10-K 0001014473-26-000006 (2026-02-05) vs 10-K 0001014473-25-000006 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 9,080 |
10.2% |
| MD&A | Item 7 | 3,825 |
21.6% |
| Legal Proceedings | Item 3 | 412 |
3.2% |
| Accounting Policies | Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies | 2,702 |
5.1% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 208 words changed in this paragraph; it is 42% similar to last year's version.
With the introduction of new gTLDs, many of our registrars and resellers have chosen to, and may continue to choose to, focus their short- or long-term marketing efforts on these new offerings and/or reduce the prominence or visibility of our products and services on their e-commerce platforms. Our registrars and resellers sell domain name registrations of other competing registries, including new gTLDs, and some also sell and support their own services for websites such as email, website hosting, and other services. Our With the planned introduction of a new round of gTLDs, registrars and resellers resellers, as they have done in the past, may be more motivated to sell to registrants to whom they can also market in the future focus their own services. short- or long-term marketing efforts on new offerings and/or reduce the prominence or visibility of our products and services on their e-commerce platforms. To the extent that registrars and resellers focus more on selling and supporting their services and less marketing on the registration and renewal of domain names in the gTLDs we operate, our revenues could be adversely impacted. Our ability Likewise, our registrars and resellers may be more motivated to successfully market our services to, and build and maintain strong relationships with, new and existing registrars or resellers is a factor upon which successful operation of our business is dependent. If we are unable to keep a significant portion of their marketing efforts focused on selling registrations of domain names in the gTLDs we operate, as opposed registrants to other competing gTLDs, including the new gTLDs, or whom they can also market their own services, which could disadvantage our business gTLDs and could be harmed. adversely impact our revenues.
Source: Item 1A, 10-K 0001014473-26-000006 vs Item 1A, 10-K 0001014473-25-000006
MD&A 177 words changed in this paragraph; it is 48% similar to last year's version.
Demand for .com and .net domain names has been primarily driven by continued internet growth and marketing activities carried out by us and our registrars. However, the demand for .com and .net domain names may be limited by competitive pressure from ccTLDs, other gTLDs, services that offer TLDs and alternatives for an online presence, such as social media, ongoing presence. Additionally, changes in internet practices practices, consumer behavior, and behaviors of consumers and business, global economic conditions, as well as the motivation of existing domain name registrants managing their investment in domain names, such as for resale at increased prices or for revenue generation through website advertising, and global economic conditions, has limited the may impact demand for .com and .net domain names and may continue to do so in the future. While the core value proposition of a names. Our domain name remains strong, challenging economic base increased during 2025 compared to 2024, with higher new registrations and regulatory renewal rates, as business conditions improved following a period of decline during 2024 and as registrars focus more on customer acquisition and have continued to weaken demand for .com and .net domain name registrations in China, and some registrars, particularly in the U.S., have shifted their focus to increasing profitability through higher retail pricing and a decrease in engage with our marketing activities targeting new customer acquisition. The combination of these factors has negatively impacted our renewal rates and the volume of new .com and .net domain name registrations, resulting in a decline in our domain name base. programs.
Source: Item 7, 10-K 0001014473-26-000006 vs Item 7, 10-K 0001014473-25-000006
Accounting Policies 48 words changed in this paragraph; it is 70% similar to last year's version.
In December 2023, the Financial The Company adopted Accounting Standards Board (“FASB”) issued ASU Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for our 2025 Form 10-K. We do not expect the has been applied prospectively. The adoption of this guidance to ASU 2023-09 did not have a material impact on our the Company’s consolidated financial statements. Refer to Note 11, “Income Taxes,” for income tax disclosures.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001014473-26-000006 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001014473-25-000006
Legal Proceedings 26 words changed in this paragraph; it is 84% similar to last year's version.
Before .web could be awarded to NDC, Afilias filed another IRP on July 14, 2023, and as a result, ICANN’s processing of NDC’s .web application remains paused. Similar to the first IRP, Afilias again seeks to invalidate the .web auction and have .web awarded to Afilias. On April 11, 2024, Verisign and NDC submitted a written request to participate in the IRP. Additional In November 2025, the IRP hearings and Panel held a hearing on Afilias’ claim. Post-hearing briefings are scheduled during 2025. expected to be filed in the first half of 2026.
Source: Item 3, 10-K 0001014473-26-000006 vs Item 3, 10-K 0001014473-25-000006
Every change, by type
Sentences and paragraphs of VRSN's Risk Factors and MD&A, 10-K 2026-02-05 against 10-K 2025-02-13.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
During the second quarter of 2025, we began to declare quarterly dividends. Future dividends will be subject to declaration by the Board and, thus, may be subject to numerous factors in existence at the time of any such declaration including, but not limited to, prevailing market conditions, our results of operations, financial condition and liquidity, contractual prohibitions and other restrictions with respect to the payment of dividends. There is no assurance that the Board will declare and thus that we will pay, any dividends on our common stock in the future. The Board may, in its discretion, decrease the level of cash dividends. A reduction or elimination of cash dividends could negatively affect the market price of our common stock.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
Our success depends in part on our internally developed technologies and related intellectual property. Despite our precautions, it may be possible for an external party to copy or otherwise obtain and use our intellectual property without
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
The use of AI technology by third-parties, including our vendors, and our use of AI technology, tools, and services could expose us to cybersecurity, operational, intellectual property and regulatory risks that could adversely affect our business, reputation or financial results.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
The use of AI technology by third parties may increase our exposure to cybersecurity and data protection risks. For example, recent advances in AI technology and tools have made, and will continue to make, cyber-attacks more sophisticated, harder to defend, and easier and faster to launch. These tools permit rapid exploitation of vulnerabilities, which hinders our ability to defend against such exploitation. In addition, the use and integration of AI technology into the products and services that we procure could create or exacerbate vulnerabilities, potentially resulting in unauthorized access to our systems including our sensitive or proprietary information. For more details on these risks, see our risk factor “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.”
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
We may also experience challenges in the effective or timely adoption of AI technology. Our decision to adopt AI technologies in a low-risk manner could result in slower adoption of AI technology that could hinder or prevent us from realizing efficiencies or benefits, which could result in less efficient operations. Further, although we have established AI policies and procedures, our use of AI technology, if not effectively governed, could result in unintended consequences, including errors, biased, and otherwise unreliable outputs. The use of certain AI technology tools, including those provided by third parties, may also create intellectual property risks, such as uncertainty regarding ownership of AI-generated output, IP infringement, or the disclosure of confidential or proprietary information.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
Finally, AI is subject to increasing regulatory scrutiny and evolving laws, rules and regulations, which may increase our compliance costs and affect our development, adoption, use, implementation and maintenance of AI technologies or tools, and subject us to increased legal liability, regulatory scrutiny, and reputational harm.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
Short sellers have in the past, and may in the future, engage in efforts to lower the market price of our common stock through the dissemination of false or misleading information.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
Short selling is the practice of selling securities that the seller does not own but rather has borrowed or intends to borrow from a third party with the intention of subsequently buying lower-priced identical securities to return to the lender. Accordingly, it is in the interest of a short seller to want the price of our common stock to decline. Short sellers may seek to profit from declines in the market price of our common stock and, in some cases, may publish, or arrange for the publication of, false or misleading information regarding our business. We have been, and may in the future be, the target of short sellers. The
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedRisk Factors
dissemination of such information, regardless of its veracity, can lead to significant stock price volatility, reputational harm, and the diversion of management’s attention from our core business. Such activities may result in a decline in the market price of our stock or could lead to costly litigation or regulatory inquiries.
Read it in 10-K 2026-02-05 at sec.gov ↗
RemovedRisk Factors
•reliance on third parties in international locations in which we only recently started doing business; and
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•regional internet infrastructure development, expansion, penetration and adoption, and the development, maturity and depth of our sales channels;
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•acceptance and adoption of substitute products and services that enable online presence without a domain name, including social media, e-commerce platforms, website builders and mobile applications;
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•increased acceptance and adoption of other substitute products and services, including ccTLDs or other gTLDs;
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•the use of mobile applications as the primary engagement mechanism for navigating the internet; and
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
•government regulations affecting the internet, internet access and availability, domain name registrations or the provision of registry services, data security, privacy, or data localization, e-commerce or telecommunications.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedRisk Factors
In addition, under Amendment 35 to the Cooperative Agreement, we have agreed to continue to operate the .com gTLD in a content-neutral manner and to work within ICANN processes to promote the development of content-neutral policies for the operation of the DNS, and under our binding letter of intent with ICANN, we have agreed to work with the ICANN community to develop certain best practices and other commitments for the security, stability and resiliency of the DNS and the internet. DNS.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
In particular, For example, demand for our services has substantially declined in China during 2023 and may continue to decline further due to lower economic growth and 2024 as a result of various factors including Chinese regulatory mandates that make made it more difficult to register a domain name or establish an online presence using a domain name.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Factors that A variety of economic and non-economic factors may affect acceptance or adoption of our services in these locations include: locations, including regional internet infrastructure development and government regulations.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Our Likewise, our registrars and resellers may be more motivated to sell market to registrants to whom they can also market their own services. services, which could disadvantage our gTLDs and could adversely impact our revenues.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
To address internet routing system vulnerabilities, many regional internet service providers registries (“RIRs”) have adopted and apply internet reachability policies based on a system known as the Resource Public Key Infrastructure (“RPKI”) operated by the regional internet registries (“RIRs”). (“RPKI”).
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Our ability to participate and benefit from such consolidations and ownership changes may be limited and consolidation and ownership changes within our industry among our competitors or customers have in the past and could in the future harm our competitive position and adversely impact our business.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
ICANN could adopt Consensus Policies or Temporary Policies that (1) are unfavorable to us as the registry operator of .com, .net and other gTLDs we operate, (2) are inconsistent with our current or future plans, (3) impose substantial costs on our business, (4) subject the Company to additional legal risks, or (5) affect our competitive position.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Recent advances in artificial intelligence AI have automated and increased the velocity and sophistication of these types of attacks as attackers are better able to rapidly create more personalized and targeted communications at scale using information derived from people’s relationships, online behavior and preferences.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Recent industry experience has demonstrated that DDoS attacks continue to grow in size and sophistication sophistication, due in part to advances in AI-based tools, and have the ability to widely disrupt internet services.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
To the extent that registrars and resellers focus more on selling and supporting their services and less marketing on the registration and renewal of domain names in the gTLDs we operate, our revenues could be adversely impacted.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
Application of new and existing laws and regulations in the U.S. or internationally to the internet or internet, the domain name industry industry, or us have imposed and may in the future impose new costs and new restrictions on our business. .
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedRisk Factors
In addition, Furthermore, any such new obligations could increase the cost and risks associated with complying with regulations that require verification of registrant personal information, including for purposes of complying with the economic and trade sanctions programs administered by the Office of Foreign Assets Control (“OFAC”). (“OFAC”), for example.
Read it in 10-K 2026-02-05 at sec.gov ↗
Quiet changesRisk Factors
Any of these scenarios could create potential liability and exposure, including from a failure to meet our service level agreements, and could decrease customer satisfaction, materially harming our business, or resulting in adverse publicity and damage to our reputation or call into question our ability to preserve the security and stability of the internet.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
•On February 3, 2026, our Board of Directors approved a 5.2% increase in the quarterly cash dividend to $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.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
Interest expense increased slightly during 2025 compared to 2024 primarily due to the period of overlap between the issuance of $500.0 million of senior unsecured notes due June 2032 (“2032 Notes”) and repayment of $500.0 million aggregate principal amount of outstanding senior unsecured notes due April 2025 (“2025 Notes”).
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
The following table presents the components of non-operating income, net: Year Ended December 31, 2025 2024 2023 (In millions) Interest income $ 26.5 $37.4 $46.1 Other, net (2.0) 1.6 5.1 Total non-operating income, net $ 24.5 $39.0 $51.2
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
Interest income is earned primarily from the Company’s surplus cash balances and marketable securities. The decrease in interest income in 2025 primarily reflects the lower amounts invested in debt securities in 2025 and slightly lower interest rates on our investments in debt securities compared to 2024. Other, net, reflects net gains and losses from the Company’s foreign currency exposure and related hedges.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
House Resolution 1, commonly referred to as the One Big Beautiful Bill Act, was enacted into law on July 4, 2025 (the “Act”). The tax regulations included in the Act did not have a material impact on our effective tax rate for 2025 and we do not expect it to have a material impact in future years.
Read it in 10-K 2026-02-05 at sec.gov ↗
AddedMD&A
In April 2025, we initiated a quarterly cash dividend. In 2025, we paid dividends of $215.2 million. 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. We intend to continue to pay a cash dividend on a quarterly basis, subject to market conditions and approval by the Board of Directors.
Read it in 10-K 2026-02-05 at sec.gov ↗
RemovedMD&A
•Effective September 1, 2024, we increased the annual registry-level wholesale fee for each new and renewal .com domain name registration from $9.59 to $10.26.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
See Note 10, “Non-operating Income, Net” of our Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
During 2023, we recognized $69.3 million of income tax benefits related to a step-up in tax basis of certain non-U.S. intellectual property, recognition of previously unrecognized income tax benefits as the related statutes of limitations lapsed, and a beneficial change in certain state income apportionment rules.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
The income tax expense for 2024 includes the impact of the OECD Pillar 2 minimum tax adopted by applicable tax jurisdictions. While our foreign income taxes increased as a result of the Pillar 2 minimum tax, the overall impact was not material as the additional taxes in these jurisdictions were partly offset by related foreign tax credits in the U.S.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
However, competitive pressure from ccTLDs, other gTLDs, services that offer alternatives for an online presence, such as social media, ongoing Additionally, changes in internet practices practices, consumer behavior, and behaviors of consumers and business, global economic conditions, as well as the motivation of existing domain name registrants managing their investment in domain names, such as for resale at increased prices or for revenue generation through website advertising, and global economic conditions, has limited the may impact demand for .com and .net domain names and may continue to do so in the future. names.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
We had net Net cash inflows from provided by investing activities decreased in 2024, 2025 compared to net cash outflows from investing activities in 2023, 2024 primarily due to an increase a decrease in proceeds from maturities and sales of marketable securities, net of purchases of marketable securities, and a decrease in purchases of property and equipment, primarily related to the purchase of a building in 2023. equipment.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Cost of revenues decreased increased in 2024 2025 compared to 2023 2024 primarily due to decreases in depreciation expenses and telecommunication expenses, partially offset by an increase increases in compensation and benefits expenses and a combination of other individually insignificant factors. factors, partially offset by a decrease in depreciation expenses.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Selling, general and administrative expenses increased in 2024 2025 compared to 2023 2024 primarily due to increases in compensation and benefits expenses, stock-based compensation expenses, equipment and software expenses expenses, and professional services expenses, partially offset by an increase in overhead expenses allocated to other cost types. legal expenses.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
The changes in cash flows from financing activities primarily relate to proceeds from and repayment of borrowings, share repurchases, dividend payments, payment of excise tax on share repurchases, and proceeds from our employee stock purchase plan and payment of excise tax on share repurchases. plan.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, we also had $750.0 million principal amount outstanding of 2.70% senior unsecured notes due 2031, 2031 and $550.0 million principal amount outstanding of 4.75% senior unsecured notes due 2027, and $500.0 million principal amount outstanding of 5.25% senior unsecured notes due April 2025 (“2025 Senior Notes”). 2027.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Net cash provided by operating activities increased in 2024 2025 compared to 2023 2024 primarily due to an increase in cash received from customers and a decrease customers, decreases in cash paid for income taxes, taxes and cash paid to employees and vendors, partially offset by an increase in cash paid to employees and vendors. for interest.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Compensation and benefits expenses increased by $4.4 $9.7 million primarily due to an increase in bonus expenses, higher expenses for certain employee health-insurance related benefits, annual salary increases. increases, and an increase in average headcount.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Professional services Legal expenses increased by $2.9 $4.2 million primarily due to an increase in litigation expenses and other external consulting costs related to various projects. legal costs.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
These forward-looking statements are based on current expectations and assumptions and involve risks risks, uncertainties, and uncertainties, other important factors, including, among other things, statements regarding the Company’s quarterly dividend and our expectations about the sufficiency of our existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our borrowing capacity under the unsecured revolving credit facility.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Compensation and benefits expenses increased by $2.6 $5.0 million primarily due to annual salary increases. increases, an increase in bonus expenses, and an increase in average headcount.
Read it in 10-K 2026-02-05 at sec.gov ↗
RewordedMD&A
Cash received from customers increased primarily due to the impact of the .com and the .net price increases. increases and higher .com domain name registrations and renewals.
Read it in 10-K 2026-02-05 at sec.gov ↗
