Getty Images' (GETY) Q4 revenue was driven in large part by accelerated recognition of its AI licensing deals, including a recent agreement with Perplexity, Wedbush Securities said Tuesday.

The brokerage said these one-time licensing contributions are expected to normalize going into 2026.

Getty reported Q4 revenue of $282 million, up 14% year over year. About $40 million of the revenue was tied to upfront AI licensing deals, according to the note. Adjusted EBITDA came in at $104 million, which likely benefited from the high-margin nature of those agreements.

The company guided for 2026 revenue of $948 million to $988 million and adjusted EBITDA of $279 million to $295 million. Wedbush said it implies a more normalized top-line after the one-time licensing impact.

The investment firm said the merger with Shutterstock (SSTK) remains the primary focus for investors, with the Department of Justice's review extension not materially changing the likelihood of a positive outcome.

Wedbush maintained an outperform rating on Getty with a $7 price target.

Shares of Getty rose more than 14% in Tuesday trading.

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