{"schemaVersion":1,"research":true,"symbol":"vrsn","name":"VeriSign","topic":"moat","path":"/stock/vrsn/moat","status":"published","version":4,"updatedAt":"2026-10-17T22:00:31.336Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"VeriSign has a demonstrated contractual moat as the sole .com registry operator through November 30, 2030. Realized wholesale price increases alongside growing registrations and improving renewals support pricing power within regulatory limits. The supplied passages do not establish protection beyond that term or exceptional resilience to competing namespaces and alternative online identities, limiting the case for a wide moat.","advantages":[{"mechanism":"intangible_assets","claim":"The .com registry agreement grants exclusive operating rights through November 30, 2030. Registrars registering or renewing .com domains must use VeriSign's registry, supporting a current contractual advantage and constrained pricing power. The established registration base reinforces its economic relevance, although size alone does not prove network effects.","durability":"Contractual exclusivity is demonstrated through November 2030. The November 2024 renewal provides evidence of continuity, but the supplied passages do not establish subsequent renewal rights or guaranteed permanence.","risks":"ICANN restrictions limit pricing and commercial flexibility. Other TLDs and alternative online identities compete for demand. Promotional discounts can dilute headline pricing, while changing internet behavior can weaken the value of domain ownership. These are mostly disclosed risks rather than demonstrated current erosion; registrations and renewal trends improved through June 2026.","invalidation":"Loss or material weakening of exclusive .com operating rights would invalidate the contractual advantage. Sustained declines in registrations and renewals despite promotional spending, or price increases that reduce net customer receipts, would undermine its economic value and pricing-power assessment.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / .com Registry Agreement renewal and sole operator term","excerpt":"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."},{"id":"e2","sourceId":"filing-2","location":"MD&A / registrant, registrar and registry relationships","excerpt":"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."},{"id":"e3","sourceId":"filing-2","location":"MD&A / permitted .com wholesale price increases","excerpt":"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."},{"id":"e4","sourceId":"filing-2","location":"MD&A / September 2024 realized .com wholesale fee increase","excerpt":"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."},{"id":"e5","sourceId":"filing-2","location":"MD&A / revenue and domain registration base comparison","excerpt":"A comparison of revenues is presented below: 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 The following table compares the .com and .net domain name registrations in the domain name base: 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 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 of June 30, 2026 compared to June 30, 2025 and the .com price increases."},{"id":"e6","sourceId":"filing-2","location":"MD&A / higher new registrations and renewal rates","excerpt":"Our domain name base increased during the three and six months ended June 30, 2026 compared to June 30, 2025, as the positive domain name base trends that began in 2025 continued into 2026 with higher new registrations and renewal rates."},{"id":"e7","sourceId":"filing-2","location":"Liquidity and Capital Resources / customer cash receipts","excerpt":"Cash received from customers increased primarily due to the .com price increases and higher .com domain name registrations and renewals."},{"id":"e8","sourceId":"filing-1","location":"Business / competition and contractual operating restrictions","excerpt":"Under our agreements with ICANN, we are subject to certain restrictions in the operation of .com, .net and .name on pricing, bundling, marketing, methods of distribution, introduction of new registry services, and use of registrars, that do not apply to ccTLDs and other gTLDs and therefore may create a competitive disadvantage."},{"id":"e9","sourceId":"filing-2","location":"MD&A / registrar promotional discount programs","excerpt":"We also offer promotional incentive-based discount programs to registrars based upon market conditions and the business environment in which the registrars operate."},{"id":"e10","sourceId":"filing-2","location":"MD&A / competing TLDs and alternatives for an online presence","excerpt":"However, the demand for .com and .net domain names may be limited by competitive pressure from other TLDs and alternatives for an online presence."},{"id":"e11","sourceId":"filing-1","location":"Risk Factors / potential shifts away from web addresses and browsers","excerpt":"Similarly, if internet users’ preferences or practices shift away from recognizing and relying on web addresses or if internet users were to significantly decrease the use of web browsers in favor of applications to locate and access content, demand for domain names in the gTLDs we operate could be negatively impacted."},{"id":"e12","sourceId":"filing-2","location":"MD&A / announced November 2026 wholesale fee increase","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"Consolidated Statements of Comprehensive Income / 2023–2025 results","excerpt":"CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except per share data) Year Ended December 31, 2025 2024 2023 Revenues $ 1,656.6 $ 1,557.4 $ 1,493.1 Costs and expenses: Cost of revenues 196.3 191.4 197.3 Research and development 103.6 96.7 91.0 Selling, general and administrative 235.7 211.1 204.2 Total costs and expenses 535.6 499.2 492.5 Operating income 1,121.0 1,058.2 1,000.6 Interest expense (77.0) (75.3) (75.3) Non-operating income, net 24.5 39.0 51.2 Income before income taxes 1,068.5 1,021.9 976.5 Income tax expense (242.8) (236.2) (158.9) Net income 825.7 785.7 817.6 Other comprehensive (loss) income (0.2) 0.1 0.1 Comprehensive income $ 825.5 $ 785.8 $ 817.7 Earnings per share: Basic $ 8.83 $ 8.01 $ 7.91 Diluted $ 8.81 $ 8.00 $ 7.90 Shares used to compute earnings per share Basic 93.5 98.1 103.4 Diluted 93.8 98.2 103.5 See accompanying Notes to Consolidated Financial Statements."},{"id":"e14","sourceId":"filing-2","location":"Condensed Consolidated Statements of Comprehensive Income / June 2026 results","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 434.6 $ 409.9 $ 863.5 $ 812.2 Costs and expenses: Cost of revenues 50.0 49.1 99.2 98.5 Research and development 27.5 25.7 55.0 51.7 Selling, general and administrative 60.8 54.4 119.4 110.1 Total costs and expenses 138.3 129.2 273.6 260.3 Operating income 296.3 280.7 589.9 551.9 Interest expense (19.2) (18.9) (38.1) (39.2) Non-operating income, net 4.5 5.5 9.2 13.0 Income before income taxes 281.6 267.3 561.0 525.7 Income tax expense (65.1) (59.9) (130.0) (119.0) Net income 216.5 207.4 431.0 406.7 Other comprehensive loss — — (0.1) (0.3) Comprehensive income $ 216.5 $ 207.4 $ 430.9 $ 406.4 Earnings per share: Basic $ 2.38 $ 2.21 $ 4.73 $ 4.32 Diluted $ 2.38 $ 2.21 $ 4.71 $ 4.31 Shares used to compute earnings per share Basic 90.8 93.8 91.2 94.2 Diluted 91.1 94.0 91.4 94.4 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e15","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows / first-half 2026 spending and financing","excerpt":"5 Table of Contents VERISIGN, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 431.0 $ 406.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment 13.0 17.2 Stock-based compensation expense 38.5 33.4 Other, net (1.7) (3.4) Changes in operating assets and liabilities: Other assets (19.7) (19.9) Other liabilities (31.8) (24.8) Deferred revenues 64.5 75.5 Net deferred income taxes 10.2 9.1 Net cash provided by operating activities 504.0 493.8 Cash flows from investing activities: Proceeds from maturities and sales of marketable securities 274.2 396.8 Purchases of marketable securities (192.2) (278.6) Purchases of property and equipment (26.0) (13.6) Net cash provided by investing activities 56.0 104.6 Cash flows from financing activities: Proceeds from senior note issuance, net of issuance costs 546.4 493.3 Repurchases of common stock (426.8) (408.5) Payment of dividends (147.8) (72.1) Proceeds from employee stock purchase plan 8.5 7.9 Payment of excise tax on repurchase of common stock (7.9) (11.6) Repayment of borrowings — (500.0) Net cash used in financing activities (27.6) (491.0) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 0.6 0.1 Net increase in cash, cash equivalents, and restricted cash 533.0 107.5 Cash, cash equivalents, and restricted cash at beginning of period 309.5 212.1 Cash, cash equivalents, and restricted cash at end of period $ 842.5 $ 319.6 Supplemental cash flow disclosures: Cash paid for interest $ 36.4 $ 42.3 Cash paid for income taxes, net of refunds received $ 125.5 $ 149.4 See accompanying Notes to Condensed Consolidated Financial Statements."},{"id":"e16","sourceId":"filing-2","location":"Note 4 / completed July 2026 debt redemption","excerpt":"On July 20, 2026, the Company used the net proceeds from the 2026 Notes and cash on hand to redeem all of its 2017 Notes."},{"id":"e17","sourceId":"filing-2","location":"Note 6 / weighted-average shares and performance-based award treatment","excerpt":"Note 6. Calculation of Earnings per Share The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Weighted-average shares of common stock outstanding 90.8 93.8 91.2 94.2 Weighted-average potential shares of common stock outstanding: Unvested RSUs and ESPP 0.3 0.2 0.2 0.2 Shares used to compute diluted earnings per share 91.1 94.0 91.4 94.4 The calculation of diluted weighted average shares outstanding excludes performance-based RSUs granted by the Company for which the relevant performance criteria have not been achieved and any awards that are antidilutive."},{"id":"e18","sourceId":"filing-3","location":"Executive Compensation / operating-income growth versus PSU target","excerpt":"The CAGR of operating income for the performance period was 5.9% compared to the target of 8.8%."},{"id":"e19","sourceId":"filing-3","location":"Executive Compensation / CEO PSUs actually earned and vested in February 2026","excerpt":"James Bidzos 28,186 64% 18,039 John D."},{"id":"e20","sourceId":"filing-3","location":"Governance highlights / director and executive stock retention policy","excerpt":"Stock Retention Policy •Directors and executives are subject to a stock retention policy."},{"id":"e21","sourceId":"filing-3","location":"Independent chair proposal discussion / independent director proportion","excerpt":"Independent directors thus compose approximately 86% of the Board, well above the majority required by Nasdaq."},{"id":"e22","sourceId":"filing-3","location":"Governance highlights / independent board committees","excerpt":"Board Committees •We have an Audit Committee, Corporate Governance and Nominating Committee and Compensation Committee, each of which is composed entirely of independent directors."},{"id":"e23","sourceId":"filing-3","location":"Governance highlights / stockholder special meeting rights","excerpt":"•Stockholders owning together at least 10% of outstanding common stock may call a special meeting of stockholders."},{"id":"e24","sourceId":"filing-3","location":"Governance highlights / one share, one vote","excerpt":"One Share, One Vote •Each share of our common stock is entitled to one vote."},{"id":"e25","sourceId":"filing-3","location":"Proxy letter / combined chairman and CEO roles","excerpt":"Sincerely, /s/ D. James Bidzos D. James Bidzos Chairman of the Board of Directors, Executive Chairman, President and Chief Executive Officer Table of Contents Notice of 2026 Annual Meeting of Stockholders The 2026 Annual Meeting of Stockholders (the “Annual Meeting”) will be held for the following purposes: Date and Time May 21, 2026 (Thursday) 10:00 a.m."},{"id":"e26","sourceId":"filing-2","location":"Business Highlights / .web delegation announcement","excerpt":"•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."},{"id":"e27","sourceId":"filing-2","location":"MD&A / marketing engagement and AI tools contributing to registration growth","excerpt":"Growth in the domain name base has been positively impacted by continued registrar focus on customer acquisition and engagement with our marketing programs, as well as the evolution of AI tools used in content and website creation."},{"id":"e28","sourceId":"filing-1","location":"Liquidity and Capital Resources / 2023–2025 operating cash flow","excerpt":"30 Table of Contents In summary, our cash flows were as follows: Year Ended December 31, 2025 2024 2023 (In millions) Net cash provided by operating activities $ 1,091.1 $ 902.6 $ 853.8 Net cash provided by (used in) investing activities 109.1 286.3 (97.4) Net cash used in financing activities (1,102.8) (1,221.5) (889.8) Effect of exchange rate changes on cash, cash equivalents and restricted cash — (0.8) (0.1) Net increase (decrease) in cash, cash equivalents and restricted cash $ 97.4 $ (33.4) $ (133.5) Cash flows from operating activities Our largest source of operating cash flows is cash collections from our customers."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 5, April 10 and July 23, 2026; they are not retrieval dates.","Competition disclosures identify generic registry and online-presence categories, without naming competing companies. Competitor coverage therefore remains unestablished and the competitors array is empty.","Contractual disclosures and financial results support the current advantage, but renewal protections beyond November 2030, competitor economics, market-share trends and quantified customer migration costs are absent.","Renewal improvement is issuer-reported without numerical renewal rates. Growth also reflects new registrations and marketing programs, so registration-base growth is not a standalone retention measure.","The November 2026 fee increase was announced but was not yet effective on the assessment date. The .web delegation establishes an operating milestone, not demonstrated commercial success.","The proxy supplies actual compensation and governance disclosures, but the supplied ownership passages omit individual ownership amounts. Proposed plan provisions and meeting recommendations are not treated as proof of adoption.","Infrastructure descriptions do not supply comparative costs or reliability outcomes sufficient to establish a separate cost advantage, efficient-scale moat or network effect."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Sole .com registry rights through November 2030 establish a strong current contractual barrier. Registrars register the domains with VeriSign; the advantage is supported by disclosed rights rather than inferred from profitability.","evidenceIds":["e1","e2"]},{"criterion":"durability","grade":2,"rationale":"The renewed agreement provides a defined multiyear runway, but the passages do not establish rights beyond 2030. Regulatory constraints and substitute online identities limit demonstrated longer-term durability.","evidenceIds":["e1","e8","e11"]},{"criterion":"customer_dependency","grade":3,"rationale":"Registrars depend on VeriSign to register domains in its registries, and renewal rates improved alongside a 179.1 million registration base. This demonstrates recurring demand and registry dependence, but does not quantify end-user migration costs or renewal rates.","evidenceIds":["e2","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Registrations, renewals and customer receipts improved despite competing TLDs and alternative online identities. That supports current resilience, while marketing contributions and untested technological substitution leave longer-term resistance mixed.","evidenceIds":["e5","e6","e7","e10","e11","e27"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"The September 2024 wholesale fee increase was implemented, and subsequent disclosures attribute increased revenue and customer receipts partly to .com price increases. Promotional discounts prevent equating headline fees with realized net prices. The announced November 2026 increase is excluded from realized outcomes.","evidenceIds":["e4","e5","e7","e9","e12"]},{"criterion":"retention","grade":3,"rationale":"Higher renewal rates in 2025 and 2026 demonstrate improving repeat demand alongside prior price increases. No numerical renewal rates or cohort data are supplied; total registration growth also includes new customers.","evidenceIds":["e4","e6","e7"]},{"criterion":"margin_resilience","grade":3,"rationale":"Operating income increased from $1,000.6 million in 2023 to $1,121.0 million in 2025, and first-half 2026 operating income grew faster than revenue. Operating profitability remained broadly stable across the supplied periods. This supports resilience without establishing the moat by itself or isolating pricing from other cost effects.","evidenceIds":["e13","e14"]},{"criterion":"contractual_freedom","grade":2,"rationale":"The agreement permits increases of up to 7% in four years of each six-year period, providing meaningful but bounded discretion. Restrictions also cover bundling, marketing, distribution and new registry services.","evidenceIds":["e3","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation increased over 2023–2025, and diluted shares declined. However, first-half 2026 repurchases and dividends totaled $574.6 million against $504.0 million operating cash flow and $26.0 million capital expenditure. Debt refinancing was completed, but buyback value creation and returns on committed capital are not established.","evidenceIds":["e28","e15","e16","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual February 2026 CEO PSU vesting was reduced to 64% of target after operating-income growth missed its target, demonstrating that compensation responded to performance. A stock retention policy supplies further alignment. Ownership amounts and the effectiveness of the full compensation package are not established.","evidenceIds":["e18","e19","e20"]},{"criterion":"execution","grade":3,"rationale":"Revenue, operating income, registrations and renewal trends improved, and the .com agreement was renewed. These operating outcomes support strong execution, although operating-income growth missed the PSU target. The .web delegation is a completed milestone rather than evidence of commercial returns; comparative service reliability is unavailable.","evidenceIds":["e1","e5","e6","e13","e14","e18","e26"]},{"criterion":"governance","grade":3,"rationale":"An approximately 86% independent board, independent key committees, one-share-one-vote rights and a 10% special-meeting threshold demonstrate substantial governance safeguards. Combined chairman and CEO roles constrain the assessment; disclosed structures do not establish exceptional oversight outcomes.","evidenceIds":["e21","e22","e23","e24","e25"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"8278fa1f7b2f07dcd9950ead50c139315267f4d3dbf3be3775d94e9da2bffa64","updatedAt":"2026-10-17T22:00:31.336Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000006/vrsn-20251231.htm","publishedAt":"2026-02-05","sha256":"674a9695fd3f244c3b0c1bb871a639b51eb2d3b66265e7fe3cfa51197a16d8cd","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000028/vrsn-20260630.htm","publishedAt":"2026-07-23","sha256":"df8c9c8914158172721e3172a768c90cdf831044672d0f4842e0af691516f8ae","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000013/vrsn-20260409.htm","publishedAt":"2026-04-10","sha256":"9321824f0d035f02b958418414ef195b0e02e351755e36e6fa0dc00ffd3240ec","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4b3c42b88e83569e989f01938cac2cdeb0c640202f8769a4f8477cea71bb44a3","usage":{"input_tokens":52614,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3480,"reasoning_output_tokens":121},"basisSupplement":{"previousHash":"8eecaa2166315f58e0eb49266e8fe63087426b24bb346443e0f6edadc35f9f66","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":85.54259793789583,"operating_margin":65.29215653190477,"roic":null,"fcf_margin":56.80420555960638,"sbc_revenue":4.025306272484588},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and 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period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","eps":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Average capital employed is zero or negative, so this ratio is undefined.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000006/vrsn-20251231.htm","publishedAt":"2026-02-05","sha256":"674a9695fd3f244c3b0c1bb871a639b51eb2d3b66265e7fe3cfa51197a16d8cd","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000028/vrsn-20260630.htm","publishedAt":"2026-07-23","sha256":"df8c9c8914158172721e3172a768c90cdf831044672d0f4842e0af691516f8ae","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1014473/000101447326000013/vrsn-20260409.htm","publishedAt":"2026-04-10","sha256":"9321824f0d035f02b958418414ef195b0e02e351755e36e6fa0dc00ffd3240ec","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}