U.S.Wide moat

VeriSign (VRSN) — moat facet

Two-thirds of revenue, booked through American registrars, including one customer worth about 31% of the company.

The U.S. line is revenue from registrars domiciled in the United States, and it is most of VeriSign. It was $994.7 million in 2023, $1,035.5 million in 2024 and $1,093.1 million in 2025 1, 66% of the total 2. In 2021 it was $851.3 million 3.

U.S. registrar revenue ($M)8512021938202299520231,03620241,0932025VeriSign FY2023 and FY2025 10-Ks
Up 28% in four years, growing every year with the company.

It grew 10% in 2022, 6% in 2023, 4% in 2024 and 6% in 2025 4. Part of the 2023 growth was where registrars sit rather than what they sold: several registrar reincorporations and relocations benefited U.S. revenue that year and reduced EMEA's 5.

It is paid per name-year, the same fee as everywhere else, collected from registrars who resell to anyone in the world. The largest customer, a registrar taking about 31% of revenue, is not named 6, and a customer that size makes this region's growth partly one company's growth.

The number to watch is the U.S. growth rate against the company's: 6% in 2025, equal to the total 7. Faster growth elsewhere would say the registrar channel is diversifying away from its largest customer.

Moat trajectory: Holding steady

Growth of 4-6% a year since 2023, in line with the company.

The number that tests this moat
Reported
U.S. registrar revenue growth
+6% in 2025 ($1,093.1M)

Growing faster than the other regions would concentrate the channel further.

Source: VeriSign FY2025 Form 10-K ↗
References
  1. ReportedIt was $994.7 million in 2023, $1,035.5 million in 2024 and $1,093.1 million in 2025 , 66% of the total .
    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 $994.7 million in 2023, $1,035.5 million in 2024 and $1,093.1 million in 2025 , 66% of the total .
    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. ReportedIn 2021 it was $851.3 million .
    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 ↗
  4. Moat Explorer calcIt grew 10% in 2022, 6% in 2023, 4% in 2024 and 6% in 2025 .
    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 ↗
  5. ReportedPart of the 2023 growth was where registrars sit rather than what they sold: several registrar reincorporations and relocations benefited U.S. revenue that year and reduced EMEA's .
    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 ↗
  6. ReportedThe largest customer, a registrar taking about 31% of revenue, is not named , and a customer that size makes this region's growth partly one company's growth.
    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 ↗
  7. Moat Explorer calcThe number to watch is the U.S. growth rate against the company's: 6% in 2025, equal to the total .
    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 ↗
Sources
Generated September 23, 2026