CLEAR Secure, Inc.

clearme.com

What Do They Do?

Sells airport security-lane access through a travel subscription for travelers and identity-verification software for businesses and organizations.

How Do They Make Money?

CLEAR+ subscribers are billed upfront in annual installments; the subscription service is delivered throughout the term, typically one year.

FY2025 revenue

Who Are Their Customers?

Travelers join CLEAR+ through airports and online, with airline and credit-card partners also promoting memberships. Healthcare, workforce and government organizations integrate CLEAR1 into services for their customers and staff.

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 38 cents into free cash flow.

Operating income, FY2025

21% of revenue

▲ +51% vs FY2024 ($123.2M, 16%)

Net income, FY2025

12% of revenue

▼ −36% vs FY2024 ($169.7M, 22%)

Free cash flow, FY2025

38% of revenue

▲ +21% vs FY2024 ($283.7M, 37%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +27%; vs $219.5M in Q2 FY2025
Net income: ▲ +102%; vs $24.7M in Q2 FY2025

Aug 5, 2026 Raised full-year free cash flow guidance and issued third-quarter revenue outlook Full-year 2026 free cash flow guidance rose from at least $465 million to at least $480 million; third-quarter revenue guidance is $284–287 million.

Growing. Revenue grew 3.5x in 4 years, from $254M in FY2021 to $900.8M in FY2025, about 37% a year.

TSA PreCheck enrollment TSA PreCheck enrollment moved from a planned program to an operating service: the older report expected enrollment to begin, while the latest report says CLEAR launched enrollment and offers online renewals.

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