We present a theory of two-photon absorption that addresses the formation of spectral shapes taking the vibrational degrees of freedom into account. The theory is used to rationalize the observed differences between the spectral shapes of one- and two-photon absorption. We find that the main cause of these differences is that the two-step and coherent two-photon spectral bands are different even considering a single final state. Our formalism is applied to the N101 molecule (p-nitro-p'-diphenylamine stilbene), which was recently studied experimentally. Simulations show that the two-step two-photon electrovibrational absorption results in a blue shift of the absorption spectrum in agreement with the measurements.