Here are 1-3 brief analogies to describe VeriSign:

1. The Experian for internet domain names: VeriSign acts like a credit bureau for website addresses, managing the official records for .com and .net domains and ensuring they can always be found by users.

2. A critical utility company for the internet's addressing system: Similar to how a power grid operator ensures electricity, VeriSign provides essential, always-on infrastructure to keep the internet's navigation for .com and .net running smoothly and securely.

3. A title company for .com and .net internet properties: VeriSign verifies ownership and guarantees the stability and clear access for the most common website addresses, much like a title company ensures clear ownership for physical real estate.

```html

• Domain Name Registry Services: VeriSign provides registration and authoritative resolution services for various top-level domains, including .com, .net, .cc, .gov, .edu, and .name.
• Internet Infrastructure Services: The company operates root zone maintainer services and two of the internet's 13 root servers, ensuring the security, stability, and resiliency of global internet navigation.

```

VeriSign (VRSN) operates as a domain name registry, meaning its primary customers are not individuals or end-users directly. Instead, VeriSign sells its services to domain name registrars, who then sell domain names to businesses and individuals.

Based on this model, VeriSign's major customers are the large domain name registrars around the world. While VeriSign doesn't typically disclose a specific list of its largest customers, prominent registrars that rely on VeriSign's registry services for .com and .net domains include:

• GoDaddy Inc. (Symbol: GDDY)
• Alphabet Inc. (Symbol: GOOGL) - through its Google Domains service
• Tucows Inc. (Symbol: TCX) - through its OpenSRS wholesale domain platform
• Companies that own other major registrars like Namecheap, Domain.com, Bluehost, and Register.com. (Note: Many of these are part of larger, often privately held, corporations.)

null

D. James Bidzos Executive Chairman, President, and Chief Executive Officer

D. James Bidzos is the founder of VeriSign, established in 1995 as a spin-off from RSA Security Inc.. He is recognized as an internet and security industry pioneer, having been instrumental in building RSA Security into an early leader for authentication and encryption, and launching VeriSign to develop the digital certificate infrastructure for internet commerce. Prior to VeriSign, Mr. Bidzos served as President and CEO of RSA Security from 1986 to 1999 and then as its Vice Chairman from 1999 to 2002. He began his career at IBM in the 1970s. He was re-appointed President and Chief Executive Officer of VeriSign on August 1, 2011, and resumed the office of President in April 2024.

John Calys Executive Vice President and Chief Financial Officer

John Calys serves as the Executive Vice President and Chief Financial Officer, succeeding George E. Kilguss III, whose retirement was effective May 31, 2025. Mr. Calys joined VeriSign in December 2010 and has over 35 years of experience in financial management and business leadership. His previous roles at VeriSign include Senior Vice President, Global Controller, and Chief Accounting Officer. He also served as interim Chief Financial Officer during 2011 and 2012.

Danny McPherson Executive Vice President, Technology and Chief Security Officer

Danny McPherson is the Executive Vice President, Technology and Chief Security Officer at VeriSign. His role is considered crucial given the company's position as a core provider of domain name system (DNS) security and infrastructure.

Thomas Indelicarto Executive Vice President, General Counsel and Secretary

Thomas Indelicarto holds the position of Executive Vice President, General Counsel, and Secretary at VeriSign.

Dr. Burt Kaliski Jr. Senior Vice President and Chief Technology Officer

Dr. Burt Kaliski Jr. is the Senior Vice President and Chief Technology Officer for VeriSign.

```html

Here are the key risks to VeriSign's business:

1. Regulatory and Contractual Dependence: VeriSign's core business and revenue are heavily reliant on its long-term agreements with the Internet Corporation for Assigned Names and Numbers (ICANN) and the U.S. Department of Commerce, particularly for the operation of the .com and .net top-level domains. Approximately 85% of its revenue is generated from these domain services. Any unfavorable changes to these agreements, including pricing mechanisms or renewal terms, or increased regulatory scrutiny and intervention, could significantly impact VeriSign's financial performance and operational stability.

2. Cybersecurity Threats and Infrastructure Vulnerability: As a critical provider of internet infrastructure and operator of root servers, VeriSign faces constant and evolving cybersecurity threats. Sophisticated cyber-attacks, such as advanced persistent threats and Distributed Denial of Service (DDoS) attacks, could disrupt its services, compromise data integrity, and damage its reputation. The increasing use of AI-based tools by attackers further complicates defense efforts, requiring continuous and significant investment in cybersecurity measures to protect its systems and maintain the stability and resiliency of the internet.

3. Technological Evolution and Shifting Internet Behaviors: The internet landscape is dynamic, with continuous technological evolution and changes in user preferences. There is a risk that shifts in internet behavior towards alternative online identity establishments, such as social media platforms, e-commerce sites, or emerging alternative namespaces and AI-driven content discovery, could reduce the demand for traditional domain names. Additionally, new rounds of generic Top-Level Domains (gTLDs) could introduce competitive alternatives to .com, potentially impacting VeriSign's long-term registration growth and market position.

```

null

VeriSign, Inc. operates primarily in the domain name registry services sector, managing critical internet infrastructure globally. The addressable market for VeriSign's main products and services, particularly its domain name registry services for .com and .net, can be understood through the global domain name registrar market and the sheer volume of domains under its management. The global Domain Name Registrar market size was valued at approximately $2.33 billion in 2024. This market is projected to grow to about $3.33 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 4.23% (global). Other estimates place the global domain name register market size at $2.6 billion in 2023, expected to reach $4.0 billion by 2032, with a CAGR of 4.7% (global). Another projection indicates that the market for Domain Name Registrar was estimated to be worth $2.65 billion in 2023 and is projected to grow at a CAGR of 4.7% to reach $4.05 billion by 2031 (global). VeriSign holds a unique and dominant position as the exclusive registry operator for the .com and .net top-level domains (TLDs). As of June 30, 2025, the combined .com and .net domain base managed by VeriSign comprised 170.5 million registrations (global). More specifically, as of September 30, 2025, the .com and .net TLDs had a combined total of 171.9 million domain name registrations (global), with the .com domain base totaling 159.4 million and the .net domain base totaling 12.5 million. The .com domains alone represent a significant portion of all websites, accounting for approximately 38.11% to 44.4% of them and over 157 million registrations (global). Beyond domain name registry services, VeriSign also provides essential internet infrastructure services, including operating two of the 13 global internet root servers and serving as the back-end system for other domain names like .cc, .gov, .edu, and .name. While these services are foundational to internet navigation and security, specific monetary addressable market sizes for these infrastructure components, separate from the overarching domain name market, are not typically reported as distinct markets. VeriSign's revenue, which was $410 million in Q2 2025 and projected to be between $1.635 billion and $1.650 billion for the full year 2025, largely reflects its central role in the global domain name system.

VeriSign (VRSN) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors related to its core domain name registry services and strategic initiatives.

The expected drivers of future revenue growth for VeriSign include:

• Continued Growth in the .com and .net Domain Name Base: VeriSign's primary revenue stream comes from the registration and renewal of .com and .net domain names. The company has consistently reported year-over-year increases in its domain name base. For instance, the .com and .net domain name base reached 171.9 million in Q3 2025, marking a 1.4% increase from the prior year, with 10.6 million new domain registrations during the quarter. By the end of fiscal 2025, the .com and .net domain name base had grown to 173.5 million, a 2.6% year-over-year increase.
• Periodic Price Increases for Domain Name Services: VeriSign has historically leveraged its pricing power, and future revenue growth is expected to benefit from planned rate increases. Notably, a high single-digit rate increase for domain services is slated to begin in September 2026, which is expected to contribute to revenue in the latter half of that year.
• Stable to Improving Renewal Rates: The consistent renewal of existing domain names is a crucial component of VeriSign's recurring revenue. The company has demonstrated strong renewal rates, with a preliminary renewal rate of 75.3% in Q3 2025, an increase from 72.2% in the same quarter of the previous year. Similarly, the preliminary renewal rate for Q4 2025 was 75%, up from 74% in the prior year. Management has also indicated that enhanced marketing programs are contributing to improved renewal rates.
• Exploration and Expansion into New Generic Top-Level Domains (gTLDs): Beyond its established .com and .net domains, VeriSign is actively exploring opportunities in new gTLDs. The company is developing marketing programs for 2026 and investigating the potential of the .web domain, pending legal outcomes. Additionally, VeriSign is preparing for ICANN's new gTLD round scheduled for Q2 2026, highlighting its strategic focus on future growth opportunities through diversification in the domain market.

Share Repurchases

• In 2025, VeriSign returned $1.1 billion to shareholders through share repurchases and quarterly dividends.
• As of the end of Q4 2025, VeriSign had $1.08 billion remaining under its share repurchase program.
• During Q4 2025, VeriSign repurchased 1.0 million shares of its common stock for $251 million.

Capital Expenditures

• VeriSign's capital expenditures for 2026 are projected to be between $55 million and $65 million.
• The anticipated increase in capital expenditures for 2026 is primarily for end-of-life equipment replacement and capacity expansion, largely influenced by AI-driven demand.
• In Q4 2025, VeriSign invested $4.5 million in capital expenditures.