Clear Secure (YOU) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $219.5M, up 18% YoY, with bookings of $222.9M, and net income of $37.9M (17.3% margin).

• Adjusted EBITDA was $60.1M (27.4% margin), up 27% YoY, and operating income was $42.6M (19.4% margin).

• Active CLEAR+ members grew to 7.6M, up 7.5% YoY; total enrollments reached 33.5M, up 38.2% YoY.

• Expanded international access for CLEAR+ to travelers from UK, Canada, Australia, and New Zealand, and launched new products including CLEAR Concierge and digital Real ID.

• Continued investment in marketing, technology, and partnerships to drive engagement and growth.

Financial highlights

• Q2 2025 revenue: $219.5M (+18% YoY); bookings: $222.9M (+13.1% YoY); net income: $37.9M; adjusted EBITDA: $60.1M (27.4% margin).

• Free cash flow for Q2 was $117.9M, with net cash from operations at $123M; six months FCF was $209.2M (+11% YoY).

• Ended Q2 with $609M in cash and marketable securities; cash and equivalents at $89.3M, marketable securities at $516.4M.

• Gross dollar retention for CLEAR+ was 87.3%, with annual member usage at 7.0x.

• Earnings per share (basic and diluted) were $0.26.

Outlook and guidance

• Q3 2025 revenue guidance is $223M–$226M, bookings at $253M–$258M, with 13.1% and 12.3% YoY growth at midpoint.

• Full-year 2025 free cash flow expected to be at least $310M, with expanding adjusted EBITDA margins.

• Management expects continued growth in enrollments and platform usage, supported by new partnerships and product innovation.

• Sufficient liquidity and cash flow expected to fund operations, dividends, and share repurchases for at least the next 12 months.

• Q3 expected to be the smallest net adds contributor due to annual billing and seasonality.