Quarterly Revenue (Reported)
Q1 revenue of $226.6 million, up 1.1% year over year (reported). Management notes currency-neutral comparisons vary slightly but the reported growth shows top-line stability.
Getty Images Holdings
· GETY
May 11th, 2026
Summary
- Earnings Call Date:
- 2026-05-11
- Change Since:
- +16.05%
- Next Earnings Date:
- 2026-08-06
Earnings Call Sentiment
NeutralThe call presents a mixed picture: top-line stability with strong Editorial and custom content growth, improving free cash flow, and durable subscription fundamentals, while profitability and margins were pressured by higher costs, revenue recognition timing, Agency declines, and strategic actions that reduced subscriber counts (iStock trial discontinuation). Management maintained full-year guidance and highlighted structural strengths (archive, event coverage, custom AI/video growth), but near-term earnings metrics and debt/litigation-related cash flows are notable headwinds.
Company Guidance
Management reaffirmed fiscal 2026 guidance of $948M–$988M in revenue (down 3.4% to up 0.6% YoY; currency‑neutral -4.5% to +0.5%) and adjusted EBITDA of $279M–$295M (down 12.9% to up 8.1% YoY; currency‑neutral -13.9% to +9.1%), targeting adjusted EBITDA margins of about 30%; they assume EUR 1.17 and GBP 1.34 FX rates, which drive an estimated $11M full‑year revenue tailwind ($8M realized in Q1) and ~$3.6M full‑year adjusted EBITDA benefit (~$2.5M in Q1). Management expects CapEx in the 5%–7% range (Q1 was 7.1%), noted Q1 free cash flow improved to $24M, estimated 2026 cash interest of ~$194M, and that guidance includes ~$6.9M of one‑off SG&A for accelerated SOX; segment expectations remain Creative roughly low‑single‑digit decline, Editorial roughly flat, Other mid‑single‑digit decline (and, excluding ~$40M of accelerated Q4’25 revenue, FY revenue would imply underlying growth of ~0.7%–4.9% and adjusted EBITDA would be down 2.4% to up 2.9% on a like‑for‑like basis), with gross margin and EBITDA margin normalizing into the ~71% and high‑20s/≈30% ranges in H2.
Editorial Strength and Event-Driven Demand
Editorial revenue of $91.7 million, up 11.0% year over year (7.1% currency-neutral), driven by strong global sports coverage (Milan Cortina Winter Olympics), entertainment events, and archive demand. Revenue allocation shifts for big events contributed materially to Editorial growth.
Custom Content and AI-Related Growth
Custom content (including video and custom AI) showed strong performance, up over 250% year over year, indicating accelerating demand for higher-value, differentiated creative services.
Subscription Mix and Share Stability
Annual subscription revenue represented 57.4% of total revenue (up from 57.2% a year ago and 54.2% in 2025). Subscription revenue was up 1.4% (reported). Premium Access retention held at 100% in Q1 and Unsplash retention remains well over 90%.
Paid Downloads and Unsplash Growth
Paid downloads were stable at 92.2 million (essentially flat year over year). Unsplash Plus continued growth of approximately 20% year over year.
Free Cash Flow and Cash Position Improvement
Free cash flow improved to $24.0 million in Q1 compared with negative $0.3 million in Q1 2025. Cash on hand was $90.6 million, up $6.5 million sequentially, supported by lower cash interest and reduced merger cash outflows.
Operational Recognition and Competitive Differentiation
Editorial and photographer teams earned nearly 90 industry awards during the quarter. Management emphasizes unique archive, global coverage, and execution at tentpole events (Olympics, World Cup, America 250) as durable competitive advantages.
Operator
Please standby. Your meeting is about to begin. Good afternoon, and welcome to Getty Images Holdings, Inc. First Quarter 2026 Earnings Call. Today’s call is being recorded. We have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Steven Kanner, Vice President of Investor Relations and Treasury at Getty Images Holdings, Inc. Thank you.
You may begin.
Steven Kanner
Good afternoon, and thank you for joining our first quarter earnings call. Joining me on today’s call are Craig Peters, Chief Executive Officer, and Jennifer Leyden, Chief Financial Officer. Before we begin, we would like to note that due to the ongoing regulatory review process, we will not be able to comment on the first quarter 2026 share stock operating results. We appreciate your understanding. This call will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks, uncertainties, and assumptions which could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are highlighted in the forward-looking statements section of today’s press release and in our filings with the SEC. Links to these filings and today’s press release can be found on our Investor Relations website at investors.gettyimages.com.
During our call today, we will also reference certain non-GAAP financial information, including adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA less CapEx, and free cash flow. We use non-GAAP measures in som...
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