Clear Secure, Inc. Earnings Recaps
Q2 2026
Aug 7, 2026
CLEAR’s shares fell 4.9% following the earnings release, driven by investor concerns over cautious outlook and potential margin pressure despite solid bookings growth.
Key takeaways
- Bookings reached $296 million, up 33% year-over-year, demonstrating sustained top-line growth.
- Free cash flow increased 60% year-over-year to $189 million, highlighting strong cash generation.
- Adjusted EBITDA margin surpassed the 35% target at 36.4%, reflecting operating leverage alongside ongoing investments.
- Membership base expanded to nearly 44 million total members, supporting long-term growth initiatives.
- Management emphasized new product launches and government partnerships but signaled cautious execution amid evolving identity security challenges.
Q1 2026
May 7, 2026
CLEAR’s shares declined 1.0% following Q1 results as growth momentum in bookings and memberships showed signs of slowing, and management’s cautious outlook tempered enthusiasm despite solid financial execution.
Key takeaways
- Bookings rose 40.8% year-over-year to $292 million, with revenue up 19.7% to $253 million.
- Active CLEAR+ members increased 13% to 8.2 million, driven by improved retention and eGate adoption.
- Adjusted EBITDA margins expanded to approximately 32%, complementing a doubling of free cash flow to $185 million.
- Management noted structural challenges in travel and rising AI-driven fraud, signaling a complex operating environment ahead.
- Though execution remains strong, the momentum appears to have decelerated during the quarter, aligning with a more cautious outlook.
Q3 2025
Nov 6, 2025
CLEAR reported robust fiscal Q3 2025 results, with revenue increasing by 15.5% year-over-year to $229.2 million, driven by strong member growth and innovative service expansions.
Key takeaways
- Active CLEAR+ Members reached 7.7 million, up 7.5% year-over-year, reflecting enhanced customer experience and successful member acquisition strategies.
- Revenue and total bookings exceeded guidance, with bookings growing 14.3% year-over-year to $260.1 million, highlighting effective market penetration.
- The rollout of eGates significantly improved member throughput and experience, further attracting new customers and improving loyalty metrics.
- CLEAR1, the enterprise identity platform, achieved record customer sign-ups, underscoring the increasing demand for security solutions across sectors, particularly in healthcare.
- CLEAR's partnerships, including with American Express and health technology firms, are enhancing its market position and expanding its addressable market.