Clear Secure, Inc.

What they do

CLEAR operates dedicated CLEAR+ entry lanes at airport security checkpoints nationwide and sells TSA PreCheck enrollment at airports and retail locations. It also offers premium services such as CLEAR Concierge, expedited passport services, the free CLEAR app, and mobile identity products like CLEAR ID. CLEAR1 is its B2B multi-layer identity verification solution sold to healthcare, workforce and government organizations.

Revenue drivers

• CLEAR+ consumer travel subscription — Annual paid subscription giving members dedicated airport security lanes; as of June 30, 2026 there were 8.3 million Active CLEAR+ Members, up 15.2% year over year.
• CLEAR Travel services beyond the lane — Includes TSA PreCheck Enrollment Provided by CLEAR at 280 retail locations and 62 airports as of June 30, 2026, plus CLEAR Concierge (39 airports), expedited passport services and CLEAR ID.
• CLEAR1 B2B identity verification — Multi-layer biometric, document and device verification sold to healthcare, workforce and government partners; the company cites 'continued strong momentum in CLEAR1 across core verticals' without disclosing segment revenue.
• Network and partner bookings — Total Bookings, defined as revenue plus the change in deferred revenue, was $295.9 million in Q2 2026, up 32.8% year over year, reflecting sales to new and renewing CLEAR+ subscribers plus accrued billings to partners.

Recent performance

Second quarter 2026 revenue was $277.8 million, up 26.6% year over year, with Total Bookings of $295.9 million, up 32.8%. Operating income was $83.0 million (29.9% margin), net income was $72.3 million (26.0% margin), and Adjusted EBITDA was $101.1 million (36.4% margin), 900 basis points of year-over-year expansion. Basic and diluted EPS were $0.50 and $0.49; operating cash flow was $201.2 million with free cash flow of $189.0 million. Total CLEAR Members reached 43.5 million, up 30.0% year over year, and the network stood at 62 CLEAR+ airports and 280 TSA PreCheck retail locations as of June 30, 2026. Full year 2025 revenue was $900.8 million with net income of $168.1 million.

Strategy

CLEAR describes its model as powered by network effects, with in-airport acquisition the largest CLEAR+ channel (66% of 2025 member acquisitions) and word-of-mouth driving retention. It is extending the CLEAR Travel portfolio beyond the airport lane into TSA PreCheck enrollment, CLEAR Concierge, passport services, the Home to Gate app and CLEAR ID, aiming at segments such as international travelers. CLEAR1 targets healthcare, workforce and government partners who need high-fidelity identity checks. The company is rolling out eGates, launched across 50 airports and targeted for network-wide rollout in 2026. Capital return continued in Q2 2026 with approximately $22.2 million returned via a $0.15 per share quarterly dividend and distributions.

Risks

• Member growth and retention — The business depends on adding and retaining CLEAR+ and platform Members and on keeping existing partners, with in-airport enrollment tied to the availability of Ambassadors and airport access.
• Travel and economic sensitivity — A decline or disruption in the travel industry or a general economic downturn would directly pressure the airport-based subscription model.
• Competition and technology substitution — CLEAR cites a highly competitive market and risks from increased adoption of third-party identity verification and credential authentication solutions.
• Concessionaire and commercial agreements — Portions of the business and results depend on concessionaire agreements and commercial agreements with partners, which may carry indemnification obligations.

Outlook

Management guided third quarter 2026 revenue of $284-287 million, about 24.6% year-over-year growth at the midpoint, and Total Bookings of $311-316 million, about 20.5% growth at the midpoint. Full year 2026 free cash flow guidance was raised to at least $480 million from at least $465 million, implying at least 39.9% year-over-year growth. The Board declared a $0.15 per share quarterly dividend payable September 24, 2026 to Class A holders of record as of September 10, 2026.