Press Release: CLEAR Announces Fourth Quarter and Full Year 2025 Financial Results

Dow Jones
Feb 25

NEW YORK, Feb. 25, 2026 /PRNewswire/ -- Clear Secure, Inc. (NYSE: YOU), the secure identity company, has released financial results for the fourth quarter and full year 2025 on its Investor Relations website at https://ir.clearme.com.

Fourth Quarter Financial Highlights

(percentage change is expressed as year-over-year, unless otherwise specified)

   -- Revenue of $240.8 million was up 16.7%; Total Bookings of $287.1 million 
      increased 25.4%, reaccelerating from prior quarters to the strongest 
      quarterly growth since Q4 2023 
 
   -- Operating income of $53.9 million, representing a 22.4% operating income 
      margin 
 
   -- Net income of $46.5 million, representing a 19.3% net income margin 
 
   -- Adjusted EBITDA of $79.9 million, representing a 33.2% Adjusted EBITDA 
      margin and 870 basis points of year-over-year margin expansion 
 
   -- Earnings per Common Share Basic and Diluted of $0.31 and $0.31 
 
   -- Net cash provided by operating activities of $198.4 million; Free Cash 
      Flow of $187.4 million 

Full Year Financial Highlights

(percentage change is expressed as year-over-year, unless otherwise specified)

   -- Revenue of $900.8 million was up 16.9%; Total Bookings of $977.2 million 
      increased 17.2% 
 
   -- Operating income of $186.5 million, representing a 20.7% operating income 
      margin 
 
   -- Net income of $168.1 million, representing a 18.7% net income margin 
 
   -- Adjusted EBITDA of $262.2 million, representing a 29.1% Adjusted EBITDA 
      margin and 480 basis points of year-over-year margin expansion 
 
   -- Earnings per Common Share Basic and Diluted of $1.14 and $1.12 
 
   -- Net cash provided by operating activities of $372.5 million; Free Cash 
      Flow of $343.1 million 

Operational Achievements

   -- Total CLEAR Members grew to 38.0 million, up 31.5% year-over-year and 
      Active CLEAR+ Members, which have been recast as described in the Key 
      Performance Indicators section below, grew to 7.6 million in the fourth 
      quarter, up 6.0% year-over-year 
 
   -- Renewed multi-year partnership with American Express, continuing to offer 
      CLEAR+ as an embedded benefit on the American Express Consumer, Corporate 
      and Small Business Platinum Card and select other American Express card 
      products 
 
   -- 60 CLEAR+ airports and 340 retail locations with TSA PreCheck$(R)$ 
      Enrollment Provided by CLEAR as of December 31, 2025 
 
   -- eGates launched across 37 airports as of today; on track for network wide 
      rollout in 2026 
 
   -- CLEAR Concierge, a premium, personalized on-demand airport service now 
      offered at 27 airports 
 
   -- CLEAR1 continues to build momentum, delivering its largest bookings 
      quarter to date and setting another record for new enterprise customers 
      signed this quarter 

Capital Allocation Activities

   -- Approximately $16.7 million returned to shareholders in the fourth 
      quarter of 2025, related to our regular quarterly dividend of $0.125 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, representing a 20% 
      increase compared to the prior quarterly cash dividend, and a special 
      cash dividend of $0.20 per share, in each case payable on March 24, 2026 
      to shareholders of record of Class A Common Stock and Class B Common 
      Stock as of the close of business on March 10, 2026 
 
   -- Clear Secure, Inc. further announced today that its Board of Directors 
      authorized a $125.0 million increase to its existing Class A Common Stock 
      share repurchase program, resulting in an aggregate remaining 
      authorization of approximately $250.3 million 

First Quarter and Full Year 2026 Guidance

   -- First quarter 2026 Revenue of $242-245 million, representing 15.2% 
      year-over-year growth at the midpoint 
 
   -- First quarter 2026 Total Bookings of $248-253 million, representing 20.9% 
      year-over-year growth at the midpoint 
 
   -- Full Year 2026 Free Cash Flow of at least $440 million, representing at 
      least 28.2% year-over-year growth 

"We exited the year with accelerating top line growth, delivered record full year profitability and free cash flow, and continued to strengthen our member experience while expanding our identity platform. The momentum we are seeing across CLEAR Travel and CLEAR1, combined with rising demand for secure, high-fidelity identity, underscores that we are at an inflection point for both CLEAR and our industry. With a robust balance sheet, expanding partnerships and a compelling innovation roadmap, we are entering 2026 from a position of strength," 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 https://event.choruscall.com/mediaframe/webcast.html?webcastid=fvER9cTZ. 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 39 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

Effective with this earnings release, we have renamed Total Cumulative Enrollments to Total CLEAR Members. This renaming did not have an impact on the methodology for calculation. Additionally, 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. See Management's Discussion and Analysis section of the annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional details.

 
                    Q4 2024        Q1 2025        Q2 2025        Q3 2025        Q4 2025 
                 -------------  -------------  -------------  -------------  ------------- 
Total Bookings 
 (in millions)   $       228.9  $       207.2  $       222.9  $       260.1  $       287.1 
Total CLEAR 
 Members (in 
 thousands)             28,906         31,215         33,472         35,751         37,998 
Total 
 Cumulative 
 Platform Uses 
 (in 
 thousands)            234,842        248,895        264,830        280,329        295,907 
Active CLEAR+ 
 Members (in 
 thousands)              7,187          7,229          7,227          7,399          7,616 
Annual CLEAR+ 
 Gross Dollar 
 Retention              88.5 %         87.1 %         87.3 %         86.9 %         86.4 % 
Annual CLEAR+             7.1x           7.1x           7.0x           7.0x           7.0x 
 Member Usage 
 
 
                             CLEAR SECURE, INC. 
                         CONSOLIDATED BALANCE SHEETS 
           (dollars in thousands, except share and per share data) 
 
                                              As of December 31, 
                                   ----------------------------------------- 
                                           2025                 2024 
                                   --------------------  ------------------- 
Assets 
Current assets: 
 Cash and cash equivalents          $            85,734  $            66,892 
 Marketable securities                          614,439              542,605 
 Accounts receivable                              1,925                  511 
 Prepaid revenue share fee                       29,679               24,652 
 Prepaid expenses and other 
  current assets                                 32,837               27,558 
                                   --------------------  ------------------- 
Total current assets                            764,614              662,218 
Property and equipment, net                      59,331               56,869 
Right of use asset, net                         100,048              108,885 
Intangible assets, net                            2,753               15,300 
Goodwill                                         62,684               62,757 
Restricted cash                                   2,764                3,456 
Other assets                                    311,198              285,447 
                                   --------------------  ------------------- 
Total assets                          $       1,303,392    $       1,194,932 
                                   ====================  =================== 
 
Liabilities and stockholders' 
equity 
Current liabilities: 
 Accounts payable                  $              7,156  $            18,020 
 Accrued liabilities                            236,543              185,281 
 Deferred revenue                               516,201              439,753 
                                   --------------------  ------------------- 
Total current liabilities                       759,900              643,054 
 Other long term liabilities                    339,107              313,938 
                                   --------------------  ------------------- 
Total liabilities                             1,099,007              956,992 
Commitments and contingencies 
 Class A Common Stock, $0.00001 
  par value - 1,000,000,000 
  shares authorized; 97,988,039 
  and  97,986,631 shares issued 
  and outstanding, respectively, 
  as of December 31, 2025 and 
  96,794,826 shares issued and 
  outstanding as of December 31, 
  2024                                                1                    1 
 Class B Common Stock, $0.00001 
 par value--100,000,000 shares 
 authorized; 351,787 and 677,234 
 shares issued and outstanding as 
 of December 31, 2025 and 2024, 
 respectively                                        --                   -- 
 Class C Common Stock, $0.00001 
 par value--200,000,000 shares 
 authorized; 15,745,891 and 
 15,287,620 shares issued and 
 outstanding as of December 31, 
 2025 and 2024, respectively                         --                   -- 
 Class D Common Stock, $0.00001 
 par value--100,000,000 shares 
 authorized; 19,130,246 and 
 24,896,690 shares issued and 
 outstanding as of December 31, 
 2025 and 2024, respectively                         --                   -- 
 Accumulated other comprehensive 
  income                                            840                  343 
 Treasury stock at cost, 0 shares 
 as of December 31, 2025 and 
 2024, respectively                                  --                   -- 
 Retained earnings                              119,791               83,778 
 Additional paid-in capital                      57,102              114,231 
                                   --------------------  ------------------- 
Total stockholders' equity 
 attributable to Clear Secure, 
 Inc.                                           177,734              198,353 
 Non-controlling interest                        26,651               39,587 
                                   --------------------  ------------------- 
Total stockholders' equity                      204,385              237,940 
                                   --------------------  ------------------- 
Total liabilities and 
 stockholders' equity                 $       1,303,392    $       1,194,932 
                                   ====================  =================== 
 
 
                                                   CLEAR SECURE, INC. 
                                           CONSOLIDATED STATEMENTS OF OPERATIONS 
                                 (dollars in thousands, except share and per share data) 
 
                            Three Months Ended December 31,                         Year Ended December 31, 
                   --------------------------------------------------  -------------------------------------------------- 
                             2025                      2024                      2025                      2024 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Revenue               $             240,751     $             206,270     $             900,779     $             770,488 
 
Operating 
expenses: 
Cost of revenue 
 share fee                           35,404                    29,068                   127,848                   108,117 
Cost of direct 
 salaries and 
 benefits                            46,447                    47,835                   192,616                   173,033 
Research and 
 development                         17,159                    18,413                    72,383                    73,352 
Sales and 
 marketing                           13,640                    14,573                    54,449                    48,809 
General and 
 administrative                      60,295                    55,326                   232,381                   217,506 
Depreciation and 
 amortization                        13,900                     6,977                    34,624                    26,480 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Operating income                     53,906                    34,078                   186,478                   123,191 
 
Other income 
(expense) 
Interest income, 
 net                                  5,803                     7,085                    24,383                    32,509 
Other (expense) 
 income, net                        (2,825)                  (90,364)                   (4,791)                  (89,073) 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Income before tax                    56,884                  (49,201)                   206,070                    66,627 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Income tax 
 (expense) 
 benefit                           (10,339)                   165,772                  (37,923)                   158,647 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Net income                           46,545                   116,571                   168,147                   225,274 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Less: net income 
 attributable to 
 non-controlling 
 interests                           15,783                    13,285                    58,979                    55,598 
                   ------------------------  ------------------------  ------------------------  ------------------------ 
Net income 
 attributable to 
 Clear Secure, 
 Inc.                $               30,762     $             103,286     $             109,168     $             169,676 
                   ========================  ========================  ========================  ======================== 
 
Net income per 
share of Class A 
and B Common 
Stock 
Net income per 
 common share 
 basic, Class A    $                   0.31  $                   1.07  $                   1.14  $                   1.81 
Net income per 
 common share 
 basic, Class B    $                   0.31  $                   1.07  $                   1.14  $                   1.81 
Net income per 
 common share 
 diluted, Class 
 A                 $                   0.31  $                   0.83  $                   1.12  $                   1.56 
Net income per 
 common share 
 diluted, Class 
 B                 $                   0.31  $                   0.83  $                   1.12  $                   1.56 
Weighted-average 
 shares of Class 
 A Common Stock 
 outstanding, 
    basic                        97,485,283                95,501,395                95,436,323                93,010,960 
Weighted-average 
 shares of Class 
 B Common Stock 
 outstanding, 
    basic                           351,787                   831,582                   535,376                   884,283 
Weighted-average 
 shares of Class 
 A Common Stock 
 outstanding, 
    diluted                      99,277,912               114,483,803                97,269,905               118,081,362 
Weighted-average 
 shares of Class 
 B Common Stock 
 outstanding, 
    diluted                         503,961                25,751,098                   535,376                26,429,282 
 
 
                             CLEAR SECURE, INC. 
                    CONSOLIDATED STATEMENTS OF CASH FLOWS 
                           (dollars in thousands) 
 
                                          Year Ended December 31, 
                                -------------------------------------------- 
                                        2025                   2024 
                                ---------------------  --------------------- 
Operating activities: 
Net income                       $            168,147   $            225,274 
 Adjustments to reconcile net 
 income to net cash provided 
 from operating activities: 
 Depreciation on property and 
  equipment                                    23,923                 21,749 
 Amortization on intangible 
  assets                                       10,701                  4,731 
 Noncash lease expense                          6,315                  6,607 
 Impairment of assets                             362                    723 
 Impairment of strategic 
 investment                                     4,719                     -- 
 Equity-based compensation                     38,932                 35,339 
 Deferred income tax expense 
  (benefit)                                    24,381              (165,773) 
 Amortization of revolver loan 
  costs                                           132                    202 
 Gain on divestiture of a 
 business                                       (635)                     -- 
 Premium amortization 
  (discount accretion) on 
  marketable securities                       (1,257)                (7,319) 
 Changes in operating assets 
 and liabilities: 
   Accounts receivable                        (1,580)                     15 
   Prepaid expenses and other 
    assets                                    (3,736)                (6,526) 
   Prepaid revenue share fee                  (5,027)                  (250) 
   Accounts payable                           (6,368)                  2,198 
   Accrued and other long term 
    liabilities                                45,920                120,964 
   Deferred revenue                            76,454                 63,500 
   Operating lease liabilities                (8,931)                (5,757) 
                                ---------------------  --------------------- 
Net cash provided by operating 
 activities                                   372,452                295,677 
                                ---------------------  --------------------- 
 
Investing activities: 
Business combinations, net of 
cash acquired                                      --                     -- 
Purchases of marketable 
 securities                                 (747,120)              (971,097) 
Proceeds from sales and 
 maturities of marketable 
 securities                                   677,173              1,098,201 
Proceeds from divestiture                       2,700                     -- 
Purchase of strategic 
 investment                                     (514)                (1,000) 
Purchases of property and 
 equipment                                   (29,340)               (12,009) 
Purchases of intangible assets                     --                  (318) 
                                ---------------------  --------------------- 
Net cash (used in) provided by 
 investing activities                        (97,101)                113,777 
                                ---------------------  --------------------- 
 
Financing activities: 
Repurchase of Class A Common 
 Stock                                      (126,345)              (272,920) 
Payment of dividend                          (47,839)               (39,402) 
Payment of special dividend                  (25,316)               (28,828) 
Distributions to members                     (18,728)               (25,138) 
Tax distribution to members                  (26,113)               (24,979) 
Deferred consideration payment                     --                (1,246) 
Payment of taxes on net 
 settled stock-based awards                  (12,653)                (9,034) 
Other financing activities                      (334)                     -- 
                                ---------------------  --------------------- 
Net cash used in financing 
 activities                                 (257,328)              (401,547) 
                                ---------------------  --------------------- 
 
Net increase (decrease) in 
 cash, cash equivalents, and 
 restricted cash                               18,023                  7,907 
Cash, cash equivalents, and 
 restricted cash, beginning of 
 period                                        70,348                 62,401 
Exchange rate effect on cash 
 and cash equivalents, and 
 restricted cash                                  127                     40 
                                ---------------------  --------------------- 
Cash, cash equivalents, and 
 restricted cash, end of 
 period                         $              88,498  $              70,348 
                                =====================  ===================== 
 
 

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 2025, as well as expected impacts from our pricing actions, and our guidance for the fourth quarter and full year 2025. 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 fourth-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 fourth 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; 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 fourth parties upon which we rely, protection of our intellectual property, technology and confidential information and failures by fourth-party technology and devices on which our business relies; our reliance on fourth-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 fourth-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 fourth 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 fourth 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 December 31,            Year Ended December 31, 
                 --------------------------------------  ------------------------------------ 
(In thousands)          2025                2024               2025               2024 
                 ------------------  ------------------  -----------------  ----------------- 
Net income       $           46,545   $         116,571  $         168,147  $         225,274 
Income tax 
 expense 
 (benefit)                   10,339           (165,772)             37,923          (158,647) 
Interest 
 (income), net              (5,803)             (7,085)           (24,383)           (32,509) 
Other expense, 
 net                          3,270              90,808              6,577             90,850 
Depreciation 
 and 
 amortization                13,900               6,977             34,624             26,480 
Impairment on 
 assets                         362                 723                362                723 
Equity-based 
 compensation 
 expense                     11,258               8,301             38,932             35,339 
                 ------------------  ------------------  -----------------  ----------------- 
Adjusted EBITDA  $           79,871  $           50,523  $         262,182  $         187,510 
                 ==================  ==================  =================  ================= 
 
Revenue           $         240,751   $         206,270  $         900,779  $         770,488 
Net Income 
 Margin                      19.3 %              56.5 %             18.7 %             29.2 % 
Adjusted EBITDA 
 Margin                      33.2 %              24.5 %             29.1 %             24.3 % 
 

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow:

 
                       Three Months Ended December 31,                   Year Ended December 31, 
                 --------------------------------------------  -------------------------------------------- 
(In thousands)           2025                   2024                   2025                   2024 
                 ---------------------  ---------------------  ---------------------  --------------------- 
Net cash 
 provided by 
 operating 
 activities      $             198,420  $             136,612  $             372,452  $             295,677 
Purchases of 
 property and 
 equipment                    (11,022)                (2,750)               (29,340)               (12,009) 
                 ---------------------  ---------------------  ---------------------  --------------------- 
Free Cash Flow   $             187,398  $             133,862  $             343,112  $             283,668 
                 =====================  =====================  =====================  ===================== 
 

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, Total Cumulative Platform Uses, Active CLEAR+ Members, Annual CLEAR+ Gross Dollar Retention, and Annual CLEAR+ Member Usage.

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 historically viewed Total Bookings as 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 (formerly Total Cumulative Enrollments) 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. We renamed this metric to Total CLEAR Members and refined the definition to better reflect the breadth of Members who engage with the CLEAR platform as our offerings have expanded. 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.

This metric has been renamed and the definition clarified to provide more detail on the calculation thereof. The clarification did not have an impact on the methodology for calculation.

Total Cumulative Platform Uses

We define Total Cumulative Platform Uses as the number of individual engagements across CLEAR use cases, including CLEAR+, CLEAR Mobile, our flagship app, and CLEAR1, since inception as of the end of the period. Management has historically viewed this metric as a tool to analyze the level of engagement of our Member base which can be a leading indicator of future growth, retention and revenue.

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.

Annual CLEAR+ Gross Dollar Retention

We define Annual CLEAR+ Gross Dollar Retention as the net bookings collected from a Fixed Cohort of Members during the Current Period as a percentage of the net bookings collected from the same Fixed Cohort during the Prior Period. The Current Period is the 12-month period ending on the reporting date, the Prior Period is the 12-month period ending on the reporting date one year earlier. The Fixed Cohort is defined as all Active CLEAR+ Members as of the last day of the Prior Period who have activated a payment method for our in-airport CLEAR+ service, including their registered family plan Members. Bookings received from a third party as part of a partnership agreement are excluded from both periods. Active CLEAR+ Members, including those on a free or discounted plan, or who receive a full statement credit, only impact Annual CLEAR+ Gross Dollar Retention to the extent that they are paying anything out-of-pocket on behalf of themselves or a registered family plan Member. Management has historically viewed this metric to be reflective of our business objective of optimizing revenue.

Annual CLEAR+ Member Usage

We define Annual CLEAR+ Member Usage as the total number of unique CLEAR+ airport verifications in the 365 days prior to the end of the period divided by Active CLEAR+ Members as of the end of the period who have been enrolled for at least 365 days. The numerator includes only verifications of the population in the denominator. Management has historically viewed this as an important tool to analyze the level of engagement of our Active CLEAR+ Member base.

Investor Contact

CLEAR

ir@clearme.com

Media Contact

CLEAR

media@clearme.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/clear-announces-fourth-quarter-and-full-year-2025-financial-results-302696291.html

SOURCE CLEAR

 

(END) Dow Jones Newswires

February 25, 2026 06:00 ET (11:00 GMT)

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