Track market-moving stories before they get noisy

Abacus FCF Advisors LLC purchased a new position in CLEAR Secure, Inc. (NYSE:YOU – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 54,416 shares of the company’s stock, valued at approximately $3,033,000.

Other hedge funds have also recently modified their holdings of the company. Durable Capital Partners LP lifted its stake in CLEAR Secure by 153.1% in the second quarter. Durable Capital Partners LP now owns 7,490,351 shares of the company’s stock worth $207,932,000 after acquiring an additional 4,531,161 shares during the period. Wedge Capital Management L L P NC bought a new position in CLEAR Secure in the 2nd quarter worth $82,542,000. Jacobs Levy Equity Management Inc. lifted its position in shares of CLEAR Secure by 6,038.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,463,717 shares of the company’s stock worth $48,859,000 after purchasing an additional 1,439,873 shares during the period. Squarepoint Ops LLC raised its stake in CLEAR Secure by 4,573.0% in the second quarter. Squarepoint Ops LLC now owns 929,033 shares of the company’s stock worth $25,790,000 after buying an additional 909,152 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in CLEAR Secure in the second quarter worth about $47,722,000. Hedge funds and other institutional investors own 73.80% of the company’s stock.

Analysts Set New Price Targets A number of research firms have recently commented on YOU. Needham & Company LLC raised their target price on CLEAR Secure from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of CLEAR Secure from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 15th. The Goldman Sachs Group set a $70.00 price target on shares of CLEAR Secure in a research report on Monday, July 20th. Zacks Research cut CLEAR Secure from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, DA Davidson cut their price target on CLEAR Secure from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 28th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, CLEAR Secure has a consensus rating of “Hold” and an average target price of $58.57.

Read Our Latest Report on YOU Insiders Place Their Bets In other news, EVP Kyle Mclaughlin sold 8,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $56.20, for a total value of $449,600.00. Following the transaction, the executive vice president owned 29,519 shares in the company, valued at $1,658,967.80. This represents a 21.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Michael Z. Barkin sold 11,550 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $56.29, for a total transaction of $650,149.50. Following the completion of the transaction, the president directly owned 22,994 shares in the company, valued at approximately $1,294,332.26. The trade was a 33.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 29.70% of the stock is currently owned by corporate insiders.

CLEAR Secure Trading Down 0.8% CLEAR Secure stock opened at $44.26 on Thursday. CLEAR Secure, Inc. has a 12 month low of $29.43 and a 12 month high of $69.07. The stock has a fifty day simple moving average of $52.79 and a two-hundred day simple moving average of $50.30. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 30.11 and a beta of 1.06.

CLEAR Secure (NYSE:YOU – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.09. The firm had revenue of $277.76 million for the quarter, compared to the consensus estimate of $269.71 million. CLEAR Secure had a return on equity of 71.51% and a net margin of 14.78%.The company’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities research analysts forecast that CLEAR Secure, Inc. will post 1.71 EPS for the current fiscal year.

CLEAR Secure Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. CLEAR Secure’s payout ratio is presently 40.82%.

CLEAR Secure Company Profile (Free Report)

CLEAR Secure, Inc operates a biometric identity platform designed to expedite identity verification for air travelers and venue guests. The company’s core offering is the CLEAR membership service, which uses fingerprint and iris scans to confirm a member’s identity and provide access to dedicated security lanes at participating airports. Members link government-issued IDs and personal biometric data via the CLEAR app, enabling faster processing through Transportation Security Administration (TSA) checkpoints and select event entrances.

Founded in 2010 by Caryn Seidman‐Becker and Ken Cornick, CLEAR is headquartered in New York City.

Featured Stories Five stocks we like better than CLEAR Secure Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think?

Receive News & Ratings for CLEAR Secure Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CLEAR Secure and related companies with MarketBeat.com's FREE daily email newsletter.

CLEAR Secure NYSE: YOU reported fiscal second-quarter 2026 results marked by double-digit bookings and revenue growth, expanding profitability and record quarterly free cash flow, while management highlighted continued investment in airport services and its CLEAR1 identity platform.

The company ended the quarter with 43.5 million total members, up 30% year over year, and 8.3 million active CLEAR+ members, up 15.2%. Total bookings rose 32.8% to $295.9 million, while revenue increased 26.6% to $277.8 million.

Get CLEAR Secure alerts:

Founder, Chair and Chief Executive Officer Caryn Seidman Becker said the company generated $189 million in free cash flow during the quarter, a 60% increase from a year earlier. She also said CLEAR surpassed the 35% adjusted EBITDA margin target established at the time of its IPO five years ago, reporting a 36.4% adjusted EBITDA margin.

Travel products drive member growth Management attributed travel-business momentum to its “home-to-gate” strategy, which combines airport security access with mobile travel tools, concierge services and other airport offerings. Becker said the company’s mobile app, which includes calendar synchronization, travel guidance, airport wayfinding and live updates, is averaging 1 million monthly users.

CLEAR continued expanding its airport footprint during the quarter. Chief Financial Officer Jen Hsu said Indianapolis and Bentonville became the company’s two newest CLEAR+ airport locations. CLEAR Concierge, its service offering airport assistance, expanded to seven additional locations and is now available in 39 airports.

The company also cited continued rollout of its eGates, which covered more than 70% of its network at quarter-end. According to Becker, the gates enable member verification in under five seconds. Hsu said eGates improved labor efficiency, with direct salaries and benefits declining to 17.3% of revenue from the prior-year period, an improvement of approximately 450 basis points.

“That efficiency has turned what was once a pure cost center into a driver of top-line growth,” Hsu said, adding that the company has redeployed ambassadors from lane operations toward hospitality and sales-related initiatives such as concierge services.

CLEAR also began testing new airport commerce initiatives. Becker said the company launched its first concessions partnership at Newark and is beginning a Starbucks pilot at LaGuardia, where members can order coffee in advance for pickup on their way to a gate.

Effective July 1, CLEAR increased standard membership pricing by $10 to $219, with changes also made across many airline pricing tiers. Family-member pricing remained at $125. Hsu said early retention rates have remained healthy following the increases and management sees additional long-term pricing opportunities.

CLEAR1 identity platform expands Beyond travel, management emphasized opportunities for CLEAR1, the company’s business-to-business identity platform. Becker said rising concerns around synthetic identities, deepfakes and fraud are increasing demand for stronger identity-verification systems across workforce, healthcare, consumer and government applications.

During the quarter, CLEAR introduced an identity framework featuring three proprietary products: Vertex, Apex and Helix. Becker said Vertex is intended to provide a stronger identity foundation beyond document-only verification; Apex adds multilayer validation for higher-risk uses such as Medicare; and Helix is designed for high-stakes settings and uses witness verification.

The company said it is developing a GovTech vertical, citing opportunities to address fraud, waste and abuse across federal and state programs. Becker pointed to CLEAR’s longstanding work with the Department of Homeland Security and said the company is working with agency leaders around secure and customer-focused identity experiences.

Hsu said CLEAR1 signed a significant number of new partners in the quarter, with average deal sizes increasing. Net-new customer signings increased more than 50% sequentially from the first quarter, while the pipeline grew more than 50% quarter over quarter, she said. The company is seeing demand from channel partnerships, government, healthcare, workforce and consumer verticals.

Management noted that larger CLEAR1 contracts could create variability in the timing of bookings. Becker said the company intends to pursue large contracts as it expands the platform.

Margins, cash flow and outlook CLEAR reported operating income of $83 million and adjusted EBITDA of $101.1 million, representing approximately 900 basis points of adjusted EBITDA margin expansion year over year. Hsu said the company delivered about 70% adjusted EBITDA flow-through during the quarter.

Net cash provided by operating activities totaled $201.2 million, and free cash flow reached $189 million. The company ended the quarter with $959 million, or more than $7 per share, in cash and marketable securities. During the third quarter to date, CLEAR repurchased approximately $22 million of shares at an average price of $52.73.

Hsu noted that the company expects negative free cash flow in the third quarter because it will settle an accrued partnership liability with its credit-card partner. The company disclosed an approximately $315 million accrued partnership liability that is scheduled to be paid in the third quarter, though management said the payment is already reflected in full-year guidance.

Third-quarter revenue guidance: $284 million to $287 million. Third-quarter total bookings guidance: $311 million to $316 million. Full-year 2026 free-cash-flow guidance: at least $480 million, raised from at least $465 million. At the midpoint, the third-quarter outlook implies year-over-year revenue growth of 24.6% and bookings growth of 20.5%, according to the company.

Management also discussed future network expansion, including potential opportunities in Canada and Mexico, while Becker said the company remains focused on building more comprehensive U.S. airport coverage before pursuing international markets more broadly. President Michael Barkin added that CLEAR has approval through its TSA partnership to enroll international members from 42 visa-waiver countries and is seeing organic growth from those members using the U.S. network.

About CLEAR Secure (NYSE:YOU)CLEAR Secure, Inc operates a biometric identity platform designed to expedite identity verification for air travelers and venue guests. The company’s core offering is the CLEAR membership service, which uses fingerprint and iris scans to confirm a member’s identity and provide access to dedicated security lanes at participating airports. Members link government-issued IDs and personal biometric data via the CLEAR app, enabling faster processing through Transportation Security Administration (TSA) checkpoints and select event entrances.

Founded in 2010 by Caryn Seidman‐Becker and Ken Cornick, CLEAR is headquartered in New York City.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Should You Invest $1,000 in CLEAR Secure Right Now?Before you consider CLEAR Secure, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CLEAR Secure wasn't on the list.

While CLEAR Secure currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.

Get This Free Report

, /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
[email protected]

Media Contact
CLEAR
[email protected]

SOURCE CLEAR