Getty Images Holdings, Inc.

What they do

Getty Images licenses owned and third-party visual content, including creative and editorial stills and video, to enterprise customers, agencies and e-commerce buyers. It operates its namesake Getty Images business alongside the Unsplash and iStock brands, selling through subscription and other license models. The company also generates revenue from its archive and from content captured by in-house photographers.

Revenue drivers

• Creative — Creative revenue was $127.4 million in Q2 2026, down 2.6% year over year and 4.3% on a currency-neutral basis, the largest single revenue line.
• Editorial — Editorial revenue was $96.5 million in Q2 2026, up 9.2% year over year and 7.6% currency neutral, the strongest-growing major line.
• Other — Other revenue was $5.2 million in Q2 2026, down $10.5 million from $15.7 million in Q2 2025.
• Annual subscription revenue — Annual subscription revenue reached 58.8% of total Q2 2026 revenue, up from 53.5% in Q2 2025, reflecting a shift toward recurring subscription licensing.

Recent performance

Q2 2026 revenue was $229.1 million, down 2.5% year over year and 4.1% currency neutral, with Creative down 2.6% and Editorial up 9.2%. Net loss was $85.8 million versus a $34.4 million net loss in Q2 2025, driven largely by a $96.7 million increase in tax expense and a $20.8 million increase in interest expense. Adjusted EBITDA was $62.3 million, down 8.4% year over year, at a 27.2% margin. Operating cash flow was negative $108.7 million in Q2 2026 versus positive $6.5 million a year earlier, reflecting $110.9 million of Alta and CRCM warrant litigation payments. Ending cash was $51.6 million with $81.6 million of total available liquidity including $30.0 million undrawn on the revolver, which was fully drawn in July 2026.

Strategy

Management said it is focused on building on trusted content, deep customer relationships, unique coverage and an unparalleled archive while working to optimize the capital structure and support long-term growth as a standalone company. The company has been shifting its mix toward annual subscription revenue, which rose to 58.8% of Q2 2026 revenue. Following termination of the merger agreement in July 2026, the $628.4 million of 10.5% Senior Secured Notes were redeemed at par through a special mandatory redemption funded by escrow releases. Enterprise customers served through Getty Images continued to perform while Agency and iStock e-commerce showed pressure. Q2 2026 results included a $110.9 million payment tied to the Alta and CRCM warrant litigation judgment and associated interest.

Risks

• Going concern — The company cites substantial doubt about its ability to continue as a going concern among its risk factors.
• Debt and interest burden — Total debt was $2.1 billion at June 30, 2026, and Q2 2026 interest expense rose $20.8 million year over year due to higher rates after 2025 refinancing and incremental debt raised in anticipation of the terminated merger.
• Liquidity — Cash was $51.6 million at June 30, 2026 with $30.0 million of revolver capacity, which was drawn in July 2026, leaving limited headroom.
• Third-party content and AI — The business depends on its ability to license third-party content and faces risks from generative AI and other AI applications that could harm its brand, reputation, business or intellectual property.

Outlook

Management said Q2 2026 reflected continued pressure in Agency and iStock e-commerce while the larger enterprise business through Getty Images demonstrated resilience and growth. The company stated it is working to optimize its capital structure and support long-term growth as a standalone company following the terminated merger. It also flagged a risk factor regarding substantial doubt about its ability to continue as a going concern. No specific forward financial guidance figures are provided in the excerpts.