Clear Secure Inc. reported fourth‑quarter 2025 revenue of $240.8 million, up 16.7% year‑over‑year, and earnings per share of $0.31, a $0.02 beat over the consensus estimate of $0.29. The earnings beat was driven by a 25.4% jump in total bookings to $287.1 million, reflecting robust demand across both its consumer CLEAR+ travel subscription and enterprise CLEAR1 identity platforms.
Adjusted EBITDA margin expanded to 33.2% in Q4, an increase of 870 basis points from the prior year, and the full‑year 2025 margin rose to 29.1%, up 480 basis points. The margin lift was largely attributable to higher mix of high‑margin enterprise contracts, operational leverage from scaling the CLEAR1 business, and disciplined cost management. Revenue growth was supported by a 121% surge in U.S. commercial CLEAR+ revenue and a 52% rise in U.S. government CLEAR1 revenue, underscoring broad‑based strength across both segments.
Management guided for Q1 2026 revenue of $242–$245 million and bookings of $248–$253 million, while projecting full‑year 2026 free cash flow of at least $440 million. The guidance signals confidence in continued demand acceleration and the ability to sustain margin expansion, even as the company invests in new technologies such as eGates and CLEAR Concierge. The guidance also reflects the company’s expectation to maintain its free‑cash‑flow generation and shareholder return trajectory.
"2025 was a defining year for CLEAR. Becoming the trusted secure identity company is no longer a goal, it is our reality," said CEO Caryn Seidman‑Becker. President Michael Barkin added, "Our strengthening member experience is a rising tide that improves member acquisition, conversion, retention and our brand for CLEAR1 and our travel partners." CFO Jennifer Hsu noted, "In Q4, bookings accelerated to north of 25% year‑over‑year growth, the highest level since Q4 2023. And adjusted EBITDA margins reached well over 30%. In 2025, we generated over $340 million of free cash flow and returned over $240 million of capital to shareholders, all while investing to position us favorably as a leader in secure identity."
Investors reacted positively to the earnings release, citing the earnings beat, margin expansion, and strong 2026 guidance as key drivers of confidence in Clear Secure’s continued growth trajectory.
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