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Clear Secure Inc Financials

YOU
Trailing 12 months to June 30, 2026
Revenue $1.0B +19.8% YoY
Net Income $206.9M -11.0% YoY
EPS (Diluted) Not reported for the trailing 12 months
Free Cash Flow $508.4M +66.6% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Clear Secure Inc (YOU) reported $1.0B in revenue over the twelve months to Jun 30, 2026, up 19.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI YOU FY2025

Operating leverage is converting revenue growth into cash, while shareholder distributions reduce the equity cushion supporting that expansion.

From FY2023 to FY2025, operating margin widened from 3.3% to 20.7% as revenue expanded, indicating that incremental sales are dropping through faster than overhead is growing. FY2025 operating cash flow exceeded net income by $204.3M, showing that reported profitability was accompanied by substantial cash generation beyond the bottom line.

Revenue reached $900.8M in FY2025 while SG&A was $232.4M; the combination of continued sales expansion and contained overhead points to operating leverage rather than simple cost cutting. Free cash flow of $343.1M was nearly 12x capital expenditures of $29.3M, indicating limited reinvestment needs relative to cash output.

Leverage rose from 2.9x in FY2023 to 6.2x in FY2025, making the financing structure more dependent on liabilities relative to equity. Equity fell to $177.7M while the current ratio was 1.0x, leaving little short-term balance-sheet slack even as cash generation improved.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 56 / 100
Financial Health Score 56/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Clear Secure Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
60

Clear Secure Inc has an operating margin of 20.7%, meaning the company retains $21 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is up from 16.0% the prior year.

Growth
83

Clear Secure Inc's revenue surged 16.9% year-over-year to $900.8M, reflecting rapid business expansion. This strong growth earns a score of 83/100.

Leverage
8

Clear Secure Inc has elevated debt relative to equity (D/E of 6.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 8/100, reflecting increased financial risk.

Liquidity
19

Clear Secure Inc's current ratio of 1.01 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
97

Clear Secure Inc converts 38.1% of revenue into free cash flow ($343.1M). This strong cash generation earns a score of 97/100.

Returns
67

Clear Secure Inc earns a strong 94.6% return on equity (ROE), meaning it generates $95 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 67/100. This is down from 113.6% the prior year.

Altman Z-Score Safe
3.74

Clear Secure Inc scores 3.74, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.5B) relative to total liabilities ($1.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
4/6

Clear Secure Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.22x

For every $1 of reported earnings, Clear Secure Inc generates $2.22 in operating cash flow ($372.5M OCF vs $168.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$900.8M
YoY+16.9%
5Y CAGR+31.3%

Clear Secure Inc generated $900.8M in revenue in fiscal year 2025. This represents an increase of 16.9% from the prior year.

EBITDA
$221.1M
YoY+47.7%

Clear Secure Inc's EBITDA was $221.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 47.7% from the prior year.

Net Income
$168.1M
YoY-25.4%

Clear Secure Inc reported $168.1M in net income in fiscal year 2025. This represents a decrease of 25.4% from the prior year.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$343.1M
YoY+21.0%

Clear Secure Inc generated $343.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 21.0% from the prior year.

Cash & Debt
$85.7M
YoY+28.2%
5Y CAGR-5.9%

Clear Secure Inc held $85.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
20.7%
YoY+4.7pp
5Y CAGR+28.9pp

Clear Secure Inc's operating margin was 20.7% in fiscal year 2025, reflecting core business profitability. This is up 4.7 percentage points from the prior year.

Net Margin
18.7%
YoY-10.6pp
5Y CAGR+22.7pp

Clear Secure Inc's net profit margin was 18.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.6 percentage points from the prior year.

Return on Equity
94.6%
YoY-19.0pp

Clear Secure Inc's ROE was 94.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 19.0 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending
$72.4M
YoY-1.3%
5Y CAGR+17.7%

Clear Secure Inc invested $72.4M in research and development in fiscal year 2025. This represents a decrease of 1.3% from the prior year.

Share Buybacks
$126.3M
YoY-53.7%
5Y CAGR-9.7%

Clear Secure Inc spent $126.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 53.7% from the prior year.

Capital Expenditures
$29.3M
YoY+144.3%
5Y CAGR+12.2%

Clear Secure Inc invested $29.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 144.3% from the prior year.

YOU Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

YOU quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$277.8M+9.8%$253.0M+5.1%$240.8M+5.0%$229.2M+4.4%$219.5M+3.8%$211.4M+2.5%$206.3M+4.0%$198.4M
R&D Expenses$17.8M-8.6%$19.5M+13.4%$17.2M-4.7%$18.0M-1.3%$18.2M-4.1%$19.0M+3.2%$18.4M+5.7%$17.4M
SG&A Expenses$65.9M+3.6%$63.6M+5.5%$60.3M+2.5%$58.8M+0.5%$58.5M+6.9%$54.7M-1.1%$55.3M+2.6%$53.9M
Operating Income$83.0M+33.8%$62.0M+15.0%$53.9M+2.5%$52.6M+23.6%$42.6M+13.8%$37.4M+9.8%$34.1M-2.9%$35.1M
Income Tax$19.0M+32.6%$14.4M+38.9%$10.3M-34.3%$15.7M+144.6%$6.4M+18.6%$5.4M+103.3%-$165.8M-3589.2%$4.8M
Net Income$50.0M+29.0%$38.8M-56.8%$89.7M+217.3%$28.3M+14.4%$24.7M-2.7%$25.4M-84.0%$158.9M+577.1%$23.5M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, EPS (Diluted).

YOU Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

YOU quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$1.6B+11.0%$1.4B+9.1%$1.3B+15.8%$1.1B-4.6%$1.2B+6.2%$1.1B-7.0%$1.2B+39.2%$858.6M
Current Assets$1.0B+18.3%$864.9M+13.1%$764.6M+29.8%$589.0M-9.9%$653.6M+12.3%$581.9M-12.1%$662.2M+11.2%$595.7M
Cash & Equivalents$128.2M-24.9%$170.7M+99.1%$85.7M+13.2%$75.8M-15.2%$89.3M+2.0%$87.6M+30.9%$66.9M+103.4%$32.9M
Accounts Receivable$1.3M+18.9%$1.1M-44.8%$1.9M+18.0%$1.6M+54.7%$1.1M+105.9%$512K+0.2%$511K-20.0%$639K
Goodwill$62.7M0.0%$62.7M0.0%$62.7M0.0%$62.7M0.0%$62.7M-0.1%$62.8M0.0%$62.8M0.0%$62.8M
Total Liabilities$1.3B+10.5%$1.2B+10.0%$1.1B+14.5%$959.7M-8.9%$1.1B+6.9%$985.3M+3.0%$957.0M+41.2%$677.5M
Current Liabilities$983.9M+14.4%$860.0M+13.2%$759.9M+20.1%$632.7M-15.6%$749.6M+8.9%$688.4M+7.0%$643.1M+15.3%$557.7M
Total Equity$206.2M+11.3%$185.3M+4.3%$177.7M+19.6%$148.6M+22.4%$121.3M+4.0%$116.7M-41.2%$198.4M+53.8%$129.0M
Retained Earnings$158.3M+28.3%$123.4M+3.0%$119.8M+18.3%$101.2M+19.0%$85.1M+17.9%$72.1M-13.9%$83.8M+1243.9%-$7.3M

Not reported in any period shown, so not listed: Inventory, Long-Term Debt.

YOU Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

YOU quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$201.2M+5.7%$190.4M-4.1%$198.4M+519.5%-$47.3M-138.5%$123.0M+25.1%$98.3M-28.0%$136.6M+480.9%-$35.9M
Capital Expenditures$12.2M+150.1%$4.9M-55.8%$11.0M+78.6%$6.2M+21.9%$5.1M-28.5%$7.1M+157.6%$2.8M+34.6%$2.0M
Free Cash Flow$189.0M+1.9%$185.5M-1.0%$187.4M+450.5%-$53.5M-145.3%$117.9M+29.2%$91.3M-31.8%$133.9M+453.1%-$37.9M
Investing Cash Flow-$214.1M-900.4%-$21.4M+87.4%-$170.1M-401.7%$56.4M+173.5%-$76.7M-182.2%$93.3M+372.8%-$34.2M-128.1%$121.5M
Financing Cash Flow-$29.6M+64.8%-$83.9M-355.5%-$18.4M+18.6%-$22.6M+49.7%-$45.0M+73.7%-$171.3M-150.5%-$68.4M+25.8%-$92.1M
Share Buybacks$0-100.0%$1.2M$0$0-100.0%$24.6M-75.8%$101.7M+113.0%$47.8M-36.5%$75.2M

Not reported in any period shown, so not listed: Dividends Paid.

YOU Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

YOU quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Margin29.9%+5.3pp24.5%+2.1pp22.4%-0.6pp23.0%+3.6pp19.4%+1.7pp17.7%+1.2pp16.5%-1.2pp17.7%
Net Margin18.0%+2.7pp15.3%-22.0pp37.3%+24.9pp12.3%+1.1pp11.3%-0.8pp12.0%-65.0pp77.0%+65.2pp11.8%
Return on Equity24.3%+3.3pp20.9%-29.6pp50.5%+31.5pp19.0%-1.3pp20.4%-1.4pp21.8%-58.3pp80.1%+61.9pp18.2%
Return on Assets3.2%+0.4pp2.7%-4.2pp6.9%+4.4pp2.5%+0.4pp2.1%-0.2pp2.3%-11.0pp13.3%+10.6pp2.7%
Current Ratio1.040.0x1.010.0x1.01+0.1x0.93+0.1x0.870.0x0.85-0.2x1.030.0x1.07
Debt-to-Equity6.470.0x6.52+0.3x6.18-0.3x6.46-2.2x8.68+0.2x8.44+3.6x4.82-0.4x5.25
FCF Margin68.0%-5.3pp73.3%-4.5pp77.8%+101.2pp-23.3%-77.1pp53.7%+10.5pp43.2%-21.7pp64.9%+84.0pp-19.1%

Not reported in any period shown, so not listed: Gross Margin.

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Frequently Asked Questions

What is Clear Secure Inc's annual revenue?

Clear Secure Inc (YOU) reported $900.8M in total revenue for fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Clear Secure Inc's revenue growing?

Clear Secure Inc (YOU) revenue grew by 16.9% year-over-year, from $770.5M to $900.8M in fiscal year 2025.

Is Clear Secure Inc profitable?

Yes, Clear Secure Inc (YOU) reported a net income of $168.1M in fiscal year 2025, with a net profit margin of 18.7%.

Clear Secure Inc (YOU) had EBITDA of $221.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Clear Secure Inc (YOU) had an operating margin of 20.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Clear Secure Inc (YOU) had a net profit margin of 18.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Clear Secure Inc (YOU) has a return on equity of 94.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Clear Secure Inc (YOU) generated $343.1M in free cash flow during fiscal year 2025. This represents a 21.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Clear Secure Inc (YOU) generated $372.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Clear Secure Inc (YOU) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Clear Secure Inc (YOU) invested $29.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Clear Secure Inc (YOU) invested $72.4M in research and development during fiscal year 2025.

Yes, Clear Secure Inc (YOU) spent $126.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Clear Secure Inc (YOU) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.

Clear Secure Inc (YOU) had a debt-to-equity ratio of 6.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Clear Secure Inc (YOU) had a return on assets of 12.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Clear Secure Inc (YOU) has an Altman Z-Score of 3.74, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Clear Secure Inc (YOU) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Clear Secure Inc (YOU) has an earnings quality ratio of 2.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Clear Secure Inc (YOU) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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