How is Clear Secure (YOU) turning 43.5 million members into cash?

Sonal Goyal

28 October 2026 05:40 PM AEDT

How is Clear Secure (YOU) turning 43.5 million members into cash?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Second-quarter 2026 Revenue was $277.8 million, up 26.6 per cent, with Total Bookings up 32.8 per cent to $295.9 million.
Total CLEAR Members reached 43.5 million, up 30.0 per cent, while Active CLEAR+ Members reached 8.3 million, up 15.2 per cent.
Free Cash Flow was $189.0 million in the quarter, and full-year 2026 free cash flow guidance was raised to at least $480 million.

Second-quarter results in brief

Clear Secure, Inc. (NYSE:YOU), which operates the CLEAR identity and airport-screening service, last reported on 5 August 2026. Revenue for the second quarter of 2026, which ended 30 June, was $277.8 million, up 26.6 per cent year on year. Total Bookings, a measure of the value of new and renewed membership sales, rose 32.8 per cent to $295.9 million.

Operating income was $83.0 million, a 29.9 per cent margin, and Net Income was $72.3 million, or $0.49 per diluted share ($0.50 basic). Adjusted EBITDA, a non-GAAP measure, was $101.1 million, a Margin of 36.4 per cent, up 900 basis points and above the company's 35 per cent long-term target. Net income margin was 26.0 per cent.

Membership and network growth

Total CLEAR Members reached 43.5 million, up 30.0 per cent. Active CLEAR+ Members, the paying airport-focused subscribers, reached 8.3 million, up a slower 15.2 per cent. The gap between those two growth rates is worth noting, because the larger member base includes people who are not necessarily paying subscribers.

On the network side, CLEAR+ is available at 62 airports and 280 retail locations offer TSA PreCheck enrolment. Electronic gates, or eGates, are live at 50 airports, with a network-wide rollout planned during 2026. CLEAR Concierge is offered at 39 airports. These operating figures come from the company's own release and have not been independently audited.

Cash generation and Capital returns

The cash-flow figures were notably higher than reported profit. Operating Cash Flow was $201.2 million and free cash flow was $189.0 million. Subscription businesses often collect cash upfront while recognising revenue over the life of the membership, which tends to lift cash flow relative to Earnings during periods of rapid bookings growth. Free cash flow of $189.0 million equates to roughly 68 per cent of quarterly revenue, a high ratio that partly reflects those timing effects.

About $22.2 million was returned to shareholders in the quarter. The board declared a quarterly Dividend of $0.15 per share, payable on 24 September 2026 to holders of record on 10 September 2026, so that payment has already been made.

Guidance versus reported figures

Guidance is forward-looking and should be distinguished from results. For the third quarter of 2026, Clear Secure expects revenue of $284 million to $287 million, which the company says implies 24.6 per cent growth at the midpoint, and Total Bookings of $311 million to $316 million, implying 20.5 per cent growth at the midpoint. It also raised its full-year 2026 free cash flow guidance to at least $480 million, from at least $465 million. All these ranges are management estimates, not results.

The guided bookings growth of 20.5 per cent at the midpoint is lower than the 32.8 per cent achieved in the second quarter. A slower guided rate does not by itself indicate a change in trend, since comparisons become harder, but it is the figure to test when the next results are published.

What to watch

Readers following the company may want to monitor several items. First, whether Total Bookings growth stays close to the guided range. The second is whether the difference between total members and active CLEAR+ members narrows. The third is progress on the eGate rollout across airports. The fourth is the delivery of free cash flow against the raised full-year floor of $480 million. The company's second-quarter release did not give a confirmed date for the third-quarter report, so none is stated.

FAQs

Q: What were Clear Secure's second-quarter 2026 revenue and bookings?

A: Revenue was $277.8 million, up 26.6 per cent year on year. Total Bookings rose 32.8 per cent to $295.9 million.

Q: How many members does CLEAR have?

A: Total CLEAR Members reached 43.5 million, up 30.0 per cent. Active CLEAR+ Members, the paying airport-focused subscribers, reached 8.3 million, up 15.2 per cent.

Q: What is the company's updated free cash flow guidance?

A: Clear Secure raised its full-year 2026 free cash flow guidance to at least $480 million, from at least $465 million. These ranges are management estimates, not results.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.