Watch on earnings:Total bookings growth and Applications & Commerce bookings accelerationNormalized EBITDA margin expansion and path to 30%+ targetCustomer count, ARPU trends, and customer cohort retention ratesUnlevered free cash flow and share repurchase activityDomain renewal rates and aftermarket revenue trends
Key metrics:U.S. small business formation rate and new employer business applications (proxy for domain registration demand) · Applications & Commerce revenue growth rate and penetration of customer base · Customer acquisition cost (CAC) trends across paid and organic channels · Domain renewal rates and average revenue per domain
⚠ High leverage at 42x D/E ratio ($5.2B gross debt vs $12.3B market cap) creates refinancing risk if credit markets tighten or business deteriorates, with debt covenants requiring maintenance of leverage ratios
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
1,256
774↓38.4%
459↓40.7%
1,089↑137.4%
1,081↓0.7%
Total Current Assets
1,890
1,583↓16.3%
1,256↓20.6%
1,952↑55.4%
1,841↓5.7%
Total Assets
7,417
6,974↓6.0%
7,565↑8.5%
8,235↑8.9%
8,035↓2.4%
Total Current Liabilities
2,437
2,460↑0.9%
2,683↑9.1%
2,698↑0.6%
2,996↑11.0%
Total Liabilities
7,334
7,303↓0.4%
7,503↑2.7%
7,543↑0.5%
7,820↑3.7%
Total Equity
82
-332↓506.1%
62↑118.7%
692↑1012.7%
215↓68.9%
Total Debt
4,062
3,981↓2.0%
3,936↓1.1%
3,895↓1.0%
3,863↓0.8%
Net Debt
2,806
3,207↑14.3%
3,477↑8.4%
2,806↓19.3%
2,782↓0.9%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
829
980↑18.1%
1,048↑6.9%
1,288↑22.9%
1,599↑24.2%
Capital Expenditure
-253
-60↑76.3%
-77↓28.8%
-27↑65.6%
-24↑10.2%
Free Cash Flow
576
920↑59.6%
970↑5.5%
1,261↑30.0%
1,576↑24.9%
Stock-Based Comp
208
264↑27.2%
296↑12.1%
300↑1.2%
318↑6.0%
Net Change in Cash
491
-482↓198.2%
-315↑34.6%
630↑299.9%
-8↓101.3%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down