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YOUClear Secure, Inc.NYSE

Clear Secure Reports Strong Q4 and Full-Year 2025 Results with Increased Dividends and Share Buyback

8-KEarningsbullishImpact78

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Clear Secure reported strong Q4 and full-year 2025 financial results, with significant growth in revenue and Adjusted EBITDA, alongside increased dividends and an expanded share repurchase program

Earnings Snapshot

FY 2025 Revenue
$900.8 million
FY 2025 Net Income
$168.1 million
FY 2025 Adjusted EBITDA
$262.2 million29.1% margin
FY 2025 Free Cash Flow
$343.1 million

Clear Secure, Inc. announced robust financial results for the fourth quarter and full year 2025, with full-year revenue increasing 16.9% to $900.8 million and Adjusted EBITDA expanding 480 basis points to $262.2 million. The company also provided optimistic guidance for Q1 and full-year 2026, projecting continued revenue growth and at least $440 million in free cash flow. Additionally, the Board of Directors increased the quarterly cash dividend by 20% to $0.15 per share, declared a special cash dividend of $0.20 per share, and authorized a $125 million increase to its share repurchase program, signaling strong capital returns to shareholders

Score78

Score Rationale

bullish

The company's accelerating top-line growth, record profitability, and enhanced capital allocation strategy indicate a positive investment trajectory.

Performance & Outlook

Revenue

Up 17% YoY
FY 2024
$770.5M
FY 2025
$900.8M
Q1 2026 Revenue$242-245 million15.2% YoY growth at midpoint

Operating Income

Up 51% YoY
FY 2024
$123.2M
FY 2025
$186.5M

Net Income

Down 25% YoY
FY 2024
$225.3M
FY 2025
$168.1M

Key Business Updates

  1. Free Cash FlowAt least $440 million

    At least 28.2% YoY growth

  2. Total CLEAR Members38.0 million

    Total CLEAR Members grew 31.5% year-over-year, reaching 38.0 million.

  3. Active CLEAR+ Members7.6 million

    Active CLEAR+ Members increased 6.0% year-over-year to 7.6 million, after a recast of prior period data.

Other Material Event

Capital AllocationDividend Increase & Share Repurchase Program Expansion

The company increased its quarterly cash dividend by 20% to $0.15 per share, declared a special dividend of $0.20 per share, and authorized a $125 million increase to its share repurchase program.

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YOU Market Context

SectorTechnology
IndustrySoftware & Cloud
Market Cap$5.56B
Shares Outstanding100.61M
Public Float87.9M
Public Float %87.4%
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Original Filing Text

SEC filing text preserved from the raw item store.

0001856314FALSE00018563142026-02-252026-02-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2026
CLEAR SECURE, INC.
(Exact name of Registrant as specified in its charter)
Delaware001-4056886-2643981
(State of
Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
85 10th Avenue, 9th Floor, New York, NY 10011
(Address of Principal Executive Offices) (Zip Code)
(646) 723-1404
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, par value $0.00001 per shareYOUNew York Stock Exchange
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02 Results of Operations and Financial Condition
On February 25, 2026, Clear Secure, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

As previously disclosed, the Company will host a conference call to discuss its financial results for the year ended December 31, 2025 at 8:00 a.m. ET on February 25, 2026. Investors and analysts can access the live teleconference call by dialing toll-free 877-407-3089 for U.S. participants and +1 215-268-9854 for international participants. Listeners can access the live webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=fvER9cTZ. A webcast replay and transcript of the webcast will be available after the event on the investor relations website at https://ir.clearme.com.

The Company is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of GAAP to non-GAAP results is provided in the press release, as attached to this Current Report on Form 8-K.

The Company uses its Investor Relations website (https://ir.clearme.com) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.         

CLEAR SECURE, INC.
Date:
February 25, 2026
By:
/s/ Jennifer Hsu
Jennifer Hsu
Chief Financial Officer