CLEAR Announces Second Quarter 2026 Financial Results

Rhea-AI Summary

Clear Secure (NYSE: YOU) reported strong second quarter 2026 results, with revenue of $277.8 million, up 26.6% year over year, and Total Bookings of $295.9 million, up 32.8%. Operating income was $83.0 million (29.9% margin) and net income was $72.3 million (26.0% margin). Adjusted EBITDA reached $101.1 million, a 36.4% margin and 900 bps higher year over year, exceeding the long-term 35% target. Free Cash Flow was $189.0 million, with net cash from operating activities of $201.2 million.

Total CLEAR Members rose 30.0% to 43.5 million, and Active CLEAR+ Members increased 15.2% to 8.3 million. The network reached 62 CLEAR+ airports, 280 TSA PreCheck enrollment locations, and eGates across 50 airports. The board declared a $0.15 quarterly dividend, and the company returned about $22.2 million to shareholders in Q2 2026. Guidance calls for Q3 2026 revenue of $284–287 million, Total Bookings of $311–316 million, and raises full‑year 2026 Free Cash Flow guidance to at least $480 million, implying at least 39.9% growth.

Positive

• Revenue $277.8M, up 26.6% year over year in Q2 2026
• Total Bookings $295.9M, up 32.8% year over year in Q2 2026
• Adjusted EBITDA $101.1M with 36.4% margin, 900 bps expansion
• Free Cash Flow $189.0M in Q2; FY 2026 FCF guidance ≥$480M
• Net income $72.3M with 26.0% net margin in Q2 2026
• Total CLEAR Members 43.5M, up 30.0%; Active CLEAR+ 8.3M, up 15.2%

Negative

• Total liabilities increased to $1.34B from $1.10B at year-end 2025
• Accrued liabilities rose to $404.7M from $236.5M since December 31, 2025

News Explained

As of June 30, CLEAR reported $831,040 thousand in marketable securities, $128,228 thousand in cash, and four outstanding common-stock classes.

With its second-quarter results released, CLEAR reports June 30, 2026 balance-sheet resources of $128,228 thousand in cash and $831,040 thousand in marketable securities, alongside $1,335,169 thousand of total liabilities.

The release also gives the period-end common-stock structure: 101,961,485 Class A shares, 151,787 Class B shares, 14,246,787 Class C shares, and 18,380,246 Class D shares were issued and outstanding on June 30, 2026.

Compared with December 31, 2025, reported Class A shares increased from 97,986,631 to 101,961,485, while Class B declined from 351,787 to 151,787, Class C from 15,745,891 to 14,246,787, and Class D from 19,130,246 to 18,380,246.

Market Context

Insider context recorded Net Selling across the 90-day window. That platform record adds a governanc...

Analysis

Insider context recorded Net Selling across the 90-day window. That platform record adds a governance and alignment consideration to this earnings report, while moderate short positioning remains a sourced volatility risk to monitor.

Key Figures

Revenue: $277.8 million, up 26.6% Total Bookings: $295.9 million, up 32.8% Operating Income: $83.0 million, 29.9% margin +5 more

8 metrics

Revenue $277.8 million, up 26.6% Second quarter 2026 year-over-year

Total Bookings $295.9 million, up 32.8% Second quarter 2026 year-over-year

Operating Income $83.0 million, 29.9% margin Second quarter 2026

Net Income $72.3 million, 26.0% margin Second quarter 2026

Adjusted EBITDA $101.1 million, 36.4% margin Second quarter 2026; 900 basis points of year-over-year margin expansion

Earnings Per Share $0.50 basic and $0.49 diluted Second quarter 2026

Free Cash Flow $189.0 million Second quarter 2026

Full-Year Free Cash Flow Guidance At least $480 million 2026 guidance increased from at least $465 million

Previous Earnings Reports

5 past events · Latest: May 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Q1 earnings results	Positive	+3.7%	Revenue, bookings, margins, membership, and full-year free cash flow guidance increased.
Feb 25	Q4 earnings results	Positive	+39.0%	Quarterly results included revenue growth, dividends, buyback capacity, and full-year guidance.
Nov 06	Q3 earnings results	Positive	+0.7%	Revenue, bookings, margins, membership, and revised full-year free cash flow guidance.
Aug 05	Q2 earnings results	Positive	+6.2%	Revenue and bookings growth accompanied membership expansion and increased free cash flow guidance.
May 08	Q1 earnings notice	Neutral	-7.6%	The company announced results availability and conference-call logistics without reporting quantified performance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings announcements were generally followed by positive reactions, with one negative exception.

Key Terms

adjusted ebitda, free cash flow, deferred revenue, non-gaap financial measures, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA of $101.1 million, representing a 36.4% Adjusted EBITDA margin"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Free Cash Flow of $189.0 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

deferred revenue financial

"Total Bookings represent our total revenue plus the change in deferred revenue"

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

View in glossary

non-gaap financial measures financial

"These measures are not financial measures calculated in accordance with GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

basis points financial

"900 basis points of year-over-year margin expansion"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW YORK, Aug. 5, 2026 /PRNewswire/ -- Clear Secure, Inc. (NYSE: YOU), the secure identity company, has released financial results for the second quarter 2026 on its Investor Relations website at https://ir.clearme.com.

Second Quarter Financial Highlights

(percentage change is expressed as year-over-year, unless otherwise specified)

• Revenue of $277.8 million was up 26.6%; Total Bookings of $295.9 million increased 32.8%
• Operating income of $83.0 million, representing a 29.9% operating income margin
• Net income of $72.3 million, representing a 26.0% net income margin
• Adjusted EBITDA of $101.1 million, representing a 36.4% Adjusted EBITDA margin and 900 basis points of year-over-year margin expansion, exceeding long-term Adjusted EBITDA margin target of 35%
• Earnings per Common Share Basic and Diluted of $0.50 and $0.49, respectively
• Net cash provided by operating activities of $201.2 million; Free Cash Flow of $189.0 million

Operational Achievements

• Total CLEAR Members grew to 43.5 million, up 30.0% year-over-year and Active CLEAR+ Members grew to 8.3 million, up 15.2% year-over-year, as of June 30, 2026
• 62 CLEAR+ airports, including second quarter launches of Northwest Arkansas (Bentonville) and Indianapolis, and 280 retail locations with TSA PreCheck® Enrollment Provided by CLEAR as of June 30, 2026
• eGates launched across 50 airports as of today; on track for network wide rollout in 2026
• CLEAR Concierge, a premium, personalized on-demand airport service now offered at 39 airports
• Continued strong momentum in CLEAR1 across core verticals

Capital Allocation Activities

• Approximately $22.2 million returned to shareholders in the second quarter of 2026, related to our regular quarterly dividend of $0.15 per share and distributions
• Clear Secure, Inc. announced today that its Board of Directors has declared a quarterly cash dividend of $0.15 per share, payable on September 24, 2026 to shareholders of record of Class A Common Stock as of the close of business on September 10, 2026

Third Quarter and Full Year 2026 Guidance

• Third quarter 2026 Revenue of $284-287 million, representing 24.6% year-over-year growth at the midpoint
• Third quarter 2026 Total Bookings of $311-316 million, representing 20.5% year-over-year growth at the midpoint
• Full Year 2026 Free Cash Flow guidance increased from at least $465 million to at least $480 million, representing at least 39.9% year-over-year growth

"Identity has become critical infrastructure and CLEAR has firmly established itself as the trusted, secure identity company. Our second quarter results demonstrate the strength we are seeing across CLEAR Travel and CLEAR1, and we have never been better positioned for what's ahead," said Caryn Seidman Becker, CLEAR's CEO.

Conference Call Details

CLEAR will host a conference call to discuss these results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 877-407-3089 for U.S. participants and +1-215-268-9854 for international participants. Listeners can access the live webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=NTtHOW8v. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

About CLEAR

The mission of CLEAR, the secure identity company, is to strengthen security and create frictionless experiences. With over 43 million Members and a growing network of partners across the world, CLEAR's secure identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you—making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we do not sell biometric or sensitive personal data. For more information, visit clearme.com.

Key Performance Indicators

	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Total Bookings (in millions)	$    222.9	$    260.1	$    287.1	$    291.7	$    295.9
Total CLEAR Members (in thousands)	33,472	35,751	37,998	40,986	43,501
Active CLEAR+ Members (in thousands)	7,227	7,399	7,616	8,167	8,329

Definitions of Key Performance Indicators

To evaluate performance of the business, we utilize a variety of other non-GAAP financial reporting and performance measures. These key measures include Total Bookings, Total CLEAR Members, and Active CLEAR+ Members.

Total Bookings

Total Bookings represent our total revenue plus the change in deferred revenue during the period. Total Bookings in any particular period reflect sales to new and renewing CLEAR+ subscribers plus any accrued billings to partners. Management believes that Total Bookings is an important measure of the current health and growth of the business and views it as a leading indicator.

Total CLEAR Members

We define Total CLEAR Members as the cumulative number of Members that have registered for the CLEAR platform since inception as of the end of the period. This includes Members who have enrolled through CLEAR+, trials, single-use product purchases, other non-paid uses of the CLEAR platform, and associated family accounts. Total CLEAR Members exclude members who are solely marketing opt-ins and purged accounts, and are adjusted to remove identified duplicate non-paid accounts. Management views this metric as an important tool to analyze the efficacy of our growth and marketing initiatives as new Members are potentially a current and leading indicator of revenues.

Active CLEAR+ Members

We define Active CLEAR+ Members as the number of members with an active CLEAR+ subscription as of the end of the period. This includes CLEAR+ members who have an activated payment method, plus associated family accounts and is inclusive of Members who are in a trial or in a billing grace period. Management views this as an important tool to measure the growth of its CLEAR+ product.

Prior period Active CLEAR+ Members have been recast to reflect the removal of certain lapsed accounts identified in connection with a billing system transformation project undertaken during 2025. This recast had no impact on our consolidated financial statements or non-GAAP financial measures.  There has been no other change in the calculation of Active CLEAR+ Members.

CLEAR SECURE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands, except share and per share data)
	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$       128,228		$        85,734
Marketable securities	831,040		614,439
Accounts receivable	1,263		1,925
Prepaid revenue share fee	31,347		29,679
Prepaid expenses and other current assets	31,656		32,837
Total current assets	1,023,534		764,614
Property and equipment, net	62,714		59,331
Right of use asset, net	97,215		100,048
Intangible assets, net	2,528		2,753
Goodwill	62,684		62,684
Restricted cash	2,852		2,764
Other assets	326,805		311,198
Total assets	$     1,578,332		$     1,303,392
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$         6,175		$         7,156
Accrued liabilities	404,692		236,543
Deferred revenue	572,989		516,201
Total current liabilities	983,856		759,900
Other long term liabilities	351,313		339,107
Total liabilities	1,335,169		1,099,007
Commitments and contingencies
Class A Common Stock, $0.00001 par value - 1,000,000,000 shares authorized; 101,961,485 and 101,940,628 shares issued and outstanding, respectively, as of June 30, 2026 and 97,988,039 and 97,986,631 shares issued and outstanding as of December 31, 2025	1		1
Class B Common Stock, $0.00001 par value - 100,000,000 shares authorized; 151,787 shares issued and outstanding as of June 30, 2026 and 351,787 shares issued and outstanding as of December 31, 2025	—		—
Class C Common Stock, $0.00001 par value - 200,000,000 shares authorized; 14,246,787 shares issued and outstanding as of June 30, 2026 and 15,745,891 shares issued and outstanding as of December 31, 2025	—		—
Class D Common Stock, $0.00001 par value - 100,000,000 shares authorized; 18,380,246 shares issued and outstanding as of June 30, 2026 and 19,130,246 shares issued and outstanding as of December 31, 2025	—		—
Accumulated other comprehensive (loss) income	(753)		840
Treasury stock at cost, 0 shares as of June 30, 2026 and December 31, 2025	—		—
Retained earnings	158,350		119,791
Additional paid-in capital	48,645		57,102
Total stockholders' equity attributable to Clear Secure, Inc.	206,243		177,734
Non-controlling interests	36,920		26,651
Total stockholders' equity	243,163		204,385
Total liabilities and stockholders' equity	$     1,578,332		$     1,303,392

 

CLEAR SECURE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (dollars in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$       277,757		$       219,467		$       530,760		$       430,835
Operating expenses:
Cost of revenue share fee	39,289		31,198		76,167		60,765
Cost of direct salaries and benefits	47,997		47,699		96,249		98,441
Research and development	17,772		18,229		37,223		37,228
Sales and marketing	17,152		14,485		33,106		27,871
General and administrative	65,934		58,532		129,571		113,270
Depreciation and amortization	6,661		6,768		13,491		13,300
Operating income	82,952		42,556		144,953		79,960
Other income (expense):
Interest income, net	7,932		5,805		14,693		11,958
Other income (expense), net	471		(4,055)		2,454		(3,607)
Income before tax	91,355		44,306		162,100		88,311
Income tax expense	(19,045)		(6,431)		(33,406)		(11,853)
Net income	72,310		37,875		128,694		76,458
Less: net income attributable to non-controlling interests	22,260		13,153		39,849		26,331
Net income attributable to Clear Secure, Inc.	$        50,050		$        24,722		$        88,845		$        50,127
Net income per share of Class A Common Stock and Class B Common Stock
Net income per common share basic, Class A	$           0.50		$           0.26		$           0.89		$           0.53
Net income per common share basic, Class B	$           0.50		$           0.26		$           0.89		$           0.53
Net income per common share diluted, Class A	$           0.49		$           0.26		$           0.87		$           0.52
Net income per common share diluted, Class B	$           0.49		$           0.26		$           0.87		$           0.52
Weighted-average shares of Class A Common Stock outstanding, basic	100,694,482		92,990,661		99,954,645		94,150,710
Weighted-average shares of Class B Common Stock outstanding, basic	151,787		612,443		229,135		644,659
Weighted-average shares of Class A Common Stock outstanding, diluted	102,768,573		94,418,159		102,037,728		95,667,917
Weighted-average shares of Class B Common Stock outstanding, diluted	151,787		612,443		229,135		644,659

 

CLEAR SECURE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands)
	Six Months Ended June 30,
	2026		2025
Operating activities:
Net income	$       128,694		$        76,458
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation of property and equipment	13,266		11,142
Amortization of intangible assets	225		2,158
Noncash lease expense	3,161		3,219
Impairment of strategic investment	—		4,719
Equity-based compensation	22,399		18,091
Deferred income tax	18,296		934
Amortization of revolver loan costs	66		66
Gain on divestiture of a business	—		(635)
Premium amortization and (discount accretion), net on marketable securities	(873)		(85)
Changes in operating assets and liabilities:
Accounts receivable	662		(708)
Prepaid expenses and other assets	2,096		6,683
Prepaid revenue share fee	(1,668)		795
Accounts payable	(702)		(6,871)
Accrued and other long term liabilities	151,999		112,439
Deferred revenue	56,788		(824)
Operating lease liabilities	(2,885)		(6,250)
Net cash provided by operating activities	$       391,524		$       221,331
Investing activities:
Purchases of marketable securities	(568,346)		(242,914)
Sales of marketable securities	349,894		269,466
Proceeds from divestiture	—		2,700
Purchase of strategic investment	—		(514)
Purchases of property and equipment	(17,059)		(12,147)
Net cash (used in) provided by investing activities	$      (235,511)		$        16,591
Financing activities:
Repurchase of Class A Common Stock	(1,238)		(126,345)
Payment of dividend	(30,181)		(23,502)
Payment of special dividend	(20,105)		(25,316)
Distributions to members	(9,875)		(9,839)
Tax distribution to members	(17,229)		(25,986)
Payment of taxes on net settled stock-based awards	(20,303)		(4,939)
Debt issuance costs	(325)		—
Payments under tax receivable agreements	(14,254)		(334)
Net cash used in financing activities	$      (113,510)		$      (216,261)
Net increase (decrease) in cash, cash equivalents, and restricted cash	42,503		21,661
Cash, cash equivalents, and restricted cash, beginning of period	88,498		70,348
Exchange rate effect on cash and cash equivalents, and restricted cash	79		70
Cash, cash equivalents, and restricted cash, end of period	$       131,080		$        92,079

Non-GAAP Financial Measures 

In addition to our results as determined in accordance with GAAP, we disclose Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow as non-GAAP financial measures that management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, net income margin, net cash provided by (used in) operating activities or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our Non-GAAP financial measures are expressed in thousands, unless otherwise indicated. We periodically reassess the components of our Non-GAAP adjustments for changes in how we evaluate our performance and changes in how we make financial and operational decisions to ensure the adjustments remain relevant and meaningful.

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as net income adjusted for income taxes, interest (income), net, depreciation and amortization, impairment and losses on asset disposals, equity-based compensation expense, net other (income) expense excluding sublease rental income, acquisition-related costs and changes in fair value of contingent consideration. We define Adjusted EBITDA Margin as Adjusted EBITDA expressed as percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin are important financial measures used by management and our board of directors ("Board") to evaluate business performance. We believe Adjusted EBITDA and Adjusted EBITDA Margin assist investors in evaluating the performance of the Company's core operations by excluding certain items that impact the comparability of results from period to period.

Free Cash Flow

We define Free Cash Flow as net cash (used in) provided by operating activities adjusted for purchases of property. We believe Free Cash Flow provides useful information to management and investors about the Company's liquidity and cash flow trends. With regards to our CLEAR+ subscription service, we generally collect cash from our Members upfront for annual subscriptions. As a result, when the business is growing Free Cash Flow can be a real time indicator of the current trajectory of the business. 

See below for reconciliations of these non-GAAP financial measures to their most comparable GAAP measures.

Cautionary Note Concerning Forward-Looking Statements

This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding the Company's financial position, capital structure, business strategy and plans and objectives of management for future operations, as well as statements regarding business momentum, growth, anticipated demand for our products and services and our business prospects during 2026, as well as expected impacts from our pricing actions, and our guidance for the third quarter and full year 2026.  In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions, although not all forward-looking statements contain these identifying words.

The forward-looking statements contained in this release are based on current expectations and beliefs concerning future developments and their potential effects on the Company. Investors are cautioned that any and such forward looking statement are not guarantees of future performance or results and involve risks and uncertainties (some of which are beyond the Company's control), and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including but not limited to: risks relating to adding and retaining Members and partners, including Active CLEAR+ Members, or failing to increase the utilization of our platform; our inability to meet stakeholder expectations or maintain the value and reputation of our brand; failure to successfully compete, and the highly competitive market in which we operate; risks associated with the increased adoption of new technological solutions and services, including first-party identity verification solutions and credential authentication solutions; public confidence in, and acceptance of, identity platforms and biometrics generally, and our platform specifically; failure to successfully implement strategies to increase adoption of our platform or expand into new verticals; risks associated with our commercial agreements and strategic alliances, as well as potential indemnification obligations and certain of our agreements with first parties; risks related to the dependence of portions of our business and results of operations on concessionaire agreements; risks associated with our growth and ability to develop and introduce platform features and offerings, and the need for adequate research and development resources; risks associated with any decline or disruption in the travel industry or a general economic downturn; risks related to our need for additional capital to support our business growth and objectives, and risks that this capital may not be available to us on reasonable terms (or at all) and may result in shareholder dilution; risks associated with acquisitions and other strategic transactions; the need for high-quality personnel; risks associated with the complexity of our platform, including the negative impacts of any errors, system failures or the successful implementation of upgrades or new technology; the risk that our marketing efforts may not be effective; risks associated with changes in the Internet browsers and mobile device accessibility of Members; the ability to maintain our corporate culture; risks associated with payment processing; risks relating to prospective public private partnerships in airports; potential adverse impacts of climate change; our limited experience operating outside of the United States and risks associated with international operations; risks associated with breaches of our information technology systems or those of first parties upon which we rely, protection of our intellectual property, technology and confidential information and failures by first-party technology and devices on which our business relies; our reliance on first-party technology and information systems and our ability to find alternatives if such technology and information systems fail; potential liability due to the infringement on first-party intellectual property by technologies that we incorporate into our products; our ability to meet the standards set for our airport operations by governmental stakeholders; the risk that we may be sued by first parties for alleged infringement, misappropriation or other violations of intellectual property and other proprietary rights; risks associated with the actual or perceived failure to comply with applicable biometrics, artificial intelligence, health information and data privacy laws; failure to comply with the constantly evolving laws and regulations that we are or may become subject to; potential legal proceedings, regulatory disputes and governmental inquiries; coverage afforded under our insurance policies may be inadequate; risks associated with the use of "open source" software; limitations of the SAFETY Act's liability protections; risks associated with our financial performance, including the risk of increased expenses and net losses in the near term and our ability to achieve or sustain profitability in the future; the failure of our estimates or judgments relating to our critical accounting policies; the risk that our focus on delivering a safe, reliable, predictable and frictionless Member experience may not maximize short-term financial results, which may yield results that conflict with the market's expectations and could result in our stock price being negatively affected; risks associated with our structure as a holding company, and our reliance on Alclear Holdings, LLC for certain distributions; risks associated with dividend payments and share repurchases; risks associated with our organizational structure, including those related to our Tax Receivable Agreement; the control of the Company by our co-founder, whose interests in our business may be different than those of our other stockholders; restrictions under our Credit Agreement; the unpredictable nature of tax attributes that will impact our tax treatment; substantial future sales of shares of our Class A Common Stock could cause our stock price to fall; failure to maintain adequate internal controls; the risk that provisions in our charter documents and certain rules imposed by regulatory authorities may delay or prevent our acquisition by a first party; the volatility of our stock price; risks related to the founder performance-based restricted stock unit awards granted at the time of our initial public offering; future issuances of securities, including preferred securities, the terms of which could adversely affect the voting power or value of our Common Stock; and other risks and uncertainties indicated in the Company's Securities and Exchange Commission (the "SEC") common stock reports or documents filed or to be filed with the SEC. Forward-looking statements included in this release speak only as of the date of this release or any earlier date specified for such statements. The Company disclaims any obligation to update any forward looking statements contained herein. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on the Company's behalf may be qualified in their entirety by this Cautionary Note Concerning Forward-Looking Statements .

Reconciliation of Net Income to Adjusted EBITDA and Net Income Margin to Adjusted EBITDA Margin:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Net income	$      72,310		$      37,875		$    128,694		$      76,458
Income tax expense	19,045		6,431		33,406		11,853
Interest (income), net	(7,932)		(5,805)		(14,693)		(11,958)
Other (income) expense, net	(26)		4,499		(1,564)		4,504
Depreciation and amortization	6,661		6,768		13,491		13,300
Equity-based compensation expense	11,088		10,292		22,399		18,091
Adjusted EBITDA	$    101,146		$     60,060		$    181,733		$    112,248
Revenue	$    277,757		$    219,467		$    530,760		$    430,835
Net income Margin	26.0 %		17.3 %		24.2 %		17.7 %
Adjusted EBITDA Margin	36.4 %		27.4 %		34.2 %		26.1 %

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Net cash provided by operating activities	$       201,168		$       122,984		$       391,524		$       221,331
Purchases of property and equipment	(12,186)		(5,063)		(17,059)		(12,147)
Free Cash Flow	$       188,982		$       117,921		$       374,465		$       209,184

Investor Contact
CLEAR
ir@clearme.com

Media Contact
CLEAR
media@clearme.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/clear-announces-second-quarter-2026-financial-results-302842856.html

SOURCE CLEAR

FAQ

How did Clear Secure (NYSE: YOU) perform financially in Q2 2026?

Clear Secure reported strong Q2 2026 results with revenue of $277.8 million and net income of $72.3 million. According to Clear, Adjusted EBITDA was $101.1 million with a 36.4% margin, and operating income reached $83.0 million, reflecting solid profitability.

What were Clear Secure’s key membership metrics for Q2 2026 (YOU)?

Clear Secure ended Q2 2026 with 43.5 million Total CLEAR Members, up 30.0% year over year, and 8.3 million Active CLEAR+ Members, up 15.2%. According to Clear, these metrics track adoption of its identity platform and subscription product across travel and other verticals.

What guidance did Clear Secure (YOU) give for Q3 2026 revenue and bookings?

For Q3 2026, Clear Secure guided to revenue of $284–287 million and Total Bookings of $311–316 million. According to Clear, this implies about 24.6% year-over-year revenue growth and 20.5% bookings growth at the midpoint of the respective guidance ranges.

How did Clear Secure update its full-year 2026 Free Cash Flow guidance (YOU)?

Clear Secure raised its full-year 2026 Free Cash Flow outlook to at least $480 million, up from at least $465 million. According to Clear, this new target represents at least 39.9% year-over-year Free Cash Flow growth, reflecting improved cash generation expectations.

What dividend is Clear Secure paying after its Q2 2026 results (YOU)?

The board declared a $0.15 per share quarterly cash dividend on Class A Common Stock, payable September 24, 2026 to shareholders of record on September 10, 2026. According to Clear, about $22.2 million was returned to shareholders in Q2 2026 via dividends and distributions.

How strong was Clear Secure’s Q2 2026 cash flow and liquidity (YOU)?

Clear Secure generated $201.2 million in net cash from operating activities and $189.0 million in Free Cash Flow in Q2 2026. According to Clear, cash and cash equivalents plus marketable securities totaled about $959.3 million at June 30, 2026, supporting liquidity.

How large is Clear Secure’s airport and eGate network as of Q2 2026?

By June 30, 2026, Clear Secure operated in 62 CLEAR+ airports and 280 TSA PreCheck enrollment locations, plus eGates at 50 airports. According to Clear, its CLEAR Concierge service was available at 39 airports, expanding its premium travel offerings.