Clear Secure, Inc. (YOU): Results of Operations and Financial Condition
Clear Secure, Inc. (YOU) filed an SEC Form 8-K — Results of Operations and Financial Condition. CLEAR Announces Second Quarter 2026 Financial Results NEW YORK, August 5, 2026 – Clear Secure, Inc. (NYSE: YOU), the secure identity company, has released financial results for the second quarter 2026 on its Investor Relations website at https://ir.clearme.com. Second Quarter Fin
How this was made
The 30-second read
Why it matters
YOU’s disclosed Q2 performance (revenue, bookings, margins, and free cash flow) and the raised FY 2026 free cash flow guidance are the primary catalysts. The declared quarterly dividend adds a shareholder-return signal that can support sentiment.
Market read
A company-specific earnings and guidance update with a raised FY FCF floor and a dividend declaration, likely driving near-term trading around the conference call.
What to watch
Traders may underweight the balance sheet and deferred revenue dynamics, and the guidance midpoint assumptions for Q3 revenue and bookings.
CLEAR Announces Second Quarter 2026 Financial Results
Revenue rose 26.6%, Total Bookings increased 32.8%, operating income reached $83.0 million, and Adjusted EBITDA margin expanded 900 basis points year-over-year to 36.4%. The company also raised its Full Year 2026 Free Cash Flow guidance to at least $480 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $277.8 million | – | up 26.6% |
| Total Bookingsother | $295.9 million | – | increased 32.8% |
| Operating incomeGAAP | $83.0 million | – | – |
| Operating income marginGAAP | 29.9% | – | – |
| Net incomeGAAP | $72.3 million | – | – |
| Net income marginGAAP | 26.0% | – | – |
| Net income attributable to Clear Secure, Inc.GAAP | $50,050 (dollars in thousands) | – | – |
| Adjusted EBITDAnon-GAAP | $101.1 million | – | – |
| Adjusted EBITDA marginnon-GAAP | 36.4% | – | 900 basis points of year-over-year margin expansion |
| Earnings per Common Share BasicGAAP | $0.50 | – | – |
| Earnings per Common Share DilutedGAAP | $0.49 | – | – |
| Cost of revenue share feeGAAP | $39,289 (dollars in thousands) | – | – |
| Cost of direct salaries and benefitsGAAP | $47,997 (dollars in thousands) | – | – |
| Research and developmentGAAP | $17,772 (dollars in thousands) | – | – |
| Sales and marketingGAAP | $17,152 (dollars in thousands) | – | – |
| General and administrativeGAAP | $65,934 (dollars in thousands) | – | – |
| Depreciation and amortizationGAAP | $6,661 (dollars in thousands) | – | – |
| Interest income, netGAAP | $7,932 (dollars in thousands) | – | – |
| Income before taxGAAP | $91,355 (dollars in thousands) | – | – |
| Income tax expenseGAAP | $(19,045) (dollars in thousands) | – | – |
| Net cash provided by operating activitiesGAAP | $201.2 million | – | – |
| Free Cash Flownon-GAAP | $189.0 million | – | – |
| Total CLEAR Membersother | 43.5 million | – | up 30.0% year-over-year |
| Active CLEAR+ Membersother | 8.3 million | – | up 15.2% year-over-year |
| Six Months Ended June 30, 2026 RevenueGAAP | $530,760 (dollars in thousands) | – | – |
| Six Months Ended June 30, 2026 Operating incomeGAAP | $144,953 (dollars in thousands) | – | – |
| Six Months Ended June 30, 2026 Net incomeGAAP | $128,694 (dollars in thousands) | – | – |
| Six Months Ended June 30, 2026 Net income attributable to Clear Secure, Inc.GAAP | $88,845 (dollars in thousands) | – | – |
| Six Months Ended June 30, 2026 Net income per common share diluted, Class AGAAP | $0.87 | – | – |
| Six Months Ended June 30, 2026 Net cash provided by operating activitiesGAAP | $391,524 (dollars in thousands) | – | – |
Third quarter 2026 and Full Year 2026 outlook
- RevenueThird quarter 2026 Revenue of $284-287 million
- NoteThird quarter 2026 Revenue, representing 24.6% year-over-year growth at the midpoint
- NoteThird quarter 2026 Total Bookings of $311-316 million
- NoteThird quarter 2026 Total Bookings, representing 20.5% year-over-year growth at the midpoint
- NoteFull Year 2026 Free Cash Flow guidance of at least $480 million
- NoteFull Year 2026 Free Cash Flow guidance, representing at least 39.9% year-over-year growth
Capital returns
- Approximately $22.2 million returned to shareholders in the second quarter of 2026, related to the regular quarterly dividend of $0.15 per share and distributions.
- Board of Directors declared a quarterly cash dividend of $0.15 per share, payable on September 24, 2026 to shareholders of record of Class A Common Stock as of the close of business on September 10, 2026.
What drove it
- Revenue of $277.8 million was up 26.6%, while Total Bookings of $295.9 million increased 32.8%.
- Total CLEAR Members grew to 43.5 million and Active CLEAR+ Members grew to 8.3 million as of June 30, 2026.
- CLEAR+ operated at 62 airports, including second-quarter launches at Northwest Arkansas (Bentonville) and Indianapolis, and TSA PreCheck® Enrollment Provided by CLEAR was available at 280 retail locations as of June 30, 2026.
- eGates had launched across 50 airports as of today and remained on track for network wide rollout in 2026.
- CLEAR Concierge was offered at 39 airports.
- The company cited continued strong momentum in CLEAR1 across core verticals.
Concerns
- Active CLEAR+ Members increased 15.2% year-over-year, below the 30.0% year-over-year increase in Total CLEAR Members.
- General and administrative expense was $65,934 (dollars in thousands), compared with $58,532 (dollars in thousands) in the prior-year quarter.
- Active CLEAR+ Members for prior periods were recast to remove certain lapsed accounts identified during a billing system transformation project undertaken during 2025.
What to watch
- Delivery against third quarter 2026 Revenue guidance of $284-287 million.
- Delivery against third quarter 2026 Total Bookings guidance of $311-316 million.
- Execution of the eGates network wide rollout in 2026.
- Progress toward Full Year 2026 Free Cash Flow of at least $480 million.
- Continued growth in Active CLEAR+ Members and CLEAR1 momentum across core verticals.
Balance sheet and cash flow
- Cash and cash equivalents were $128,228 (dollars in thousands) as of June 30, 2026, compared with $85,734 (dollars in thousands) as of December 31, 2025.
- Marketable securities were $831,040 (dollars in thousands) as of June 30, 2026, compared with $614,439 (dollars in thousands) as of December 31, 2025.
- Total assets were $1,578,332 (dollars in thousands) as of June 30, 2026, compared with $1,303,392 (dollars in thousands) as of December 31, 2025.
- Total liabilities were $1,335,169 (dollars in thousands) as of June 30, 2026, compared with $1,099,007 (dollars in thousands) as of December 31, 2025.
- Deferred revenue was $572,989 (dollars in thousands) as of June 30, 2026, compared with $516,201 (dollars in thousands) as of December 31, 2025.
- Six-month net cash provided by operating activities was $391,524 (dollars in thousands), compared with $221,331 (dollars in thousands) in the prior-year period.
Analysis
Clear reported second-quarter revenue of $277.8 million, up 26.6%, with Total Bookings of $295.9 million, up 32.8%. The growth in bookings exceeded the reported revenue growth rate. Total CLEAR Members reached 43.5 million, up 30.0% year-over-year, while Active CLEAR+ Members reached 8.3 million, up 15.2% year-over-year.
Profitability strengthened materially in the reported quarter. Operating income was $83.0 million, for a 29.9% operating income margin, and net income was $72.3 million, for a 26.0% net income margin. Adjusted EBITDA was $101.1 million, producing a 36.4% Adjusted EBITDA margin, with 900 basis points of year-over-year margin expansion and above the company’s long-term Adjusted EBITDA margin target of 35%.
Cash generation was substantial, with net cash provided by operating activities of $201.2 million and Free Cash Flow of $189.0 million in the quarter. At June 30, 2026, Clear held $128,228 (dollars in thousands) of cash and cash equivalents and $831,040 (dollars in thousands) of marketable securities. The company returned approximately $22.2 million to shareholders during the quarter through its regular quarterly dividend and distributions, and declared another $0.15 per-share quarterly cash dividend.
The network continued to expand, including second-quarter airport launches at Northwest Arkansas (Bentonville) and Indianapolis. CLEAR+ was available at 62 airports, eGates were launched across 50 airports as of today, and CLEAR Concierge was offered at 39 airports. Management also cited continued strong momentum in CLEAR1 across core verticals.
The forward outlook calls for third-quarter revenue of $284-287 million and Total Bookings of $311-316 million. Clear raised Full Year 2026 Free Cash Flow guidance from at least $465 million to at least $480 million. The key operating point for investors is whether the company sustains booking growth, converts its growing member base into Active CLEAR+ Members, and executes the planned network wide eGates rollout in 2026.
Management, verbatim
Identity has become critical infrastructure and CLEAR has firmly established itself as the trusted, secure identity company. Our second quarter results demonstrate the strength we are seeing across CLEAR Travel and CLEAR1, and we have never been better positioned for what's ahead,”
Caryn Seidman Becker, CLEAR’s CEO
Not in the filing
stated, not guessed- Prior-quarter revenue, operating income, net income, earnings per share, expense-line comparisons, operating cash flow and Free Cash Flow were not printed for the second-quarter metrics.
- Gross profit and gross margin were not reported.
- Segment revenue and segment profitability were not reported.
- Debt was not reported.
- A non-GAAP reconciliation for Adjusted EBITDA and Free Cash Flow was not included in the provided filing text.
- The provided filing text is truncated during the consolidated statements of cash flows, so the remaining investing, financing, and cash-balance cash-flow statement line items are unavailable.
- Previous-quarter outlook was not provided, so no comparison of actual results with prior guidance is included.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with an attached press release covering Clear Secure’s Q2 2026 financial results, KPIs, capital allocation, and updated guidance.
Ticker impact
Clear Secure reported Q2 2026 results and raised FY 2026 free cash flow guidance to at least $480 million.
Likely positive near-term bias as traders focus on the raised FY FCF floor and strong bookings and margin expansion.
The filing discloses multiple decision-relevant datapoints: Q2 revenue and bookings growth, operating and net income margins, Free Cash Flow of $189.0 million, raised FY 2026 FCF guidance, and a declared quarterly dividend.
Market effects
Supports the broader secure identity and airport services theme by signaling continued member growth and improving profitability metrics.
Limited, primarily US-focused airport and TSA PreCheck enrollment rollout.
Low, as the disclosed KPIs and guidance are company-specific and not tied to global macro shocks.
Counterpoint
Strong bookings and margin expansion may not fully translate into durable cash flows if partner economics or airport rollout pace slows.
Key entities
- companyClear Secure, Inc.
Secure identity company reporting Q2 2026 results and updated FY 2026 free cash flow guidance.
- governanceBoard of Directors
Declared a quarterly cash dividend of $0.15 per share payable September 24, 2026.
