YOU
Clear Secure, Inc.39.23
+0.36+0.93%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms resilience, ClearOne accelerates
Q&A largely reaffirmed the scripted story of ClearTravel enhancements and ClearOne acceleration, but spotlighted resilience to TSA shutdown threats—Clear stays open, earning fresh partner and member appreciation amid weather disruptions. Management touted ClearOne reaching 'escape velocity' via record bookings, a fresh Mount Sinai healthcare tie-up, and pledge signers exploding to ~600 from 60 last quarter. eGates showed early NPS pops, boosting retention flywheels. ClearOne just hit escape velocity. No hedges or walk-backs; execs stayed bullish on FCF surge. Investors will track healthcare network scaling.
Key Stats
Market Cap
5.29BP/E (TTM)
23.63Basic EPS (TTM)
1.66Dividend Yield
0.01%Recent Filings
8-K
Clear crushes 2025 earnings
Clear Secure crushed 2025 with revenue up 16.9% to $900.8M and Adjusted EBITDA margins expanding 480bps to 29.1%, fueled by Total CLEAR Members hitting 38M. Q4 bookings reaccelerated 25.4% to $287.1M. Board hiked quarterly dividend 20% to $0.15/share, added special $0.20/share, and boosted buybacks by $125M to $250.3M total. Guides Q1 revenue $242-245M, FY26 FCF ≥$440M.
10-K
FY2025 results
Clear Secure grew Total CLEAR Members 31% to 38 million for FY2025 ended December 31, 2025, with Active CLEAR+ Members up 6% to 7.6 million; revenue rose 17% to $900.8M while Adjusted EBITDA climbed to $262.2M (29% margin). Q4 momentum shone through Total Bookings acceleration to $977M (17% y/y), fueled by CLEAR+ pricing hikes, TSA PreCheck rollout to 61 airports/340 retail spots, and CLEAR1 B2B gains—yet Annual CLEAR+ Gross Dollar Retention dipped to 86.4% from 88.5%. Free cash flow hit $343M, backing $126M buybacks, $73M dividends/specials, and $29M capex for eGates. No annual guidance disclosed. Founder control risks quarterly momentum.
8-K
Q3 revenue up 15.5%
Clear Secure reported Q3 2025 revenue of $229.2 million, up 15.5% year-over-year, with operating income at $52.6 million and Adjusted EBITDA of $70.1 million at 30.6% margin. Active CLEAR+ members hit 7.7 million, up 7.5%, while cash flow dipped to negative $53.5 million from annual partner payment. Q4 revenue guidance: $234-237 million. Growth holds firm.
10-Q
Q3 FY2025 results
Clear Secure posted Q3 revenue of $229M, up 16% y/y, with operating income jumping 50% to $53M on tighter cost controls despite higher ambassador pay. Diluted EPS held at $0.29, matching basic thanks to anti-dilutive non-controlling units. Operating cash flow hit $174M YTD, yielding $156M free cash flow (derived) after $18M capex, bolstering $76M cash and $455M marketable securities against $68M revolver availability. Active CLEAR+ members grew 7% to 7,683. Share repurchases paused this quarter. Retention ticked down to 86.9%.
8-K
Clear's Q2 revenue surges 17.5%
Clear Secure reported Q2 2025 revenue of $219.5 million, up 17.5% year-over-year, with operating income hitting $42.6 million and net income at $37.9 million. Active CLEAR+ members reached 7.6 million, up 7.5%, while total bookings grew 13.1% to $222.9 million. Strong cash flow persists. Guidance projects Q3 revenue of $223-226 million. Expansion drives momentum, yet retention dipped slightly to 87.3%.
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