Clear Secure (YOU) Q4 2025 earnings summary

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%.