The Revenue LinesWide moat

VeriSign (VRSN) — moat facet

One product at one price in every region; the regions only show where the registrars are, and two-thirds of them are American.

VeriSign reports revenue in four regions, and the split describes its registrars rather than its registrants. In 2025 the U.S. was $1,093.1 million, EMEA $279.4 million, APAC $184.6 million and Other $99.5 million, out of $1,656.6 million 1. The U.S. was 66% of revenue 2.

Revenue growth by registrar region, 2025 (%)+6%U.S.+12%EMEA+5%APAC+3%OtherVeriSign FY2025 10-K, revenues by registrar domicile
Every region grew; the two largest supplied most of the increase.

The filing is explicit about what that means: revenue is attributed to the country of domicile of the registrar, which may differ from where the registrar operates or where registrants are located 3. A German business that registers a .com through an American registrar counts as American revenue.

Every region sells the same product at the same wholesale price, $10.26 a .com name-year in 2025 4, so the regions differ only in how many names their registrars renew and add. In 2025 revenue rose in every region, and most of the growth came from registrars based in the U.S. and EMEA 5.

VeriSign reports no profit by region; the registry is one system. The leaves follow the chart's four bands. The test for the four together is the U.S. share, 66% in 2025 6: the registrants are worldwide, but the registrar channel is concentrated in one country and, within it, in one customer taking about 31% of revenue 7.

Moat trajectory: Holding steady

Revenue rose in every region in 2025; the U.S. share was 66%, unchanged from 2023.

The number that tests this moat
Moat Explorer calc
U.S. share of revenue by registrar domicile
66% in 2025 ($1,093.1M of $1,656.6M), 67% in 2023

A falling share would mean the registrar channel is diversifying beyond its largest, American customer.

How it's calculated: U.S. revenue / total revenue: 1,093.1 / 1,656.6 and 994.7 / 1,493.1
Source: VeriSign FY2025 Form 10-K ↗
Dig deeper
DIG DEEPER 01
U.S.
Two-thirds of revenue, booked through American registrars, including one customer worth about 31% of the company.
DIG DEEPER 02
EMEA
Flat for two years, then the fastest-growing region at 12% in 2025.
DIG DEEPER 03
APAC
The slowest region, with the old China line and its 14% fall folded inside it.
DIG DEEPER 04
Other
Six percent of revenue, growing 1-3% a year: too small to move the company.
References
  1. ReportedIn 2025 the U.S. was $1,093.1 million, EMEA $279.4 million, APAC $184.6 million and Other $99.5 million, out of $1,656.6 million .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcThe U.S. was 66% of revenue .
    Moat Explorer calculation from VeriSign's FY2023 and FY2025 10-K geographic revenue tables: regional shares and growth rates — FY2021 to FY2025 · publ. 2026-09-23 · source ↗
  3. ReportedThe filing is explicit about what that means: revenue is attributed to the country of domicile of the registrar, which may differ from where the registrar operates or where registrants are located .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  4. ReportedEvery region sells the same product at the same wholesale price, $10.26 a .com name-year in 2025 , so the regions differ only in how many names their registrars renew and add.
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  5. ReportedIn 2025 revenue rose in every region, and most of the growth came from registrars based in the U.S. and EMEA .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
  6. Moat Explorer calcThe test for the four together is the U.S. share, 66% in 2025 : the registrants are worldwide, but the registrar channel is concentrated in one country and, within it, in one customer taking about 31% of revenue .
    Moat Explorer calculation from VeriSign's FY2023 and FY2025 10-K geographic revenue tables: regional shares and growth rates — FY2021 to FY2025 · publ. 2026-09-23 · source ↗
  7. ReportedThe test for the four together is the U.S. share, 66% in 2025 : the registrants are worldwide, but the registrar channel is concentrated in one country and, within it, in one customer taking about 31% of revenue .
    VeriSign Form 10-K for FY2025 - geographic revenues by registrar domicile (U.S., EMEA, APAC, Other) 2023-2025, the .com wholesale fee and major customer — FY2025 · publ. February 2026 · source ↗
Sources
Generated September 23, 2026