10-K · February 25, 2026
CLEAR Secure reports continued network expansion and strong unit economics: Total CLEAR Members reached 38.0 million (up 31% year‑over‑year) with 166 CLEAR+ Lanes across 60 airports and airport coverage of approximately…
Earnings analysis · 10-Q
YOU earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Clear Secure, Inc. reported a strong Q1 2026 with revenue of $253 million, which exceeded estimates and represented a 20% increase year-over-year. The company also experienced a notable jump in net income, reaching…
Read full summary
Clear Secure, Inc. reported a strong Q1 2026 with revenue of $253 million, which exceeded estimates and represented a 20% increase year-over-year. The company also experienced a notable jump in net income, reaching $56.4 million, up 46% compared to Q1 2025, and demonstrated effective cash flow with a free cash flow of $185.5 million. Management expressed confidence in growth prospects and revenue guidance for Q2.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.39
What stood out
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Revenue Up 20% YoY
Q1 revenue reached $253 million, a $41.6 million increase compared to $211.4 million in Q1 2025.
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EPS Increase
Diluted EPS improved to $0.39 in Q1 2026 from $0.26 in Q1 2025.
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Strong Free Cash Flow
Free cash flow for Q1 totaled $185.5 million, a significant increase from $91.3 million in Q1 2025.
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Operational Growth in Members
Total CLEAR Members grew by 31% YOY to 40,986, increasing from 31,215 in Q1 2025.
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Increased Adjusted EBITDA Margin
Adjusted EBITDA margin improved to 32% in Q1 2026 from 25% in Q1 2025.
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Lower Direct Salaries Costs
Cost of direct salaries and benefits decreased by 5%, down to $48.3 million from $50.7 million.
What to watch
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Increased Tax Expense
Income tax expense surged 165% to $14.4 million in Q1 2026 from $5.4 million in Q1 2025 due to higher pre-tax earnings.
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Higher Operating Expenses
Total operating expenses increased by 16% to $191.0 million in Q1 2026 compared to Q1 2025.
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Market Risks and Competition
The company highlighted risks associated with competition and changes in consumer spending as potential headwinds.
Management's outlook
Management anticipates Q2 2026 revenue between $268 million and $271 million, reflecting a 22.8% year-over-year growth.
Earlier filings 4
10-Q · November 6, 2025
CLEAR reported a strong Q3 with revenue of $229.19M (up $30.77M or +15.5% YoY and ~$10.0M or +4.6% QoQ) and improving profitability — operating income was $52.6M (operating margin 23.0%) and diluted EPS was $0.29.…
10-K · February 26, 2025
CLEAR positions itself as a secure identity platform built on strong network effects (CLEAR Plus + CLEAR1) and a large physical footprint in airports; key metrics include 165 CLEAR Plus Lanes across 58 airports, ~235…
10-Q · May 8, 2024
Clear Secure reported revenue of $179,049,000 for the quarter ended March 31, 2024, up $46,693,000 from $132,356,000 a year ago, turning to GAAP net income of $32,088,000 (net income attributable to Clear Secure, Inc.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.