Verisign Inc.

Strong Q3 operating + financial performance (good): - Revenue $443M, +5.7% YoY. - Operating income $296M, +4.2% YoY and flat sequentially. - Net income $213M (flat YoY vs. $213M; slightly down vs. prior quarter $217M). - EPS $2.35 (down vs. $2.38 last quarter; up vs. $2.27 YoY). - Cash: operating cash flow $268M; free cash flow $261M (lower YoY due to higher cash taxes and employee/vendor payments, partially offset by higher customer cash collections).

Domain base momentum remains very strong (good/surprising): - .com + .net domain base: 183M total names, +6.1% YoY. - Record new registrations: 13.1M in Q3 (vs. 12.7M Q2 and 10.6M Q3 last year). - Renewal dynamics: renewal rate for Q3 expected ~74.3% vs 75.4% a year ago. Management attributes the YoY decline primarily to a higher mix of first-time renewing names (math/mix effect, not a collapse in renewals). - First-time renewals reported by CFO: mid-40% range, previously renewed renewals mid-80% range, both fairly stable through Q3.

Investor returns: big capital return program continues (good): - $1.14B returned to shareholders over the last 12 months via share repurchases + dividends. - Dividend declared: $0.81 per share payable Nov 24, 2026 (record date Nov 17, 2026). - Remaining buyback authorization: $1.36B at quarter end. - Management emphasizes disciplined capital allocation and maintaining investment-grade status.