GoDaddy Inc Overview
GoDaddy occupies an unusual and durable position in the internet economy: it is simultaneously the point of first contact for a very large share of the world's new commercial identities and a subscription software company monetising those identities over multi-year lifetimes. Approximately 81 million domains under management — roughly 21% of the world's registered domains — give it the widest funnel in its category, while a customer base of 20.4 million paying accounts with 85% annual retention and ARPU of $242 gives it recurring revenue of $4.34 billion and free cash flow of $1.6 billion. The company has spent the last five years converting a low-margin registrar into a two-segment platform where higher-margin applications and commerce now supply 38% of revenue. The strategic question for 2026 onward is whether agentic AI erodes the value of that funnel or, as management contends, makes trusted naming and identity infrastructure more valuable. GoDaddy is betting capital and credibility on the latter.
GoDaddy Inc. is a Delaware holding company, incorporated on 28 May 2014, that operates the world's largest domain name registrar together with an integrated stack of website-building, hosting, security, email, marketing and payments products aimed at microbusinesses and independent entrepreneurs. The operating business traces to 1997, when Bob Parsons founded a Phoenix-area software venture originally named Jomax Technologies, which was rebranded GoDaddy in 1999. The current holding company was created as the vehicle for the March 2015 initial public offering that took the business public following a 2011 leveraged recapitalisation by KKR, Silver Lake and Technology Crossover Ventures.
What the company does
GoDaddy sells the components of a commercial online identity to people and organisations that lack the technical resources to assemble those components themselves. The core proposition is a one-stop shop: a customer arrives to search for and register a domain name, and is then progressively sold website building, hosting, security, business-class email, marketing tools, and increasingly payment acceptance and merchant financing, all administered through a single account and supported by a human care organisation.
The company itself frames the customer journey around three needs it calls the Entrepreneur's Wheel: Identity (company name, domain, logo, email address), Presence (website, hosting, social and search visibility, security), and Commerce (online and in-person selling, payment processing, invoicing, inventory and order management). This taxonomy is not merely marketing language; it maps directly onto the product architecture and, imperfectly, onto the two reporting segments.
The company's own characterisation in its FY2025 Form 10-K is that it is a global leader serving a large market of entrepreneurs by developing easy-to-use one-stop-shop solutions backed by proactive, informed and personalised guidance, with a stated mission of empowering entrepreneurs everywhere and making opportunity more inclusive for all.
Independent characterisation. GoDaddy is best understood as three businesses bolted onto one distribution engine. First, a low-growth, high-cash, wholesale-plus-margin domain registrar and registry operator with structural exposure to registry price increases it does not control (chiefly VeriSign's .com pricing). Second, a genuinely software-margin applications business — website builders, resold Microsoft 365 seats, marketing tools — that has been the entire growth story for five years. Third, an emerging fintech in the form of GoDaddy Payments, point-of-sale hardware and GoDaddy Capital merchant advances, which carries commerce economics rather than software economics. The domain business is the customer acquisition channel; the other two are where the margin is made. Management's central operating discipline is to convert domain-funnel traffic into attached, higher-priced, longer-lived subscriptions, which is visible in ARPU growth of roughly 30% since 2021 against a flat-to-declining customer count.
Revenue model
Revenue is overwhelmingly subscription and recognised ratably over contract terms, with cash typically collected upfront at contract inception. This produces the two defining features of GoDaddy's financial profile: a very large deferred revenue balance ($3.32 billion at 31 December 2025, current and non-current combined) and free cash flow that structurally exceeds accounting earnings.
The revenue mix by nature is approximately:
- Recurring subscription — domain registrations and renewals, hosting, security, website builders, email seats, marketing plans. Annualised recurring revenue of $4,336.2 million at 31 December 2025, or roughly 88% of total revenue.
- Non-recurring transactional — aftermarket/secondary domain sales, domain transfers, one-time setup and migration fees, and non-recurring professional website services. Excluded from ARR by definition. This is the source of most quarter-to-quarter revenue volatility, and management has taken to excluding "high-value aftermarket transactions" from guidance entirely.
- Payment processing / take-rate — GoDaddy Payments revenue recognised on gross payments volume at a processing rate. GPV reached $3.4 billion in 2025, up 31%.
- Resale / partner economics — Microsoft 365, Titan and Open-Xchange email seats, ProofPoint encryption, Barracuda archiving, and third-party control panels are resold, carrying lower gross margin than proprietary software.
- Wholesale registry — GoDaddy Registry operates or provides back-end services to approximately 170 TLDs, selling wholesale to third-party registrars.
There is essentially no licensing revenue and no hardware business of consequence other than Smart Terminal point-of-sale devices, which are a customer-acquisition vehicle for payments rather than a margin line.
Value chain position
GoDaddy sits between the registries (VeriSign for .com/.net, ccTLD authorities, and — increasingly — itself via GoDaddy Registry) and the end customer. Its cost of revenue is dominated by registry fees paid on domain registrations, which are contractually fixed and periodically increased by the registry operators. This creates a structural gross margin ceiling in the Core segment of roughly 63–64% at the consolidated level, and explains why the entire margin expansion story of the last five years has come from operating leverage on fixed costs and mix shift toward A&C rather than from gross margin improvement. Consolidated gross margin has moved within a 63.0%–64.0% band across all five years reviewed.
Downstream, the company partly disintermediates itself: it supplies registration and management infrastructure to other domain registrars and to corporate domain portfolio owners, converting competitors into wholesale customers.
Customer types
The FY2025 Form 10-K identifies four populations:
- Independents — the largest group, comprising microbusinesses and non-commercial ventures, most with fewer than five employees and most self-identifying as having little or no technical or design skill.
- WebPros — website designers and developers building on behalf of others; freelancers, moonlighters and small agencies. They demand technical depth (WordPress, cPanel, Plesk, Drupal, Joomla), reseller economics, client billing and administrative access.
- Domain Investors — individuals and organisations holding portfolios of domains for secondary-market resale. They supply liquidity and inventory to the aftermarket.
- Domain Registrars, Third-Party Registrars and Corporate Domain Portfolio owners — wholesale and enterprise buyers of registration platform, registry services and corporate portfolio management.
Concentration risk is negligible: no single customer represented more than 10% of total revenue in any period presented.
End markets
The company markets and sells in over 200 markets worldwide. As of 31 December 2025 approximately 9.8 million customers — 48% of the customer base — were outside the United States, but international customers generated only approximately 33% of revenue, reflecting materially lower ARPU outside the US. No single country outside the US represented more than 10% of total revenue.
Management sizes its addressable market by reference to the US Small Business Administration and Census Bureau: approximately 36.2 million US small businesses, representing 99.9% of US firms and an estimated 43.5% of US GDP, with the addressable universe extending beyond businesses to individuals, universities, charities, community organisations and hobbyists.
Durability metrics
*Retention rates are as characterised in the FY2025 Form 10-K, which states retention was approximately 85% in each of the five years ended 31 December 2025 except 2024, when it was approximately 84% owing to divestitures, product migrations and end-of-life decisions. Retention for customers of more than three years' tenure was approximately 90% at 31 December 2025.
Financial Narrative
Income statement
Five-year compound annual growth rates, FY2021 to FY2025:
Commentary on the income statement
Revenue. The revenue series is one of steady but unspectacular expansion — 6.7% compounded over four years — decomposing into a 13.8% compounder (A&C) attached to a 3.3% compounder (Core) that is roughly twice its size. The trough was 2023 at 4.0% growth, coinciding with the restructuring, the disposal of non-core hosting brands, and a full year of unfavourable currency. The reacceleration to 8.3% in 2025 was flattered by an unusually strong aftermarket year and by the pricing-and-bundling initiative; management has since excluded high-value aftermarket transactions from guidance precisely because of the volatility they introduce, and the .co registry contract expiry removes a further tranche.
Gross margin. Remarkably stable in a 63.0%–64.0% band. This is the signature of a business whose largest input cost — registry fees — is contractually determined and passed through with a spread. Mix shift toward A&C has been offset by the growing weight of resold Microsoft 365 seats and by payment processing costs, which carry commerce rather than software margins. Investors should not expect gross margin to be a source of future earnings growth.
Operating expense discipline. The most important line in the table is marketing and advertising: $503.9 million in 2021 falling to $352.9 million in 2023, and still only $375.1 million in 2025 — a 26% reduction in absolute dollars on 30% more revenue, taking marketing intensity from 13.2% of revenue to 7.6%. This is the single largest driver of the 1,280 basis point operating margin expansion. It reflects a genuine strategic shift from brand advertising to metric-driven direct response and to monetising the existing base, and it is corroborated by the flat-to-declining customer count. In Q2 2026 marketing spend fell again year over year, to $89.0 million from $93.4 million.
Customer care expense has fallen in absolute terms (from $306.1 million to $289.1 million) despite serving a larger revenue base, reflecting AI deflection and offshore partner leverage. Technology and development has been held essentially flat at $841.5 million in 2025 versus $839.6 million in 2023, even as the company built an agentic AI platform — management attributes this to internal AI productivity, stating that in 2025 substantially all employees used AI tools monthly and that over half of code generated by its teams was written by AI tools.
Depreciation and amortisation has fallen 42% from 2021, from $199.6 million to $116.6 million, reflecting both the run-off of acquisition intangibles from the 2016–2021 M&A wave and the physical infrastructure reduction. This is a real cash-flow-neutral tailwind to GAAP operating income that will diminish.
Below the line. Interest expense peaked at $179.0 million in 2023 and has fallen to $151.0 million in 2025 through repricing actions; management guides to approximately $150 million of cash interest and approximately $110 million of net GAAP interest expense in 2026. Other income has grown to $42.3 million, largely interest earned on the growing cash balance.
Earnings quality — the central caveat. The net income and EPS series is not usable as presented. FY2023 net income of $1,375.6 million contains an approximately $1 billion non-cash tax benefit; FY2024 contains $267.4 million; FY2025 contains $34.6 million. Pre-tax income is the honest series: $253.6 million, $356.5 million, $403.8 million, $765.4 million, $1,020.0 million — a 41.7% four-year CAGR. On that basis the earnings trajectory is genuinely excellent. GoDaddy's FY2026 modelling guide points to a GAAP tax provision of approximately $300 million against approximately $30 million of cash taxes, meaning GAAP EPS will now be materially understated relative to cash earnings, the reverse of the 2023–2024 distortion.
Equity compensation. At $317.8 million in 2025, equity-based compensation equals 6.4% of revenue and 28.2% of operating income. It is excluded from NEBITDA and from free cash flow, and it is the principal reason the gap between the company's headline non-GAAP metrics and GAAP earnings is large. Buybacks of $1,601.9 million in 2025 comfortably exceeded dilution, but roughly 20% of the 2025 buyback was, in economic substance, offsetting share issuance rather than retiring capital.
Balance sheet
Footnotes: (a) Company-defined total debt adds unamortised original issue discount and debt issuance costs to carrying value; it was $3,901.3 million at FY2022 and $3,829.2 million at FY2025 as disclosed. (b) FY2023 net debt is the company's stated figure of "$3.4 billion". (c) FY2024 net debt of approximately $2,763 million is derived (carrying value plus approximately $57 million of OID and issuance costs, less cash) and is flagged as unverified. (d) FY2021 and FY2022 deferred tax assets are shown as zero because a substantially full valuation allowance was in place; the allowance was largely released in Q4 2023. (e) FY2021 and FY2022 balance sheets included non-controlling interests of $1.5 million and $2.5 million respectively.
Commentary on the balance sheet
GoDaddy's balance sheet is structurally unusual and requires interpretation rather than ratio arithmetic.
Negative working capital is a feature, not a warning. Working capital has been negative in every year, reaching negative $1,427.2 million in 2023 and negative $1,154.6 million in 2025. The driver is deferred revenue of $2,384.2 million within current liabilities — customer cash collected in advance of service delivery. This is float. It funds operations and it grows with the business: total deferred revenue rose $685.7 million between 2021 and 2025, a cumulative source of cash equal to roughly 43% of one year's free cash flow. The current ratio of 0.61x carries none of the distress signal it would in a working-capital-intensive business.
Equity is an accounting residual, not an economic measure. Total stockholders' equity swung from positive $83.2 million (2021) to negative $329.3 million (2022) to positive $692.1 million (2024) and back to $215.1 million (2025). The swings are driven by buybacks charged to accumulated deficit ($1,601.9 million in 2025 alone) against paid-in capital additions from equity compensation, overlaid with the deferred tax asset recognition.
Asset composition. Goodwill and intangibles of $4,619.6 million represent 57.5% of total assets and 21.5x book equity. Goodwill has been essentially flat since 2021 (the $114.4 million increase in 2025 is principally currency translation, since no material acquisitions closed), and no impairment has been recorded in the period. Intangibles are amortising down steadily. Deferred tax assets of $1,052.6 million represent the remaining unutilised benefit of the 2023 valuation allowance release; these will be consumed as GAAP tax expense in coming years without cash cost, which is precisely why FY2026 GAAP taxes are guided at approximately $300 million against approximately $30 million of cash taxes.
Capital intensity is negligible and falling. Property and equipment, net has fallen from $220.0 million to $145.4 million as the company migrated non-hosting workloads to AWS and cut its managed physical footprint by approximately 81% over four years. Capital expenditure has fallen from $51.1 million in 2021 to $23.9 million in 2025 and is guided to approximately $30 million in 2026 — under 0.6% of revenue.
Leverage. Gross debt has been essentially static in absolute terms since 2021 (down 2.6%), while NEBITDA has grown 81.8%. Net leverage has consequently fallen from approximately 3.1x to 1.7x on a year-end basis, and management reported 1.4x on a trailing twelve-month basis at Q2 2026, describing it as well within its target range. GoDaddy has chosen not to deleverage in dollar terms and instead to direct 100% of free cash flow to buybacks — a defensible choice at 1.4x leverage but one that leaves the equity structurally geared.
Cash flow
Footnotes: (a) FY2023 operating cash flow of approximately $1,046 million and capital expenditure of approximately $50 million are derived from the disclosed FY2023 free cash flow of $1,084.0 million and management's FY2023 capital expenditure guidance, and are flagged as unverified. (b) FY2023 share repurchases of approximately $1,268 million are derived from disclosed cumulative repurchase data and are flagged as unverified. (c) Unlevered free cash flow is shown as zero for FY2024 and FY2025 because GoDaddy discontinued reporting this measure; it was reported as $1,254 million for FY2023 and targeted at "at least $1.475 billion" for FY2024 before being dropped. (d) FY2021 financing activities were a net source of $298.1 million (shown as negative in the table for sign consistency with subsequent years' outflows); FY2022, FY2024 and FY2025 were net uses. (e) No dividends have ever been paid.
Ratio analysis
One third-party data provider reports a trailing ROE of 442.86%, which illustrates the point rather than informing it. (d) Days sales outstanding calculated as year-end receivables divided by revenue times 365. (e) Cash conversion cycle is not presented as a single figure: GoDaddy carries no inventory, DSO is approximately six days, and the business collects subscription cash in advance, producing a structurally and deeply negative cycle. The economically meaningful analogue is the ratio of deferred revenue to annual revenue, which stood at 67.0% at the end of FY2025 versus 69.0% at the end of FY2021 — a modest erosion consistent with the shift toward shorter one-year domain contracts.*
Ratio commentary. ROIC is the number that matters and it has nearly tripled, from 7.6% to 22.3%, on essentially flat invested capital. The mechanism is straightforward: operating income grew 195% while debt plus equity was unchanged. This is the strongest single argument for the quality of the underlying business. Interest coverage has improved from 3.0x to 7.5x, and net leverage has almost halved. The deterioration in the deferred-revenue-to-revenue ratio in 2025 is worth watching: it is the balance-sheet fingerprint of the shift to one-year .com contracts and, if it persists, it converts a historic cash-flow advantage into a headwind.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Disclosure limitations
GoDaddy does not disclose revenue by segment crossed with geography. Geographic revenue is reported only on a two-way basis — United States versus international — determined by the customer's billing address, with the standing note that no country outside the United States represented more than 10% of total revenue in any period presented. There is therefore no country-level revenue disclosure and no Americas/EMEA/APAC breakdown. Any regional split beyond US versus international is not publicly disclosed.
Geographic revenue
Footnotes: (a) FY2023 international revenue of approximately $1,361 million is derived from the 10-K disclosure that international sales were approximately 32% of total revenue in 2023; it is flagged as approximate. US revenue is derived as total less international throughout. (b) Constant currency international growth is shown only where disclosed: 8.4% for FY2022 and 11.8% for FY2025; FY2021, FY2023 and FY2024 constant currency figures are shown as zero because they were not retrieved. (c) FY2021 international revenue of $1,270.8 million and growth of 8.4% reported / 5.0% for 2022 are from the Q4 2022 earnings release.
Customer geography
Analysis: fastest-growing and declining regions
International revenue was the faster-growing side of the business in FY2025, expanding 11.4% reported and 11.8% in constant currency against 6.8% growth in the United States. This reverses the pattern of 2021–2023, when international lagged materially — 2.0% growth in 2023 — because of dollar strength and because the 2023 restructuring specifically targeted the integration and rationalisation of European brands acquired through Host Europe Group and related transactions. Those disposals and end-of-life decisions removed international revenue and international customers, and were explicitly cited as the reason customer retention dipped to 84% in 2024 and the total customer count fell.
Three observations follow:
First, the 2025 international outperformance is substantially a currency and comparison effect layered on a genuine recovery. With the restructuring drag lapped, the underlying international business is growing at low double digits.
Second, the persistent 15 percentage point gap between international share of customers (48%) and international share of revenue (33%) implies international ARPU of roughly $166 against US ARPU of roughly $313 — a 47% discount. This is the single largest identified monetisation opportunity in the business and also the largest identified risk: it means half the customer base sits in markets where the attach-rate playbook that drives US ARPU has not been replicated. Management's stated approach is to scale products and Care globally with selective localisation, managed on a market-tier basis, rather than to build market-specific product.
Third, geographic reporting granularity has not improved. Investors cannot assess exposure to individual European markets, to India (a significant care-delivery location and a large domain market), or to Asia-Pacific. Given that GoDaddy identifies Alibaba and Tencent among its competitors and offers 59 ccTLDs, the absence of any regional detail is a genuine analytical limitation.
By segment, no geographic split is disclosed, but the structure of the business implies Core Platform is proportionally more international than A&C, since domains travel globally while commerce products — GoDaddy Payments and Smart Terminal — are limited to the United States and Canada. This means the higher-margin, faster-growing A&C segment is disproportionately a US business, and the international customer base is concentrated in the slower-growing segment.
Financial Detail
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenue (USD M) | 3815.7 | 4091.3 | 4254.1 | 4573.2 | 4951.1 |
Revenue growth (percent) | 15.0 | 7.2 | 4.0 | 7.5 | 8.3 |
Cost of revenue, excluding D&A (USD M) | 1372.2 | 1484.5 | 1573.6 | 1652.0 | 1801.5 |
Gross profit, excluding D&A (USD M) | 2443.5 | 2606.8 | 2680.5 | 2921.2 | 3149.6 |
Gross margin (percent) | 64.0 | 63.7 | 63.0 | 63.9 | 63.6 |
Technology and development (USD M) | 706.3 | 794.0 | 839.6 | 814.4 | 841.5 |
Marketing and advertising (USD M) | 503.9 | 412.3 | 352.9 | 356.9 | 375.1 |
Customer care (USD M) | 306.1 | 305.9 | 304.5 | 287.5 | 289.1 |
General and administrative (USD M) | 345.8 | 385.5 | 374.0 | 394.2 | 388.9 |
Restructuring and other (USD M) | -0.3 | 15.7 | 90.8 | 39.4 | 11.1 |
Depreciation and amortisation (USD M) | 199.6 | 194.6 | 171.3 | 135.3 | 116.6 |
Total costs and operating expenses (USD M) | 3433.6 | 3592.5 | 3706.7 | 3679.7 | 3823.8 |
Operating income (USD M) | 382.1 | 498.8 | 547.4 | 893.5 | 1127.3 |
Operating margin (percent) | 10.0 | 12.2 | 12.9 | 19.5 | 22.8 |
EBITDA, operating income plus D&A (USD M) | 581.7 | 693.4 | 718.7 | 1028.8 | 1243.9 |
EBITDA margin (percent) | 15.2 | 16.9 | 16.9 | 22.5 | 25.1 |
Normalized EBITDA, company-defined (USD M) | 872.2 | 1013.0 | 1120.0 | 1395.9 | 1585.9 |
NEBITDA margin (percent) | 22.9 | 24.8 | 26.3 | 30.5 | 32.0 |
Interest expense (USD M) | 126.0 | 146.3 | 179.0 | 158.3 | 151.0 |
Gain or loss on debt extinguishment (USD M) | 0.0 | -3.6 | -1.5 | -4.6 | 1.4 |
Other income, net (USD M) | -2.5 | 7.6 | 36.9 | 34.8 | 42.3 |
Income before income taxes (USD M) | 253.6 | 356.5 | 403.8 | 765.4 | 1020.0 |
Income tax provision or benefit (USD M) | -10.8 | -3.6 | 971.8 | 171.5 | -145.0 |
Net income (USD M) | 242.8 | 352.9 | 1375.6 | 936.9 | 875.0 |
Net income margin (percent) | 6.4 | 8.6 | 32.3 | 20.5 | 17.7 |
Basic EPS (USD) | 1.44 | 2.22 | 9.52 | 6.63 | 6.34 |
Diluted EPS (USD) | 1.42 | 2.19 | 9.21 | 6.45 | 6.22 |
Weighted-average basic shares (thousands) | 167906 | 158788 | 144459 | 141250 | 138100 |
Weighted-average diluted shares (thousands) | 171105 | 161457 | 149268 | 145287 | 140621 |
Equity-based compensation expense (USD M) | 207.9 | 264.4 | 290.0 | 299.9 | 317.8 |
Dividends per share (USD) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial Analysis
| Metric | CAGR (percent) |
|---|---|
Total revenue | 6.7 |
A&C revenue | 13.8 |
Core Platform revenue | 3.3 |
Normalized EBITDA | 16.1 |
Free cash flow | 17.2 |
Diluted share count | -4.8 |
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash and cash equivalents (USD M) | 1255.7 | 774.0 | 458.8 | 1089.0 | 1080.9 |
Short-term investments (USD M) | 0.0 | 0.0 | 40.0 | 0.0 | 0.0 |
Accounts and other receivables (USD M) | 63.6 | 60.1 | 76.6 | 91.1 | 83.1 |
Prepaid domain name registry fees, current (USD M) | 419.7 | 435.7 | 466.0 | 492.0 | 512.2 |
Total current assets (USD M) | 1889.8 | 1582.6 | 1255.9 | 1951.8 | 1840.9 |
Property and equipment, net (USD M) | 220.0 | 225.6 | 185.3 | 156.4 | 145.4 |
Goodwill (USD M) | 3540.8 | 3536.9 | 3569.3 | 3518.9 | 3633.3 |
Intangible assets, net (USD M) | 1384.7 | 1252.2 | 1158.6 | 1055.8 | 986.3 |
Goodwill plus intangibles (USD M) | 4925.5 | 4789.1 | 4727.9 | 4574.7 | 4619.6 |
Deferred tax assets (USD M) | 0.0 | 0.0 | 1020.4 | 1181.5 | 1052.6 |
Total assets (USD M) | 7417.1 | 6973.5 | 7564.9 | 8235.4 | 8034.9 |
Accounts payable (USD M) | 85.2 | 130.9 | 148.1 | 81.6 | 67.5 |
Deferred revenue, current (USD M) | 1890.1 | 1954.0 | 2074.9 | 2222.3 | 2384.2 |
Deferred revenue, non-current (USD M) | 743.3 | 770.3 | 802.4 | 883.2 | 934.9 |
Total deferred revenue (USD M) | 2633.4 | 2724.3 | 2877.3 | 3105.5 | 3319.1 |
Total current liabilities (USD M) | 2436.7 | 2459.8 | 2683.1 | 2698.4 | 2995.5 |
Long-term debt, current portion (USD M) | 24.1 | 18.2 | 17.9 | 15.9 | 15.1 |
Long-term debt, non-current (USD M) | 3858.2 | 3812.9 | 3798.5 | 3779.1 | 3765.2 |
Total debt, carrying value (USD M) | 3882.3 | 3831.1 | 3816.4 | 3795.0 | 3780.3 |
Net debt, company-defined (USD M) | 2665.5 | 3127.3 | 3400.0 | 2763.0 | 2748.3 |
Total stockholders equity or deficit (USD M) | 83.2 | -329.3 | 62.2 | 692.1 | 215.1 |
Additional paid-in capital (USD M) | 1594.7 | 1912.6 | 2271.6 | 2611.8 | 2975.2 |
Accumulated deficit (USD M) | -1474.6 | -2422.6 | -2320.7 | -2052.3 | -2789.4 |
Working capital (USD M) | -546.9 | -877.2 | -1427.2 | -746.6 | -1154.6 |
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash provided by operating activities (USD M) | 829.3 | 979.7 | 1046.0 | 1287.7 | 1599.4 |
Purchases of property and equipment (USD M) | 51.1 | 59.7 | 50.0 | 26.6 | 23.9 |
Free cash flow, company-defined (USD M) | 855.8 | 968.6 | 1084.0 | 1355.5 | 1613.6 |
Free cash flow margin (percent) | 22.4 | 23.7 | 25.5 | 29.6 | 32.6 |
Unlevered free cash flow (USD M) | 960.0 | 1095.9 | 1254.0 | 0.0 | 0.0 |
Business acquisitions, net of cash acquired (USD M) | 367.7 | 72.5 | 0.0 | 0.0 | 0.0 |
Purchases of intangible assets (USD M) | 202.1 | 0.4 | 0.0 | 0.0 | 0.0 |
Repurchases of Class A common stock (USD M) | 526.0 | 1294.6 | 1268.0 | 676.5 | 1601.9 |
Dividends paid (USD M) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Net cash used in financing activities (USD M) | -298.1 | 1326.7 | 0.0 | 677.4 | 1587.1 |
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on assets, net income over average assets (percent) | 3.3 | 4.9 | 18.9 | 11.9 | 10.8 |
Return on invested capital, NOPAT at 21 percent over debt plus equity (percent) | 7.6 | 11.3 | 11.1 | 15.7 | 22.3 |
Current ratio | 0.78 | 0.64 | 0.47 | 0.72 | 0.61 |
Debt to equity, carrying value | 46.7 | 0.0 | 61.4 | 5.5 | 17.6 |
Net debt to Normalized EBITDA | 3.06 | 3.09 | 3.04 | 1.98 | 1.73 |
Interest coverage, operating income over interest expense | 3.03 | 3.41 | 3.06 | 5.64 | 7.46 |
Asset turnover, revenue over average assets | 0.51 | 0.57 | 0.59 | 0.58 | 0.61 |
Days sales outstanding | 6.1 | 5.4 | 6.6 | 7.3 | 6.1 |
Free cash flow conversion, FCF over NEBITDA (percent) | 98.1 | 95.6 | 96.8 | 97.1 | 101.7 |
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
United States revenue (USD M) | 2544.9 | 2757.3 | 2892.8 | 3113.4 | 3324.3 |
International revenue (USD M) | 1270.8 | 1334.0 | 1361.3 | 1459.8 | 1626.8 |
Total revenue (USD M) | 3815.7 | 4091.3 | 4254.1 | 4573.2 | 4951.1 |
International share of revenue (percent) | 33.3 | 32.6 | 32.0 | 31.9 | 32.9 |
International revenue growth, reported (percent) | 8.4 | 5.0 | 2.0 | 7.2 | 11.4 |
International revenue growth, constant currency (percent) | 0.0 | 8.4 | 0.0 | 0.0 | 11.8 |
United States revenue growth (percent) | 18.7 | 8.3 | 4.9 | 7.6 | 6.8 |
Financial Analysis
| Metric | FY2025 |
|---|---|
Total customers (millions) | 20.4 |
Customers outside the United States (millions) | 9.8 |
International share of customer base (percent) | 48 |
International share of revenue (percent) | 33 |
Markets served (count) | 200 |
Capital Markets
| Metric | Value |
|---|---|
Share price, early September 2026 | 101.31 USD (7 September 2026) per one provider; 92.88 USD (8 September 2026) per another |
Market capitalisation | 12.83 billion USD (at $101.31) or 11.76 billion USD (at $92.88) |
Shares outstanding | Approximately 126.65 million |
Free float | Approximately 125.2 million shares |
52-week range | 71.59 to 150.47 USD |
All-time closing high | 214.35 USD on 28 January 2025 |
Decline from all-time high | Approximately 53 percent |
Twelve-month total return | Approximately negative 39 percent, against approximately positive 22 percent for the S&P 500 |
Year-to-date 2026 return | Approximately negative 27 percent, against approximately positive 13 percent for the S&P 500 |
Three-year performance | — |
Five-year performance | — |
Beta | Approximately 0.94 |
Ranking by market capitalisation | Approximately 848th among US-listed companies |
Capital Markets
| Metric | GoDaddy | Notes |
|---|---|---|
Trailing EPS (TTM) | 6.74 USD | Third-party provider |
P/E (trailing) | 15.0x | |
Forward P/E (NTM) | 12.7x | |
P/E on FY2026 consensus adjusted EPS of $7.21 | 14.1x | |
Price to sales (TTM revenue $5.104 billion) | 2.7x | |
Enterprise value (market cap plus net debt of $2.7 billion) | Approximately 15.5 billion USD | |
EV to TTM revenue | 3.0x | |
EV to TTM EBITDA ($1.379 billion per provider) | 11.2x | |
EV to FY2026E NEBITDA (approximately $1.73 billion at over 33% margin on midpoint revenue) | 9.0x | |
Price to book (book equity $215.1 million) | Approximately 60x | Not meaningful |
Free cash flow yield on FY2026 guidance of approximately $1.8 billion | Approximately 14.6 percent | The single most striking valuation datapoint |
Capital Markets
| Provider | Analyst count | Consensus rating | Mean price target (USD) | Range (USD) |
|---|---|---|---|---|
S&P Global (June 2026) | 16 | Buy | 112.14 | 83 to 190 |
Investing.com | 15 | Buy (8 buy, 6 hold, 1 sell) | 104.53 | 76 to 170 |
ChartMill (July 2026) | 24 | 77 percent buy | 112.44 | not stated |
Benzinga | 13 | Buy | 136.00 | not stated |
Barchart / Yahoo (August 2026) | 19 | Moderate Buy (7 strong buy, 2 moderate buy, 10 hold) | 106.35 | up to 170 |
MarketBeat (July 2026) | not stated | not stated | 111.93 | not stated |
Capital Markets
| Metric | Status |
|---|---|
Dividend | None. GoDaddy has never declared or paid a cash dividend on its common stock. Dividend yield, trailing and forward: 0.00 percent |
Dividend policy | No policy announced; management has indicated a preference for repurchase |
Total shareholder yield | Approximately 12.7 percent, entirely from repurchase |
Current authorisation | Up to $3.0 billion of Class A common stock through the end of 2027, approved by the board in April 2025 |
Prior authorisation | $3.0 billion multi-year programme announced February 2022, opened with a $750 million accelerated share repurchase |
Capital Markets
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash used for repurchases (USD M) | 526.0 | 1294.6 | 1268.0 | 676.5 | 1601.9 |
Shares repurchased (millions) | 0.0 | 17.2 | 17.0 | 0.0 | 10.2 |
Diluted shares outstanding at year end (millions) | 168.7 | 156.2 | 0.0 | 145.1 | 136.0 |
Capital Markets
| Agency | Rating | Outlook | As of |
|---|---|---|---|
S&P Global Ratings — issuer | BB | Stable | Most recent data point located: 2021 |
Moody's — corporate family rating | Ba2 | Stable | Most recent data point located: 2021 |
S&P — first lien | BB, recovery rating 3 | — | 2021 |
Moody's — first lien | Ba1 | — | 2021 |
Fitch Ratings | Not publicly disclosed in the sources reviewed | — | — |
Capital Markets
| Instrument | Principal | Rate | Maturity | Notes |
|---|---|---|---|---|
2027 Senior Notes | Approximately 600 million USD | 5.250 percent | 2027 | — |
2029 Senior Notes | 800 million USD | 3.500 percent | 2029 | Senior unsecured; issued February 2021 as an eight-year offering |
2029 Term Loans | Not separately disclosed | SOFR plus applicable margin | 2029 | Repriced in July 2023 and January 2024 |
2031 Term Loans | 1,000 million USD at issuance | SOFR plus 1.75 percent at issuance | 2031 | Created by the May 2024 credit agreement amendment; proceeds used to repay a portion of 2029 term loans, securing a 25 basis point reduction |
Revolving credit facility | 1,200 million USD | Margin tiers linked to first lien net leverage | 31 July 2031 | Upsized from $1,000 million and extended by the Thirteenth Amendment dated 31 July 2026; springing maturity triggered by more than $500 million of near-term term loans or debt securities; existing leverage covenant retained |
Capital Markets
| Timing | Item | Why it matters |
|---|---|---|
9 September 2026 | CFO presentation at Goldman Sachs Communacopia + Technology Conference | First public management commentary since the Q2 reaction and the class action filing |
20 October 2026 | Lead plaintiff deadline in the securities class action | Determines who leads the case and shapes the consolidated complaint |
Late October 2026 | Q3 2026 results (estimated 28 October) | The quarter management called its toughest aftermarket comparison; tests the 5% growth guide and, critically, whether Airo's run rate compounded again from $50 million |
Q4 2026 | Airo annualised bookings run rate | The single most important disclosed number. Two more quarters of multiple expansion validates the bull case; a plateau validates the bear case |
Q4 2026 and Q1 2027 | A&C bookings growth | Guided to high single digits for the rest of 2026. Reacceleration signals the transition is working; further deceleration signals it is not |
Q2 2026 through 2027 | ICANN gTLD Expansion Program round | GoDaddy prepared through 2025 and 2026; applications and awards could materially expand GoDaddy Registry |
Ongoing | .co registry contract replacement or offset | A named 2026 headwind; whether it is a one-time step-down or the start of a pattern |
February 2027 | FY2026 results and FY2027 guidance | The first clean read on post-transition growth; also the first FY2027 bookings guide after the credibility damage |
Ongoing | Customer count | Four consecutive years of decline. A single quarter of net customer growth would materially change the narrative |
Ongoing | ANS commercial traction | Additional enterprise adopters beyond Salesforce and LegalZoom; any first disclosure of ANS-attributable revenue |
Ongoing | Buyback pace against the $3.0 billion authorisation through end-2027 | At current prices, execution pace is the most reliable value creation lever available |
Ongoing | Credit rating actions | Leverage has halved since the last located rating; an upgrade would lower financing costs and signal balance sheet quality |
Ongoing | Insider transactions | Any open-market purchase by management or directors would be the strongest available signal of internal conviction |
Ongoing | Executive retention | With performance equity deeply underwater, departures in product, engineering or AI leadership would be a significant negative |
Executive Leadership
| Name | Title | Age | Tenure in role | Prior roles | Education |
|---|---|---|---|---|---|
Amanpal (Aman) Bhutani | Chief Executive Officer; Director | 50 | CEO since September 2019; director since 2019 | President, Brand Expedia Group, Expedia Group (2015–2019); VP then SVP, Expedia Worldwide Engineering (2010–2015); Technology Senior Director, JPMorgan Chase (2008–2010); SVP e-commerce technology, Washington Mutual (2002–2008) | Not disclosed in the 2026 proxy |
Mark McCaffrey | Chief Financial Officer | 60 | Since June 2021 | Over 20 years at PricewaterhouseCoopers LLP in the Technology, Media and Telecommunications sector, including US TMT Sector Leader and Global Software Industry Leader | Not disclosed in the 2026 proxy |
Roger Chen | Chief Operating Officer | 55 | Since January 2022 | President, GoDaddy Domain Registrars and Investors Business (January 2020 – January 2022); earlier roles not fully retrieved | Not disclosed in the 2026 proxy |
Jared F. Sine | Chief Strategy and Legal Officer; Corporate Secretary | Not disclosed | Since 2024 | Chief Business Affairs and Legal Officer, Match Group; VP and Associate General Counsel, Expedia; associate at Cravath, Swaine & Moore and Latham & Watkins | B.S. Economics and J.D., Brigham Young University; admitted in New York and California |
Gourav Pani | Chief Business Officer | Not disclosed | Chief Business Officer; previously President of US Independents; joined GoDaddy 2020 | Leadership roles across supply chain, IT services, SaaS, telecommunications and travel prior to joining | B.A. Business Administration, Computer Science and Economics, Hanover College |
Travis Muhlestein | Chief Technology Officer of Product AI | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Name | Principal occupation | Age | Independent | Director since | Committees | Other current public boards |
|---|---|---|---|---|---|---|
Brian Sharples | Co-founder and former Chairman and CEO, HomeAway | 65 | Yes | 2016 | Board Chair | Ally Financial (since 2018); eBay (since March 2026) |
Aman Bhutani | Chief Executive Officer, GoDaddy | 50 | No | 2019 | None | The New York Times Company (since September 2018) |
Herald Chen | Former President and CFO, AppLovin | 56 | Yes | 2014 | Audit and Risk | AppLovin (since 2018) |
Caroline Donahue | Former EVP and Chief Marketing and Sales Officer, Intuit | 65 | Yes | 2018 | Governance (Chair); Compensation | Experian plc (since 2017) |
Mark Garrett | Former EVP and CFO, Adobe | 68 | Yes | 2018 | Audit and Risk (Chair) | Snowflake (since 2018); Cisco Systems (since 2018) |
Graham Smith | Former EVP and CFO, Salesforce | 66 | Yes | 2024 | Audit and Risk; Compensation | Axon Enterprise (since 2023); Procore Technologies (since 2020) |
Leah Sweet | Former SVP, PayPal | 57 | Yes | 2020 | Compensation (Chair); Governance | None public |
Srinivas (Srini) Tallapragada | President and Chief Engineering and Customer Success Officer, Salesforce | 56 | Yes | 2023 | Governance | None public |
Sigal Zarmi | Senior Advisor, Boston Consulting Group | 62 | Yes | 2023 | Audit and Risk | ADT (since 2021); JFrog (since November 2025) |
| Attribute | Detail |
|---|---|
Board size | 9 |
Independent directors | 8 of 9 (all except the CEO) |
Chair / CEO separation | Yes — independent Board Chair (Sharples) separate from CEO (Bhutani) |
Committee independence | 100% independent on all three standing committees |
Board meetings held in 2025 | 5 |
Audit and Risk Committee meetings in 2025 | 5 |
Compensation and Human Capital Committee meetings in 2025 | 5 |
Nominating and Governance Committee meetings in 2025 | 4 |
Attendance | Each director attended at least 75% of aggregate board and committee meetings; all directors attended the 2025 annual meeting |
Audit committee financial experts | Chen, Garrett, Smith |
Election | Annual; declassified; majority voting in uncontested elections with an irrevocable conditional resignation policy |
Supermajority voting | None |
Tenure distribution | Under 4 years: 3 of 9; 4–6 years: 2 of 9; 7 or more years: 4 of 9 |
Age distribution | 41–55: 1 of 9; 56–65: 6 of 9; 66 and over: 2 of 9 |
Outside board limits | 4 public boards for all directors; 2 for any director who is a public company CEO; 3 audit committees for audit committee members |
Hedging and pledging | Hedging prohibited for officers and directors under any circumstances; pledging prohibited for officers, directors and employees |
Equity ownership guidelines | CEO 6x base salary; other executive officers 2x base salary; non-employee directors 5x annual cash retainer |
Clawback | Clawback policies applicable to incentive compensation |
Say-on-pay support | 92.4% at the 2025 annual meeting |
Stockholder engagement | Meetings offered to holders of 62.4% of shares outstanding; discussions held with holders of 41.1%; director-led discussions with holders of 32.1% (percentages as of 24 February 2026) |
| Name | Salary (USD) | Non-equity incentive (USD) | Stock awards (USD) | All other (USD) | Total (USD) |
|---|---|---|---|---|---|
Aman Bhutani, CEO | 1000000 | 1104000 | 20883438 | 29572 | 23017010 |
Roger Chen, COO | 0 | 0 | 0 | 0 | 11450000 |
Mark McCaffrey, CFO | 0 | 0 | 0 | 0 | 7270000 |
Jared Sine, Chief Strategy and Legal Officer | 500000 | 0 | 4590000 | 17640 | 5550000 |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
CEO salary (USD) | 1000000 | 1000000 | 1000000 | 1000000 |
CEO non-equity incentive (USD) | 600000 | 1024000 | 1290000 | 1104000 |
CEO stock awards (USD) | 16829370 | 13827459 | 17146808 | 20883438 |
CEO all other compensation (USD) | 216520 | 25758 | 28425 | 29572 |
CEO total compensation (USD) | 18645890 | 15877217 | 19465233 | 23017010 |
| Name | Cash fees (USD) | Stock awards (USD) | All other (USD) | Total (USD) |
|---|---|---|---|---|
Brian Sharples | 100000 | 334684 | 0 | 434684 |
Mark Garrett | 77500 | 254659 | 21909 | 354068 |
Leah Sweet | 75167 | 254659 | 21909 | 351735 |
Herald Chen | 73333 | 254659 | 16392 | 344384 |
Graham Smith | 72000 | 254659 | 559 | 327218 |
Caroline Donahue | 71500 | 254659 | 10400 | 336559 |
Sigal Zarmi | 65000 | 254659 | 21909 | 341568 |
Srini Tallapragada | 56000 | 254659 | 0 | 310659 |
| Holder | Approximate shares | Approximate percent | Source and date |
|---|---|---|---|
The Vanguard Group | 17.7 million | 12.6 | Third-party aggregator, 2024–2025 filings |
BlackRock, Inc. and affiliates | 13.4–15.9 million | 9.4–11.5 | Third-party aggregator; BlackRock reported the largest tracked position at approximately $1.10 billion in its 31 March 2026 Form 13F |
Largest tracked institution (unnamed by provider) | 16.8 million | 12.2 | Alternative provider, undated |
Second largest tracked institution | 14.8 million | 10.7 | Alternative provider, undated |
Third largest tracked institution | 10.0 million | 7.2 | Alternative provider, undated |
| Date | Initiative | Category | Detail |
|---|---|---|---|
2024–2025 | Pricing and bundling initiative | Commercial | Tailored bundles across both segments; management credits it with delivering results in both segments during 2025 |
H1 2025 | AI product upgrades | Product | Enhanced Airo business suggestions; Smart Storefront Customizer; AI-powered catalog creation; simplified domain transfer |
21 August 2025 | GoDaddy Capital | New business line | Merchant cash advance, $500 to $1.0 million, 24-hour funding, exclusive to GoDaddy Payments users |
2025 | Instant Payouts / Same-Day Payouts | Product | On-demand merchant payouts including weekends and holidays |
2025 | Smart Terminal Pro | Product | Swivel-screen addition to the POS line |
16 September 2025 | Airo Site Designer, global launch | Product | AI WordPress site generation from text prompts |
Autumn 2025 | $4.99 one-year .com promotion | Go-to-market | New-customer domain promotion; subsequently the subject of securities litigation |
2 October 2025 | AI agent identity naming system announced | Platform | Human-readable naming, X.509 verifiable identity, protocol-agnostic adapters; framed against a projection of over one billion business-built AI agents within three years |
13 November 2025 | Airo.ai public beta | Platform | Agentic AI destination; six agents at launch |
20 November 2025 | ANS public API and Standards site | Platform | Registration, discovery, renewal, revocation workflows; documentation on GitHub |
25 November 2025 | Six additional Airo.ai agents | Product | Conversations Inbox, Marketing Calendar, Social Posts, Online Appointments, Domain Activation, Domain Protection, plus a do-it-for-you matchmaking agent |
17 December 2025 | Prime Video Fallout Season Two activation | Marketing partnership | Interactive Airo-built storefront experience at godaddy.com/fallout |
18 December 2025 | ANS Marketplace | Platform | First ANS-verified agent directory with verified badges |
19 February 2026 | ANS integration with Salesforce MuleSoft Agent Fabric | Alliance | Enterprise agent discovery and verification; import of verified agents into MuleSoft Agent Registry |
3 March 2026 | Small Street index with UCLA Anderson Forecast | Data / thought leadership | Real-time digital small business activity index |
2 April 2026 | LegalZoom ANS partnership | Alliance | LegalZoom registers its first AI agent as an MCP server via GoDaddy ANS |
7 April 2026 | Cloudflare partnership | Alliance | Cloudflare AI Crawl Control integrated into GoDaddy hosting; joint support for ANS and Web Bot Auth |
16 April 2026 | LegalZoom named sole legal services provider in the GoDaddy ecosystem | Alliance | Guided LLC formation, attorney access, filing accuracy guarantee integrated into the GoDaddy experience |
11 May 2026 | Airo for WordPress | Product | AI build, manage and grow inside the native WordPress dashboard |
18 May 2026 | Agentic AI Foundation Gold Membership | Standards | Joined alongside F5, Stripe and TRON; AAIF membership reached 180–190 organisations |
15 July 2026 | GoDaddy Developer Platform | Platform | Free end-to-end domain lifecycle APIs for developers, AI agents and automated workflows; OAuth, agent-safe execution controls, CLI, LLM-optimised documentation |
2025–2026 | ICANN next gTLD round preparation | Regulatory / product | Preparation work began in 2025 and continues through 2026 ahead of the round expected to open in Q2 2026 |
31 July 2026 | Revolver upsize and extension | Capital structure | $1.0 billion facility refinanced with a $1.2 billion facility maturing 31 July 2031 |
| Metric | FY2026 guidance | Q3 2026 guidance |
|---|---|---|
Total revenue (USD B) | 5.215 to 5.255 | 1.315 to 1.335 |
Revenue growth at midpoint (percent) | 6 | 5 |
A&C revenue growth (percent) | low double digits | low double digits |
Core Platform revenue growth (percent) | low single digits | low single digits |
Normalized EBITDA margin (percent) | over 33 | approximately 33 |
Free cash flow (USD B) | approximately 1.8 | not guided |
Capital expenditure (USD M) | approximately 30 | not guided |
Cash interest on debt (USD M) | approximately 150 | not guided |
GAAP net interest expense (USD M) | approximately 110 | not guided |
Cash income taxes (USD M) | approximately 30 | not guided |
GAAP income tax provision (USD M) | approximately 300 | not guided |
Competitive Landscape
| Competitor | Primary battleground | Positioning relative to GoDaddy | Notes |
|---|---|---|---|
Shopify | Commerce, online store | Far larger in GMV and e-commerce mindshare; upmarket of GoDaddy's microbusiness core | FY2025 revenue $11.56 billion, up 30%; GMV $378 billion, up 29%; free cash flow $2.0 billion at a 17% margin; approximately 2.86 million live storefronts |
Wix | Website building, both segments | Closest direct analogue for the website builder franchise; freemium model with far more registered users but a low conversion rate | FY2025 revenue approximately $1.99 billion; approximately 6.4 million premium subscribers from 250 million-plus registered users; average premium subscriber pays approximately $250 per year; approximately 4.3% of all websites |
Squarespace | Website building, domains | Now private following a $7.2 billion take-private by Permira (closed 2024); competes upmarket on design | Approximately 2.2–2.5% of all websites; financials no longer public |
VeriSign | Registry, indirectly | Supplier as much as competitor: operates .com and .net and sets the wholesale pricing that determines GoDaddy's largest input cost | FY2025 revenue $1.66 billion, up 6.4%; operating income $1.12 billion (67.5% operating margin); net income $826 million; diluted EPS $8.81; dividend raised 5.2% to $0.81 per share; over $1.1 billion returned to shareholders in 2025 |
Newfold Digital | Hosting, domains | Private (Clearlake / Siris); roll-up of Web.com, Network Solutions, Bluehost and others | Financials not public |
Tucows | Domains (OpenSRS/Enom), adjacent | Wholesale registrar; also Ting fiber and Wavelo platform services | Shares rose 31% in 2025; announced intent to sell the fiber business; CEO Elliot Noss announced retirement in late 2025 |
Identity Digital | Registry | Direct competitor to GoDaddy Registry in the gTLD back-end and portfolio business | Private; financials not public |
Cloudflare | DNS, security, registrar | Competitor and, since April 2026, partner | — |
Ionos | Hosting, domains, both segments | European scale competitor | Shares gained 21% in 2025 |
Namecheap, Dynadot, Hostinger, GMO, SEDO, Comodo, Let's Encrypt | Domains, hosting, SSL | Price-led competition in the Core Platform commodity layer; Let's Encrypt in particular provides free certificates, structurally compressing SSL economics | Mostly private |
Automattic (WordPress.com, WooCommerce) | Website building, hosting | Controls the WordPress ecosystem on which a large part of GoDaddy's hosting business depends | Private |
Block, Stripe, PayPal, Toast | Payments, POS | Vastly larger payment franchises; GoDaddy competes only where payments attach to an existing website relationship | Public |
Google, Amazon, Microsoft, Meta, TikTok, Alibaba, Tencent, Yelp, OpenTable, Mindbody, Zoho | Various | Platform competitors that can disintermediate the need for an independent website by offering a hosted business presence | The most strategically significant category |
| Metric | GoDaddy FY2025 | Shopify FY2025 | Wix FY2025 | VeriSign FY2025 |
|---|---|---|---|---|
Revenue (USD M) | 4951 | 11560 | 1990 | 1660 |
Revenue growth (percent) | 8.3 | 30.0 | 13.0 | 6.4 |
Operating income (USD M) | 1127 | 0 | 0 | 1120 |
Operating margin (percent) | 22.8 | 0.0 | 0.0 | 67.5 |
Net income (USD M) | 875 | 0 | 0 | 826 |
Free cash flow (USD M) | 1614 | 2000 | 0 | 0 |
Free cash flow margin (percent) | 32.6 | 17.0 | 0.0 | 0.0 |
R&D or technology spend as percent of revenue | 17.0 | 0.0 | 0.0 | 0.0 |
Approximate market capitalisation (USD B) | 12.3 | 0.0 | 12.0 | 0.0 |
