CLEAR Posts Record 2025 Profits, Boosting Dividends and Growth Plans

NEW YORK, NY – February 25, 2026 – Clear Secure, Inc. (NYSE: YOU), the secure identity company, delivered a resounding message to investors today, reporting robust fourth-quarter and full-year 2025 financial results that surpassed analyst expectations and sent its stock soaring in pre-market trading. The company showcased accelerating growth, record profitability, and a confident outlook for 2026, backed by aggressive new capital return initiatives for its shareholders.

The market reacted with immediate enthusiasm. CLEAR's Q4 revenue of $240.8 million marked a 16.7% year-over-year increase and comfortably beat Wall Street consensus estimates of $235.7 million. The positive performance underscores the growing adoption of its biometric identity platform and sets the stage for what CEO Caryn Seidman Becker described as an "inflection point" for both the company and the industry.

A Financial Powerhouse Emerges

Digging deeper into the financial report reveals a company firing on all cylinders. Total Bookings, a key indicator of future revenue, reaccelerated to 25.4% year-over-year growth in the fourth quarter, reaching $287.1 million—its strongest quarterly performance since late 2023. For the full year, revenue climbed 16.9% to $900.8 million, with Total Bookings hitting $977.2 million.

Profitability was the standout story. Q4 Adjusted EBITDA, a non-GAAP measure of operating performance, surged to $79.9 million, crushing analyst expectations of $68.28 million by nearly 17%. This represented a significant 870 basis points of year-over-year margin expansion to 33.2%. The full-year figures were equally impressive, with Adjusted EBITDA reaching $262.2 million.

This operational efficiency translated directly into a torrent of cash. CLEAR generated a record $343.1 million in Free Cash Flow for the full year 2025, a figure that significantly outpaced previous guidance. Looking ahead, the company issued an optimistic forecast, projecting at least $440 million in Free Cash Flow for 2026, representing a minimum of 28% year-over-year growth. First quarter 2026 guidance also points to continued momentum, with revenue expected to be between $242 million and $245 million.

"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," said Caryn Seidman Becker, CLEAR's CEO, in the press release. "We are entering 2026 from a position of strength."

Expanding the 'Frictionless' Footprint

Beyond the impressive financials, CLEAR's operational achievements highlight a strategy focused on expanding its ecosystem and deepening user engagement. The company's total member base grew by 31.5% year-over-year to 38 million people. The number of paying Active CLEAR+ Members, who use the service for expedited airport security screening, grew 6.0% to 7.6 million. The company noted this figure was recast after a one-time cleanup of lapsed accounts during a major billing system overhaul in 2025, clarifying that the adjustment had no impact on financial results.

A cornerstone of its member acquisition strategy, the multi-year partnership with American Express, was successfully renewed. This collaboration continues to offer CLEAR+ membership as an embedded benefit for premium cardholders, effectively subsidizing the $209 annual fee and creating a powerful incentive for a key demographic of frequent travelers. The renewal solidifies a critical pipeline for new and returning members.

Innovation is also driving growth. The company is rapidly expanding its physical presence and service offerings within airports. As of today, its new eGates have been launched across 37 airports, with a full network-wide rollout planned for 2026 to further streamline the security process. Furthermore, its premium CLEAR Concierge service, a personalized on-demand airport offering, is now available at 27 airports, targeting an even higher tier of traveler convenience.

Rewarding Confidence with Capital

Underpinned by a robust balance sheet boasting over $700 million in cash and marketable securities, CLEAR's board signaled extreme confidence in the company's future by announcing a significant increase in shareholder returns. The quarterly cash dividend was raised by 20% to $0.15 per share.

In an additional show of strength, the board also declared a special cash dividend of $0.20 per share. Alongside the dividends, the company authorized a $125.0 million increase to its existing share repurchase program, bringing the total remaining authorization to approximately $250.3 million. These moves collectively represent a substantial commitment to returning capital to investors, reflecting a belief that the company can fund its ambitious growth plans while simultaneously rewarding its shareholders.

Navigating a Crowded and Scrutinized Market

CLEAR's success comes as it navigates a complex and competitive landscape. Its primary alternative in U.S. airports is the government-run TSA PreCheck program. While both aim to speed up the airport experience, they serve different functions: CLEAR verifies a traveler's identity biometrically to let them bypass the initial ID check line, while TSA PreCheck provides a faster physical screening process. Many savvy travelers subscribe to both services to maximize efficiency, a dynamic that allows the two to coexist.

The broader regulatory environment presents both a tailwind and a challenge. The Department of Homeland Security's increasing embrace of biometric technology to enhance security and create a more seamless travel experience aligns perfectly with CLEAR's core business. However, the use of sensitive biometric data places the company directly in the crosshairs of a growing public and legislative focus on data privacy.

With a patchwork of state-level privacy laws like the Illinois Biometric Information Privacy Act (BIPA) creating a complex compliance map, maintaining user trust is paramount. CLEAR has built its brand on a promise of "privacy done right," repeatedly stating that members are in control of their own information and that it does not sell biometric or sensitive personal data. This commitment is not just a marketing slogan but a business necessity for sustaining its model in an increasingly privacy-conscious world.