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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Clear Secure
Clear Secure (YOU) investor relations material
Clear Secure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved a defining year as a trusted secure identity provider with nearly 40 million members, operating across physical and digital identity in regulated environments.
Achieved record full-year profitability and free cash flow, with accelerating top-line growth in Q4 2025.
Focused on transforming travel with frictionless Home to Gate experience and scaling CLEAR1 for enterprise and healthcare security.
Renewed key partnerships and expanded airport and retail presence, including eGates rollout and CLEAR Concierge service.
Investments in innovation, member experience, and technology led to record bookings, profitability, and free cash flow.
Financial highlights
Q4 2025 revenue grew 16.7% year-over-year to $240.8 million; full-year revenue was $900.8 million, up 16.9%.
Q4 bookings increased 25.4% to $287.1 million; full-year bookings reached $977.2 million, up 17.2%.
Q4 adjusted EBITDA margin was 33.2%, expanding 870 basis points year-over-year; full-year adjusted EBITDA was $262.2 million, a 29.1% margin.
Free cash flow for 2025 was $343.1 million, surpassing guidance; net cash from operating activities $372.5 million.
Ended 2025 with $703 million in cash and marketable securities and no debt.
Outlook and guidance
Expects 2026 free cash flow of at least $440 million, a 28% year-over-year increase.
Q1 2026 revenue guidance: $242–$245 million; bookings: $248–$253 million, representing 15.2% and 20.9% growth at the midpoint.
Anticipates continued margin expansion and top-line acceleration, with GAAP tax rate between 18% and 20%.
Quantify Active CLEAR+ member recast impact
Capital allocation strategy post-dividend hike
Key drivers for Q4 bookings reacceleration
Home to Gate: How does it drive retention?
CLEAR1: Why is it uniquely suited for CMS?
New KPIs: What is the rationale for changes?
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Next Clear Secure earnings date
Q1 20267 May, 2026
Clear Secure
Next Clear Secure earnings date
Q1 20267 May, 2026
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Frequently asked questions
Clear Secure Inc operates an identity verification platform that expedites security screening processes at airports and other venues. The company's biometric security services use fingerprint and iris recognition technologies to authenticate identities quickly and securely. Clear serves air travel, sports, and entertainment sectors, providing members with faster access through dedicated lanes. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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