Clear Secure Inc (YOU) Q4 2025 Earnings Call Highlights: Record Growth and Strategic …

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Thu, February 26, 2026 at 4:01 AM GMT+9 4 min read

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**Q4 Revenue:** $240.8 million, up 16.7% year-over-year.

**Fiscal Year 2025 Revenue:** $900.8 million, up 16.9% year-over-year.

**Q4 Total Bookings:** $287.1 million, up 25.4% year-over-year.

**Fiscal Year 2025 Total Bookings:** $977.2 million, up 17.2% year-over-year.

**Q4 Adjusted EBITDA Margin:** Over 33%, an increase of 870 basis points from Q4 2024.

**Fiscal Year 2025 Adjusted EBITDA:** $262.2 million, representing a 29.1% margin.

**Free Cash Flow for 2025:** $343.1 million.

**Q4 Operating Income:** $53.9 million.

**Fiscal Year 2025 Operating Income:** $186.5 million.

**Cash and Marketable Securities at Year-End 2025:** $703 million.

**Dividend Increase:** 20% increase to $0.15 per share.

**Share Repurchase in 2025:** 5.3 million shares for $126.3 million.

**2026 Free Cash Flow Guidance:** At least $440 million, representing at least 28% growth.

**Q1 2026 Revenue Guidance:** $242 million to $245 million.

**Q1 2026 Total Bookings Guidance:** $248 million to $253 million.

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Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Clear Secure Inc (NYSE:YOU) achieved a record-breaking quarter for its CLEAR1 enterprise business, indicating strong growth and validation of its identity solutions.

The company reported a significant increase in free cash flow, generating over $340 million in 2025, and expects to reach at least $440 million in 2026.

Clear Secure Inc (NYSE:YOU) has strengthened its partnership with American Express, extending it into a multiyear agreement, which enhances its member acquisition channel.

The company has successfully expanded its member base, with Total CLEAR Members growing to 38 million, up 31.5% year-over-year.

Clear Secure Inc (NYSE:YOU) reported a 33.2% adjusted EBITDA margin in Q4 2025, reflecting strong profitability and operational efficiency.

Negative Points

The company faces challenges from potential government shutdowns, which could impact its operations and partnerships with TSA.

Clear Secure Inc (NYSE:YOU) is discontinuing several key performance indicators (KPIs), which may reduce transparency for investors.

The company is operating in a highly competitive and rapidly evolving identity landscape, which poses risks to maintaining its market position.

There is a reliance on public-private partnerships, which can be affected by changes in government policies and regulations.

Despite strong financial performance, the company must continue to invest heavily in technology and innovation to maintain its competitive edge.

 






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Q & A Highlights

Q: Caryn, can you elaborate on your strategic priorities for the next 12 to 18 months to maintain or build momentum on the member and subscription side? A: Caryn Seidman Becker, CEO: Our focus is on two core pillars: enhancing the B2C CLEAR Travel business with a Home to Gate experience and expanding the B2B CLEAR1 enterprise business. Innovations like our mobile app and eGate are key drivers for financial returns and member growth. In the enterprise sector, we are focusing on workforce, healthcare, and GovTech, leveraging AI to drive productivity and growth.

Q: How did the recent government shutdowns impact CLEAR, and what would be the effect if the TSA shuts down? A: Caryn Seidman Becker, CEO: CLEAR remains open and continues to serve airport partners and travelers. The public-private partnership with TSA is crucial, especially during disruptions like weather or government shutdowns. Our reliability and consistency are more appreciated than ever, and travel demand remains strong.

Q: Jen, can you explain the drivers behind the significant acceleration in free cash flow guidance for 2026? A: Jennifer Hsu, CFO: The improved member experience is driving higher retention and better member acquisition, leading to durable top-line growth. Both our B2C and B2B businesses are subscription-based with strong recurring revenue, reinforcing a flywheel effect that enhances profitability and flow-through.

Q: Can you discuss the extension of the American Express partnership and its impact on the business? A: Michael Barkin, President: The multiyear extension of our partnership with American Express continues to offer CLEAR Plus as an embedded benefit for cardholders. This reflects the value we bring to the partnership and aligns with our travel experience, enhancing member acquisition and retention.

Q: How is CLEAR uniquely positioned to serve CMS, and what does the contract structure look like? A: Caryn Seidman Becker, CEO: CLEAR’s expertise in regulated industries, privacy, and security makes us a natural fit for CMS. The multiyear contract allows us to drive innovation and interoperability in healthcare, leveraging our existing consumer base and trusted brand to enhance patient and workforce experiences.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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