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Freedom251 › Blog › financial results

Shutterstock Stock Rose 5.79% on Oct. 5 as Q2 Revenue and Earnings Weakened

By Freedom251 Team · · 3 min read

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Shutterstock shares reportedly closed at $4.02 on October 5, 2026, up 5.79% for the session, according to AD HOC NEWS. That daily move came more than two months after the company reported weaker second-quarter results: Q2 revenue fell 17% year over year, and Shutterstock posted a $155.9 million GAAP net loss. The available reporting does not establish why the stock rose on October 5, so the price move should not be treated as a reaction to newly released earnings.

What happened to Shutterstock stock on October 5?

AD HOC NEWS reported that Shutterstock (NYSE: SSTK) closed at $4.02 on October 5, 2026, a 5.79% gain for the session. The same article gave a session range of $3.76 to $4.03 and trading volume of 512,000 shares. These are figures from a secondary news report, not an independently verified exchange quote. The report does not establish a definitive cause for the rise.

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Shutterstock released its Q2 2026 results on August 4, covering the quarter ended June 30. The earnings release therefore was not a new event on October 5, and the timing alone does not show that the results caused that session’s move. The AD HOC NEWS report offered its own interpretation of investors weighing declines and cost reductions, but that should be understood as commentary rather than verified investor intent.

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How did Shutterstock perform in Q2 2026?

The company’s August 4 results release and SEC filing show lower revenue, adjusted earnings, and several operating measures compared with the same quarter a year earlier. The figures below compare the quarters ended June 30, 2026 and June 30, 2025; adjusted figures are non-GAAP measures reported by Shutterstock.

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Measure Q2 2026 Q2 2025 Change or context
Revenue $221.8 million $267.0 million Down $45.2 million, or 17% year over year
GAAP net income (loss) $(155.9) million $29.4 million Swung to a loss
Adjusted net income $30.0 million $42.9 million Lower year over year
Adjusted diluted EPS $0.82 $1.19 Lower year over year; non-GAAP
Diluted GAAP EPS $(4.25) $0.82 GAAP loss per share versus GAAP earnings per share
Adjusted EBITDA $65.1 million $82.2 million Down 21% year over year
Ending subscribers 951,000 1,073,000 Down 122,000
Paid downloads 98.7 million 112.6 million Lower year over year
Subscriber revenue $99.8 million $108.0 million Lower year over year
Average revenue per customer, trailing 12 months $292 $266 Higher despite fewer subscribers and paid downloads

The comparison shows that the large GAAP loss was not the only weak measure: revenue, subscriber count, subscriber revenue, paid downloads, adjusted net income, adjusted diluted EPS, and adjusted EBITDA were also down. Average revenue per customer over the trailing 12 months moved in the opposite direction.

Why was the GAAP loss so large?

Shutterstock recorded a $173.7 million goodwill impairment charge in Q2. The company’s SEC filing says Getty Images’ termination of the proposed merger agreement, announced after the market close on June 30, triggered a quantitative impairment test. Shutterstock estimated the reporting unit’s fair value using a market approach and recorded the charge; the filing says it includes a $10.4 million deferred-tax impact.

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That impairment was central to the sharp swing in GAAP results, but it does not mean the company’s operating performance was otherwise unchanged. Revenue and several subscriber and earnings measures also declined year over year.

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Why were adjusted earnings positive while GAAP results were negative?

GAAP net income follows accounting rules and includes the goodwill impairment charge. Adjusted net income, adjusted diluted EPS, and adjusted EBITDA are non-GAAP measures that exclude or adjust for items as defined in Shutterstock’s earnings materials. They answer a different question from the GAAP results and should not be described as GAAP earnings.

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For Q2 2026, Shutterstock reported $30.0 million of adjusted net income and adjusted diluted EPS of $0.82, alongside a $155.9 million GAAP net loss and diluted GAAP loss per share of $4.25. The company’s reconciliation in its Form 10-Q and Q2 results release provides the basis for its adjusted measures. The adjusted figures were also lower than the prior-year quarter, so positive adjusted results do not erase the broader year-over-year declines.

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What did management say it would do next?

In the August 4 release, Interim CEO and CFO Rik Powell said Shutterstock had achieved more than $70 million in annualized run-rate operating expense reductions over the prior 18 months and was targeting an additional $60 million by year-end. These are management’s reported progress and target, not a guarantee that the savings will be achieved.

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The company said it would not issue guidance for the remainder of 2026 while preparing a strategic update. It also said it would no longer hold the conference call originally scheduled for August 6 because of that pending update. That leaves investors without company guidance for the rest of the year in the cited release.

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