Record Full-Year Revenue
FY2025 revenue of $981.3M, a company record, up 4.5% year‑over‑year (3.8% currency‑neutral).
Strong Q4 Top-Line Growth
Q4 2025 revenue of $282.3M, up 14.1% year‑over‑year (12.7% currency‑neutral).
Robust Profitability and Margins
Adjusted EBITDA of $320.9M for FY2025 (up 6.9% reported; 5.8% cc) with a margin of 32.7%. Q4 adjusted EBITDA of $104.1M, up 29.1% (27.2% cc) with a 36.9% margin.
High Adjusted EBITDA Less CapEx Growth
Q4 adjusted EBITDA less CapEx of $91.1M, up 39.1% (38.3% cc); Q4 adjusted EBITDA less CapEx margin 32.3% vs 26.5% prior‑year.
Large Multiyear Licensing Deals
Two significant multiyear licensing agreements recognized ~$40M of revenue in Q4 (total deal value ~ $65M). Cash impact: ~$15M in 2025, ~$20M in 2026, remainder spread over term; these deals add recurring downstream revenue.
Subscription and Product Growth
Unsplash Plus grew >30% to over 50,000 subscribers; custom content grew >20%. Excluding the Q4 accelerated deals, annual subscription revenue mix was 56.6% (up from 54.9% prior year). Premium Access up 4.1% in Q4 (5.3% cc).
Positive Geographic & Editorial Performance
Americas revenue up 20.8% in Q4 (cc), EMEA up 6.1% (Q4 cc). Editorial revenue Q4 $109.4M, up 21.4% (19.9% cc); assignments up 20.1% (18.3% cc).
Operational & Products Momentum
Showcased workflows at Milano Cortina Olympics (captured and distributed >6,000,000 images). Continued product investment: natural language search being extended from creative to editorial with promising tests.
Cost Discipline
SG&A rate decreased to 39.5% of revenue in Q4 (from 42.7%) and adjusted SG&A to 37.9% of revenue (from 40.9%), reflecting leverage on stronger revenue.