YOU earnings analysis
What we found in YOU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up 20% YoY
- Q1 revenue reached $253 million, a $41.6 million increase compared to $211.4 million in Q1 2025.
- EPS Increase
- Diluted EPS improved to $0.39 in Q1 2026 from $0.26 in Q1 2025.
- Strong Free Cash Flow
- Free cash flow for Q1 totaled $185.5 million, a significant increase from $91.3 million in Q1 2025.
- Operational Growth in Members
- Total CLEAR Members grew by 31% YOY to 40,986, increasing from 31,215 in Q1 2025.
- Increased Adjusted EBITDA Margin
- Adjusted EBITDA margin improved to 32% in Q1 2026 from 25% in Q1 2025.
- Lower Direct Salaries Costs
- Cost of direct salaries and benefits decreased by 5%, down to $48.3 million from $50.7 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Higher Operating Expenses
- Total operating expenses increased by 16% to $191.0 million in Q1 2026 compared to Q1 2025.
- Market Risks and Competition
- The company highlighted risks associated with competition and changes in consumer spending as potential headwinds.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.39
What they said about what is next.
Management anticipates Q2 2026 revenue between $268 million and $271 million, reflecting a 22.8% year-over-year growth.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing YOU makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever