# VERISIGN INC/CA (VRSN) Informational only - not investment advice. CIK: 0001014473 SIC: 7371 Services-Computer Programming Services SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7371 Services-Computer Programming Services](/industry/7371/) Latest 10-K filed: 2026-02-05 SEC page: https://www.sec.gov/edgar/browse/?CIK=1014473 Filing source: https://www.sec.gov/Archives/edgar/data/1014473/000101447326000006/vrsn-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-05 · accession 0001014473-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001014473.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,656,600,000 USD | 2025 | verified | | Net income | 825,700,000 USD | 2025 | verified | | Assets | 1,325,900,000 USD | 2025 | verified | | Free cash flow | 1,068,300,000 USD | 2025 | computed | | Net margin | 49.84% | 2025 | computed | | Operating margin | 67.67% | 2025 | computed | | Revenue YoY | +6.37% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-2,154,200,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | VRSN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 6.4% | 6.7% | 43 | 8 | | FCF margin | 64.5% | 12.3% | 100 | 8 | | ROA | 62.3% | 7.7% | 100 | 8 | | Current ratio | 0.49 | 2.08 | 0 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7371 Services-Computer Programming Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1656600000 | USD | 2025 | 2026-02-05 | | Net income | 825700000 | USD | 2025 | 2026-02-05 | | Assets | 1325900000 | USD | 2025 | 2026-02-05 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001014473.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 1,142,167,000 | 1,165,095,000 | 1,214,969,000 | 1,231,661,000 | 1,265,100,000 | 1,327,600,000 | 1,424,900,000 | 1,493,100,000 | 1,557,400,000 | 1,656,600,000 | | Net income | | | | | 440,645,000 | 457,248,000 | 582,489,000 | 612,299,000 | 814,900,000 | 784,800,000 | 673,800,000 | 817,600,000 | 785,700,000 | 825,700,000 | | Operating income | | | | | 686,572,000 | 707,722,000 | 767,392,000 | 806,127,000 | 824,200,000 | 866,800,000 | 943,100,000 | 1,000,600,000 | 1,058,200,000 | 1,121,000,000 | | Operating cash flow | | | | | 693,007,000 | 702,761,000 | 697,767,000 | 753,892,000 | 730,200,000 | 807,200,000 | 831,100,000 | 853,800,000 | 902,600,000 | 1,091,100,000 | | Capital expenditures | | | | | 26,574,000 | 49,499,000 | 37,007,000 | 40,316,000 | 43,400,000 | 53,000,000 | 27,400,000 | 45,800,000 | 28,100,000 | 22,800,000 | | Dividends paid | 518,217,000 | 463,498,000 | 0.00 | 0.00 | | | | | | | | 0.00 | 0.00 | 215,200,000 | | Share buybacks | | | | | 662,491,000 | 621,173,000 | 638,152,000 | 782,583,000 | 777,500,000 | 722,600,000 | 1,048,100,000 | 901,400,000 | 1,225,600,000 | 881,600,000 | | Assets | | | | | 2,334,572,000 | 2,941,188,000 | 1,914,504,000 | 1,854,009,000 | 1,766,910,000 | 1,983,800,000 | 1,733,400,000 | 1,749,000,000 | 1,406,500,000 | 1,325,900,000 | | Liabilities | | | | | 3,535,167,000 | 4,201,459,000 | 3,299,978,000 | 3,344,109,000 | 3,157,108,000 | 3,244,300,000 | 3,295,600,000 | 3,330,000,000 | 3,364,400,000 | 3,480,100,000 | | Stockholders' equity | | | | | -1,200,595,000 | -1,260,271,000 | -1,385,474,000 | -1,490,100,000 | -1,390,198,000 | -1,260,500,000 | -1,562,200,000 | -1,581,000,000 | -1,957,900,000 | -2,154,200,000 | | Cash and cash equivalents | | | | | 231,945,000 | 465,851,000 | 357,415,000 | 508,196,000 | 401,194,000 | 223,500,000 | 373,600,000 | 240,100,000 | 206,700,000 | 307,900,000 | | Free cash flow | | | | | 666,433,000 | 653,262,000 | 660,760,000 | 713,576,000 | 686,800,000 | 754,200,000 | 803,700,000 | 808,000,000 | 874,500,000 | 1,068,300,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | 38.58% | 39.25% | 47.94% | 49.71% | 64.41% | 59.11% | 47.29% | 54.76% | 50.45% | 49.84% | | Operating margin | | | | | 60.11% | 60.74% | 63.16% | 65.45% | 65.15% | 65.29% | 66.19% | 67.01% | 67.95% | 67.67% | | Return on assets | | | | | 18.87% | 15.55% | 30.43% | 33.03% | 46.12% | 39.56% | 38.87% | 46.75% | 55.86% | 62.27% | | Current ratio | | | | | 1.21 | 1.57 | 1.39 | 1.32 | 1.23 | 1.18 | 0.93 | 0.83 | 0.43 | 0.49 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/VRSN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001014473.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2010-Q1 | 2010-03-31 | | | 0.28 | reported discrete quarter | | 2010-Q2 | 2010-06-30 | | | 0.19 | reported discrete quarter | | 2010-Q3 | 2010-09-30 | | | 4.48 | reported discrete quarter | | 2011-Q1 | 2011-03-31 | | | 0.24 | reported discrete quarter | | 2011-Q2 | 2011-06-30 | | | -0.06 | reported discrete quarter | | 2011-Q3 | 2011-09-30 | | | 0.36 | reported discrete quarter | | 2012-Q1 | 2012-03-31 | | | 0.42 | reported discrete quarter | | 2012-Q2 | 2012-06-30 | | | 0.42 | reported discrete quarter | | 2012-Q3 | 2012-09-30 | | | 0.47 | reported discrete quarter | | 2013-Q1 | 2013-03-31 | | | 0.52 | reported discrete quarter | | 2013-Q2 | 2013-06-30 | | | 0.55 | reported discrete quarter | | 2013-Q3 | 2013-09-30 | | | 0.53 | reported discrete quarter | | 2021-Q4 | 2021-12-31 | | 330,082,000 | | derived Q4 = FY annual - nine-month YTD | | 2022-Q1 | 2022-03-31 | | 157,500,000 | | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | 178,700,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 376,300,000 | | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 380,400,000 | 264,700,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 384,300,000 | 194,100,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 387,100,000 | | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 390,600,000 | | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 395,400,000 | 191,500,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 402,300,000 | 199,300,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 409,900,000 | 207,400,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 419,100,000 | 212,800,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 425,300,000 | 206,200,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 428,900,000 | 214,500,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 434,600,000 | 216,500,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from VRSN's latest 10-K: [/company/VRSN/business/](/company/VRSN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from VRSN's latest 10-K: [/company/VRSN/risk-factors/](/company/VRSN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1014473/000101447326000028/vrsn-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-23 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with the 2025 Form 10-K and the interim unaudited Condensed Consolidated Financial Statements and related notes included in Part I, Item I of this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on current expectations and assumptions and involve risks, uncertainties, and other important factors, including, among other things, statements regarding the Company’s quarterly dividend and our expectations about the sufficiency of our existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our borrowing capacity under the unsecured revolving credit facility. In some cases, you can identify forward-looking statements by terms such as “assumes,” “could,” “estimates,” “forecasts,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would,” “seeks,” “expects,” “anticipates,” “intends,” “believes” and similar language intended to identify forward-looking statements. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. You should also carefully review the risks described in other documents we file from time to time with the Securities and Exchange Commission, including the Quarterly Reports on Form 10-Q or Current Reports on Form 8-K that we file in 2026. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise, except as required by law. For purposes of this Quarterly Report on Form 10-Q, the terms “Verisign,” “the Company,” “we,” “us,” and “our” refer to VeriSign, Inc. and its consolidated subsidiaries. Overview We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world’s most recognized domain names. We help enable the security, stability, and resiliency of the Domain Name System (“DNS”) and the internet by providing Root Zone Maintainer Services, operating two of the thirteen global internet root servers, and providing registration services and authoritative resolution for the .com and .net generic top-level domains (“gTLDs”), which support the majority of global e-commerce. As of June 30, 2026, we had 179.1 million .com and .net registrations in the domain name base. The number of domain names registered is largely driven by continued growth in online advertising, e-commerce, and the number of internet users, which is partially driven by greater availability of internet access, as well as marketing activities carried out by us and our registrars. The number of domain name registrations under our management may be negatively impacted by certain factors, including overall economic conditions, competition from country code top-level domains (“ccTLDs”), other gTLDs, services that offer alternatives for an online presence, and ongoing changes in the internet practices and behaviors of consumers and businesses. Factors such as the evolving practices and preferences of internet users, and how they navigate the internet, as well as the motivation of domain name registrants and how they will manage their investment in domain names, can negatively impact our business and the demand for new domain name registrations and renewals. Business Highlights and Trends •We recorded revenues of $434.6 million and $863.5 million during the three and six months ended June 30, 2026, which represents an increase of 6% compared to the same periods in 2025. •We recorded operating income of $296.3 million and $589.9 million during the three and six months ended June 30, 2026, which represents an increase of 6% and 7%, respectively, compared to the same periods in 2025. •As of June 30, 2026, we had 179.1 million .com and .net registrations in the domain name base, which represents a 5.1% increase from June 30, 2025, and a net increase of 3.0 million domain name registrations from March 31, 2026. •During the three months ended June 30, 2026, we processed 12.7 million new domain name registrations for .com and .net compared to 10.4 million for the same period in 2025. •The final .com and .net renewal rate for the first quarter of 2026 was 76.3% compared to 75.5% for the first quarter of 2025. Renewal rates are not fully measurable until 45 days after the end of the quarter. •We generated cash flows from operating activities of $504.0 million during the six months ended June 30, 2026, compared to $493.8 million for the same period in 2025. •During the three months ended June 30, 2026, we repurchased 0.7 million shares of common stock for an aggregate cost of $196.8 million. As of June 30, 2026, there was $666.0 million remaining for future share repurchases under 13 Table of Contents the share repurchase program. Effective July 23, 2026, the Board of Directors authorized the repurchase of common stock in the amount of $884.2 million, in addition to the $615.8 million that remained available for repurchases under the prior share repurchase authorization, for a total repurchase authorization of up to $1.50 billion under the program. •On June 26, 2026, we issued the 2026 Notes. On July 20, 2026, we used the net proceeds from the 2026 Notes and cash on hand to redeem all of our 2017 Notes. •On July 20, 2026, the Board of Directors declared a cash dividend of $0.81 per share of the Company’s outstanding common stock to stockholders of record as of the close of business on August 19, 2026, payable on August 27, 2026. •On July 22, 2026, we announced that the .web TLD has been delegated into the global DNS root zone, with Verisign as the designated registry operator. Pursuant to our agreements with ICANN, we make available files containing all active domain names registered in the .com and .net registries. Further, we also make available a summary of the active zone count registered in the .com and .net registries and the number of .com and .net domain name registrations in the domain name base. The zone counts and information on how to obtain access to the zone files can be found at https://www.verisign.com/resources/zone-file. The domain name base is the active zone plus the number of domain names that are registered but not configured for use in the respective top-level domain zone file plus the number of domain names that are in a client or server hold status. The domain name base may also reflect compensated or uncompensated judicial or administrative actions to add or remove from the active zone an immaterial number of domain names. These files and the related summary data are updated daily. The update times may vary each day. The number of domain names provided in this Form 10-Q is as of midnight of the date reported. Results of Operations The following table presents information regarding our results of operations as a percentage of revenues: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Revenues","100.0","%","","100.0","%","","100.0","%","","100.0","%"],["Costs and expenses:"],["Cost of revenues","11.5","","","12.0","","","11.5","","","12.1"],["Research and development","6.3","","","6.3","","","6.4","","","6.4"],["Selling, general and administrative","14.0","","","13.2","","","13.8","","","13.6"],["Total costs and expenses","31.8","","","31.5","","","31.7","","","32.1"],["Operating income","68.2","","","68.5","","","68.3","","","67.9"],["Interest expense","(4.4)","","","(4.6)","","","(4.4)","","","(4.8)"],["Non-operating income, net","1.0","","","1.3","","","1.1","","","1.6"],["Income before income taxes","64.8","","","65.2","","","65.0","","","64.7"],["Income tax expense","(15.0)","","","(14.6)","","","(15.1)","","","(14.6)"],["Net income","49.8","%","","50.6","%","","49.9","%","","50.1","%"]] [[/GREPCENT_TABLE]] Revenues Our revenues are primarily derived from registrations for domain names in the .com and .net domain name registries. We also derive revenues from operating domain name registries and technical systems for several other gTLDs and one ccTLD, all of which are not significant in relation to our consolidated revenues. For domain names registered in the .com and .net registries, we receive a fee from registrars per annual registration that is determined pursuant to our agreements with ICANN. Individual customers, called registrants, contract directly with registrars or their resellers, and the registrars, who are our direct customers, in turn register the domain names with Verisign. Changes in revenues are driven largely by changes in the number of new domain name registrations and the renewal rate for existing registrations as well as the impact of new and prior price increases, to the extent permitted by ICANN and the Department of Commerce. New registrations and the renewal rate for existing registrations are impacted by continued growth in online advertising, e-commerce, and the number of internet users, as well as marketing activities carried out by us and our registrars. We also offer promotional incentive-based discount programs to registrars based upon market conditions and the business environment in which the registrars operate. In November 2024, we renewed the .com Registry Agreement with ICANN, pursuant to which we will remain the sole registry operator for the .com registry through November 30, 2030. Under the .com Registry Agreement, we are permitted to increase the price of a .com domain name registration by up to 7% in each of the final four years of each six-year period. The current such six-year period began on October 26, 2024. We increased the annual registry-level wholesale fee for each new and 14 Table of Contents renewal .com domain name registration from $9.59 to $10.26 effective September 1, 2024. On April 23, 2026, we announced that we will increase the annual registry-level wholesale fee for each new and renewal .com domain name registration from $10.26 to $10.97 effective November 1, 2026. Under the .net Registry Agreement, we are permitted to increase the price of .net domain name registrations by up to 10% each year during the term of our agreement with ICANN, through June 30, 2029. We increased the annual registry-level wholesale fee for each new and renewal .net domain name registration from $9.92 to $10.91 effective February 1, 2024. All fees paid to us for .com and .net registrations are in U.S. dollars. A comparison of revenues is presented below: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","% Change","","2025","","2026","","% Change","","2025"],["","(Dollars in millions)"],["Revenues","$","434.6","","","6%","","$","409.9","","","$","863.5","","","6%","","$","812.2"]] [[/GREPCENT_TABLE]] The following table compares the .com and .net domain name registrations in the domain name base: [[GREPCENT_TABLE]] [["","June 30, 2026","","% Change","","June 30, 2025"],[".com and .net domain name registrations in the domain name base","179.1 million","","5%","","170.5 million"]] [[/GREPCENT_TABLE]] Revenues increased during the three and six months ended June 30, 2026, as compared to the same periods last year, primarily due to an increase in the domain name base as [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1014473/000101447326000006/vrsn-20251231.htm Complete FY 2025 MD&A: /company/VRSN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-05 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements are based on current expectations and assumptions and involve risks, uncertainties, and other important factors, including, among other things, statements regarding the Company’s quarterly dividend and our expectations about the sufficiency of our existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our borrowing capacity under the unsecured revolving credit facility. In some cases, you can identify forward-looking statements by terms such as “assumes,” “could,” “estimates,” “forecasts,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” “will,” “would,” “seeks,” “expects,” “anticipates,” “intends,” “believes” and similar language intended to identify forward-looking statements. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors” in Part I, Item 1A of this Form 10-K. You should also carefully review the risks described in other documents we file from time to time with the SEC, including the Quarterly Reports on Form 10-Q or Current Reports on Form 8-K that we file in 2026. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Form 10-K. We undertake no obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise, except as required by law. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world’s most recognized domain names. We help enable the security, stability, and resiliency of the DNS and the internet by providing Root Zone Maintainer Services, operating two of the thirteen global internet root servers, and providing registration services and authoritative resolution for the .com and .net TLDs, which support the majority of global e-commerce. As of December 31, 2025, we had 173.5 million .com and .net registrations in the domain name base. The number of domain names registered is largely driven by continued growth in online advertising, e-commerce, and the number of internet users, which is partially driven by greater availability of internet access, as well as marketing activities carried out by us and our registrars. The number of domain name registrations under our management may be negatively impacted by certain factors, including overall economic conditions, competition from ccTLDs, other gTLDs, services that offer alternatives for an online presence, and ongoing changes in the internet practices and behaviors of consumers and businesses. Factors such as the evolving practices and preferences of internet users, and how they navigate the internet, as well as the motivation of domain name registrants and how they will manage their investment in domain names, can negatively impact our business and the demand for new domain name registrations and renewals. 2025 Business Highlights and Trends •We recorded revenues of $1,656.6 million in 2025, which represents an increase of 6% as compared to 2024. •We recorded operating income of $1,121.0 million during 2025, which represents an increase of 6% as compared to 2024. •We finished 2025 with 173.5 million .com and .net registrations in the domain name base, which represents a 2.6% increase from December 31, 2024. •During 2025, we processed 41.7 million new domain name registrations for .com and .net compared to 37.4 million in 2024. •The final .com and .net renewal rate for the third quarter of 2025 was 75.4% compared to 72.2% for the same quarter of 2024. Renewal rates are not fully measurable until 45 days after the end of the quarter. •We repurchased 3.4 million shares of our common stock for an aggregate cost of $858.6 million in 2025. As of December 31, 2025, there was $1.08 billion remaining for future share repurchases under the share repurchase program. 25 Table of Contents •We generated cash flows from operating activities of $1,091.1 million in 2025, which represents an increase of 21% as compared to 2024. •On February 3, 2026, our Board of Directors approved a 5.2% increase in the quarterly cash dividend to $0.81 per share of the Company’s outstanding common stock to stockholders of record as of the close of business on February 19, 2026, payable on February 27, 2026. Critical Accounting Estimates The discussion and analysis of our financial condition and results of operations are based upon our Consolidated Financial Statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates those estimates. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions or conditions. Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant. We believe the following critical accounting estimates and policies have the most significant impact on our consolidated financial statements:  Income taxes We operate in multiple tax jurisdictions in the United States and internationally. Tax laws and regulations in these jurisdictions are complex, interrelated, and periodically changing. Significant judgment or interpretation of these laws and regulations is often required in determining our worldwide provision for income taxes, including, for example, the calculations of taxable income in each jurisdiction, deferred taxes, and the availability and amount of deductions and tax credits. We have recognized $233.2 million of deferred tax assets, net as of December 31, 2025. Our income tax expense was $242.8 million for the year ended December 31, 2025. The final taxes payable are also dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from various tax examinations. See Note 11, “Income Taxes” of our Notes to Consolidated Financial Statements in Item 8 of this Form 10-K for additional information. Results of Operations The following table presents information regarding our results of operations as a percentage of revenues: [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","2025","","2024","","2023"],["Revenues","100.0","%","","100.0","%","","100.0","%"],["Costs and expenses:"],["Cost of revenues","11.8","","","12.3","","","13.2"],["Research and development","6.3","","","6.2","","","6.1"],["Selling, general and administrative","14.2","","","13.6","","","13.7"],["Total costs and expenses","32.3","","","32.1","","","33.0"],["Operating income","67.7","","","67.9","","","67.0"],["Interest expense","(4.6)","","","(4.8)","","","(5.0)"],["Non-operating income, net","1.4","","","2.5","","","3.4"],["Income before income taxes","64.5","","","65.6","","","65.4"],["Income tax expense","(14.7)","","","(15.2)","","","(10.6)"],["Net income","49.8","%","","50.4","%","","54.8","%"]] [[/GREPCENT_TABLE]] Revenues Our revenues are primarily derived from registrations for domain names in the .com and .net domain name registries. We also derive revenues from operating domain name registries and technical systems for several other gTLDs and one ccTLD, all of which are not significant in relation to our consolidated revenues. For domain names registered in the .com and .net registries, we receive a fee from registrars per annual registration that is determined pursuant to our agreements with ICANN. Individual customers, called registrants, contract directly with registrars or their resellers, and the registrars, who are our direct customers, in 26 Table of Contents turn register the domain names with Verisign. Changes in revenues are driven largely by changes in the number of new domain name registrations and the renewal rate for existing registrations as well as the impact of new and prior price increases, to the extent permitted by ICANN and the DOC. New registrations and the renewal rate for existing registrations are impacted by continued growth in online advertising, e-commerce, and the number of internet users, as well as marketing activities carried out by us and our registrars. We also offer promotional incentive-based discount programs to registrars based upon market conditions and the business environment in which the registrars operate. In November 2024, we renewed the .com Registry Agreement with ICANN, pursuant to which we will remain the sole registry operator for the .com registry through November 30, 2030. Under the .com Registry Agreement, we are permitted to increase the price of a .com domain name registration by up to 7% in each of the final four years of each six-year period. The current such six-year period began on October 26, 2024. We increased the annual registry-level wholesale fee for each new and renewal .com domain name registration from $9.59 to $10.26 effective September 1, 2024. Under the .net Registry Agreement, we are permitted to increase the price of .net domain name registrations by up to 10% each year during the term of our agreement with ICANN, through June 30, 2029. We increased the annual registry-level wholesale fee for each new and renewal .net domain name registration from $9.92 to $10.91 effective February 1, 2024. All fees paid to us for .com and .net registrations are in U.S. dollars. A comparison of revenues is presented below: [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","","2025","","% Change","","2024","","% Change","","2023"],["","","(Dollars in millions)"],["Revenues","","$","1,656.6","","","6","%","","$","1,557.4","","","4","%","","$","1,493.1"]] [[/GREPCENT_TABLE]] The following table compares the .com and .net domain name registrations in the domain name base:  [[GREPCENT_TABLE]] [["","As of December 31,"],["","","2025","","% Change","","2024","","% Change","","2023"],[".com and .net domain name registrations in the domain name base","","173.5 million","","3","%","","169.0 million","","(2)","%","","172.7 million"]] [[/GREPCENT_TABLE]] Revenues increased in 2025 compared to 2024, primarily due to the .com and .net price increases and an increase in the domain name base. Demand for .com and .net domain names has been primarily driven by continued internet growth and marketing activities carried out by us and our registrars. However, the demand for .com and .net domain names may be [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/VRSN/mda/fy2025/ All MD&A years: /company/VRSN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/VRSN/mda/fy2024/): filed 2025-02-13; accession 0001014473-25-000006 (https://www.sec.gov/Archives/edgar/data/1014473/000101447325000006/vrsn-20241231.htm) - [FY 2023 MD&A](/company/VRSN/mda/fy2023/): filed 2024-02-15; accession 0001014473-24-000006 (https://www.sec.gov/Archives/edgar/data/1014473/000101447324000006/vrsn-20231231.htm) - [FY 2022 MD&A](/company/VRSN/mda/fy2022/): filed 2023-02-17; accession 0001014473-23-000005 (https://www.sec.gov/Archives/edgar/data/1014473/000101447323000005/vrsn-20221231.htm) - [FY 2021 MD&A](/company/VRSN/mda/fy2021/): filed 2022-02-18; accession 0001014473-22-000007 (https://www.sec.gov/Archives/edgar/data/1014473/000101447322000007/vrsn-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7371 Services-Computer Programming Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/VRSN.md · JSON record: /company/VRSN.json · verified financials: /company/VRSN/financials.json / /company/VRSN/financials.csv · machine TOC for the whole site: /llms.txt