Clear Secure, Inc. Q3 2026 Earnings Recap

CLEAR’s shares rose 23.7% after earnings, as investors responded to 27.8% revenue growth, 35.5% adjusted EBITDA margin, and higher free-cash-flow expectations. The quarter also showed expansion beyond travel, though the transcript provides limited detail on the full-year outlook and segment economics.

Key Takeaways

• Q3 revenue was $292.9 million, up 27.8% year over year; bookings were $323.5 million, up 24.4%.
• Active CLEAR+ members increased 14.5% to 8.5 million. CLEAR reported 46.7 million total members, up 30.7%.
• Adjusted EBITDA margin was 35.5%; management raised its full-year free cash flow expectation to nearly $0.5 billion, with growth of over 40% year over year.
• CLEAR expanded its multiyear CMS partnership and announced a VA pilot; CLEAR said it is integrated into almost 10% of U.S. health care systems.
• Travel network coverage continues to broaden: almost 80% of the network has eGates, and Concierge is available in almost 70% of CLEAR airports.