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Clear Secure, Inc. Reports Strong Financial Results for 2025

In a recent announcement, Clear Secure, Inc. (NYSE: YOU), widely regarded as the secure identity company, revealed its financial performance for the fourth quarter and the entire year of 2025. The figures indicate a remarkable trajectory characterized by increased revenues and an expanding membership base.

Fourth Quarter Financial Highlights

The company reported a revenue of $240.8 million, reflecting a 16.7% increase year-over-year. Total bookings surged to $287.1 million, marking a 25.4% growth, signifying a resurgence in momentum with the highest quarterly growth since Q4 2023. Operating income stood at $53.9 million, yielding a convincing 22.4% operating income margin. After accounting for expenses and taxes, the net income reached $46.5 million, translating to a 19.3% net income margin. Adjusted EBITDA also impressed at $79.9 million, showcasing a strong 33.2% margin and representing an impressive 870 basis points expansion year-over-year.

The earnings per share—both basic and diluted—were recorded at $0.31. Notably, the net cash generated from operating activities was $198.4 million, and the free cash flow was $187.4 million. These numbers underscore Clear's strong cash-generating abilities in a competitive landscape.

Full Year Financial Performance

For the full year of 2025, Clear Secure reported total revenue of $900.8 million, a rise of 16.9%, while total bookings increased 17.2% to $977.2 million. Operating income for the year equated to $186.5 million, emanating a 20.7% margin, while net income totaled $168.1 million, with an 18.7% margin. The adjusted EBITDA for the year stood at $262.2 million, demonstrating a 29.1% margin and a solid 480 basis points of year-over-year growth.

The company’s solid performance can be attributed to its growing membership base, which reached 38 million members—an increase of 31.5% year-over-year. Active CLEAR+ members, a crucial segment for the company, rose to 7.6 million, reflecting a 6.0% year-on-year rise. These metrics are indicative of increased utilization of Clear's services, which is essential in sustaining revenue.

Operational Achievements and Strategic Partnerships

Throughout 2025, Clear achieved several significant milestones. The company renewed its multi-year partnership with American Express, further integrating CLEAR+ benefits into a variety of American Express card offerings. As of December 31, 2025, it operated 60 CLEAR+ airports and offered 340 retail locations for TSA PreCheck® enrollment.

The launch of eGates across 37 airports also positioned Clear innovatively ahead of its competitors with plans for a broader network rollout throughout 2026. Their premium service, CLEAR Concierge, which enhances traveler experiences at 27 airports, continues to gain traction, showcasing Clear’s commitment to providing a seamless travel experience.

Capital Management and Shareholder Return

Clear has demonstrated a strategic focus on shareholder value. In Q4 2025 alone, about $16.7 million was returned to shareholders through dividends. The Board declared a quarterly cash dividend of $0.15 per share—a notable 20% increase—and a special cash dividend of $0.20 per share. Furthermore, the company has authorized a $125.0 million increase to its existing stock repurchase program.

For the upcoming first quarter of 2026, Clear anticipates a revenue between $242-245 million, projecting a 15.2% year-over-year growth at the midpoint, along with bookings of $248-253 million, projecting growth of 20.9%.

Conclusion

Caryn Seidman Becker, CEO of Clear, expressed optimism for 2026, emphasizing strong top-line growth and enhanced member experiences. She noted that the continuous demand for secure identity solutions places Clear in an advantageous position within the industry. With robust performance indicators and strategic planning, Clear Secure, Inc. is geared for an impactful 2026.