Clear Secure Inc Financials

YOU

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Clear Secure Inc (YOU) financial statements, including the 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).

Financial Health Signals

Financial Profile 57/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Clear Secure Inc has an operating margin of 20.7%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 16.0% the prior year.

Growth

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 62/100.

Leverage

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 0/100, reflecting increased financial risk.

Liquidity

Clear Secure Inc's current ratio of 1.01 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.

Cash Flow

100

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

Returns

100

Clear Secure Inc earns a strong 61.4% return on equity (ROE), meaning it generates $61 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 85.5% the prior year.

Altman Z-Score Safe

3.95

Clear Secure Inc scores 3.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.9B) relative to total liabilities ($1.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

4/9

Clear Secure Inc passes 4 of 9 financial strength tests. 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

3.41x

For every $1 of reported earnings, Clear Secure Inc generates $3.41 in operating cash flow ($372.5M OCF vs $109.2M 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

$109.2M

YoY-35.7%

Clear Secure Inc reported $109.2M in net income in fiscal year 2025. This represents a decrease of 35.7% from the prior year.

EPS (Diluted)

N/A

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 against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

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

12.1%

YoY-9.9pp

5Y CAGR+16.2pp

Clear Secure Inc's net profit margin was 12.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.9 percentage points from the prior year.

Return on Equity

61.4%

YoY-24.1pp

Clear Secure Inc's ROE was 61.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 24.1 percentage points from the prior year.

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

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$900.8M+16.9%	$770.5M+25.6%	$613.6M+40.3%	$437.4M+72.2%	$254.0M+10.0%	$230.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$72.4M-1.3%	$73.4M-1.5%	$74.4M+11.4%	$66.8M+40.7%	$47.5M+48.2%	$32.0M
SG&A Expenses	$232.4M+6.8%	$217.5M-2.2%	$222.4M-20.1%	$278.2M+64.7%	$168.9M+42.9%	$118.2M
Operating Income	$186.5M+51.4%	$123.2M+511.7%	$20.1M+115.6%	-$129.1M-12.3%	-$114.9M-507.2%	-$18.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$37.9M+123.9%	-$158.6M-22012.6%	$724K+135.1%	-$2.1M-985.0%	$233K+1356.3%	$16K
Net Income	$109.2M-35.7%	$169.7M+503.7%	$28.1M+142.9%	-$65.6M-81.7%	-$36.1M-287.6%	-$9.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$240.8M+5.0%	$229.2M+4.4%	$219.5M+3.8%	$211.4M+2.5%	$206.3M+4.0%	$198.4M+6.3%	$186.7M+4.3%	$179.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$17.2M-4.7%	$18.0M-1.3%	$18.2M-4.1%	$19.0M+3.2%	$18.4M+5.7%	$17.4M+0.1%	$17.4M-13.4%	$20.1M
SG&A Expenses	$60.3M+2.5%	$58.8M+0.5%	$58.5M+6.9%	$54.7M-1.1%	$55.3M+2.6%	$53.9M-2.6%	$55.4M+4.7%	$52.9M
Operating Income	$53.9M+2.5%	$52.6M+23.6%	$42.6M+13.8%	$37.4M+9.8%	$34.1M-2.9%	$35.1M+15.7%	$30.3M+28.1%	$23.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$10.3M-34.3%	$15.7M+144.6%	$6.4M+18.6%	$5.4M+103.3%	-$165.8M-3589.2%	$4.8M+1061.6%	$409K-79.2%	$2.0M
Net Income	$30.8M+8.8%	$28.3M+14.4%	$24.7M-2.7%	$25.4M-75.4%	$103.3M+340.2%	$23.5M-2.7%	$24.1M+28.3%	$18.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

YOU Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.3B+9.1%	$1.2B+14.3%	$1.0B+0.7%	$1.0B+27.7%	$812.8M+249.9%	$232.3M
Current Assets	$764.6M+15.5%	$662.2M-14.0%	$770.0M+3.8%	$741.6M+13.6%	$653.1M+280.5%	$171.6M
Cash & Equivalents	$85.7M+28.2%	$66.9M+15.5%	$57.9M+48.7%	$38.9M-86.1%	$280.1M+141.0%	$116.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9M+276.7%	$511K-2.9%	$526K-55.0%	$1.2M-78.1%	$5.3M+484.5%	$912K
Goodwill	$62.7M-0.1%	$62.8M0.0%	$62.8M+6.7%	$58.8M-1.6%	$59.8M	$0
Total Liabilities	$1.1B+14.8%	$957.0M+41.6%	$675.8M-9.5%	$746.5M+39.5%	$535.1M-25.6%	$719.2M
Current Liabilities	$759.9M+18.2%	$643.1M+16.5%	$552.0M+38.9%	$397.5M+50.2%	$264.6M+81.1%	$146.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$177.7M-10.4%	$198.4M-15.0%	$233.3M-19.8%	$291.1M+4.8%	$277.6M+157.0%	-$486.9M
Retained Earnings	$119.8M+43.0%	$83.8M+213.7%	-$73.7M+27.6%	-$101.8M-181.8%	-$36.1M+92.7%	-$494.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.3B+15.8%	$1.1B-4.6%	$1.2B+6.2%	$1.1B-7.0%	$1.2B+39.2%	$858.6M-12.6%	$982.4M-3.4%	$1.0B
Current Assets	$764.6M+29.8%	$589.0M-9.9%	$653.6M+12.3%	$581.9M-12.1%	$662.2M+11.2%	$595.7M-16.5%	$713.8M-4.0%	$743.6M
Cash & Equivalents	$85.7M+13.2%	$75.8M-15.2%	$89.3M+2.0%	$87.6M+30.9%	$66.9M+103.4%	$32.9M-15.9%	$39.1M-39.0%	$64.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9M+18.0%	$1.6M+54.7%	$1.1M+105.9%	$512K+0.2%	$511K-20.0%	$639K-99.9%	$630.5M-0.6%	$634.3M
Goodwill	$62.7M0.0%	$62.7M0.0%	$62.7M-0.1%	$62.8M0.0%	$62.8M0.0%	$62.8M0.0%	$62.8M0.0%	$62.8M
Total Liabilities	$1.1B+14.5%	$959.7M-8.9%	$1.1B+6.9%	$985.3M+3.0%	$957.0M+41.2%	$677.5M-10.2%	$754.1M+0.8%	$747.8M
Current Liabilities	$759.9M+20.1%	$632.7M-15.6%	$749.6M+8.9%	$688.4M+7.0%	$643.1M+15.3%	$557.7M-11.9%	$633.3M+1.4%	$624.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$177.7M+19.6%	$148.6M+22.4%	$121.3M+4.0%	$116.7M-41.2%	$198.4M+53.8%	$129.0M-16.0%	$153.5M-7.4%	$165.9M
Retained Earnings	$119.8M+18.3%	$101.2M+19.0%	$85.1M+17.9%	$72.1M-13.9%	$83.8M+1243.9%	-$7.3M+76.2%	-$30.8M+43.9%	-$54.9M

YOU Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$372.5M+26.0%	$295.7M+31.4%	$225.0M+33.7%	$168.3M+141.5%	$69.7M+665.0%	-$12.3M
Capital Expenditures	$29.3M+144.3%	$12.0M-53.0%	$25.6M-18.5%	$31.4M+11.4%	$28.1M+70.6%	$16.5M
Free Cash Flow	$343.1M+21.0%	$283.7M+42.2%	$199.5M+45.7%	$136.9M+229.5%	$41.6M+244.1%	-$28.8M
Investing Cash Flow	-$97.1M-185.3%	$113.8M+833.7%	-$15.5M+95.7%	-$359.6M+10.8%	-$403.2M-1768.2%	-$21.6M
Financing Cash Flow	-$257.3M+35.9%	-$401.5M-85.9%	-$216.0M-342.0%	-$48.9M-109.7%	$503.4M+898.4%	-$63.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$126.3M-53.7%	$272.9M+291.7%	$69.7M+1321.3%	$4.9M-58.3%	$11.7M-94.4%	$210.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$198.4M+519.5%	-$47.3M-138.5%	$123.0M+25.1%	$98.3M-28.0%	$136.6M+480.9%	-$35.9M-131.3%	$114.6M+42.6%	$80.3M
Capital Expenditures	$11.0M+78.6%	$6.2M+21.9%	$5.1M-28.5%	$7.1M+157.6%	$2.8M+34.6%	$2.0M-54.0%	$4.4M+59.9%	$2.8M
Free Cash Flow	$187.4M+450.5%	-$53.5M-145.3%	$117.9M+29.2%	$91.3M-31.8%	$133.9M+453.1%	-$37.9M-134.4%	$110.1M+42.0%	$77.6M
Investing Cash Flow	-$170.1M-401.7%	$56.4M+173.5%	-$76.7M-182.2%	$93.3M+372.8%	-$34.2M-128.1%	$121.5M+59479.9%	$204K-99.2%	$26.2M
Financing Cash Flow	-$18.4M+18.6%	-$22.6M+49.7%	-$45.0M+73.7%	-$171.3M-150.5%	-$68.4M+25.8%	-$92.1M+34.1%	-$139.8M-38.1%	-$101.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$24.6M-75.8%	$101.7M+113.0%	$47.8M-36.5%	$75.2M+15.4%	$65.1M-23.3%	$84.9M

YOU Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.7%+4.7pp	16.0%+12.7pp	3.3%+32.8pp	-29.5%+15.8pp	-45.3%-37.1pp	-8.2%
Net Margin	12.1%-9.9pp	22.0%+17.4pp	4.6%+19.6pp	-15.0%-0.8pp	-14.2%-10.2pp	-4.0%
Return on Equity	61.4%-24.1pp	85.5%+73.5pp	12.0%+34.6pp	-22.5%-9.5pp	-13.0%	N/A
Return on Assets	8.4%-5.8pp	14.2%+11.5pp	2.7%+9.0pp	-6.3%-1.9pp	-4.4%-0.4pp	-4.0%
Current Ratio	1.01-0.0	1.03-0.4	1.39-0.5	1.87-0.6	2.47+1.3	1.17
Debt-to-Equity	6.18+1.4	4.82+1.9	2.90+0.3	2.56+0.6	1.93+3.4	-1.48
FCF Margin	38.1%+1.3pp	36.8%+4.3pp	32.5%+1.2pp	31.3%+14.9pp	16.4%+28.9pp	-12.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	22.4%-0.6pp	23.0%+3.6pp	19.4%+1.7pp	17.7%+1.2pp	16.5%-1.2pp	17.7%+1.4pp	16.3%+3.0pp	13.2%
Net Margin	12.8%+0.4pp	12.3%+1.1pp	11.3%-0.8pp	12.0%-38.1pp	50.1%+38.2pp	11.8%-1.1pp	12.9%+2.4pp	10.5%
Return on Equity	17.3%-1.7pp	19.0%-1.3pp	20.4%-1.4pp	21.8%-30.3pp	52.1%+33.9pp	18.2%+2.5pp	15.7%+4.4pp	11.3%
Return on Assets	2.4%-0.2pp	2.5%+0.4pp	2.1%-0.2pp	2.3%-6.3pp	8.6%+5.9pp	2.7%+0.3pp	2.5%+0.6pp	1.8%
Current Ratio	1.01+0.1	0.93+0.1	0.87+0.0	0.85-0.2	1.03-0.0	1.07-0.1	1.13-0.1	1.19
Debt-to-Equity	6.18-0.3	6.46-2.2	8.68+0.2	8.44+3.6	4.82-0.4	5.25+0.3	4.91+0.4	4.51
FCF Margin	77.8%+101.2pp	-23.3%-77.1pp	53.7%+10.5pp	43.2%-21.7pp	64.9%+84.0pp	-19.1%-78.1pp	59.0%+15.6pp	43.3%

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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 $109.2M in fiscal year 2025, with a net profit margin of 12.1%.

What is Clear Secure Inc's EBITDA?

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

What is Clear Secure Inc's operating margin?

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.

What is Clear Secure Inc's net profit margin?

Clear Secure Inc (YOU) had a net profit margin of 12.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Clear Secure Inc's return on equity (ROE)?

Clear Secure Inc (YOU) has a return on equity of 61.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Clear Secure Inc's free cash flow?

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.

What is Clear Secure Inc's operating cash flow?

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

What are Clear Secure Inc's total assets?

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

What are Clear Secure Inc's capital expenditures?

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

How much does Clear Secure Inc spend on research and development?

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

Does Clear Secure Inc buy back shares?

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

What is Clear Secure Inc's current ratio?

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

What is Clear Secure Inc's debt-to-equity ratio?

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.

What is Clear Secure Inc's return on assets (ROA)?

Clear Secure Inc (YOU) had a return on assets of 8.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Clear Secure Inc's Altman Z-Score?

Clear Secure Inc (YOU) has an Altman Z-Score of 3.95, 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.

What is Clear Secure Inc's Piotroski F-Score?

Clear Secure Inc (YOU) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Clear Secure Inc's earnings high quality?

Clear Secure Inc (YOU) has an earnings quality ratio of 3.41x, 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.

How financially healthy is Clear Secure Inc?

Clear Secure Inc (YOU) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.