Verisign operates the authoritative registry for .com and .net, the two most widely used domain name extensions in the world, with a combined base of approximately 173.5M registered domain names as of year-end 2025. When a domain like "example.com" is registered, Verisign maintains the directory that makes that domain work — processing registrations and answering over 450 billion DNS queries per day. Verisign does not sell domains directly to end users; instead, Verisign collects a wholesale fee per domain registered or renewed through a network of ICANN-accredited registrars (e.g., GoDaddy), which handle all customer-facing activity. Revenue is driven by two variables: the total size of the domain name base, and the wholesale price per domain. Prices for .com are regulated under Verisign's agreement with ICANN, allowing increases of up to 7% per year during defined windows; the next available price increase can be executed in October 2026. Renewal rates are a key operational metric — approximately 75% in 2025 — as they determine how much of the existing base persists each year. The business is highly capital-light, with operating margins around 67-68% and strong free cash flow conversion. Beyond .com and .net, Verisign also operates registries for .name and .cc and performs Root Zone Maintainer services, though these are financially secondary. Verisign returns the vast majority of its free cash flow to shareholders through share repurchases and a quarterly dividend initiated in 2025.