Clear Secure (YOU) FY2025 results: revenue $901 million, up 16.9% on the year
Clear Secure, Inc. (YOU) reported revenue of $901 million for fiscal 2025, the year ended 31 December 2025, up 16.9% on the year before. Net income was $109 million, down 35.7%, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$901 million
+16.9% on the year
FY2019FY2025
Operating margin
20.7%
16.0% a year earlier
FY2019FY2025
Net income
$109 million
-35.7% on the year
FY2019FY2025
Diluted EPS
$1.12
-28.2% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 raised, 4 new.
Revenue and bookings both grew: Fourth quarter revenue was $240.8 million, up 16.7%. Total Bookings were $287.1 million, up 25.4%, as reported in the release.
Bookings growth reaccelerated this quarter: Management described bookings growth as reaccelerating from prior quarters. The prior release showed Q3 2025 Total Bookings up 14.3%.
Total CLEAR Members reached 38.0 million: Total CLEAR Members were 37,998 thousand at year-end, up 31.5% year over year, per the Key Performance Indicators table.
Active CLEAR+ Members grew 6.0%: Active CLEAR+ Members were 7.6 million in the fourth quarter on the recast basis described in the release, up 6.0% year over year.
Q4 Adjusted EBITDA margin rose to 33.2%: Adjusted EBITDA was $79.9 million, a 33.2% margin, 870 basis points higher than a year earlier, per the release.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
372
296
225
+26.0%
Capital expenditure
29.3
12.0
25.6
+144.3%
Free cash flow
343
284
199
+21.0%
Free cash flow margin
38.1%
36.8%
32.5%
Cash from investing
-97.1
114
-15.5
Cash from financing
-257
-402
-216
Depreciation and amortisation
34.6
26.5
21.6
+30.8%
Share-based compensation
38.9
35.3
37.3
+10.2%
Dividends paid
47.8
39.4
14.5
+21.4%
Diluted shares, weighted
97m
n/a
91m
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
178
198
233
-10.4%
Non-controlling interest
26.7
39.6
136
-32.7%
Debt
0.0
0.0
0.0
Operating lease liabilities
107
115
122
-7.2%
Other liabilities
992
842
554
+17.9%
Total liabilities and equity
1,303
1,195
1,045
+9.1%
Fixed assets
59.3
56.9
62.6
+4.3%
Goodwill
62.7
62.8
62.8
-0.1%
Intangible assets
2.8
15.3
20.8
-82.0%
Investments
614
543
665
+13.2%
Cash and equivalents
85.7
66.9
57.9
+28.2%
Receivables
1.9
0.5
0.5
+276.7%
Other assets
477
450
175
+5.9%
Total assets
1,303
1,195
1,045
+9.1%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.