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Shutterstock SSTK Reportable Segment — Adjusted cost of revenue

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Other financials

Income statement

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Revenue$221.8M-16.9%
Gross profit$128.0M-20.5%
Operating income-$155.2M-547%
Net income-$155.9M-630%
EPS (diluted)-$4.25-618%

Balance sheet

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Cash & equivalents$133.2M+14.4%
Total debt$286.8M-3.4%
Total equity$363.7M-38.0%
Total assets$1.1B-20.6%

Cash flow

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Operating cash flow$621.0K-97.7%
CapEx$10.1M-10.6%
Free cash flow-$9.5M-161%

Valuation

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Market cap$219.37M-68.8%
Enterprise value$372.95M-57.7%
P/S0.2×-0.4×

Profitability

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Gross margin56.9%-1.2pp
Operating margin-17.1%-24.6pp
Net margin6%+1.9pp
FCF margin10%+9.7pp

Returns & leverage

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Return on equity11%+3.9pp
Debt / equity0.8×+0.3×
Current ratio0.5×0.0×

Where this comes from

Reported directly by Shutterstock in its filing.

Tagged under the XBRL concept sstk:AdjustedCostOfGoodsAndServicesSold.

The source filing: Shutterstock’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 1:38 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001549346-26-000029
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Less:
Technology costs19,75220,62339,90440,692
Advertising costs17,00221,76534,65043,428
Adjusted cost of revenue182,29594,861165,155184,293
Adjusted sales and marketing129,70534,01959,04864,541
Adjusted product and development114,54216,31030,57333,031
Adjusted general and administrative140,00344,681104,09398,693
Goodwill impairment173,738173,738

Item 1. Financial Statements (Unaudited)

FAQ

What is Shutterstock's reportable segment — adjusted cost of revenue?
Shutterstock (SSTK) reported reportable segment — adjusted cost of revenue of $82.3M in Q2 2026.
How has Shutterstock's reportable segment — adjusted cost of revenue changed year-over-year?
Shutterstock's reportable segment — adjusted cost of revenue decreased by 13.2% year-over-year, from $94.86M to $82.3M.
What is the long-term trend for Shutterstock's reportable segment — adjusted cost of revenue?
Over 3 years (2022 to 2025), Shutterstock's reportable segment — adjusted cost of revenue has grown at a 7.8% compound annual growth rate (CAGR), from $288.3M to $360.96M.
What does reportable segment — adjusted cost of revenue mean?
Includes the direct costs incurred to produce and deliver the segment's digital products, excluding non-recurring or non-cash items. It provides a clearer view of the underlying unit economics and the direct profitability of the content licensing business.

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