Models

Visible Alpha broker models via S&P Xpressfeed · 13 brokers · 385 line items · freshest revision 2026-07-18.

Thirteen brokers model GoDaddy as a cash-compounding platform where Applications & Commerce, not the mature domains-and-hosting Core platform, drives the top line and, increasingly, the profit. The consensus growth story is monetization: rising revenue and bookings per customer against a roughly flat customer base. Brokers largely agree on revenue but diverge on how much of it reaches EPS and free cash flow.

Applications & Commerce is the growth engine — +12% in FY-2026 vs Core platform's +2.5%

Core platform — chiefly domains and hosting — is modeled as a low-single-digit annuity; Applications & Commerce carries the top line and steadily gains share of the mix. Gross bookings, the forward-billings gauge, is modeled to outpace revenue.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Revenue	—	—	—	—	—	—
Total revenue	$4.95bn	$5.24bn	$5.54bn	$5.87bn	+6.0%	13
Revenue - Applications & Commerce	$1.89bn	$2.11bn	$2.33bn	$2.58bn	+11.7%	13
Revenue - Core platform	$3.06bn	$3.13bn	$3.21bn	$3.30bn	+2.5%	13
Bookings	—	—	—	—	—	—
Gross bookings	$5.43bn	$5.69bn	$6.04bn	$6.44bn	+4.9%	11

Growth is monetization, not customers — ARPU climbs to $259 while the base stays roughly flat

Average customers are modeled essentially flat; net additions swing from negative in FY-2025 to positive thereafter, so nearly all growth is price and attach rather than new logos.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Unit economics	—	—	—	—	—	—
Average customers(M#)	20.49m Number	20.47m Number	20.56m Number	20.65m Number	-0.1%	10
Average revenue per customer($)	$241.5	$259.0	$269.8	$285.5	+7.3%	10
Bookings per customer($)	$265.1	$277.8	$293.6	$311.8	+4.8%	10
Net customer additions(M#)	-51,769 Number	80,458 Number	97,811 Number	140,951 Number	+255.4%	10

Margins bend up as Applications & Commerce overtakes Core platform as the profit engine by FY-2028

Normalized EBITDA is modeled expanding faster than revenue; A&C segment EBITDA, below Core platform's today, is modeled to pass it as the higher-margin segment scales. The segment splits rest on 5-7 brokers.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Profit	—	—	—	—	—	—
Normalized EBITDA	$1.57bn	$1.75bn	$1.89bn	$2.06bn	+11.3%	13
Normalized EBITDA - Application & Commerce	$856.05m	$978.65m	$1.10bn	$1.23bn	+14.3%	7
Normalized EBITDA - Core platform	$998.17m	$1.06bn	$1.09bn	$1.15bn	+5.7%	7
Cash	—	—	—	—	—	—
Free cash flow	$1.59bn	$1.81bn	$1.93bn	$2.02bn	+13.9%	12

Brokers agree on revenue but split on earnings and cash

Revenue estimates are tightly clustered, yet FY-2028 diluted EPS spans $8.14 to $11.49 — the split is over margin capture and buyback pace, not demand.

Line	Period	Median	Q1–Q3	Min–max	Brokers
EPS attributable to GoDaddy Inc. - Diluted($)	FY-2027E	$8.84	$7.94–$9.18	$7.49–$9.60	13
EPS attributable to GoDaddy Inc. - Diluted($)	FY-2028E	$10.08	$9.18–$10.89	$8.14–$11.49	10
Operating income/(loss)	FY-2028E	$1.62bn	$1.54bn–$1.71bn	$1.46bn–$1.73bn	10
Free cash flow	FY-2028E	$2.05bn	$1.99bn–$2.10bn	$1.81bn–$2.12bn	9

Coverage thins in the out-years and on segment detail

Headline lines carry 11-13 brokers, but FY-2028 coverage drops toward 9-10, segment EBITDA rests on 5-7, and ARR and net revenue retention on just 2-3 — treat those as a few analysts' views, not consensus.

Headline P&L consensus, momentum and beat/miss live in the CapIQ tab.