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Clear Secure, Inc.

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Clear Secure, Inc. • NYSE
$35.50 ▼ -0.06% (-0.02)
Market Cap $3.39 B
52w High $39.00
52w Low $21.67
Dividend Yield 0.77%
P/E 21.39
Volume 672.89K
Outstanding Shares 95.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $229.193M ▲ $97.174M ▼ $28.279M ▲ 12.339% ▲ $0.29 ▲ $64.891M ▲
Q2-2025 $219.467M ▲ $98.014M ▲ $24.722M ▼ 11.265% ▼ $0.26 $49.324M ▲
Q1-2025 $211.368M ▲ $93.655M ▼ $25.405M ▼ 12.019% ▼ $0.26 ▼ $43.936M ▲
Q4-2024 $206.27M ▲ $95.289M ▲ $103.286M ▲ 50.073% ▲ $1.11 ▲ $41.055M ▼
Q3-2024 $198.424M $89.92M $23.465M 11.826% $0.25 $42.057M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $530.642M ▼ $1.126B ▼ $959.746M ▼ $148.569M ▲
Q2-2025 $605.73M ▲ $1.18B ▲ $1.053B ▲ $121.339M ▲
Q1-2025 $529.881M ▼ $1.111B ▼ $985.346M ▲ $116.69M ▼
Q4-2024 $609.497M ▲ $1.195B ▲ $956.992M ▲ $198.353M ▲
Q3-2024 $544.697M $858.577M $677.539M $128.97M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.279M ▼ $-47.299M ▼ $56.378M ▲ $-22.642M ▲ $-13.548M ▼ $-53.47M ▼
Q2-2025 $37.875M ▼ $122.984M ▲ $-76.692M ▼ $-44.977M ▲ $1.396M ▼ $117.921M ▲
Q1-2025 $38.583M ▼ $98.347M ▼ $93.283M ▲ $-171.284M ▼ $20.335M ▼ $91.263M ▼
Q4-2024 $116.571M ▲ $136.612M ▲ $-34.197M ▼ $-68.365M ▲ $34.053M ▲ $133.862M ▲
Q3-2024 $38.024M $-35.868M $121.543M $-92.085M $-6.41M $-37.911M

Five-Year Company Overview

Income Statement

Income Statement Clear’s income statement shows a clear transition from “building mode” to “profitable operator.” Revenue has grown steadily each year, and the company has moved from meaningful losses a few years ago to solid profitability more recently. Both operating profit and net profit have turned positive and are improving, which suggests the business is scaling well: fixed costs are being spread over a larger member base. Margins have expanded as the company matures, but the business is still young, so results may remain somewhat volatile if growth investments or incentives ramp up again.

Balance Sheet

Balance Sheet The balance sheet looks reasonably healthy for a still-young tech platform. Total assets have grown as the business has expanded, while equity has dipped slightly from its earlier peak, likely reflecting past losses and capital returns rather than distress. Debt is present but modest relative to the size of the business, indicating limited financial leverage so far. Cash is lower than right after the listing, when the company was freshly funded, but operations now support the business. Overall, the company has flexibility, but not an unlimited cash cushion, so disciplined investment remains important.

Cash Flow

Cash Flow Cash flow is a key strong point. The company has moved from slightly burning cash to consistently generating cash from operations, and free cash flow has grown alongside profits. Capital spending needs appear relatively light compared with cash generated, which is typical for a software- and network-based model. This means most of the cash coming in is available for growth initiatives, potential shareholder returns, or balance sheet reinforcement. The main watchpoint is that cash generation depends heavily on continued membership adoption and renewals in a travel-linked ecosystem.

Competitive Edge

Competitive Edge Clear has carved out a strong niche in identity verification, particularly at airports. Its edge comes from a mix of trusted brand, government and airport relationships, and a large installed base of enrolled members and lanes. The more airports and partners it signs, the harder it becomes for a new entrant to replicate its footprint and integrations. High convenience for users makes them less likely to abandon the service. On the other hand, Clear operates alongside powerful public-sector programs like TSA PreCheck and within a tightly regulated environment, so policy changes, data-privacy concerns, or security incidents could quickly affect its standing. Dependence on air travel and large partners is both a strength and a concentration risk.

Innovation and R&D

Innovation and R&D Innovation is at the core of Clear’s strategy. The company continues to roll out new biometric hardware (like faster face-first kiosks and eGates) and is upgrading its identity standard to tie user identities more tightly to government documents. Beyond the airport lane, it is pushing into digital identity services for other industries through offerings like CLEAR1 and mobile-based identity tools. Partnerships in telecom, healthcare, and document signing suggest a deliberate move to become a broader identity infrastructure provider rather than just a travel perk. The opportunity is large, but success will depend on execution, user trust in biometric security, regulatory acceptance, and the company’s ability to standardize identity across many different partners and countries.

Summary

Clear Secure has evolved from an early-stage, loss-making travel service into a profitable, cash-generating identity platform with a meaningful physical and digital footprint. Its financial profile now combines steady top-line growth, improving margins, and solid free cash flow, which together give it room to invest and experiment. The company’s main strengths lie in its network of airports and partners, strong brand recognition in travel, and a clear innovation agenda that reaches beyond airports into broader digital identity use cases. At the same time, its fortunes are closely tied to air travel, relationships with government agencies, and ongoing public acceptance of biometric identity. The long-term story hinges on whether Clear can successfully extend its trusted-identity moat beyond the airport lane into everyday digital life while managing regulatory, privacy, and concentration risks.

NEWS

November 6, 2025 · 6:00 AM UTC

CLEAR Announces Third Quarter 2025 Financial Results

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October 23, 2025 · 6:00 AM UTC

CLEAR To Announce Third Quarter 2025 Financial Results On November 6, 2025

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October 20, 2025 · 4:30 PM UTC

CLEAR and Wellstar Health System Modernize the Patient Experience Using CLEAR1's Digital Check-In

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October 2, 2025 · 6:00 AM UTC

CLEAR+ Enrollment Now Available to More International Travelers for Seamless Airport Journeys

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September 24, 2025 · 8:00 AM UTC

CLEAR Launches New Lanes at John Wayne Airport

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