VeriSign
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.
10-K, Feb 5, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Business
How does VeriSign make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $50 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $1.7B
- Gross profit: $1.5B
- Operating income: $1.1B
- Net income: $826M
- Free cash flow: $1.1B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“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 top-level domains (“TLDs”), which support the majority of global e-commerce.”
“We were incorporated in Delaware on April 12, 1995.”
“Our principal executive offices are located at 12061 Bluemont Way, Reston, Virginia 20190.”
Item 1 · Business · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“We subscribe to an industry leading Managed Detection and Response (MDR) service providing increased security monitoring 24/7/365, in addition to our own internal Verisign Incident Response Team.”
Item 1 · Business · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- While revenue growth: no stored value to check the quoted number against.
KPIs
How fast is revenue growing?
Revenue grew 6.4% to $1.7B.
Revenue grew 6.0% YoY to $435M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 33.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
67.7% operating margin, down from 67.9%.
88.2% gross margin, up from 87.7%.
Operating income grew 5.9% to $1.1B.
Net income grew 5.1% to $826M.
R&D grew 7.1% to $104M.
SG&A grew 12% to $236M.
68.2% operating margin, down from 68.5%.
88.5% gross margin, up from 88.0%.
Operating income grew 5.6% YoY to $296M.
Net income grew 4.4% YoY to $216M.
R&D grew 7.0% YoY to $27.5M.
SG&A grew 12% YoY to $60.8M.
EPS diluted grew 12% YoY to $2.23.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $64 of every $100 as free cash.
Operating cash flow grew 21% to $1.1B.
Capex fell 19% to $22.8M.
Buybacks fell 28% to $882M.
Dividends: $215M in FY2025.
Stock-based compensation grew 14% to $69.7M.
Free cash flow grew 9.3% YoY to $213M.
Operating cash flow grew 14% YoY to $232M.
Capex grew 141% YoY to $18.8M.
Buybacks grew 21% YoY to $201M.
Dividends grew 2.1% YoY to $73.6M.
Stock-based compensation grew 22% YoY to $19.4M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$308M cash vs $1.8B debt.
Total debt fell 0.2% to $1.8B.
Interest expense grew 2.3% to $77.0M.
Total assets fell 5.7% to $1.3B.
Equity: −$2.2B in FY2025.
Cash grew 168% YoY to $841M.
Total debt grew 31% YoY to $2.3B.
Interest expense grew 1.6% YoY to $19.2M.
Total assets grew 28% YoY to $1.8B.
Equity: −$2.3B in FY2026 Q2.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One VeriSign customer: $514M.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (VeriSign annual report)
“Major Customers The Company's largest customer accounted for approximately 31% of revenues in 2025, and approximately 32% of revenues in 2024 and 2023.”
10-K · 0001014473-26-000006 · filed Feb 5, 2026 · basis: filing text, verified verbatim
Suppliers named by VeriSign
No supplier among the covered companies is named in the filings.
VeriSign holds stakes in
No stake in a covered company found in SEC filings.
Others name VeriSign
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 31 risk factors, one per theme.
Trade, government policy and geopolitics
“Our international operations expose us and our business to additional economic, legal, regulatory and political risks that could have a material adverse impact on our revenues and business.”
Item 1A · Risk Factors · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Security, defects and outages
“Attempted security breaches, including from the exploitation of vulnerabilities, cyber-attacks and Distributed Denial of Service (“DDoS”) attacks against our systems and services increase our costs, expose us to potentially material liability, and could materially harm our business and reputation.”
Item 1A · Risk Factors · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Regulation and legal proceedings
“Government regulation and the application of new and existing laws in the U.S. and internationally may slow business growth, increase our costs of doing business, create potential material liability and could have a material adverse effect on our business.”
Item 1A · Risk Factors · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Economic conditions
“Challenging global economic conditions have in the past and may in the future negatively impact our business.”
Item 1A · Risk Factors · 10-K · 0001014473-26-000006 · filed Feb 5, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Berkshire Hathaway Inc holds 9.7%.
Berkshire Hathaway Inc9.7%
13G/A · as of Sep 30, 2025 · filed Nov 14, 2025
BlackRock, Inc.7.7%
13G/A · as of Mar 31, 2025 · filed Apr 17, 2025
Vanguard Capital Management LLC6.74%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Vanguard Portfolio Management LLC5.73%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Aqr Capital Management LLC5.44%
13G · as of Jun 30, 2026 · filed Aug 13, 2026
Ninety One UK Ltd5.52% (then)
13G · as of Dec 31, 2023 · filed Feb 13, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Berkshire Hathaway Inc10.2%
9.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
BlackRock, Inc.9.5%
8.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.1%
5.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.7%
5.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Aqr Capital Management LLC5.6%
4.9M shares · 13F filed Aug 14, 2026 · share of 13F-reported
886 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
7 purchases · 216 sales · $38.9M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 35 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | not reported | not reported | not reported | not reported | ||||||
| Gross profit calc. | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
| Sales & marketing | not reported | not reported | not reported | not reported | ||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | |||||||
| EPS diluted | not reported | not reported | not reported | |||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values