Clear Secure, Inc. (YOU) SEC Filings, Dec 2025-Feb 2026

Clear Secure, Inc. provides a secure identity platform used in airports and digital settings through its consumer subscription CLEAR+ and B2B offering CLEAR1. CLEAR+ gives members faster airport security via biometric lanes, now retailing at $209 per year with family and partner discounts.

As of December 31, 2025, Clear served 38 million Total CLEAR Members with 166 CLEAR+ lanes across 60 airports, TSA PreCheck® enrollment in 61 airports and 340 retail locations, and a growing roster of enterprise partners. Total CLEAR Members grew 31% year over year, reinforcing network effects between members, partners and use cases.

The company highlights its multi-layered identity stack, strong regulatory certifications, over 100 issued U.S. patents, and a 3,300+ employee workforce. Key growth priorities include expanding CLEAR+, scaling TSA PreCheck® Enrollment Provided by CLEAR, adding new partners and verticals via CLEAR1, and selective acquisitions, while managing significant competitive, regulatory, technology, and travel-industry risks.

Clear Secure, Inc. reported strong fourth quarter and full-year 2025 results, highlighted by continued growth and robust cash generation. Q4 revenue was $240.8 million, up 16.7% year-over-year, with operating income of $53.9 million and net income of $46.5 million, yielding net margin of 19.3%. Adjusted EBITDA reached $79.9 million with a 33.2% margin and significant margin expansion.

For 2025, revenue rose to $900.8 million, up 16.9%, while total bookings were $977.2 million, up 17.2%. Full-year net income was $168.1 million and Adjusted EBITDA increased to $262.2 million, a 29.1% margin. Free cash flow was $343.1 million, supported by net cash from operating activities of $372.5 million.

Operationally, total CLEAR Members grew to 38.0 million, up 31.5% year-over-year, and Active CLEAR+ Members reached 7.6 million. The company expanded to 60 CLEAR+ airports, 340 TSA PreCheck enrollment locations and 37 airports with eGates. The board declared a higher quarterly dividend of $0.15 per share plus a $0.20 special dividend and increased the share repurchase authorization, leaving $250.3 million available. Guidance for 2026 includes first quarter revenue of $242–245 million, first quarter bookings of $248–253 million and full-year free cash flow of at least $440 million.

Durable Capital Partners, an investment adviser based in Delaware, filed an amended Schedule 13G reporting its beneficial ownership in Clear Secure, Inc. Class A common stock. Durable Capital reports beneficially owning 3,461,549 shares, representing 3.6% of the Class A shares outstanding.

The ownership percentage is based on 97,432,378 Class A shares outstanding as of November 3, 2025, as disclosed in Clear Secure’s Form 10-Q. Durable Capital has sole voting and dispositive power over these shares through Durable Capital Master Fund LP and certifies the position is held in the ordinary course of business, not to influence control.

The Vanguard Group filed an amended Schedule 13G reporting passive ownership in Clear Secure Inc. common stock. As of 12/31/2025, Vanguard beneficially owned 11,507,931 shares, representing 11.81% of the class. Vanguard reported shared voting power over 737,258 shares and shared dispositive power over 11,507,931 shares, with no sole voting or dispositive power.

The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Clear Secure. Vanguard also notes an internal realignment effective 01/12/2026, after which certain subsidiaries are expected to report beneficial ownership separately.

Clear Secure, Inc. director reports automatic share sale under trading plan. A company director of Clear Secure, Inc. sold 14,000 shares of Class A common stock on 01/02/2026 at a price of $35 per share. The filing states this sale was automatically executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 16, 2024, meaning the trade followed preset instructions rather than a discretionary decision at the time of sale. After this transaction, the reporting person beneficially owns 165,634 shares of Class A common stock, held directly.

Clear Secure, Inc. director reported routine equity compensation activity. On 12/31/2025, the reporting person acquired 530 shares of Class A Common Stock at $0 upon vesting of restricted stock units (RSUs) that were granted in lieu of cash retainer payments for serving on the board. After this transaction, the reporting person beneficially owns 37,502 shares of Class A Common Stock directly and continues to hold 1,060 RSUs, each representing a right to receive one share of Class A Common Stock subject to continued service and quarterly vesting.

An insider of the issuer of Class A common stock plans to sell 14,000 Class A shares under a Form 144 notice. The shares are to be sold through Fidelity Brokerage Services LLC on the NYSE, with an indicated aggregate market value of $490,000.00, while 97,432,378 Class A shares are shown as outstanding.

The 14,000 shares were originally acquired on 06/30/2021 through restricted stock vesting from the issuer as compensation. The filer, identified in the sales history as Adam J. Wiener, has sold additional Class A shares in the past three months: 6,000 shares on 11/06/2025 for $216,240.00 and 8,000 shares on 12/12/2025 for $320,000.00. By signing the notice, the seller represents that they are not aware of undisclosed material adverse information about the issuer.

Clear Secure, Inc.'s chief executive officer, who is also a director and 10% owner, reported pre-planned sales of 500,000 shares of Class A common stock through Alclear Investments, LLC on 12/12/2025 at weighted average prices between $40.00 and $42.06 per share.

The sales were effected under a Rule 10b5-1 trading plan adopted on September 13, 2024. To facilitate settlement, 500,000 non-voting common units of Alclear Holdings, LLC and a corresponding number of Class D common shares were exchanged for Class B and then Class A common stock on a one-for-one basis. After these transactions, Alclear Investments, LLC, which is controlled by Ms. Seidman-Becker as sole manager, continues to hold interests including 19,130,246 non-voting common units paired with Class D common stock and 351,787 shares of Class B common stock, which have 20 votes per share and economic rights.

Clear Secure, Inc. reported that a director and 10% owner sold a total of 500,000 shares of Class A common stock on 12/12/2025 in three transactions at weighted average prices of $40.53, $41.31 and $42.02 per share. These sales were automatically executed under a Rule 10b5-1 trading plan adopted on September 13, 2024.

On 12/16/2025, the filing shows related equity exchanges involving Alclear Holdings, LLC. The reporting person exchanged 500,000 non-voting common units and a corresponding 500,000 shares of Class D common stock for Class B common stock, then converted 500,000 shares of Class B common stock into Class A common stock on a one-for-one basis. After these steps, the reporting person beneficially owns 502,250 shares of Class A common stock, 351,787 shares of Class B common stock, 19,130,246 shares of Class D common stock and 19,130,246 non-voting common units of Alclear Holdings, LLC.