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Clear Secure (YOU) investor relations material
Clear Secure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $229.2 million, up 16% year-over-year, with bookings of $260.1 million, both exceeding guidance.
Net income for Q3 2025 was $45.1 million (19.7% margin), and operating income was $52.6 million (23% margin).
Adjusted EBITDA reached $70.1 million (30.6% margin), up 6.1 percentage points year-over-year.
Active CLEAR+ Members reached 7.7 million, up 7.5% year-over-year, and total members hit 35.8 million, up 35%.
Product innovation, including eGates and Concierge, is driving improved member experience and operational efficiency, with international expansion and new enterprise contracts.
Financial highlights
Q3 2025 revenue: $229.2 million (+16% YoY); bookings: $260.1 million (+14.3% YoY); net income: $45.1 million (19.7% margin); operating income: $52.6 million (23% margin).
Adjusted EBITDA: $70.1 million (30.6% margin); EPS (basic and diluted): $0.29.
Gross dollar retention was 86.9%, down 2.1% year-over-year and 40 basis points sequentially.
Ended Q3 with $75.8 million in cash and $454.9 million in marketable securities.
Free cash flow for Q3 was $(53.5) million, reflecting a $229 million annual payment to a credit card partner; nine-month free cash flow was $155.7 million.
Outlook and guidance
Q4 2025 revenue expected at $234–$237 million and bookings at $265–$270 million, representing 14.2% and 16.8% growth at the midpoint.
Full-year 2025 free cash flow guidance raised to at least $320 million, reflecting incremental CapEx for eGates and tax benefits.
Continued margin expansion and growth in enrollments, member retention, and partnerships expected for full-year 2025.
What drives increased FY FCF guidance despite Q3?
Address declining CLEAR+ retention and usage trends.
What is the strategic impact of eGates expansion?
eGates' impact on ambassador roles and margins
CLEAR1's meaningful contribution to bookings growth
International growth strategy and market opportunities
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Next Clear Secure earnings date
Q4 202525 Feb, 2026
Next Clear Secure earnings date
Q4 202525 Feb, 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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