Getty Images (NYSE: GETY) reported third-quarter 2025 results on November 10, highlighting continued progress in its shift toward a subscription-first business model — even as ongoing editorial declines limit top-line growth.

For the quarter ended September 30, Getty reported $240.0 million in revenue, down 0.2% year over year and down 2.0% on a currency-neutral basis.

Revenue mix shifts toward recurring subscriptions

• Annual subscription revenue increased 11.2% (9.3% currency-neutral).
• Subscriptions represented 58.4% of total revenue, up from 52.4% a year ago.
• Creative licensing revenue grew 8.4% to $144.9 million (6.4% currency-neutral).
• Editorial revenue declined 3.7% to $89.3 million (–5.6% currency-neutral).

Getty does not disclose subscriber counts, ARPU, or churn. The company reports only subscription revenue, leaving open whether growth is being driven by new subscribers, higher pricing, or a shift from transactional licensing to annual contracts.

Editorial continues to be the drag: subscription and creative gains are being offset by ongoing declines in editorial, resulting in flat revenue overall.

Profitability and cash

• Getty reported net income of $21.6 million, compared to a net loss of $2.5 million a year ago.
• Adjusted EBITDA was $78.7 million, with a 32.8% margin (slightly lower year over year).
• Free cash flow totaled $7.9 million for the quarter.

2025 outlook

For full-year 2025, Getty expects:

• Revenue between $942 million and $951 million
• Adjusted EBITDA between $291 million and $293 million

Management reiterated a modest growth outlook as subscription gains offset continued editorial declines. Guidance was in line with expectations and did not indicate acceleration.

Getty also continues to position rights-cleared and legally compliant licensing as a differentiator in the generative AI era, though it has not broken out or quantified any AI-related revenue contribution to date.

INSIDER TAKE

Getty’s revenue mix tells the real story: recurring revenue is now the center of gravity.

Where other image platforms fight for volume and credits-based usage, Getty is leaning into:

• predictable subscription access over one-off licensing,
• rights protection and legal certainty (particularly relevant in the generative AI era), and
• enterprise contracts that reduce revenue volatility.

Revenue is flat because editorial keeps shrinking, but predictability is up — and for subscription businesses, predictability is power.