Jun 2026 (Q2 FY26) — Aug 5, 2026
Clear Secure, Inc. Q2 FY26 — Record Free Cash Flow and Margin Expansion
Read the full callClear Secure (YOU) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Clear Secure earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 278 | +26.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 29.9 | +10.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 50.1 | +102.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
37 of 38 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 total bookings | $280 million to $285 million | Mar 2026 | Revenue grew 26.6% year-over-year to $277.8 million, and total bookings increased 32.8% to $295.9 million. | Achieved |
| eGates network rollout completion (% of network / nationwide) | nationwide in 2026 | Sep 2025 | eGates now cover more than 70% of our network and remain magical for CLEAR members. | At Risk |
| Full-year adjusted EBITDA margin expansion (YoY) | accelerating top line growth and margin expansion | Dec 2025 | For the full year, we continue to expect meaningful year-over-year adjusted EBITDA margin expansion, reflecting the leverage in our business model coupled with our team's operating discipline. | On Track |
1 of Clear Secure, Inc.'s 66 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 63 more targets are in the full ledger.
Claimed
- Total bookings grew 33% year-over-year to $296 million.
- Free cash flow increased 60% year-over-year to a record $189 million.
- Adjusted EBITDA margin reached 36.4%, surpassing the 35% IPO target and expanding 900 basis points year-over-year.
- Revenue grew 26.6% year-over-year to $277.8 million.
- Total CLEAR members grew 30% year-over-year to 43.5 million, driven by CLEAR1 momentum.
Qualified
- Q3 free cash flow is expected to be negative due to the settlement of an accrued partnership liability with a credit card partner.
Price
$45.18 +2.85% · +$1.25
Performance +44.4% 1Y
1Y: $31.28 on 17 Oct 2025 → $45.18. High $62.36 (26 May 2026), low $30.47 (31 Oct 2025).
- Previous close
- $43.93
- 52-week range
- $30.47 – $62.36
- One year
- +42.43%
Overview
- Symbol
- YOU
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
37 of 38 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 total bookings | $280 million to $285 million | Mar 2026 | Revenue grew 26.6% year-over-year to $277.8 million, and total bookings increased 32.8% to $295.9 million. | Achieved |
| eGates network rollout completion (% of network / nationwide) | nationwide in 2026 | Sep 2025 | eGates now cover more than 70% of our network and remain magical for CLEAR members. | At Risk |
| Full-year adjusted EBITDA margin expansion (YoY) | accelerating top line growth and margin expansion | Dec 2025 | For the full year, we continue to expect meaningful year-over-year adjusted EBITDA margin expansion, reflecting the leverage in our business model coupled with our team's operating discipline. | On Track |
Claimed
- Total bookings grew 33% year-over-year to $296 million.
- Free cash flow increased 60% year-over-year to a record $189 million.
- Adjusted EBITDA margin reached 36.4%, surpassing the 35% IPO target and expanding 900 basis points year-over-year.
- Revenue grew 26.6% year-over-year to $277.8 million.
- Total CLEAR members grew 30% year-over-year to 43.5 million, driven by CLEAR1 momentum.
Qualified
- Q3 free cash flow is expected to be negative due to the settlement of an accrued partnership liability with a credit card partner.
The full ledger
Open Clear Secure, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 66 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Clear Secure, Inc. Q1 FY26 — Record Bookings and Free Cash Flow Driven by Strong Member Growth
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Clear Secure, Inc. Q4 FY25 — Record Bookings and Profitability Drive Strong Free Cash Flow
Read the full callEvery analysed call
Clear Secure earnings calls (YOU)
Financials
What the filings say
Net profit, year on year: +102% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 198 | 206 | 211 | 219 | 229 | 241 | 253 | 278 |
| Operating profit | 35 | 34 | 37 | 43 | 53 | 54 | 62 | 83 |
| Operating margin | 17.7% | 16.5% | 17.7% | 19.4% | 23.0% | 22.4% | 24.5% | 29.9% |
| Profit before tax | 43 | -49 | 44 | 44 | 61 | 57 | 71 | 91 |
| Tax rate | 11.1% | 336.9% | 12.3% | 14.5% | 25.8% | 18.2% | 20.3% | 20.9% |
| Net profit | 23 | 103 | 25 | 25 | 28 | 31 | 39 | 50 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Reserves | -495 | -36 | -102 | -74 | 84 | 120 |
| Total liabilities | 150 | 273 | 527 | 676 | 957 | 1,099 |
| Fixed assets | 35 | 45 | 58 | 63 | 57 | 59 |
| Total assets | 232 | 813 | 1,038 | 1,045 | 1,195 | 1,303 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 17 | -12 | 70 | 168 | 225 | 296 | 372 |
| Cash from investing | -26 | -22 | -403 | -360 | -16 | 114 | -97 |
| Cash from financing | 180 | -63 | 503 | -49 | -216 | -402 | -257 |
| Net cash flow | 171 | -97 | 170 | -240 | — | — | — |
| Capital expenditure | -15 | -17 | -28 | -31 | -26 | -12 | -29 |
| Free cash flow | 2 | -29 | 42 | 137 | 199 | 284 | 343 |
YOU operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Active CLEAR+ Members | 7.6MQ4 active CLEAR+ Members grew to 7.6 million, up 6% year-over-year and reflect a onetime cleanup of lapsed accounts as part of a billing system transformation project undertaken during 2025.Source: earnings call transcript | 8.2MTotal bookings increased 40.8% to $291.7 million and active CLEAR+ members grew to 8.2 million, up 13% year-over-year.Source: earnings call transcript | — | +7.9% |
| Total CLEAR Members | — | 41MWe ended this quarter with 41 million total CLEAR members, driving bookings of $292 million and free cash flow of $185 million.Source: earnings call transcript | 43.5MThe growing demand for our B2B offerings drove 30% year-over-year growth in total CLEAR members, reaching 43.5 million in the second quarter.Source: earnings call transcript | +6.1% |
| Ambassadors | 3,500And I think I'd just add that one of the benefits that we have from the member experience, improvements that we've had over the last year and implementing the eGates is that our ambassadors, right, 3,500 strong across our 60 airports can increasingly focus on hospitality and the customer experience in the airports.Source: earnings call transcript | 3,500+We stood with our partners supporting them and their families and over 3,500 CLEAR ambassadors worked hand in glove with the TSA to keep travelers moving pre and post security.Source: earnings call transcript | — | — |
| Airports Concierge | — | 32We are now offering Concierge service in 32 airports and remain in the early innings of scaling Concierge across our network, driving member awareness and adoption.Source: earnings call transcript | 39We expanded our network with Indianapolis and Bentonville representing the two newest CLEAR+ airports, and Concierge expanding to seven additional locations now available in 39 airports.Source: earnings call transcript | +21.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
210 filings between Nov 6, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$191.05M
78 sales by 8 insiders
96% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 40
- Award — granted as compensation
- 26
- Option exercise — converted options into shares
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 37 dispositions to the issuer, 8 conversions, 3 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Alclear Investments, LLC | — | $91.32M | Aug 5, 2026 |
| Seidman Becker Caryn | — | $91.32M | Aug 5, 2026 |
| Barkin Michael Z | — | $2.61M | Sep 3, 2026 |
| Wiener Adam | — | $2.55M | Feb 26, 2026 |
| Haaland Lynn | — | $1.86M | Mar 3, 2026 |
| McLaughlin Kyle | — | $649.7K | Sep 3, 2026 |
| Liu Dennis W. | — | $479.7K | Sep 3, 2026 |
| Schlegel Jonathan | — | $260.4K | May 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Hollister Kathryn A Director | Option exercise | 284 | $0 |
| Sep 3, 2026 | Liu Dennis W. Chief Accounting Officer | Sale 10b5-1 plan | 2,104 | $93.6K |
| Sep 3, 2026 | McLaughlin Kyle EVP, Aviation | Sale 10b5-1 plan | 4,499 | $200.1K |
| Sep 3, 2026 | Barkin Michael Z President | Sale 10b5-1 plan | 11,444 | $515.0K |
| Sep 1, 2026 | Liu Dennis W. Chief Accounting Officer | Tax withheld 10b5-1 plan | 3,955 | $169.9K |
| Sep 1, 2026 | McLaughlin Kyle EVP, Aviation | Tax withheld 10b5-1 plan | 4,693 | $201.7K |
| Sep 1, 2026 | McLaughlin Kyle EVP, Aviation | Option exercise 10b5-1 plan | 9,192 | $0 |
| Sep 1, 2026 | Liu Dennis W. Chief Accounting Officer | Option exercise 10b5-1 plan | 10,969 | $0 |
| Aug 6, 2026 | Seidman Becker Caryn Chief Executive Officer | Award 10b5-1 plan | 323,904 | — |
| Aug 6, 2026 | Seidman Becker Caryn Chief Executive Officer | Disposition to issuer 10b5-1 plan | 323,904 | — |
| Aug 6, 2026 | Alclear Investments, LLC Director | Award 10b5-1 plan | 323,904 | — |
| Aug 6, 2026 | Alclear Investments, LLC Director | Disposition to issuer 10b5-1 plan | 323,904 | — |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 217,272 | $13.15M |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 12,110 | $806.6K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 1,200 | $74.5K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 71,487 | $4.37M |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 3,096 | $202.3K |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 1,200 | $74.5K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 217,272 | $13.15M |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 9,803 | $632.1K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 500 | $34.2K |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 71,487 | $4.37M |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 6,006 | $406.4K |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 500 | $34.2K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 12,110 | $806.6K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 3,096 | $202.3K |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 6,006 | $406.4K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 9,803 | $632.1K |
| Aug 5, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 2,430 | $154.0K |
| Aug 5, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 2,430 | $154.0K |
| Aug 1, 2026 | Scher Peter Director | Award | 5,636 | $0 |
| Jul 17, 2026 | Alclear Investments, LLC Director | Award 10b5-1 plan | 28,603 | — |
| Jul 17, 2026 | Alclear Investments, LLC Director | Disposition to issuer 10b5-1 plan | 28,603 | — |
| Jul 17, 2026 | Seidman Becker Caryn Chief Executive Officer | Award 10b5-1 plan | 28,603 | — |
| Jul 17, 2026 | Seidman Becker Caryn Chief Executive Officer | Disposition to issuer 10b5-1 plan | 28,603 | — |
| Jul 16, 2026 | Alclear Investments, LLC Director | Disposition to issuer 10b5-1 plan | 120,640 | — |
| Jul 16, 2026 | Alclear Investments, LLC Director | Award 10b5-1 plan | 120,640 | — |
| Jul 16, 2026 | Seidman Becker Caryn Chief Executive Officer | Award 10b5-1 plan | 120,640 | — |
| Jul 16, 2026 | Seidman Becker Caryn Chief Executive Officer | Disposition to issuer 10b5-1 plan | 120,640 | — |
| Jul 15, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 1,300 | $70.2K |
| Jul 15, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 27,303 | $1.46M |
| Jul 15, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 1,300 | $70.2K |
| Jul 15, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 27,303 | $1.46M |
| Jul 14, 2026 | Alclear Investments, LLC Director | Sale 10b5-1 plan | 120,640 | $6.44M |
| Jul 14, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 120,640 | $6.44M |
| Jul 14, 2026 | Alclear Investments, LLC Director | Award 10b5-1 plan | 100,757 | — |
| Jul 14, 2026 | Alclear Investments, LLC Director | Disposition to issuer 10b5-1 plan | 100,757 | — |
| Jul 14, 2026 | Seidman Becker Caryn Chief Executive Officer | Award 10b5-1 plan | 100,757 | — |
| Jul 14, 2026 | Seidman Becker Caryn Chief Executive Officer | Disposition to issuer 10b5-1 plan | 100,757 | — |
| Jul 13, 2026 | Seidman Becker Caryn Chief Executive Officer | Sale 10b5-1 plan | 89,592 | $4.78M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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