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Shutterstock cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$8.4M in Q3 2026 · $30.6M over twelve months

Operating cash flow$18.3M
Capital spending−$9.8M
Free cash flow+$8.4M
Cash conversion cycle39 days

Analysis

In Q3 2026, Shutterstock generated $18.3M of operating cash flow and spent $9.8M on capital projects, leaving free cash flow of $8.4M. That is $59.5M less than in Q3 2025 ($68.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $72.5M; the largest uses were capital spending ($41.8M), dividends ($37.7M), net borrowing (+) / repaid (−) ($32.4M); besides operations, cash came from other investing ($394K); the cash balance fell by $55.1M.

Operating cash flow was $18.3M against net income of −$198M. The largest differences: impairments +$203M, depreciation & amortization +$21.8M, deferred revenue −$8.6M.

Its cash conversion cycle was 39 days (receivables 54 + inventory 0 − payables 15).

Free cash flow

Shutterstock: free cash flow by quarterShutterstock: free cash flow by quarter−$952KQ4 2024$14.4MQ1 2025$15.5MQ2 2025$68.0MQ3 2025$25.9MQ4 2025$5.8MQ1 2026−$9.5MQ2 2026$8.4MQ3 2026
Operating cash flow less capital spending.
Shutterstock: operating cash flow against capital spendingShutterstock: operating cash flow against capital spendingOperating cash flowCapital spending$8.0M$8.9MQ4 2024$25.2M$10.8MQ1 2025$26.8M$11.3MQ2 2025$78.4M$10.4MQ3 2025$36.2M$10.3MQ4 2025$17.4M$11.6MQ1 2026$621K$10.1MQ2 2026$18.3M$9.8MQ3 2026
Latest (Q3 2026): Operating cash flow $18.3M, Capital spending $9.8M.

Capital allocation, year by year

Shutterstock: where the cash came from (up) and went (down), by fiscal yearShutterstock: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $216MFY2021: Shares issued $2.1MFY2021: Capital spending −$28.1MFY2021: Acquisitions −$182MFY2021: Buybacks −$26.5MFY2021: Dividends −$30.7M$219MFY2021FY2022: Operating cash flow $158MFY2022: Net borrowing $50.0MFY2022: Shares issued $1.8MFY2022: Capital spending −$43.3MFY2022: Acquisitions −$212MFY2022: Buybacks −$73.5MFY2022: Dividends −$34.6M$210MFY2022FY2023: Operating cash flow $141MFY2023: Net borrowing −$20.0MFY2023: Shares issued $2KFY2023: Capital spending −$44.6MFY2023: Acquisitions −$53.7MFY2023: Buybacks −$28.2MFY2023: Dividends −$38.7M$141MFY2023FY2024: Operating cash flow $32.6MFY2024: Net borrowing $248MFY2024: Capital spending −$47.2MFY2024: Acquisitions −$179MFY2024: Buybacks −$41.6MFY2024: Dividends −$42.4M$281MFY2024FY2025: Operating cash flow $167MFY2025: Net borrowing −$3.1MFY2025: Capital spending −$42.9MFY2025: Dividends −$46.5M$167MFY2025
Over these 5 years operating cash flow totalled $715M; the largest uses were acquisitions ($626M) and capital spending ($206M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$110M
Debt$243M
Net debt$132M
Due within a year$128M

Shutterstock funds itself: free cash flow was $30.6M over the last twelve months, and $110M of cash and investments stands against $243M of debt ($128M due within a year, 0.9× covered by cash).

Where the cash came from and went

Shutterstock: sources (+) and uses (−) of cash, Q3 2026Shutterstock: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$30.0MCash drawn (+) / kept (−)$22.7MOperating cash flow$18.3MCapital spending−$9.8MExchange rates−$1.4MTaxes on employees’ shares$197KOther investing$14KDividends−$3K
Shutterstock: sources (+) and uses (−) of cash, TTM to Q3 2026Shutterstock: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$72.5MCash drawn (+) / kept (−)$55.1MCapital spending−$41.8MDividends−$37.7MNet borrowing (+) / repaid (−)−$32.4MTaxes on employees’ shares−$11.0MExchange rates−$5.0MOther investing$394K

From profit to cash

Shutterstock: net income to operating cash flow, Q3 2026Shutterstock: net income to operating cash flow, Q3 2026Net income−$198MDepreciation & amortization$21.8MStock-based pay$7.8MDeferred taxes−$2.9MImpairments$203MReceivables$1.2MPayables−$2.1MDeferred revenue−$8.6MPrepaid and other assets$468KOperating cash flow$18.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202654—1539
Q2 202642—1329
Q1 202649—1336
Q4 202550—1337
Q3 202549—1336
Q2 202545—1431
Q1 202538—1127
Q4 202434—1024

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$18.3M−$9.8M−$3K−$30.0M$22.7M$8.4M
Q2 2026$621K−$10.1M−$13.2M−$782K$29.3M−$9.5M
Q1 2026$17.4M−$11.6M−$12.8M−$781K$15.7M$5.8M
Q4 2025$36.2M−$10.3M−$11.7M−$782K−$12.7M$25.9M
Q3 2025$78.4M−$10.4M−$11.7M−$781K−$49.1M$68.0M
Q2 2025$26.8M−$11.3M−$11.6M−$782K−$4.2M$15.5M
Q1 2025$25.2M−$10.8M−$11.5M−$781K−$980K$14.4M
Q4 2024$8.0M−$8.9M−$10.4M−$1.6M$20.1M−$952K

Shutterstock: income statement and cash flow

Shutterstock, Q3 2026: revenue $174M (-33% year over year), operating margin -114.5%. The chart follows the revenue to costs, profit and cash.

Shutterstock: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.