Getty Images’ second quarter results were met with a negative market reaction, reflecting concerns around operating margin compression and persistent challenges in its agency business. Management pointed to ongoing macroeconomic headwinds in the advertising sector, which weighed on creative segment performance. However, strong growth in annual subscriptions and editorial demand—particularly in news and sports—helped offset these pressures. CFO Jennifer Leyden acknowledged that while creative agency activity remained soft, “we continue to see good momentum outside of agency and creative, and that is, again, on the corporate side of the business and subscriptions.”
Is now the time to buy GETY? Find out in our full research report (it’s free).
Getty Images (GETY) Q2 CY2025 Highlights:
- Revenue: $234.9 million vs analyst estimates of $235.8 million (2.5% year-on-year growth, in line)
- Adjusted EPS: $0.05 vs analyst estimates of $0.01 (significant beat)
- Adjusted EBITDA: $67.97 million vs analyst estimates of $71.29 million (28.9% margin, 4.6% miss)
- The company reconfirmed its revenue guidance for the full year of $949.5 million at the midpoint
- EBITDA guidance for the full year is $287 million at the midpoint, in line with analyst expectations
- Operating Margin: 15.1%, down from 20.3% in the same quarter last year
- Market Capitalization: $750.8 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Getty Images’s Q2 Earnings Call
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Mark John Zgutowicz (Benchmark): Asked about the divergence between weakening creative and strengthening data licensing, and what is implied for both segments in the second half. CFO Jennifer Leyden clarified that agency remains the main source of weakness in creative, while corporate and media segments—supported by subscription momentum—show continued strength.
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Mark John Zgutowicz (Benchmark): Inquired about non-subscription (a la carte) performance given agency softness. Leyden stated that creative a la carte sales were not in growth and reiterated that agency weakness affects non-subscription revenue, though editorial a la carte performed well.
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Unidentified Analyst (Citi, for Ron Josey): Sought clarification on the drivers behind improved subscription retention metrics. Leyden emphasized that premium access retention rose above 100%, mainly due to normalization after Hollywood strikes and strong corporate demand.
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Unidentified Analyst (Citi, for Ron Josey): Asked about the strategic implications of dropping copyright claims against Stability AI in the U.K. CEO Craig Peters explained the decision was due to lack of evidence of U.K.-based training, but stressed ongoing litigation efforts in the U.S.
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No further analyst questions: The call concluded with no additional questions from analysts, indicating focus remained on subscription momentum, agency headwinds, and legal developments.
Catalysts in Upcoming Quarters
Over the coming quarters, our analysts will monitor (1) the pace of subscription growth and retention, particularly in premium access and e-commerce platforms, (2) developments in the Stability AI litigation and other legal or regulatory matters—especially those impacting AI content rights, and (3) the company’s ability to manage costs amid ongoing SOX compliance and merger-related expenses. The progression of the Shutterstock merger review and any major event-driven editorial wins will also serve as important markers for execution.
Getty Images currently trades at $1.81, up from $1.72 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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