other Income, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Foreign currency (loss) / gain	$ (2,463)	$ (1,831)	$ 879
Impairment of a long-term asset	(5,000)	0	0
Interest income, unrealized gain on investments, and other	24,561	6,232	4,785
Other income, net	$ 17,098	$ 4,401	$ 5,664

Segment and Geographic Information - Schedule of Segment Reporting Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 90,894	$ 87,626	$ 79,729
Cost of revenue
Segment Reporting Information [Line Items]
Depreciation and amortization	83,584	80,805	74,824
General and administrative
Segment Reporting Information [Line Items]
Depreciation and amortization	7,310	6,821	4,905
Reportable Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 90,894	$ 87,626	$ 79,729

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Income Taxes - Schedule of Geographical Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 30,029	$ 49,827	$ 108,013
Foreign	45,302	12,721	14,455
Income before income taxes	$ 75,331	$ 62,548	$ 122,468

- Definition

+ References

+ Details

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

The Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s revenues are supported by its searchable creative platform and driven by its large contributor network. The Company’s chief executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating segment based on net income. The CODM considers budget-to-actual variances when making decisions about capital allocation to the segment. Asset information is not provided to the Company’s CODM as that information is not used in the determination of resource allocation or in assessing the performance of the Company’s segment.

The following table reconciles the company’s revenues and significant operating expense categories used to evaluate the business and allocate resources to Net income:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Revenue	$	989,925	$	935,262	$	874,587
Less:
Technology costs	91,039		69,883		58,853
Advertising costs	86,969		91,845		93,109
Adjusted cost of revenue1	360,963		355,074		318,281
Adjusted sales and marketing1	128,647		125,802		116,821
Adjusted product and development1	64,824		80,876		90,255
Adjusted general and administrative1	182,424		143,074		128,868

Total operating expenses	914,866		866,554		806,187
Income from operations	75,059		68,708		68,400
Bargain purchase gain	—		—		50,261
Interest expense	(16,826)		(10,561)		(1,857)
Other income, net	17,098		4,401		5,664
Income before income taxes	75,331		62,548		122,468

Provision for income taxes	29,835		26,616		12,199
Net income	45,496		35,932		110,269

1Excludes technology and advertising costs

The following represents the Company’s depreciation and amortization by expense category:


	Year Ended December 31,
($ in thousands)	2025		2024		2023

Cost of revenue	$	83,584	$	80,805	$	74,824
General and administrative	7,310		6,821		4,905
Total depreciation and amortization	$	90,894	$	87,626	$	79,729

The following represents the Company’s geographic revenue based on customer location (in thousands):


	Year Ended December 31,
	2025		2024		2023
North America	$	509,116	$	474,683	$	427,746
Europe	264,659		245,678		231,048
Rest of the world	216,150		214,901		215,793
Total revenue	$	989,925	$	935,262	$	874,587

Included in North America is the United States which comprises approximately 41%, 45% and 46% of total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. No other country accounts for more than 10% of the Company’s revenue in any period presented.

The Company’s long-lived tangible assets were located as follows (in thousands):


	December 31,
	2025		2024
North America	$	32,553	$	45,354
Europe	17,382		17,175
Rest of the world	12,618		3,871
Total long-lived tangible assets	$	62,553	$	66,400

Included in North America is the United States, which comprises 48% and 64% of total long-lived tangible assets as of December 31, 2025 and 2024, respectively. Included in Europe is Ireland, which comprised 23% and 20% of total long-lived tangible assets as of December 31, 2025 and 2024, respectively. Included in Rest of the world is Australia, which comprised 20% of total long-lived tangible assets as of December 31, 2025. No other country accounts for more than 10% of the Company’s long-lived tangible assets in any period presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 45,496	$ 35,932	$ 110,269
Foreign currency translation gain / (loss)	12,087	(4,867)	3,465
Other comprehensive income / (loss)	12,087	(4,867)	3,465
Comprehensive income	$ 57,583	$ 31,065	$ 113,734

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amortizing intangible assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization expense	47,500,000	45,600,000	42,000,000
2026	45,300,000
2027	38,900,000
2028	36,000,000
2029	29,300,000
2030	17,900,000
Thereafter	48,200,000
Cost of Revenue
Amortizing intangible assets
Amortization expense	41,500,000	40,400,000	38,700,000
General and Administrative Expenses
Amortizing intangible assets
Amortization expense	$ 6,000,000.0	$ 5,200,000	$ 3,300,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 178,244	$ 111,251
Accounts receivable, net of allowance of $3,431 and $3,101	112,626	95,225
Prepaid expenses and other current assets	47,769	49,482
Total current assets	338,639	255,958
Property and equipment, net	62,553	66,400
Right-of-use assets	9,770	13,956
Intangible assets, net	215,673	248,477
Goodwill	574,614	569,668
Deferred tax assets, net	61,289	70,982
Other assets	93,398	83,715
Total assets	1,355,936	1,309,156
Current liabilities:
Accounts payable	13,898	9,221
Accrued expenses	129,952	126,643
Contributor royalties payable	94,163	81,076
Deferred revenue	212,984	225,489
Debt	158,110	158,106
Other current liabilities	19,295	24,751
Total current liabilities	628,402	625,286
Deferred tax liability, net	1,134	2,174
Long-term debt	116,639	119,598
Lease liabilities	17,247	23,365
Other non-current liabilities	11,476	20,383
Total liabilities	774,898	790,806
Commitments and contingencies (Note 18)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 41,049 and 40,395 shares issued and 35,528 and 34,874 shares outstanding as of December 31, 2025 and December 31, 2024, respectively	410	403
Treasury stock, at cost; 5,521 shares as of December 31, 2025 and December 31, 2024	(269,804)	(269,804)
Additional paid-in capital	520,018	468,390
Accumulated other comprehensive loss	(4,754)	(16,841)
Retained earnings	335,168	336,202
Total stockholders’ equity	581,038	518,350
Total liabilities and stockholders’ equity	$ 1,355,936	$ 1,309,156

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company distributes its products through two primary offerings:

Content: The majority of the Company’s customers license image, video, music and 3D content for commercial purposes either directly through the Company’s self-service web properties or through the Company’s dedicated sales teams. Content customers have the flexibility to purchase subscription-based plans that are paid on a monthly or annual basis. Customers are also able to license content on a transactional basis. These customers generally license content under the Company’s standard or enhanced licenses, with additional licensing options available to meet customers’ individual needs. Certain content customers also have unique content, licensing and workflow needs. These customers communication with dedicated sales professionals, service and research teams which provide a number of tailored enhancements to their creative workflows including non-standard licensing rights, multi-seat access, ability to pay on credit terms, multi-brand licensing packages, increased indemnification protection and content licensed for use-cases outside of those available on the e-commerce platform.

Data, Distribution, and Services: The Company’s Data, Distribution, and Services offerings address customer demand for products and services that are beyond the stock image, footage music and 3D model licenses. These offerings include access to the Company’s metadata for machine learning and generative artificial intelligence model training and high-quality production and custom content at scale provided by Shutterstock Studios.

The Company’s Content and Data, Distribution, and Services revenues for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Content	$	786,661	$	760,011	$	737,264
Data, Distribution, and Services	203,264		175,251		137,323

Total Revenues	$	989,925	$	935,262	$	874,587

Deferred revenue reported on the balance sheet represents unfulfilled performance obligations for which the Company has either received payment or has outstanding receivables. The December 31, 2025 deferred revenue balance will be earned as content is downloaded or upon the expiration of subscription-based products, and nearly all is expected to be earned within the next twelve months. $224.1 million of total revenue recognized for the year ended December 31, 2025 was reflected in deferred revenue as of December 31, 2024. In addition, as of December 31, 2025, the Company has approximately $35.3 million of

contracted but unsatisfied performance obligations relating primarily to our data offerings, which are not included as a component of deferred revenue and that the Company expects to recognize over a five year period. In certain of the Company’s data deal contracts, the Company has provided customers with the right to cancel. As of December 31, 2025, the Company does not have a refund reserve liability. As of December 31, 2024, the total refund reserve related to these contracts was $13.0 million, of which $7.3 million and $5.7 million and was recorded in Other current liabilities and Other non-current liabilities, respectively. Should these cancellation rights not be exercised, this refund reserve would convert to revenue. For the twelve months ended December 31, 2025, the Company recognized $5.0 million of revenue from the reversal of refund reserves.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and Geographic Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of operating segments	1
United States \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	41.00%	45.00%	46.00%
United States \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	48.00%	64.00%
Ireland \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	23.00%	20.00%
Australia \| Long-Lived Tangible Assets \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	20.00%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes in the Company’s goodwill balance for the year ended December 31, 2025 (in thousands):


	Goodwill


Balance as of December 31, 2024	$	569,668

Envato measurement period adjustment	1,588
Foreign currency translation adjustment	3,358

Balance as of December 31, 2025	$	574,614

The Company’s goodwill balance was allocated to a single reporting unit. The Company performed its annual goodwill assessment as of October 1, 2025 and concluded that the fair value of its reporting unit was greater than its carrying amount, and therefore, no adjustment to the carrying value of goodwill was necessary. The Company utilized a qualitative assessment of its content business reporting unit to determine whether a quantitative assessment was necessary and determined there were no indicators of potential impairment.

There were no impairments of goodwill in any of the periods presented in the consolidated financial statements.

Intangible Assets

Intangible assets, all of which are subject to amortization, consist of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31, 2025							As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	106,557	$	(45,066)	$	61,491	11	$	103,130	$	(34,847)	$	68,283
Trade name	69,702		(19,072)		50,630		11	68,980		(12,941)		56,039
Developed technology	179,917		(113,223)		66,694		5	176,560		(86,140)		90,420
Contributor content	81,478		(44,682)		36,796		8	69,574		(35,917)		33,657
Patents	259		(197)		62		18	259		(181)		78

Total	$	437,913	$	(222,240)	$	215,673		$	418,503	$	(170,026)	$	248,477

Amortization expense related to the intangible assets was $47.5 million, $45.6 million and $42.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Of these amounts, $41.5 million, $40.4 million and $38.7 million are included in cost of revenue for the years ended December 31, 2025, 2024 and 2023, respectively, and $6.0 million, $5.2 million and $3.3 million are included in general and administrative expense for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company determined that there was no indication of impairment for the intangible assets for all periods presented. Estimated amortization expense for the next five years is: $45.3 million in 2026, $38.9 million in 2027, $36.0 million in 2028, $29.3 million in 2029, $17.9 million in 2030 and $48.2 million thereafter.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Compensation	$ 49,705	$ 46,753
Non-income taxes	41,584	43,171
Website hosting and marketing fees	6,307	9,568
Other expenses	32,356	27,151
Total accrued expenses	$ 129,952	$ 126,643

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unbilled receivables	$ 53.4
Allowance for credit loss	9.8	$ 13.3
Accounts Receivable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unbilled receivables	34.1
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unbilled receivables	$ 19.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Employer matching contributions	$ 5.0	$ 5.6	$ 5.4

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 989,925	$ 935,262	$ 874,587
Content
Disaggregation of Revenue [Line Items]
Total Revenues	786,661	760,011	737,264
Data, Distribution, and Services
Disaggregation of Revenue [Line Items]
Total Revenues	$ 203,264	$ 175,251	$ 137,323

- Definition

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+ Details

Merger Agreement with Getty Images (Details) - Getty Images	Jan. 06, 2025 $ / shares shares
Business Combination [Line Items]
Business combination, consideration transferred, equity interests, issued and issuable, cash paid per acquiree share (in dollars per share) \| $ / shares	$ 9.50
Business combination, consideration transferred, equity interests, issued and issuable, entity shares issued per acquiree share (in shares) \| shares	9.17
Business acquisition, share price (in dollars per share) \| $ / shares	$ 28.8487
Business acquisition, equity interest issued or issuable, number of shares (in shares) \| shares	13.67237

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Fair Value Measurements and Other Long-term Investments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Other Long-term Investments

Fair Value Measurements

The Company had no assets or liabilities requiring fair value hierarchy disclosures as of December 31, 2025 and 2024, except as noted below.

Money Market Accounts

Cash equivalents include money market accounts and are classified as a level 1 measurement based on quoted prices in active markets for identical assets that the reporting entity can access at the measurement date. As of December 31, 2025 and 2024, the Company did not have any cash equivalent balances.

Other Fair Value Measurements

The carrying amounts of cash, accounts receivable, accounts payable, accrued expenses and the Giphy Retention Compensation approximate fair value because of the short-term nature of these instruments. Debt consists of principal amounts outstanding under our credit facility, which approximates fair value as underlying interest rates are reset regularly based on current market rates and is classified as Level 2. The Company’s non-financial assets, which include long-lived assets, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the non-financial asset for impairment, a resulting asset impairment would require that the non-financial asset be recorded at its fair value.

Long-Term Investments

Investment in Meitu, Inc. (“Meitu”)

In 2018, the Company invested $15.0 million in convertible preferred shares issued by ZCool Technologies Limited (“ZCool”) (the “Preferred Shares”). ZCool’s primary business is the operation of an e-commerce platform in the People’s Republic of China (the “PRC”) whereby customers can pay to license content contributed by creative professionals. ZCool and its affiliates have been the exclusive distributor of Shutterstock content in China since 2014. The Company used the measurement alternative and the investment in ZCool was reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

On March 27, 2024, ZCool was acquired by Meitu, and the Company’s Preferred Shares in ZCool were exchanged for $18.4 million of Meitu common shares, resulting in an investment carrying value increase of $3.4 million, which is recorded in Other income, net in the Consolidated Statement of Operations. Meitu’s primary business is the provision of online advertising and other internet value added services in the PRC, and its common shares are publicly traded on the Main Board of The Stock Exchange of Hong Kong Limited. This investment is recorded at fair value on a recurring basis, with changes in fair value being recorded in Other income, net in the Consolidated Statement of Operations. The investment is subject to a contractual sale restriction that limits the sale or transfer of the investment for a period of 3 years, ending March 2027. Its fair value level hierarchy and amount are as follows (in thousands):


	As of December 31, 2025		As of December 31, 2024

Level 1	$	40,021	$	17,290

Other Long-Term Investments

In connection with its Data, Distribution, and Services business, the Company may receive equity instruments in addition to cash for revenue contract consideration. As of December 31, 2025 and 2024, the Company had $30.5 million and $24.0 million, respectively, recorded in Other Assets in the Consolidated Balance Sheet from equity instruments received. The Company estimated the value of these equity instruments based on issuers’ recent market transactions. The Company will use the measurement alternative for fair value since the equity instruments do not have a readily determinable fair value and will report the instruments at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments.

As of December 31, 2024, the Company also had a long-term investment in an equity security with no readily determinable fair value totaling $5.0 million. The Company uses the measurement alternative for fair value and the investment’s carrying value is reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments. In the second quarter of 2025, the issuer of this security raised additional capital at a valuation that would result in the Company not recovering its investment in a liquidation event. Accordingly, as of June 30, 2025, the Company concluded this investment was fully impaired and recorded a $5.0 million impairment charge in the three-month period ended June 30, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Operations	12 Months Ended
Summary of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Operations	Summary of Operations Description of Business Shutterstock, Inc. (the “Company” or “Shutterstock”) is a leading global creative platform connecting brands and businesses to high quality content. The Company’s platform brings together users and contributors of content by providing readily-searchable content that customers pay to license and by compensating contributors as their content is licensed. Contributors upload their content to the Company’s web properties in exchange for royalty payments based on customer download activity. Beyond content, customers also leverage the Company’s platform to assist with the entire creative process from ideation through creative execution. Digital content licensed to customers for their creative needs includes images, footage, music, and 3D models (the Company’s “Content” offering). Content revenues represent the majority of the Company’s business and are supported by the Company’s searchable creative platform and driven by the Company’s large contributor network. In addition, customers have needs that are beyond traditional content license products and services. These include (i) licenses to metadata associated with the Company’s images, footage, music tracks and 3D models through the Company’s data offering, (ii) distribution and advertising services from the Company’s Giphy business, which consists of GIFs (graphics interchange format visuals) that serve as a critical ingredient in text- and message- based conversations and in contextual advertising settings, (iii) specialized solutions for high-quality content matched with production tools and services through Shutterstock Studios and (iv) other tailored white-glove services (collectively, the Company’s “Data, Distribution, and Services” offerings). The Company’s Content offering includes: •Images - consisting of photographs, vectors and illustrations. Images are typically used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications and other similar uses. •Footage - consisting of video clips, premium footage filmed by industry experts and cinema grade video effects, available in HD and 4K formats. Footage is often integrated into websites, social media, marketing campaigns and cinematic productions. •Music - consisting of high-quality music tracks and sound effects, which are often used to complement images and footage. •3 Dimensional (“3D”) Models - consisting of 3D models, used in a variety of industries such as advertising, media and video production, gaming, retail, education, design and architecture. •Generative AI Content - consisting of images generated from algorithms trained with high-quality, ethically sourced content. Customers can generate images by entering a description of their desired content into model prompts.

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) channel	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of primary channels \| channel	2
Disposal group deferred revenue	$ 224.1
Revenue, remaining performance obligation	35.3
Revenue, refundable fee, amount		$ 13.0
Revenue, reversal of refund reserves, amount	$ 5.0
Other Current Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount		7.3
Other Noncurrent Liabilities
Segment Reporting Information [Line Items]
Revenue, refundable fee, amount		$ 5.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Segment Reporting Information [Line Items]
Period of performance obligation recognition	5 years

Other Income, net

12 Months Ended

Dec. 31, 2025

Other Nonoperating Income (Expense) [Abstract]

Other Income, net

The following table presents a summary of the Company’s other income activity included in the accompanying Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2025		2024		2023
Foreign currency (loss) / gain	$	(2,463)	$	(1,831)	$	879

Impairment of a long-term asset	(5,000)		—		—
Interest income, unrealized gain on investments, and other	24,561		6,232		4,785

Other income, net	$	17,098	$	4,401	$	5,664

Leasing (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Balance Sheet Information for Leases

Balance sheet information for the Company’s leases as of December 31, 2025, is as follows:


	December 31,
(in thousands)	2025		2024

Right-of-use assets	$	9,770	$	13,956

Lease liabilities, current	$	8,335	$	9,717
Lease liabilities, non-current	17,247		23,365
Total lease liabilities	$	25,582	$	33,082

Schedule of Maturity of Operating Lease Liabilities

Future undiscounted lease payments for the Company’s operating lease liabilities and a reconciliation of these payments to its lease liabilities at December 31, 2025 are as follows (in thousands):


Reconciliation of future undiscounted lease payments to lease liabilities	Lease Commitments
Year ending December 31,

2026	8,560
2027	8,651
2028	8,395
2029	2,660


Total undiscounted lease payments	28,266
Less: imputed interest	(2,684)
Total lease liabilities	$	25,582

Summary of Significant Accounting Policies - Concentration of Risk (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
One Customer \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	17.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Accrued Expenses - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued severance costs	$ 1.5	$ 5.8

Segment and Geographic Information - Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 989,925	$ 935,262	$ 874,587
North America
Segment Reporting Information [Line Items]
Revenue	509,116	474,683	427,746
Europe
Segment Reporting Information [Line Items]
Revenue	264,659	245,678	231,048
Rest of the world
Segment Reporting Information [Line Items]
Revenue	$ 216,150	$ 214,901	$ 215,793

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) / Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		39,605
Beginning balance at Dec. 31, 2022	$ 447,482	$ 396	$ (200,008)	$ 391,482	$ (15,439)	$ 271,051
Beginning balance (in shares) at Dec. 31, 2022			3,776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	48,577			48,577
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		634
Issuance of common stock in connection with employee stock option exercises and RSU vesting	2	$ 5		(3)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(257)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(15,829)	$ (2)		(15,827)
Repurchase of treasury shares (in shares)			634
Repurchase of treasury shares	(28,205)		$ (28,205)
Cash dividends paid	(38,667)					(38,667)
Other comprehensive income (loss)	3,465				3,465
Net income	110,269					110,269
Ending balance (in shares) at Dec. 31, 2023		39,982
Ending balance at Dec. 31, 2023	527,094	$ 399	$ (228,213)	424,229	(11,974)	342,653
Ending balance (in shares) at Dec. 31, 2023			4,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	56,330			56,330
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		702
Issuance of common stock in connection with employee stock option exercises and RSU vesting	0	$ 6		(6)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(289)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(12,165)	$ (2)		(12,163)
Repurchase of treasury shares (in shares)			1,111
Repurchase of treasury shares	(41,591)		$ (41,591)
Cash dividends paid	(42,383)					(42,383)
Other comprehensive income (loss)	(4,867)				(4,867)
Net income	$ 35,932					35,932
Ending balance (in shares) at Dec. 31, 2024	34,874	40,395
Ending balance at Dec. 31, 2024	$ 518,350	$ 403	$ (269,804)	468,390	(16,841)	336,202
Ending balance (in shares) at Dec. 31, 2024	5,521		5,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	$ 61,076			61,076
Issuance of common stock in connection with employee stock option exercises and RSU vesting (in shares)		1,132
Issuance of common stock in connection with employee stock option exercises and RSU vesting	1	$ 11		(10)
Common shares withheld for settlement of taxes in connection with equity-based compensation (in shares)		(478)
Common shares withheld for settlement of taxes in connection with equity-based compensation	(9,442)	$ (4)		(9,438)
Cash dividends paid	(46,530)					(46,530)
Other comprehensive income (loss)	12,087				12,087
Net income	$ 45,496					45,496
Ending balance (in shares) at Dec. 31, 2025	35,528	41,049
Ending balance at Dec. 31, 2025	$ 581,038	$ 410	$ (269,804)	$ 520,018	$ (4,754)	$ 335,168
Ending balance (in shares) at Dec. 31, 2025	5,521		5,521

Commitments and Contingencies - Narrative (Details) - Customer Indemnifications	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Maximum indemnification liability per customer	$ 10,000
Liabilities related to indemnification	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table presents the changes in the Company’s allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance, beginning of period	$	3,101	$	6,335	$	5,830
Add / (Less): bad debt expense / (recovery)	713		(2,033)		1,894
Less: write-offs, net of recoveries and other adjustments	(383)		(1,201)		(1,389)
Balance, end of period	$	3,431	$	3,101	$	6,335

Schedule of Property and Equipment

Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Property and equipment is summarized as follows (in thousands):


	December 31,
	2025		2024
Computer equipment and software	$	394,200	$	351,062
Furniture and fixtures	11,046		11,016
Leasehold improvements	20,524		20,451
Property and equipment	425,770		382,529
Less: accumulated depreciation	(363,217)		(316,129)
Property and equipment, net	$	62,553	$	66,400

Acquisitions - Narrative (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 22, 2024	Feb. 01, 2024	Jun. 23, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Business Combination [Line Items]
Revenue					$ 989,925	$ 935,262	$ 874,587
Net cash to acquire business					0	179,071	53,721
Bargain purchase gain					0	$ 0	$ 50,261
Envato
Business Combination [Line Items]
Purchase price	$ 250,200
Professional fees	$ 7,000
Envato \| Trademark
Business Combination [Line Items]
Estimated useful life	10 years
Envato \| Developed technology
Business Combination [Line Items]
Estimated useful life	5 years
Envato \| Customer relationships
Business Combination [Line Items]
Estimated useful life	6 years
Backgrid
Business Combination [Line Items]
Professional fees		$ 1,500
Cash payment		$ 20,000
Backgrid \| Trademark
Business Combination [Line Items]
Estimated useful life		10 years
Backgrid \| Developed technology
Business Combination [Line Items]
Estimated useful life		5 years
Giphy, Inc.
Business Combination [Line Items]
Purchase price			$ 6,001
Professional fees			3,000	$ 30,000
Cash payment			57,750
Net cash to acquire business			53,000
Nonrecurring benefits receivable			123,500
Business combination, expenses payment in installments				1,250
Period of services provided								2 years
Revenue to be recognized								$ 30,000
Bargain purchase gain			$ 50,261
Contingent consideration, asset					1,200
Contingent consideration, asset, current					1,000
Contingent consideration, asset, noncurrent					$ 200
Giphy, Inc. \| Mandated Payments Consideration - Recurring
Business Combination [Line Items]
Nonrecurring benefits receivable				35,600
Giphy, Inc. \| Mandated Payments Consideration - Nonrecurring
Business Combination [Line Items]
Nonrecurring benefits receivable				$ 87,900
Giphy, Inc. \| Developed technology
Business Combination [Line Items]
Estimated useful life			7 years
Giphy, Inc. \| Trade name
Business Combination [Line Items]
Estimated useful life			15 years

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign currency transactional gains (losses)	$ (2.3)	$ (3.2)	$ 0.7

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Equity-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The Company recognizes stock-based compensation expense for all share-based payment awards including employee stock options and RSUs granted under either the 2012 Plan, the 2022 Plan or the 2022 Amended and Restated Plan based on the fair value of each award on the grant date.


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	2,014	$	1,472	$	815
Sales and marketing	9,199		11,031		7,359
Product development	13,029		11,923		13,200
General and administrative	36,834		31,904		27,203
Total	$	61,076	$	56,330	$	48,577

For the year ended December 31, 2025, 2024 and 2023 substantially all of the Company’s non-cash equity-based compensation expense related to RSUs.

2012 Omnibus Equity Incentive Plan

On October 10, 2012, the Company’s 2012 Plan became effective. The 2012 Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares to employees, directors and consultants. The maximum aggregate number of shares that may be issued under the 2012 Plan was initially 6,750,000 shares of common stock. The number of shares available for issuance under the 2012 Plan will be increased annually commencing January 1, 2013 by an amount equal to the lesser of 1,500,000 shares of common stock, 3% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year, or such other amount as determined by the Company’s Board of Directors. Any awards issued under the 2012 Plan that are forfeited by the participant will become available for future grant under the 2012 Plan. The number of shares of common stock available under the 2012 Plan was automatically increased by approximately 1,093,000 shares on January 1, 2022, pursuant to the automatic increase provisions of the 2012 Plan. This plan expired on June 2, 2022.

2022 Omnibus Equity Incentive Plan

On June 2, 2022, the Company’s stockholders approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares (collectively, “Awards”) to employees, officers, directors, consultants and advisors of the Company. The maximum aggregate number of shares that may be issued under the 2022 Plan is 4,000,000 shares of our common stock and is subject to adjustment in connection with changes in capitalization, reorganization and change in control events. Shares subject to Awards granted under the 2022 Plan that expire unexercised or are forfeited, will become available for future grant under 2022 Plan. However, shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant under the 2022 Plan. Awards granted subsequent to June 2, 2022 were granted under the 2022 Plan.

Amended and Restated 2022 Omnibus Equity Incentive Plan

On June 6, 2024, the Company’s stockholders approved the Amended and Restated 2022 Omnibus Equity Incentive Plan (the “2022 Amended and Restated Plan”). The 2022 Amended and Restated Plan provides for the grant of incentive stock options to Company employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares (collectively, “Awards”) to employees, officers, directors, consultants and advisors of the Company. The maximum aggregate number of shares that may be issued under the 2022 Amended and Restated Plan is 7,500,000 shares of our common stock and is subject to adjustment in connection with changes in capitalization, reorganization and change in control events. Shares subject to Awards granted under the 2022 Amended and Restated Plan that expire unexercised or are forfeited, will become available for future grant under 2022 Amended and Restated Plan. However, shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant under the 2022 Amended and Restated Plan. Awards granted subsequent to June 6, 2024 were granted under the 2022 Amended and Restated Plan.

Stock Option Awards

The following is a summary of stock option awards (in thousands) and weighted average exercise price per option:


	Plan Options	Weighted Average Exercise Price
Options outstanding at December 31, 2024	299	$	34.14



Options canceled or expired	(35)	42.96
Options outstanding at December 31, 2025	264	32.95

Options exercisable at December 31, 2025	264	32.95

Intrinsic value of stock options is calculated as the excess of market price of the Company’s common stock over the strike price of the stock options, multiplied by the number of stock options. The intrinsic value of the Company’s outstanding stock options was zero at both December 31, 2025 and December 31, 2024. There were no stock options exercised for the years ended December 31, 2025 and 2024.

No stock option awards were granted during the years ended December 31, 2025, 2024 and 2023.

Restricted Stock Units Awards (including PRSUs)

The following table presents a summary of the Company’s RSUs activity for the year ended December 31, 2025 (in thousands):


	Plan RSUs	Weighted Average Fair Value
Non-vested balance at December 31, 2024	2,900	$	46.13
Units granted	3,811	17.01

Units vested	(1,138)	56.43
Units canceled or forfeited	(821)	21.08
Non-vested balance at December 31, 2025	4,752	$	24.64

Non-vested and deferred balance at December 31, 2025	4,805	$	24.92

As of December 31, 2025, the total unrecognized compensation charge related to the restricted stock units is approximately $66.4 million, which is expected to be recognized through fiscal 2029.

Summary of Significant Accounting Policies - Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s Content and Data, Distribution, and Services revenues for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Content	$	786,661	$	760,011	$	737,264
Data, Distribution, and Services	203,264		175,251		137,323

Total Revenues	$	989,925	$	935,262	$	874,587

Acquisitions - Schedule of Aggregate Purchase Price for Envato and Backgrid Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jul. 22, 2024	Feb. 01, 2024
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill		$ 574,614	$ 569,668
Envato measurement period adjustment		1,588
Envato and Backgird
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents		92,309
Accounts receivable		7,550
Other assets		5,481
Right of use asset		273
Fixed assets		895
Intangible assets		107,400
Goodwill		189,004
Deferred tax asset		36,956
Total assets acquired		439,868
Accounts payable		(4,173)
Contributor royalties payable		(12,766)
Accrued expenses		(30,461)
Deferred revenue		(46,888)
Deferred tax liability		(271)
Other liabilities		(73,756)
Lease liability		(190)
Total liabilities assumed		(168,505)
Net assets acquired		271,363
Envato and Backgird \| Trademark
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets		31,300
Envato and Backgird \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets		61,900
Envato and Backgird \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets		14,200
Envato
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents				$ 90,591
Accounts receivable				6,818
Other assets				5,404
Right of use asset				273
Fixed assets				895
Intangible assets				106,200
Goodwill				169,161
Deferred tax asset				36,956
Total assets acquired				416,298
Accounts payable				(4,173)
Contributor royalties payable				(11,917)
Accrued expenses				(30,233)
Deferred revenue				(46,888)
Deferred tax liability				0
Other liabilities				(72,682)
Lease liability				(190)
Total liabilities assumed				(166,083)
Net assets acquired				250,215
Other liabilities		$ 63,400
Envato measurement period adjustment	$ 1,600
Deferred income taxes	400
Noncurrent liabilities, other	$ 1,200
Envato \| Trademark
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets				31,000
Envato \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets				61,000
Envato \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets				$ 14,200
Backgrid
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents					$ 1,718
Accounts receivable					732
Other assets					77
Right of use asset					0
Fixed assets					0
Intangible assets					1,200
Goodwill					19,843
Deferred tax asset					0
Total assets acquired					23,570
Accounts payable					0
Contributor royalties payable					(849)
Accrued expenses					(228)
Deferred revenue					0
Deferred tax liability					(271)
Other liabilities					(1,074)
Lease liability					0
Total liabilities assumed					(2,422)
Net assets acquired					21,148
Backgrid \| Trademark
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets					300
Backgrid \| Developed technology
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets					900
Backgrid \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets					$ 0

Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Depreciation and amortization expense	$ 43,500,000	$ 42,000,000	$ 37,700,000
Impairment charge for property plant equipment	0	0	0
Capitalized costs	41,100,000	36,900,000	45,100,000
Amortization expense	41,200,000	39,300,000	34,900,000
Capitalized internal-use software	57,700,000	57,800,000
Cost of Revenue
Property and Equipment
Depreciation and amortization expense	42,100,000	40,400,000	36,100,000
General and Administrative Expenses
Property and Equipment
Depreciation and amortization expense	$ 1,400,000	$ 1,600,000	$ 1,700,000

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2025		2024
Compensation	$	49,705	$	46,753
Non-income taxes	41,584		43,171


Website hosting and marketing fees	6,307		9,568


Other expenses	32,356		27,151
Total accrued expenses	$	129,952	$	126,643

Leasing - Schedule of Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use assets	$ 9,770	$ 13,956
Lease liabilities, current	8,335	9,717
Lease liabilities, non-current	17,247	23,365
Total lease liabilities	$ 25,582	$ 33,082
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortizing intangible assets:
Gross Carrying Amount	$ 437,913	$ 418,503
Accumulated Amortization	(222,240)	(170,026)
Net Carrying Amount	215,673	248,477
Customer relationships
Amortizing intangible assets:
Gross Carrying Amount	106,557	103,130
Accumulated Amortization	(45,066)	(34,847)
Net Carrying Amount	$ 61,491	68,283
Weighted Average Life (Years)	11 years
Trade name
Amortizing intangible assets:
Gross Carrying Amount	$ 69,702	68,980
Accumulated Amortization	(19,072)	(12,941)
Net Carrying Amount	$ 50,630	56,039
Weighted Average Life (Years)	11 years
Developed technology
Amortizing intangible assets:
Gross Carrying Amount	$ 179,917	176,560
Accumulated Amortization	(113,223)	(86,140)
Net Carrying Amount	$ 66,694	90,420
Weighted Average Life (Years)	5 years
Contributor content
Amortizing intangible assets:
Gross Carrying Amount	$ 81,478	69,574
Accumulated Amortization	(44,682)	(35,917)
Net Carrying Amount	$ 36,796	33,657
Weighted Average Life (Years)	8 years
Patents
Amortizing intangible assets:
Gross Carrying Amount	$ 259	259
Accumulated Amortization	(197)	(181)
Net Carrying Amount	$ 62	$ 78
Weighted Average Life (Years)	18 years

Stockholders' Equity (Details)		12 Months Ended
Stockholders' Equity (Details)	Jan. 26, 2026 $ / shares	Dec. 31, 2025 USD ($) Vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Feb. 28, 2017 USD ($)	Oct. 31, 2015 USD ($)
Common Stock
Number of votes for each share \| Vote		1
Common stock, shares authorized (in shares) \| shares		200,000,000	200,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred Stock
Preferred stock, authorized shares (in shares) \| shares		5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Preferred stock, shares issued (in shares) \| shares		0
Treasury Stock
Remaining authorization for purchases under the share repurchase program \| $		$ 30,200,000
Number of shares acquired (in shares) \| shares		5,521,000	5,521,000
Dividends
Dividends, common stock, cash (in dollars per share) \| $		$ 46,500,000	$ 42,400,000
Cash dividend declared (in dollars per share) \| $ / shares		$ 1.32	$ 1.20
Subsequent Event
Dividends
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.36
Common Stock
Treasury Stock
Authorized repurchase amount \| $				$ 100,000,000	$ 100,000,000	$ 100,000,000
Repurchase of treasury shares (in shares) \| shares			1,100,000
Average per-share cost (in dollars per share) \| $ / shares			$ 37.42
Number of shares acquired (in shares) \| shares		5,500,000
Common Stock \| October 2015 Share Repurchase Program
Treasury Stock
Average per-share cost (in dollars per share) \| $ / shares		$ 48.86

Summary of Significant Accounting Policies - Contributor Royalties and Internal Sales Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Deferred royalty advances	$ 2.0	$ 3.4	$ 3.9
Amortization of advance royalty	2.0	3.7	$ 4.0
Prepaid Expenses and Other Current Assets
Deferred Revenue Arrangement [Line Items]
Deferred contributor royalties	$ 0.3	$ 0.3

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Generally, the useful lives are as follows:


Equipment			3 years
Furniture and fixtures			7 years
Software			3 years
Leasehold improvements			Shorter of expected useful life or lease term

Property and equipment is summarized as follows (in thousands):


	December 31,
	2025		2024
Computer equipment and software	$	394,200	$	351,062
Furniture and fixtures	11,046		11,016
Leasehold improvements	20,524		20,451
Property and equipment	425,770		382,529
Less: accumulated depreciation	(363,217)		(316,129)
Property and equipment, net	$	62,553	$	66,400

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Non-Lease Obligations


Year Ending December 31,	Other Obligations
2026	$	73,400
2027	49,700
2028	38,100



Total non-lease unconditional obligations	$	161,200