Clear Secure (YOU) investor relations material

Executive summary

• Revenue grew 19.7% year-over-year to $253.0 million, driven by a 13% increase in Active CLEAR+ Members and price increases, with total CLEAR members reaching 41 million, up 31.3% year-over-year.

• Net income rose 46% to $56.4 million, with a net income margin of 22.3%, and Adjusted EBITDA increased 54% to $80.6 million, with margin expanding to 31.9%.

• Free cash flow more than doubled year-over-year to $185.5 million, with net cash from operating activities at $190.4 million.

• CLEAR1 bookings grew nearly fivefold year-over-year, driven by increased enterprise and government contracts, and the company is expanding its GovTech vertical following a FedRAMP milestone.

• Concierge service adoption accelerated, now available in 32 airports, contributing to higher ARPU and member satisfaction.

Financial highlights

• Revenue: $253.0 million, up 19.7% year-over-year; Total bookings rose 40.8% to $291.7 million.

• Adjusted EBITDA reached $80.6 million, with a 31.9% margin, up 7.2 percentage points year-over-year.

• Operating income was $62 million, and free cash flow doubled to $185.5 million.

• Net cash from operating activities was $190.4 million; cash and marketable securities ended at $800 million.

• Deferred revenue increased to $554.9 million from $516.2 million at year-end 2025.

Outlook and guidance

• Q2 2026 revenue guidance is $268–271 million, up 22.8% year-over-year at the midpoint; bookings guidance is $280–285 million, up 26.7%.

• Full-year 2026 free cash flow guidance raised to at least $465 million, up from $440 million, implying at least 35.5% year-over-year growth.

• Management expects continued growth in CLEAR+ Members and expansion of B2B offerings.

• Continued margin expansion and increased marketing investment planned, while maintaining strong free cash flow.

• Sufficient liquidity is anticipated to fund operations, dividends, and share repurchases for at least the next 12 months.