YOU · Clear Secure, Inc.

Clear Secure, Inc. delivered strong Q1 2026 results, driven by robust demand for its secure identity platform amid rising travel volumes and identity fraud concerns. Revenue grew 19.7% year-over-year to $253.0 million, fueled by Total Bookings expansion of 40.8% to $291.7 million, reflecting upfront collections from new and renewing CLEAR+ subscribers. Operating income rose to $62.0 million with a 24.5% margin, while Adjusted EBITDA reached $80.6 million at a 31.9% margin, expanding 720 basis points year-over-year due to scale efficiencies and controlled operating expenses. Net income attributable to Clear Secure was $38.8 million, with diluted EPS of $0.38. Membership metrics highlighted platform strength: Total CLEAR Members hit 41.0 million, up 31.3%, and Active CLEAR+ Members grew 13.0% to 8.2 million. Operational wins included eGates at 43 airports, CLEAR Concierge at 32 airports, and CLEAR1 bookings up fivefold year-over-year. Cash generation was exceptional, with operating cash flow of $190.4 million and Free Cash Flow of $185.5 million, supporting $56.4 million in shareholder returns via regular ($0.15/share) and special ($0.20/share) dividends, distributions, and $1.2 million in repurchases. Guidance signals continued momentum: Q2 revenue of $268-271 million (22.8% YoY growth at midpoint) and Total Bookings of $280-285 million (26.7% growth), with full-year Free Cash Flow raised to at least $465 million (35.5% growth). CEO Caryn Seidman Becker emphasized the platform's role in trusted identity amid structural instability and AI fraud, positioning CLEAR for network-wide eGates rollout in 2026.