OtherNarrow moat

VeriSign (VRSN) — moat facet

Six percent of revenue, growing 1-3% a year: too small to move the company.

Other is revenue from registrars domiciled in Canada, Latin America and other countries outside the three main regions. It was $95.4 million in 2023, $96.6 million in 2024 and $99.5 million in 2025 1, 6% of revenue 2.

Other-region registrar revenue ($M)95.4202396.6202499.52025VeriSign FY2025 10-K; Canada, Latin America and other countries
The smallest region added $4 million in two years.

It grew 1% in 2024 and 3% in 2025 3, the smallest line and one of the slowest. Before 2024 VeriSign's 'Other' also included Asia-Pacific outside China, so the old and new series cannot be compared directly 4.

It is paid, like every region, per name-year at the same wholesale fee.

This line is too small to move VeriSign; its interest is as a measure of .com demand in markets far from its home. The number to watch is its growth rate, 3% in 2025 5; falling below 1% would say .com's reach outside the large markets is flat.

Moat trajectory: Holding steady

Growth of 1% in 2024 and 3% in 2025.

The number that tests this moat
Reported
Other-region registrar revenue growth
+3% in 2025 ($99.5M)

Below 1% would say .com's reach in Canada and Latin America has stopped growing.

Source: VeriSign FY2025 Form 10-K ↗
References
  1. ReportedIt was $95.4 million in 2023, $96.6 million in 2024 and $99.5 million in 2025 , 6% 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 ↗
  2. Moat Explorer calcIt was $95.4 million in 2023, $96.6 million in 2024 and $99.5 million in 2025 , 6% 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. ReportedIt grew 1% in 2024 and 3% in 2025 , the smallest line and one of the slowest.
    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. ReportedBefore 2024 VeriSign's 'Other' also included Asia-Pacific outside China, so the old and new series cannot be compared directly .
    VeriSign Form 10-K for FY2023 - geographic revenues 2021-2023 on the earlier basis with China shown separately, and registrar relocations — FY2023 · publ. February 2024 · source ↗
  5. ReportedThe number to watch is its growth rate, 3% in 2025 ; falling below 1% would say .com's reach outside the large markets is flat.
    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