EMEAWide moat

VeriSign (VRSN) — moat facet

Flat for two years, then the fastest-growing region at 12% in 2025.

EMEA is revenue from registrars domiciled in Europe, the Middle East and Africa. It was $231.7 million in 2021 and $226.0 million in 2022 1, $228.2 million in 2023, $249.6 million in 2024 and $279.4 million in 2025 2, 17% of revenue 3.

EMEA registrar revenue ($M)23220212262022228202325020242792025VeriSign FY2023 and FY2025 10-Ks
Three flat years, part of them registrar relocations to the U.S., then 22% in two.

Its path was flat, then fast: down 2% in 2022 and up 1% in 2023 4, then up 9% in 2024 and 12% in 2025 5, the fastest of the four regions in 2025.

Part of the region's weak 2023 was accounting rather than demand: registrar reincorporations and relocations that year moved revenue out of EMEA and into the U.S. 6.

The measure to watch is EMEA's growth, 12% in 2025 7. Holding near double digits would mean .com is gaining against the national suffixes; a return to the flat years of 2022-23 would say the recent growth came from registrar moves rather than demand.

Moat trajectory: Widening

Growth rose from 1% in 2023 to 9% in 2024 and 12% in 2025.

The number that tests this moat
Reported
EMEA registrar revenue growth
+12% in 2025 ($279.4M)

A return to the flat 2022-23 years would say the recent growth was registrar moves, not demand.

Source: VeriSign FY2025 Form 10-K ↗
References
  1. ReportedIt was $231.7 million in 2021 and $226.0 million in 2022 , $228.2 million in 2023, $249.6 million in 2024 and $279.4 million in 2025 , 17% of revenue .
    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 ↗
  2. ReportedIt was $231.7 million in 2021 and $226.0 million in 2022 , $228.2 million in 2023, $249.6 million in 2024 and $279.4 million in 2025 , 17% 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 ↗
  3. Moat Explorer calcIt was $231.7 million in 2021 and $226.0 million in 2022 , $228.2 million in 2023, $249.6 million in 2024 and $279.4 million in 2025 , 17% 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 ↗
  4. ReportedIts path was flat, then fast: down 2% in 2022 and up 1% in 2023 , then up 9% in 2024 and 12% in 2025 , the fastest of the four regions in 2025.
    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. ReportedIts path was flat, then fast: down 2% in 2022 and up 1% in 2023 , then up 9% in 2024 and 12% in 2025 , the fastest of the four regions in 2025.
    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. ReportedPart of the region's weak 2023 was accounting rather than demand: registrar reincorporations and relocations that year moved revenue out of EMEA and into the U.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 ↗
  7. ReportedThe measure to watch is EMEA's growth, 12% in 2025 .
    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