VeriSign VRSN · USD

Information Technology · IT Services · US listing · 🇺🇸 United States

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Close of 9 Nov 2026, in USD

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VeriSign annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 31 Dec 2025, filed on 5 Feb 2026.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

	FY2025	FY2024	FY2023	FY2022	FY2021
Revenue	$1.66bn	$1.56bn	$1.49bn	$1.42bn	$1.33bn
Operating income	$1.12bn	$1.06bn	$1.03bn	$943.1m	$866.8m
Net income	$825.7m	$785.7m	$817.6m	$673.8m	$784.8m
Free cash flow	$1.07bn	$874.5m	$808.0m	$803.7m	$754.1m
Total assets	$1.33bn	$1.41bn	$1.75bn	$1.73bn	$1.98bn
Shareholders' equity	−$2.15bn	−$1.96bn	−$1.58bn	−$1.56bn	−$1.26bn

Revenue by region

Year to 31 Dec 2025

U.S. [Member] $1.09bn · 66.0%
EMEA [Member] $279.4m · 16.9%
Asia Pacific $184.6m · 11.1%
Other [Member] $99.5m · 6.0%

From the 2025 annual report

As filed, for the year to Dec. 31, 2025. A later report may be linked above: this is the newest our data supplier has processed.

As filed

Auditor: KPMG LLP
Auditor location: McLean, VA

Balance sheet

	Dec. 31, 2025
Details of Certain Balance Sheet Accounts Disclosure Block	Note 3. Selected Balance Sheet ItemsOther Current AssetsOther current assets consist of the following: As of December 31,20252024 (In millions)Prepaid expenses$28.1 $30.8 Prepaid registry fees26.6 24.3 Accounts receivable, net7.7 5.6 Taxes receivable7.2 2.2 Other2.4 1.0 Total other current assets$72.0 $63.9 Property and Equipment, Net The following table presents the detail of property and equipment, net:As of December 31,20252024 (In millions)Computer equipment and software$425.4 $418.7 Buildings and building improvements266.7 264.8 Land37.9 37.9 Office equipment and furniture11.8 11.1 Capital work in progress12.4 16.9 Leasehold improvements1.7 1.6 Total cost755.9 751.0 Less: accumulated depreciation(542.2)(526.5)Total property and equipment, net$213.7 $224.5 Substantially all of the Company’s property and equipment were held in the U.S. for both periods presented. Goodwill The following table presents the detail of goodwill:As of December 31,20252024 (In millions)Goodwill, gross$1,537.8 $1,537.8 Accumulated goodwill impairment(1,485.3)(1,485.3)Total goodwill$52.5 $52.5 There was no impairment of goodwill or other long-lived assets recognized in any of the periods presented.Deposits to Acquire Intangible AssetsThe Company’s Deposits to acquire intangible assets represents the $145.2 million paid for the future assignment to the Company of contractual rights to the .web gTLD, pending resolution of objections by other applicants, and approval from ICANN. Other Long-Term AssetsOther long-term assets consist of the following: As of December 31,20252024(In millions)Operating lease right-of-use asset$9.8 $9.3 Long-term prepaid registry fees8.4 8.2 Long-term prepaid expenses6.5 13.5 Restricted cash1.6 5.4 Other2.5 3.0 Total other long-term assets$28.8 $39.4 The prepaid registry fees in the tables above primarily relate to the fees the Company pays to ICANN for each annual term of .com domain name registrations and renewals which are deferred and amortized over the domain name registration term. The amount of prepaid registry fees as of December 31, 2025 reflects amortization of $42.0 million during 2025 which was recorded in Cost of Revenues. Accounts Payable and Accrued LiabilitiesAccounts payable and accrued liabilities consist of the following: As of December 31,20252024 (In millions)Accounts payable and accrued expenses$13.8 $10.6 Customer deposits92.6 64.6 Accrued employee compensation77.2 66.9 Taxes payable64.0 65.8 Interest payable15.1 19.5 Accrued registry fees13.4 12.6 Customer incentives payable13.2 8.9 Current operating lease liabilities 5.8 5.2 Other accrued liabilities2.9 3.7 Total accounts payable and accrued liabilities$298.0 $257.8 Customer deposits varies from period to period due to the timing of payments from certain large customers. Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation. Long-term Tax and Other LiabilitiesLong-term tax and other liabilities consist of the following: As of December 31,20252024(In millions)Long-term tax liabilities$5.4 $6.1 Long-term operating lease liabilities4.0 4.0 Long-term tax and other liabilities$9.4 $10.1	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Prepaid expenses	—	—	$	28.1	—	—	—	—	$	30.8	—	Prepaid registry fees	—	—	26.6	—	—	—	—	—	24.3	—	—	Accounts receivable, net	—	—	7.7	—	—	—	—	—	5.6	—	—	Taxes receivable	—	—	7.2	—	—	—	—	—	2.2	—	—	Other	—	—	2.4	—	—	—	—	—	1.0	—	—	Total other current assets	—	—	$	72.0	—	—	—	—	$	63.9	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Computer equipment and software	—	—	$	425.4	—	—	—	—	$	418.7	—	Buildings and building improvements	—	—	266.7	—	—	—	—	—	264.8	—	—	Land	—	—	37.9	—	—	—	—	—	37.9	—	—	Office equipment and furniture	—	—	11.8	—	—	—	—	—	11.1	—	—	Capital work in progress	—	—	12.4	—	—	—	—	—	16.9	—	—	Leasehold improvements	—	—	1.7	—	—	—	—	—	1.6	—	—	Total cost	—	—	755.9	—	—	—	—	—	751.0	—	—	Less: accumulated depreciation	—	—	(542.2)	—	—	—	—	—	(526.5)	—	—	Total property and equipment, net	—	—	$	213.7	—	—	—	—	$	224.5	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Goodwill, gross	—	—	$	1,537.8	—	—	—	—	$	1,537.8	—	Accumulated goodwill impairment	—	—	(1,485.3)	—	—	—	—	—	(1,485.3)	—	—	Total goodwill	—	—	$	52.5	—	—	—	—	$	52.5	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Operating lease right-of-use asset	—	—	$	9.8	—	—	—	—	$	9.3	—	Long-term prepaid registry fees	—	—	8.4	—	—	—	—	—	8.2	—	—	Long-term prepaid expenses	—	—	6.5	—	—	—	—	—	13.5	—	—	Restricted cash	—	—	1.6	—	—	—	—	—	5.4	—	—	Other	—	—	2.5	—	—	—	—	—	3.0	—	—	Total other long-term assets	—	—	$	28.8	—	—	—	—	$	39.4	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Accounts payable and accrued expenses	—	—	$	13.8	—	—	—	—	$	10.6	—	Customer deposits	—	—	92.6	—	—	—	—	—	64.6	—	—	Accrued employee compensation	—	—	77.2	—	—	—	—	—	66.9	—	—	Taxes payable	—	—	64.0	—	—	—	—	—	65.8	—	—	Interest payable	—	—	15.1	—	—	—	—	—	19.5	—	—	Accrued registry fees	—	—	13.4	—	—	—	—	—	12.6	—	—	Customer incentives payable	—	—	13.2	—	—	—	—	—	8.9	—	—	Current operating lease liabilities	—	—	5.8	—	—	—	—	—	5.2	—	—	Other accrued liabilities	—	—	2.9	—	—	—	—	—	3.7	—	—	Total accounts payable and accrued liabilities	—	—	$	298.0	—	—	—	—	$	257.8	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	As of December 31,	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	(In millions)	—	—	—	—	—	—	—	—	Long-term tax liabilities	—	—	$	5.4	—	—	—	—	$	6.1	—	Long-term operating lease liabilities	—	—	4.0	—	—	—	—	—	4.0	—	—	Long-term tax and other liabilities	—	—	$	9.4	—	—	—	—	$	10.1	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Prepaid expenses	—	—	$	28.1	—	—	—	—	$	30.8	—
Prepaid registry fees	—	—	26.6	—	—	—	—	—	24.3	—	—
Accounts receivable, net	—	—	7.7	—	—	—	—	—	5.6	—	—
Taxes receivable	—	—	7.2	—	—	—	—	—	2.2	—	—
Other	—	—	2.4	—	—	—	—	—	1.0	—	—
Total other current assets	—	—	$	72.0	—	—	—	—	$	63.9	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Computer equipment and software	—	—	$	425.4	—	—	—	—	$	418.7	—
Buildings and building improvements	—	—	266.7	—	—	—	—	—	264.8	—	—
Land	—	—	37.9	—	—	—	—	—	37.9	—	—
Office equipment and furniture	—	—	11.8	—	—	—	—	—	11.1	—	—
Capital work in progress	—	—	12.4	—	—	—	—	—	16.9	—	—
Leasehold improvements	—	—	1.7	—	—	—	—	—	1.6	—	—
Total cost	—	—	755.9	—	—	—	—	—	751.0	—	—
Less: accumulated depreciation	—	—	(542.2)	—	—	—	—	—	(526.5)	—	—
Total property and equipment, net	—	—	$	213.7	—	—	—	—	$	224.5	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Goodwill, gross	—	—	$	1,537.8	—	—	—	—	$	1,537.8	—
Accumulated goodwill impairment	—	—	(1,485.3)	—	—	—	—	—	(1,485.3)	—	—
Total goodwill	—	—	$	52.5	—	—	—	—	$	52.5	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Operating lease right-of-use asset	—	—	$	9.8	—	—	—	—	$	9.3	—
Long-term prepaid registry fees	—	—	8.4	—	—	—	—	—	8.2	—	—
Long-term prepaid expenses	—	—	6.5	—	—	—	—	—	13.5	—	—
Restricted cash	—	—	1.6	—	—	—	—	—	5.4	—	—
Other	—	—	2.5	—	—	—	—	—	3.0	—	—
Total other long-term assets	—	—	$	28.8	—	—	—	—	$	39.4	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Accounts payable and accrued expenses	—	—	$	13.8	—	—	—	—	$	10.6	—
Customer deposits	—	—	92.6	—	—	—	—	—	64.6	—	—
Accrued employee compensation	—	—	77.2	—	—	—	—	—	66.9	—	—
Taxes payable	—	—	64.0	—	—	—	—	—	65.8	—	—
Interest payable	—	—	15.1	—	—	—	—	—	19.5	—	—
Accrued registry fees	—	—	13.4	—	—	—	—	—	12.6	—	—
Customer incentives payable	—	—	13.2	—	—	—	—	—	8.9	—	—
Current operating lease liabilities	—	—	5.8	—	—	—	—	—	5.2	—	—
Other accrued liabilities	—	—	2.9	—	—	—	—	—	3.7	—	—
Total accounts payable and accrued liabilities	—	—	$	298.0	—	—	—	—	$	257.8	—
items	—	—	As of December 31,
items	—	—	2025	—	—	—	—	—	2024
items	—	—	(In millions)
Long-term tax liabilities	—	—	$	5.4	—	—	—	—	$	6.1	—
Long-term operating lease liabilities	—	—	4.0	—	—	—	—	—	4.0	—	—
Long-term tax and other liabilities	—	—	$	9.4	—	—	—	—	$	10.1	—

Cash flow statement USD ($) $ in Millions

	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	825.7	785.7	817.6
Depreciation of property and equipment	31.2	36.9	44.1
Stock-based compensation	69.7	61.1	59.7
Investment Income, Amortization of Discount	11.6	21.1	27.8
Other Noncash Income (Expense)	6.5	3.6	3.3
Prepaid expenses and other assets	-1.4	-12.4	-1.5
Accounts payable and accrued liabilities	42.7	-28.9	-2.2
Deferred revenues	80.2	58.1	27
Net deferred income taxes	48.1	19.6	-66.4
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	1,091.1	902.6	853.8
Proceeds from maturities and sales of marketable securities	704.3	1,195.1	1,278.9
Purchases of marketable securities	-572.2	-880.7	-1,330.5
Purchases of property and equipment	-22.8	-28.1	-45.8
Payment for (Proceeds from) Other Investing Activity	0.2	0	0
Net cash provided by (used in) investing activities	109.1	286.3	-97.4
Repurchases of common stock	-881.6	-1,225.6	-901.4
Repayments of Debt	500	0	0
Proceeds from Debt, Net of Issuance Costs	-493.3	0	0
Payments of Dividends	-215.2	0	0
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised	12.3	12.3	12.3
Payment of excise tax on repurchases of common stock	11.6	8.2	0
Proceeds from (Payment for) Other Financing Activity	0	0	-0.7
Net cash used in financing activities	-1,102.8	-1,221.5	-889.8
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	0	-0.8	-0.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	97.4	-33.4	-133.5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	309.5	212.1	245.5
Cash and cash equivalents at end of period	307.9	206.7	—

Note: Segment Reporting

Segment InformationThe Company has one reportable segment that includes all the operations of the business. The segment’s chief operating decision maker is the Executive Chairman, President, and Chief Executive Officer. The chief operating decision maker assesses performance and decides how to allocate resources based on revenues, operating income and net income as reported on the Consolidated Statement of Comprehensive Income.Revenues, operating income and net income are used to evaluate budget versus actual results and the overall return generated by the segment assets. The analysis of these financial results, among other metrics, is used to assess performance and drives employee incentive compensation, as well as executive compensation.The following table presents information about segment revenues, significant expenses and profits:Year Ended December 31,202520242023(In millions)Revenues$1,656.6 $1,557.4 $1,493.1 Costs and expenses:Compensation and benefits expenses244.6 224.7 214.5 Stock-based compensation expenses69.7 61.1 59.7 Equipment and software expenses50.2 45.6 42.1 Registry fee expenses47.8 45.3 44.1 Depreciation expenses31.2 36.9 44.1 Other segment items92.1 85.6 88.0 Total costs and expenses535.6 499.2 492.5 Operating income1,121.0 1,058.2 1,000.6 Interest expense(77.0)(75.3)(75.3)Non-operating income, net24.5 39.0 51.2 Income tax expense(242.8)(236.2)(158.9)Net income$825.7 $785.7 $817.6 Other segment items that are a part of the Company’s segment net income include professional services expenses, legal expenses, telecommunication expenses, marketing expenses, occupancy expenses, and travel expenses.

Note: Revenue Recognition

Revenues The Company generates revenues in the U.S.; Europe, the Middle East and Africa (“EMEA”); Australia, China, Japan, Singapore, and other Asia Pacific countries (“APAC”); and certain other countries, including Canada and Latin American countries. The following table presents the Company’s revenues disaggregated by geography, based on the billing addresses of our customers:Year Ended December 31,202520242023(In millions)U.S$1,093.1 $1,035.5 $994.7 EMEA279.4 249.6 228.2 APAC184.6 175.7 174.8 Other99.5 96.6 95.4 Total revenues$1,656.6 $1,557.4 $1,493.1 Revenues in the table above are attributed to the country of domicile and the respective regions in which registrars are located; however, this may differ from the regions where the registrars operate or where registrants are located. Revenues for each region may be impacted by registrars reincorporating, relocating, or from acquisitions or changes in affiliations of resellers. Revenues for each region may also be impacted by registrars domiciled in one region, registering domain names in another region. Major Customers The Company’s largest customer accounted for approximately 31% of revenues in 2025, and approximately 32% of revenues in 2024 and 2023. The Company does not believe that the loss of this customer would have a material adverse effect on the Company’s business because, in that event, end-users of this customer would transfer to the Company’s other existing customers. Deferred RevenuesAs payment for domain name registrations and renewals are due in advance of the Company’s performance, the Company records these amounts as deferred revenues. The increase in the deferred revenues balance in 2025 was primarily driven by amounts billed in 2025 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $934.7 million of revenues recognized that were included in the deferred revenues balance at December 31, 2024. The balance of deferred revenues as of December 31, 2025 represents the Company’s aggregate remaining performance obligations. Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction.

Note: Commitments And Contingencies

Commitments and ContingenciesThe following table represents the minimum payments required by Verisign under certain purchase obligations, leases, and the interest payments and principal on the Senior Notes: Purchase ObligationsSenior NotesTotal (In millions)2026$42.2 $72.6 $114.8 202725.0 622.6 647.6 202814.0 46.5 60.5 20297.0 46.5 53.5 20305.4 46.5 51.9 Thereafter0.3 1,299.6 1,299.9 Total$93.9 $2,134.3 $2,228.2 Verisign enters into certain purchase obligations with various vendors. The Company’s significant purchase obligations include firm commitments with telecommunication carriers, other service providers and the fixed portion of registry fees related to the operation of certain top-level domains. Registry fees for top-level domains that we operate where the amounts are variable or passed-through to registrars have been excluded from the table above. The Company has an agreement with Internet Corporation for Assigned Names and Numbers (“ICANN”) to be the sole registry operator for domain names in the .com registry through November 30, 2030. For 2023 and 2024, the Company paid ICANN a fee of $0.25 for each annual term of a domain name registered or renewed. For 2025, these fees increased to $0.2575 for each annual term of a domain name registered or renewed. We also incur registry fees for certain other registries. The Company incurred total registry fees for .com and other registries of $47.8 million in 2025, $45.3 million in 2024, and $44.1 million in 2023.Verisign leases a small portion of its office space and a portion of its data center facilities under operating leases, the longest of which extends into 2029. Rental expenses under operating leases were not material in any period presented. Operating lease obligations for 2026 through 2029 are included in Purchase obligations in the table above.

Note: Debt And Interest Expense

DebtSenior NotesThe following table summarizes information related to our senior notes:Issuance DateMaturity DateInterest RatePrincipalAs of December 31,20252024(in millions except interest rates)Senior notes due 2025 March 27, 2015April 1, 20255.25 %$— $500.0 Senior notes due 2027 July 5, 2017July 15, 20274.75 %550.0 550.0 Senior notes due 2031 June 8, 2021June 15, 20312.70 %750.0 750.0 Senior notes due 2032March 11, 2025June 1, 20325.25 %500.0 — Less: unamortized issuance costs(11.8)(7.7)Total senior notes1,788.2 1,792.3 Less: current portion of senior notes due 2025— (299.8)Total long-term senior notes $1,788.2 $1,492.5 On March 11, 2025, the Company issued $500.0 million of 5.25% senior unsecured notes due June 1, 2032 (“2032 Notes”). The 2032 Notes were issued at 99.581% of par value. Interest payments on the 2032 Notes commenced June 1, 2025 and are due semi-annually. The total discount and issuance costs of $6.7 million are presented on the balance sheet as a reduction of the debt obligation and are being amortized to Interest expense over the 7-year term of the notes.On March 31, 2025, the Company used the net proceeds from the 2032 Notes and cash on hand to fund the repayment of all of its $500.0 million aggregate principal amount of outstanding 5.25% senior unsecured notes (“2025 Notes”), prior to their maturity on April 1, 2025.The $750.0 million of 2.70% senior unsecured notes due June 15, 2031 were issued at 99.712% of par value. The $550.0 million of 4.75% senior unsecured notes due July 15, 2027 were issued at par. All outstanding senior notes are senior unsecured obligations of the Company. Each of the senior notes issuances is redeemable, in whole or in part, at the Company’s option at times and redemption prices specified in the indentures. Interest is payable on each of the senior notes semi-annually. Cash paid for interest was $78.7 million in 2025 and $72.8 million each in 2024 and 2023. 2023 Credit Facility On December 6, 2023, the Company entered into a credit agreement for a $200.0 million committed unsecured revolving credit facility (the “2023 Credit Facility”) which takes the place of its prior unsecured revolving credit facility. The 2023 Credit Facility includes a financial covenant requiring that the Company’s leverage ratio not exceed 4.0 to 1.0, which may be increased subject to certain conditions defined in the 2023 Credit Facility Agreement.

Note: Income Taxes

Income TaxesIncome before income taxes is categorized geographically as follows:Year Ended December 31,202520242023(In millions)United States$674.2 $655.4 $607.1 Foreign394.3 366.5 369.4 Total income before income taxes$1,068.5 $1,021.9 $976.5 The provision for income taxes consisted of the following:Year Ended December 31,202520242023(In millions)Current expense:Federal$118.5 $147.9 $159.1 State 29.2 31.3 28.0 Foreign, including withholding tax47.8 43.3 24.4 195.5 222.5 211.5 Deferred expense (benefit):Federal 24.0 (3.3)(25.6)State3.3 (3.3)11.2 Foreign20.0 20.3 (38.2)47.3 13.7 (52.6)Total income tax expense $242.8 $236.2 $158.9 The One Big Beautiful Bill Act (“the Act”), signed into law on July 4, 2025, restored the immediate deduction of research and development expenditures for U.S. federal income tax purposes. This change resulted in a decrease to the Company’s current federal expense, and an increase to deferred federal expense in 2025. The increased foreign current expense in 2024 was primarily driven by the Organization for Economic Cooperation and Development (“OECD”) Pillar 2 minimum tax adopted by Switzerland, partially offset by related foreign tax credits in the U.S.The difference between income tax expense and effective tax rate and the amounts resulting from applying the federal statutory rate of 21% to Income before income taxes in 2025 is attributable to the following:Year Ended December 31, 2025BalancePercent(Balance in millions)U.S. federal statutory tax rate$224.4 21.0 %Domestic federal:Effect of cross-border tax lawsGlobal intangible low-taxed income5.8 0.5 %Other0.1 — %Other adjustments1.7 0.2 %Domestic state and local income taxes, net of federal income tax effect25.7 2.4 %Foreign tax effects:SwitzerlandEffect of rates different than statutory(49.0)(4.6)%Canton of Fribourg, Switzerland15.9 1.5 %Minimum taxes13.5 1.3 %Other4.8 0.4 %Other foreign jurisdictions(0.1)— %Total$242.8 22.7 %The majority of domestic state and local income taxes, net of federal income tax effect, in the table above relates to state taxes in Virginia and New York. The difference between income tax expense and the amount resulting from applying the federal statutory rate of 21% to Income before income taxes in 2024 and 2023 is attributable to the following:Year Ended December 31,20242023Income tax expense at federal statutory rate$214.6 $205.1 State taxes, net of federal benefit20.4 28.5 Change in valuation allowance(6.5)66.

Note: Cybersecurity Risk Management a

Our cybersecurity program is designed and implemented to assess, identify, mitigate and manage risks from cybersecurity threats that may result in adverse effects on the integrity and availability of our production and information systems and support our track record of more than 28 years of 100% DNS uptime for .com and .net. Among other items, our cybersecurity program is comprised of policies, standards, plans and frameworks for information security, business resilience, insider threat mitigation, technology asset management, cyber risk management, incident response and procurement. Material risks from cybersecurity threats include, among other things, operational disruption, including failure to meet our service level agreements, loss or destruction of data, hardware or intellectual property, and cyber extortion through ransomware. While we have not identified any material cybersecurity incidents, we continuously manage cyber-attacks, including from sophisticated nation-state actors. In addition, AI continues to enhance the capabilities of threat actors. The management of cybersecurity risks, which involves significant and sustained resource commitments and management attention, is also integrated into the Company’s enterprise risk management (“ERM”) program through formal processes that help identify and elevate the most serious risks, including those pertaining to cybersecurity, for management at the enterprise level and oversight at the Board level. For more information on the Company’s cybersecurity risks and their possible impact on our business strategy, results of operations, or financial condition see “Risk Factors – Cybersecurity and Technology Risk Factors” in Part I, Item 1A of this Form 10-K”.Our cybersecurity program leverages the NIST Cybersecurity Framework to help protect the Company’s operations, information, production systems and networks from threats through cybersecurity practices, programs and tools that establish defenses in depth. The cybersecurity program includes, among other items, vulnerability and patch management, segmentation, identity and access management, application of zero-trust principles, automated ingestion of multi-source threat intelligence, end point and network detection/response, application security, secure configurations for operating systems and databases, continuous security monitoring and 24/7 security operations, augmented by a third party managed detection and response provider.

Note: Financial Instruments

Financial InstrumentsCash, Cash Equivalents, and Marketable SecuritiesThe following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis: As of December 31,20252024 (In millions)Cash $18.5 $21.7 Time deposits1.9 1.8 Money market funds (Level 1)243.3 188.6 Debt securities issued by the U.S. Treasury (Level 1)318.4 393.2 Total$582.1 $605.3 Cash and cash equivalents $307.9 $206.7 Restricted cash (included in Other long-term assets)1.6 5.4 Total Cash, cash equivalents, and restricted cash309.5 212.1 Marketable securities 272.6 393.2 Total$582.1 $605.3 The gross and net unrealized gains and losses included in the fair value of the debt securities were not significant for the periods presented. All of the debt securities held as of December 31, 2025 are scheduled to mature in less than one year. Fair Value MeasurementsThe fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in Cash and cash equivalents. The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. The fair value of the Company’s foreign currency forward contracts is based on foreign currency rates quoted by banks or foreign currency dealers and other public data sources. The fair value of all of these financial instruments are classified as Level 1 in the fair value hierarchy.As of December 31, 2025, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their face values. The aggregate fair value of the Company’s senior notes is $1.75 billion and $1.69 billion as of December 31, 2025 and 2024, respectively. The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.

Note: Stockholders' Deficit

Stockholders’ DeficitTreasury Stock Treasury stock is accounted for under the cost method. Treasury stock includes shares repurchased under stock repurchase programs and shares withheld in lieu of the tax withholding due upon vesting of RSUs.Effective July 24, 2025, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of approximately $913.1 million, in addition to the $586.9 million that remained available for repurchases under the share repurchase program, for a total authorization of up to $1.50 billion under the program. The program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. As of December 31, 2025, there was approximately $1.08 billion remaining available for repurchases under the program.The summary of the Company’s common stock repurchases are as follows: 202520242023SharesAverage PriceSharesAverage PriceSharesAverage Price (In millions, except average price amounts)Total repurchases under the repurchase plans3.4 $252.42 6.6 $183.84 4.2 $210.28 Total repurchases for tax withholdings0.1 $247.80 0.1 $188.23 0.1 $211.29 Total repurchases3.5 $252.29 6.7 $183.90 4.3 $210.30 Total costs$881.6 $1,225.6 $901.4 Since inception, the Company has repurchased 263.7 million shares of its common stock for an aggregate cost of $15.76 billion, which is recorded as a reduction of Additional paid-in capital. The share repurchase and authorization amounts disclosed within this Form 10-K exclude the excise tax on share repurchases.The Company initiated a quarterly cash dividend in April 2025. A summary of the Company’s dividend activities for the periods presented is as follows:Record DatePayment DateDividend Per ShareTotal(In millions, except per share amounts)May 19, 2025May 28, 2025$0.77 $72.1 August 19, 2025August 27, 20250.77 72.0 November 18, 2025November 25, 20250.77 71.1 $2.31 $215.2 The dividends were accounted for as a reduction of Additional paid-in capital. On February 3, 2026, our 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 February 19, 2026, payable on February 27, 2026. The Company intends to continue to pay a cash dividend on a quarterly basis, subject to market conditions and approval by the Company’s Board of Directors.

Long notes are shortened. The full text is in the filing.

Filings

Newest first, from SEC EDGAR

Quarterly report (10-Q) ↗ Filed 22 Oct 2026
Current report (8-K) ↗ Filed 22 Oct 2026
Current report (8-K) ↗ Filed 27 Aug 2026
Quarterly report (10-Q) ↗ Filed 23 Jul 2026
Current report (8-K) ↗ Filed 23 Jul 2026
Current report (8-K) ↗ Filed 26 Jun 2026
Current report (8-K) ↗ Filed 26 Jun 2026
Current report (8-K) ↗ Filed 21 May 2026
Quarterly report (10-Q) ↗ Filed 23 Apr 2026
Proxy statement (DEF 14A) ↗ Filed 10 Apr 2026
Quarterly report (10-Q) ↗ Filed 23 Oct 2025
Proxy statement (DEF 14A) ↗ Filed 11 Apr 2025
Annual report (10-K) ↗ Filed 13 Feb 2025
Annual report (10-K) ↗ Filed 15 Feb 2024
Annual report (10-K) ↗ Filed 17 Feb 2023
Annual report (10-K) ↗ Filed 18 Feb 2022

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