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Shutterstock (SSTK) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Shutterstock (SSTK) reported revenue of $243M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -3% from the quarter before. Operating margin was 4.2%, net earnings $18.7M (7.7% of revenue).
Shutterstock, Q1 2025: revenue $243M (+13% year over year), operating margin 4.2%, net earnings $18.7M, operating cash flow $25.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $243M | -3% | +13% |
| Operating profit | $10.2M | -22% | -39% |
| Net earnings | $18.7M | — | +16% |
| Operating cash flow | $25.2M | +217% | +204% |
| Free cash flow | $23.4M | — | — |
What changed
Revenue was $242.6M in Q1 2025, up 13% year over year and down 3% from the previous quarter. Content was the largest line at 84% of revenue. Content added $29.1M year over year (up 17%), 103% of the total change. Data, Distribution, and Services declined 2%.
Operating profit was $10.2M, a 4.2% margin (down 3.6 points year over year). Operating profit fell $6.5M even though revenue rose $28.3M versus a year earlier, so costs grew faster than sales. Total costs grew 18% against revenue growth of 13%. The fastest-growing cost line was General & admin (+82%). Net earnings were $18.7M, up 16% year over year. The effective tax rate was 8.5%. Non-operating items added $10.2M, 50% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $25.2M (up 204% year over year), 135% of net earnings. Non-cash charges added back $22.7M of depreciation and amortization and $17.9M of share-based compensation. Working capital and other items used $34.0M. After capital expenditures, net ($1.0M) and content acquisitions ($897K), adjusted free cash flow as the company reports it was $23.4M.
Questions
What was Shutterstock's revenue in the first quarter 2025?
Shutterstock (SSTK) reported revenue of $243M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -3% from the quarter before.
Was Shutterstock profitable in the first quarter 2025?
Operating profit was $10.2M (4.2% of revenue) and net earnings $18.7M.
Source: Shutterstock 10-Q on SEC EDGAR.