Shutterstock, Inc. 10-K

Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. However, any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objective. Based on the evaluation of our disclosure controls and procedures as of December 31, 2025, and subject to the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at a reasonable assurance level. Management’s Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Management assessed our internal control over financial reporting as of December 31, 2025. Management based its assessment on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment, and subject to the foregoing, management has concluded that our internal control over financial reporting was effective as of December 31, 2025. PricewaterhouseCoopers LLP, an independent registered public accounting firm (PCAOB ID 238 ), has audited the consolidated financial statements included in this Annual Report on Form 10-K and, as part of the audit, has issued a report on the effectiveness of our internal control over financial reporting as of December 31, 2025, which begins on page F-2 of this Annual Report on Form 10-K. Changes in Internal Control Over Financial Reporting There were no changes in our internal control over financial reporting identified in connection with management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act that occurred during the three months ended December 31, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Limitations on Controls Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and fraud. The design of a control system must reflect that there are resource constraints, and the benefits of controls must be considered relative to their costs. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Item 9B. Other Information. (c) Insider Trading Arrangements 69 Table of Contents During the three months ended December 31, 2025, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c), respectively, of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. 70 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item, other than the information set forth below, is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC, within 120 days after the end of the fiscal year ended December 31, 2025. We have adopted a Code of Business Conduct and Ethics that applies to all of our directors, officers and employees, including our principal executive officer and our principal financial and accounting officer. The Code of Business Conduct and Ethics is available on our investor relations website (investor.shutterstock.com) in the “Corporate Governance” section. We will post any amendments to, or waivers from, a provision of this Code of Business Conduct and Ethics by posting such information on our website, at the address and location specified above. Item 11. Executive Compensation The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC, within 120 days after the end of the fiscal year ended December 31, 2025. Item 12. Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC, within 120 days after the end of the fiscal year ended December 31, 2025. Item 13. Certain Relationships And Related Transactions, and Director Independence The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC, within 120 days after the end of the fiscal year ended December 31, 2025. Item 14. Principal Accountant Fees and Services The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC, within 120 days after the end of the fiscal year ended December 31, 2025. 71 Table of Contents PART IV Item 15. Exhibits and Financial Statement Schedules. (a) The following documents are included as part of this Annual Report on Form 10-K: (1) Financial Statements Report of Independent Registered Public Accounting Firm F-2 Consolidated Balance Sheets F-4 Consolidated Statements of Operations F-5 Consolidated Statements of Comprehensive Income F-6 Consolidated Statements of Stockholders’ Equity F-7 Consolidated Statements of Cash Flows F-8 Notes to Consolidated Financial Statements F-9 (2) Financial Statement Schedules Financial statement schedules have been omitted because they are not applicable or the required information is included in the consolidated financial statements or notes thereto. (3) Exhibits See the Exhibit Index, which immediately precedes the signature page of this Annual Report on Form 10-K. Item 16. Form 10-K Summary. None. Table of Contents Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Shutterstock, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Shutterstock, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters F-2 Table of Contents The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Revenue Recognition - Content As described in Notes 3 and 11 to the consolidated financial statements, for the year ended December 31, 2025, the Company’s total revenue was $989.9 million, of which content revenue totaled $786.7 million. 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 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. The principal considerations for our determination that performing procedures relating to content revenue recognition is a critical audit matter are a high degree of auditor effort in performing procedures and evaluating audit evidence related to content license arrangements and customer download activity. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over content revenue recognized. These procedures also included, among others, evaluating the content revenue recognized on a sample basis by inspecting content license arrangements and evaluating the appropriateness of the revenue recognized based on the terms of each arrangement and customer download activity. /s/ PricewaterhouseCoopers LLP New York, New York February 17, 2026 We have served as the Company’s auditor since 2011. F-3 Table of Contents SHUTTERSTOCK, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value amount) December 31, 2025 2024 ASSETS 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 LIABILITIES AND STOCKHOLDERS’ EQUITY 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 See accompanying notes to consolidated financial statements F-4 Table of Contents SHUTTERSTOCK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2025 2024 2023 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 — — 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 $ 1.29 $ 1.02 $ 3.07 Diluted $ 1.25 $ 1.01 $ 3.04 Weighted average shares outstanding: Basic 35,290 35,330 35,878 Diluted 36,268 35,658 36,242 See accompanying notes to consolidated financial statements F-5 Table of Contents SHUTTERSTOCK, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Year Ended December 31, 2025 2024 2023 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 See accompanying notes to consolidated financial statements F-6 Table of Contents SHUTTERSTOCK, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) Additional Paid-in Capital Accumulated Other Comprehensive (Loss) / Income Retained Earnings Common Stock Treasury Stock Shares Amount Shares Amount Total Balance at December 31, 2022 39,605 $ 396 3,776 $ ( 200,008 ) $ 391,482 $ ( 15,439 ) $ 271,051 $ 447,482 Equity-based compensation — — — — 48,577 — — 48,577 Issuance of common stock in connection with employee stock option exercises and RSU vesting 634 5 — — ( 3 ) — — 2 Common shares withheld for settlement of taxes in connection with equity-based compensation ( 257 ) ( 2 ) — — ( 15,827 ) — — ( 15,829 ) Repurchase of Treasury Shares — — 634 ( 28,205 ) — — — ( 28,205 ) Cash dividends paid — — — — — — ( 38,667 ) ( 38,667 ) Other comprehensive income — — — — — 3,465 — 3,465 Net income — — — — — — 110,269 110,269 Balance at December 31, 2023 39,982 399 4,410 ( 228,213 ) 424,229 ( 11,974 ) 342,653 527,094 Equity-based compensation — — — — 56,330 — — 56,330 Issuance of common stock in connection with employee stock option exercises and RSU vesting 702 6 — — ( 6 ) — — — Common shares withheld for settlement of taxes in connection with equity-based compensation ( 289 ) ( 2 ) — — ( 12,163 ) — — ( 12,165 ) Repurchase of treasury shares — — 1,111 ( 41,591 ) — — — ( 41,591 ) Cash dividends paid — — — — — — ( 42,383 ) ( 42,383 ) Other comprehensive loss — — — — — ( 4,867 ) — ( 4,867 ) Net income — — — — — — 35,932 35,932 Balance at December 31, 2024 40,395 403 5,521 ( 269,804 ) 468,390 ( 16,841 ) 336,202 518,350 Equity-based compensation — — — — 61,076 — — 61,076 Issuance of common stock in connection with employee stock option exercises and RSU vesting 1,132 11 — — ( 10 ) — — 1 Common shares withheld for settlement of taxes in connection with equity-based compensation ( 478 ) ( 4 ) — — ( 9,438 ) — — ( 9,442 ) Cash dividends paid — — — — — — ( 46,530 ) ( 46,530 ) Other comprehensive income — — — — — 12,087 — 12,087 Net income — — — — — — 45,496 45,496 Balance at December 31, 2025 41,049 $ 410 5,521 $ ( 269,804 ) $ 520,018 $ ( 4,754 ) $ 335,168 $ 581,038 See accompanying notes to consolidated financial statements F-7 Table of Contents SHUTTERSTOCK, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2025 2024 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 — — Bad debt expense 713 ( 2,033 ) 1,894 Bargain purchase gain — — ( 50,261 ) Unrealized gain on investments, net ( 20,909 ) ( 2,160 ) — 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 — ( 63,320 ) — 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 — ( 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 — — 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 — 280,000 30,000 Repayment of credit facility ( 3,126 ) ( 31,563 ) ( 50,000 ) Repurchase of treasury shares — ( 41,591 ) ( 28,205 ) Payment of debt issuance costs — ( 2,200 ) — 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: Cash paid for income taxes $ 20,162 $ 34,033 $ 33,067 Cash paid for interest $ 16,476 $ 7,830 1,724 See accompanying notes to consolidated financial statements F-8 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) 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. F-9 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (2) 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; F-10 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) • 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. (3) 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. F-11 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-12 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-13 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 F-14 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-15 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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, F-16 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-17 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (4) 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 F-18 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (5) 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. F-19 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 equivalents 1 $ 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 Goodwill 2 169,161 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 liabilities 1 ( 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. F-20 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 consideration 1 ( 98,723 ) Fair value of consideration attributable to pre-combination service 2 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 F-21 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 F-22 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (6) 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. F-23 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (7) 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. F-24 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (8) 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. (9) 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. F-25 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (10) 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 no t 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. F-26 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (11) 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 F-27 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (12) 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. 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 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. F-28 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-29 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (13) 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 (14) 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 F-30 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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 F-31 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-32 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-33 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (15) 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 F-34 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (16) 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 revenue 1 360,963 355,074 318,281 Adjusted sales and marketing 1 128,647 125,802 116,821 Adjusted product and development 1 64,824 80,876 90,255 Adjusted general and administrative 1 182,424 143,074 128,868 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 1 Excludes 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. F-35 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (17) 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 F-36 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. (18) 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. F-37 Table of Contents SHUTTERSTOCK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. F-38 Table of Contents EXHIBIT INDEX Exhibit Number Incorporated by Reference Exhibit Description Form File No. Exhibit Filing Date 2.1 Agreement and Plan of Merger, dated as of October 5, 2012, between the Registrant and Shutterstock Images LLC. S-1/A 333-181376 2.1 October 5, 2012 2.2 Agreement and Plan of Merger, dated as of October 5, 2012, among the Registrant, Shutterstock Investors II, Inc., Insight Venture Partners (Cayman) V, L.P., Shutterstock Investors III, Inc. and Insight Venture Partners V Coinvestment Fund, L.P. S-1/A 333-181376 2.2 October 5, 2012 2.3 Agreement and Plan of Merger, dated as of May 10, 2022. 8-K 001-35669 2.1 May 11, 2022 2.4 Stock Purchase Agreement, dated May 22, 2023 8-K 001-35669 2.1 May 23, 2023 2.5 Stock Purchase Agreement, dated May 1, 2024 8-K 001-35669 2.1 May 2, 2024 2.6 Voting and Support Agreement, dated as of January 6, 2025, by and between Getty Images and Jonathan Oringer. 8-K 001-35669 10.1 January 7, 2025 2.7 Significant Stockholder Agreement, dated as of January 6, 2025, by and among Getty Images, the Getty Family Stockholders, the Koch Stockholder and Jonathan Oringer. 8-K 001-35669 10.2 January 7, 2025 2.8 Agreement and Plan of Merger, dated as of January 6, 2025, by and among Getty Images, Merger Sub 2, Merger Sub 3, Shutterstock, HoldCo and Merger Sub 1. 8-K 001-35669 2.1 January 7, 2025 3.1 Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect. S-1/A 333-181376 3.2 June 29, 2012 3.2 Amended and Restated Bylaws of the Registrant, as currently in effect. S-1/A 333-181376 3.4 September 27, 2012 4.1 Specimen Stock Certificate of the Registrant S-3ASR 333-243706 4.1 August 10, 2020 4.2 Description of the Registrant’s Securities 10-K 001-35669 4.1 February 13, 2020 10.1(a) § Form of Indemnification Agreement between the Registrant and each of its Officers and Directors. S-1/A 333-181376 10.1 August 30, 2012 10.2 § 2012 Omnibus Equity Incentive Plan and Form of Award Agreements. 10-K 001-35669 10.2 February 27, 2015 10.3 § 2022 Omnibus Equity Incentive Plan and Form of Award Agreement 14A 001-35669 N/A April 21, 2022 10.4 § Shutterstock, Inc. Short-Term Incentive Plan. S-1/A 333-181376 10.7 August 30, 2012 10.5(a) § Employment Agreement between Shutterstock Images LLC and Jonathan Oringer dated September 24, 2012. S-1/A 333-181376 10.8(a) September 27, 2012 10.5(b) § Severance and Change in Control Agreement between Shutterstock Images LLC and Jonathan Oringer dated September 24, 2012. S-1/A 333-181376 10.8(b) September 27, 2012 10.5(c) § Summary of Compensatory Arrangements with Jonathan Oringer, dated April 24, 2014. 8-K 001-35669 N/A April 28, 2014 10.5(d) § Amendment to Employment Agreement, dated February 11, 2020, by and between Jon Oringer and Shutterstock, Inc. 10-K 001-35669 10.5(d) February 13, 2020 10.5(e) § Amendment to Severance and Change in Control Agreement, dated February 11, 2020, by and between Jon Oringer and Shutterstock, Inc. 10-K 001-35669 10.5(e) February 13, 2020 10.6 Lease Agreement, between Shutterstock, Inc. and Empire State Building Company LLC, dated March 21, 2013. 10-Q 001-35669 10.1 May 10, 2013 10.7 First Lease Modification Agreement, by and between Shutterstock, Inc. and ESRT Empire State Building, L.L.C., dated August 31, 2015. 10-Q 001-35669 10.3 November 6, 2015 10.8 Second Lease Modification and Extension Agreement, by and between Shutterstock, Inc. and ESRT Empire State Building, L.L.C., dated January 8, 2016. 8-K 001-35669 10.1 January 13, 2016 10.9 Third Lease Modification Agreement, dated July 19, 2016, by and between Shutterstock, Inc. and ESRT Empire State Building, L.L.C. 10-Q 001-35669 10.1 August 4, 2016 10.10 § Shutterstock, Inc. Director Compensation Policy 10-Q 001-35669 10.1 May 2, 2024 10.11 § Shutterstock, Inc. Form of 2012 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement 10-Q 001-35669 10.5 May 4, 2016 10.12 § Shutterstock, Inc. Form of 2012 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement for Canadian Employees 10-Q 001-35669 10.6 May 4, 2016 10.13 § Shutterstock, Inc. Form of 2012 Omnibus Equity Incentive Plan Deferred Restricted Stock Unit Award Agreement 10-Q 001-35669 10.7 May 4, 2016 10.14 § Shutterstock, Inc. Amended and Restated 2012 Omnibus Equity Incentive Plan 10-Q 001-35669 10.4 August 4, 2016 10.15 § Shutterstock, Inc. 2012 Amended and Restated Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement, as amended September 15, 2016 10-Q 001-35669 10.1 November 4, 2016 Table of Contents Exhibit Number Incorporated by Reference Form File No. Exhibit Filing Date 10.16 § Shutterstock, Inc. 2012 Amended and Restated Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement for Canadian Employees, as amended September 15, 2016 10-Q 001-35669 10.2 November 4, 2016 10.17 § Shutterstock, Inc. 2012 Amended and Restated Omnibus Equity Incentive Plan Deferred Restricted Stock Unit Award Agreement, as amended September 15, 2016 10-Q 001-35669 10.3 November 4, 2016 10.18 § Shutterstock, Inc. 2012 Amended and Restated Omnibus Equity Incentive Plan Performance Stock Unit Award Agreement 8-K 001-35669 10.1 February 11, 2020 10.19 § Shutterstock, Inc. 2012 Amended and Restated Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement, for grants subsequent to April 2020 10-Q 001-35669 10.1 April 27, 2021 10.20(a) § Employment Agreement, dated August 5, 2019, by and between the Company and Steven Ciardiello 8-K 001-35669 10.1 August 6, 2019 10.20(b) § Amendment to Employment Agreement, dated November 5, 2019, by and between the Company and Steven Ciardiello 10-Q 001-35669 10.4 November 5, 2019 10.21 § Employment Agreement, dated May 8, 2022, by and between the Company and Paul J. Hennessy 8-K 001-35669 10.2 May 11, 2022 10.22 Credit Agreement, dated as of May 6, 2022, by and among Shutterstock, Inc., as borrower, certain subsidiary guarantors, certain financial institutions, as lenders, and Bank of America, N.A., as administrative agent for such lenders. 8-K 001-35669 10.1 May 11, 2022 10.23 § 2022 Nonqualified Deferred Compensation Plan 10-Q 001-35669 10.2 October 25, 2022 10.24 § Shutterstock Inc. Amended and Restated 2022 Omnibus Equity Incentive Plan 10-Q 001-35669 10.1 June 7, 2024 10.25 § Amendment to the Employment Agreement, dated June 28, 2024, by and between Shutterstock, Inc. and Paul J. Hennessy 10-Q 001-35669 10.1 July 3, 2024 10.26 § Shutterstock, Inc. Form of Amended and Restated 2022 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement 10-Q 001-35669 10.2 July 3, 2024 10.27 §** Shutterstock, Inc. Form of Amended and Restated 2022 Omnibus Equity Incentive Plan Restricted Stock Unit Award Agreement for Paul J. Hennessy 10.28 § Shutterstock, Inc. Form of Amended and Restated 2022 Omnibus Equity Incentive Plan Performance Stock Unit Award Agreement 10-Q 001-35669 10.3 July 3, 2024 10.29 Amended and Restated Credit Agreement, dated as of July 22, 2024, by and among Shutterstock, Inc., as borrower, certain subsidiary guarantors, certain financial institutions, as lenders and Bank of America, N.A., as administrative agent for such lenders. 10-Q 001-35669 10.1 July 22, 2024 10.30 § Employment Agreement by and between Rik Powell and Shutterstock, Inc., dated October 30, 2024. 10-Q 001-35669 10.2 November 1, 2024 10.31 Letter Agreement, dated as of January 6, 2025, by and among Getty Images and the Getty Family Stockholders. 8-K 001-35669 10.3 January 7, 2025 10.32 Letter Agreement, dated as of January 6, 2025, by and between Getty Images and the Koch Stockholder. 8-K 001-35669 10.4 January 7, 2025 19.0 Insider Trading Policy 10-K 001-35669 19.0 February 25, 2025 21.1 ** List of Subsidiaries. 23.1 ** Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. 24.1 ** Power of Attorney (included on signature page of this Annual Report on Form 10-K). 31.1 ** Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 ** Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Table of Contents Exhibit Number Incorporated by Reference Exhibit Description Form File No. Exhibit Filing Date 32 #** Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 2023 Executive Compensation Clawback Policy 10-K 001-35669 97 February 26, 2024 101.INS * XBRL Instance Document. 101.SCH * XBRL Taxonomy Extension Schema Document. 101.CAL * XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF * XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB * XBRL Taxonomy Extension Label Linkbase Document. 101.PRE * XBRL Taxonomy Extension Presentation Linkbase Document. 104 * Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) _______________________________________________________________________________ * XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document. § Management contract or compensatory plan or arrangement. # These certifications are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference in any filing we make under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language in any filings. ** Filed herewith. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SHUTTERSTOCK, INC. Dated: February 17, 2026 By: /s/ PAUL J. HENNESSY Paul J. Hennessy Chief Executive Officer Each person whose individual signature appears below hereby authorizes and appoints Paul J. Hennessy and Rik Powell, and each of them, with full power of substitution and resubstitution and full power to act without the other, as his or her true and lawful attorney-in-fact and agent to act in his or her name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes may lawfully do or cause to be done by virtue thereof. Table of Contents Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ JONATHAN ORINGER Founder and Executive Chairman of the Board February 17, 2026 Jonathan Oringer /s/ PAUL J. HENNESSY Chief Executive Officer and Director (Principal Executive Officer) February 17, 2026 Paul J. Hennessy /s/ RIK POWELL Chief Financial Officer (Principal Financial Officer) February 17, 2026 Rik Powell /s/ STEVEN CIARDIELLO Chief Accounting Officer (Principal Accounting Officer) February 17, 2026 Steven Ciardiello /s/ RACHNA BHASIN Director February 17, 2026 Rachna Bhasin /s/ DEIRDRE M. BIGLEY Director February 17, 2026 Deirdre M. Bigley /s/ THOMAS R. EVANS Director February 17, 2026 Thomas R. Evans /s/ JAIME TEEVAN Director February 17, 2026 Jaime Teevan /s/ ALFONSE UPSHAW Director February 17, 2026 Alfonse Upshaw