01—Abstract
Summary
Summary of the 10-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.
VeriSign, Inc. (Nasdaq: VRSN) reported 2025 revenues of $1,656.6 milliona, up 6% from $1,557.4 million in 2024, and operating income of $1,121.0 million, up 6% from $1,058.2 million.
Net income was $825.7 millionb, compared with $785.7 million in 2024, and diluted EPS was $8.81 versus $8.00. The company's business is centered on the .com and .net registries, which the filing says support the majority of global e-commerce, and substantially all revenue comes from operating the .com gTLD under its Cooperative Agreement with the DOC and its .com Registry Agreement, along with the .net Registry Agreement. The domain name base reached 173.5 million .com and .net registrations as of December 31, 2025, up from 169.0 million a year earlier, and 41.7 million new registrations were processed in 2025 versus 37.4 million in 2024.
Cash generation and capital return were strong. Operating cash flow rose to $1,091.1 millionc from $902.6 million. The company repurchased 3.4 million shares for $858.6 million in 2025 and had about $1.08 billion remaining under its repurchase authorization at year end.
It began a quarterly cash dividend in April 2025, paying $215.2 milliond in 2025, and on February 3, 2026 declared a $0.81 per share quarterly dividend, a 5.2% increase. Cash and marketable securities totaled $580.5 million at year end, while senior notes outstanding were $1,788.2 million on the balance sheet, and the company reported a total stockholders' deficit of $(2,154.2) million.
Key risks flagged in the filing include the renewal and modification of the .com and .net registry agreements, pricing restrictions, growing cyber-attacks and DDoS activity amplified by AI tools, China regulatory pressure on registrations, and the pending Afilias IRP challenge to the .web gTLD, for which the company has paid a $145.2 million deposit. The filing also reports that the largest customer accounted for approximately 31% of 2025 revenues.
02—Key points
Key Highlights
- Revenues rose 6% to $1,656.6 million in 2025, and operating income rose 6% to $1,121.0 million.
- Net income was $825.7 million in 2025 versus $785.7 million in 2024; diluted EPS was $8.81 versus $8.00.
- The .com and .net domain name base reached 173.5 million at December 31, 2025, up from 169.0 million, with 41.7 million new .com and .net registrations in 2025 versus 37.4 million in 2024.
- Operating cash flow was $1,091.1 million, up from $902.6 million in 2024.
- The company repurchased $858.6 million of stock in 2025, leaving about $1.08 billion under the authorization, and paid $215.2 million in dividends after initiating a quarterly dividend in April 2025.
- The Board declared a $0.81 per share quarterly dividend on February 3, 2026, a 5.2% increase.
- Substantially all revenue depends on the .com and .net registry agreements and the DOC Cooperative Agreement, and the filing notes that renewal terms and pricing restrictions could materially affect results.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Verisign kept $0.50.
- Revenue$1.66B100.0%
- Cost of revenue−$196.3M11.8%
- Gross profit$1.46B88.2%
- Operating costs−$339.3M20.5%
- Operating income$1.12B67.7%
- Interest, other & tax−$295.3M17.8%
- Net income$825.7M49.8%
Where FY2025 revenue went
$1.66B- Net income: $825.7M, 50% of revenue
- Interest, other & tax: $295.3M, 18% of revenue
- SG&A: $235.7M, 14% of revenue
- Cost of revenue: $196.3M, 12% of revenue
- R&D: $103.6M, 6.3% of revenue
Kept 50% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 5, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $1.66B$1.56B | +6.4% |
| Cost of Revenue | $196.30M$191.40M | +2.6% |
| Gross Profit | $1.46B$1.37B | +6.9% |
| R&D Expenses | $103.60M$96.70M | +7.1% |
| SG&A Expenses | $235.70M$211.10M | +11.7% |
| Operating Expenses | $535.60M$499.20M | +7.3% |
| Operating Income | $1.12B$1.06B | +5.9% |
| Interest Expense | $77.00M$75.30M | +2.3% |
| Net Income | $825.70M$785.70M | +5.1% |
| EPS (Basic) | $8.83$8.01 | +10.2% |
| EPS (Diluted) | $8.81$8.00 | +10.1% |
| Shares Outstanding (Basic) | 93.50M98.10M | −4.7% |
| Shares Outstanding (Diluted) | 93.80M98.20M | −4.5% |
05—Questions
Frequently Asked Questions
What drove revenue growth in 2025?
The filing states that revenues increased primarily due to .com and .net price increases and an increase in the domain name base. Revenues from the U.S. rose 6% to $1,093.1 million, and EMEA rose 12% to $279.4 million.
How much cash is the company returning to shareholders?
In 2025 the company repurchased 3.4 million shares for $858.6 million and paid $215.2 million in dividends. The Board approved a new quarterly dividend of $0.81 per share in February 2026, and about $1.08 billion remains available under the repurchase program.
What are the main risks to the business?
The filing highlights the renewal and modification of the .com Registry Agreement (expiring November 30, 2030) and the .net Registry Agreement (expiring June 30, 2029), pricing restrictions, rising cyber-attacks and DDoS activity increasingly enabled by AI, China regulatory actions affecting registrations, and the Afilias IRP proceeding that has kept processing of the .web application paused.
What is the status of the .web gTLD?
The company paid $145.2 million toward the future assignment of .web contractual rights, which is recorded as a deposit. ICANN's processing of the NDC .web application remains paused because of a second Afilias IRP filed July 14, 2023. A hearing was held in November 2025, and post-hearing briefs are expected in the first half of 2026.
How concentrated is the customer base?
The filing states that the largest customer accounted for approximately 31% of 2025 revenues, compared with approximately 32% in 2024 and 2023. The company says the loss of this customer would not have a material adverse effect because its end-users would transfer to other existing customers.
06—Continue