Clear Secure (YOU) investor relations material

Executive summary

• Revenue for Q2 2026 rose 27% year-over-year to $277.8 million, driven by a 15% increase in Active CLEAR+ Members and higher membership pricing.

• Net income for Q2 2026 was $72.3 million, a 26.0% margin, up 91% from $37.9 million in Q2 2025, reflecting strong operating leverage and improved margins.

• Adjusted EBITDA for Q2 2026 reached $101.1 million, a 36.4% margin, up 900 basis points year-over-year, surpassing the long-term target.

• CLEAR membership expanded to 43.5 million, up 30% year-over-year, and active CLEAR+ members rose 15.2% to 8.3 million.

• CLEAR Travel and CLEAR1 platforms are expanding rapidly, with strong member retention, record NPS scores, and growing B2B demand.

Financial highlights

• Q2 2026 revenue: $277.8M (+27% YoY); total bookings increased 32.8% to $295.9M.

• Adjusted EBITDA Q2 2026: $101.1M (36.4% margin); operating income was $83M (29.9% margin).

• Net income attributable to the company was $50.1 million for Q2 2026, up from $24.7 million in Q2 2025.

• Free cash flow for Q2 2026 was $189 million, up 60% year-over-year; first half of 2026 free cash flow was $374.5 million.

• Cash and equivalents at June 30, 2026, totaled $128.2 million; marketable securities: $831.0 million.

Outlook and guidance

• Q3 2026 revenue guidance: $284–287 million, representing 24.6% year-over-year growth at midpoint; bookings guidance: $311–316 million, up 20.5% year-over-year.

• Full-year 2026 free cash flow guidance raised to at least $480 million, up at least 39.9% year-over-year.

• Management expects continued growth in CLEAR+ Members and expansion of the CLEAR platform through new partnerships and product launches.

• Sufficient liquidity is anticipated to fund operations, dividends, and share repurchases for at least the next 12 months.

• Continued margin expansion expected for the full year.