Clear Secure, Inc.

Q2 revenue increased 26.6% year over year to $277.8 million, while total bookings grew 32.8% to $295.9 million. Adjusted EBITDA was $101.1 million, implying a 36.4% margin and about 900 basis points of margin expansion year over year; operating income was $83 million. Net cash from operating activities was $201.2 million and free cash flow was $189 million, up 60.3% year over year. Active CLEAR+ members reached 8.3 million, up 15.2%, and total CLEAR members were 43.5 million, up 30% year over year. For Q3, management guided to revenue of $284 million-$287 million and bookings of $311 million-$316 million. Full-year 2026 free cash flow guidance was raised to at least $480 million from at least $465 million, representing at least 40% year-over-year growth.

Caryn Seidman Becker framed CLEAR as a trusted identity infrastructure company and emphasized that the business is now operating from a stronger platform after 16 years of buildout. She focused on the “home to gate” travel strategy, saying the mobile app, eGates, concierge, and concessions partnerships are meant to make travel seamless across the whole journey. On CLEAR1, she said the company is attacking identity fraud with new products Vertex, Apex, and Helix, and described significant opportunity in government, healthcare, workforce, and other areas where identity verification is becoming more important.

Jen Hsu highlighted that the company has scaled from 38 to 62 airports since the IPO and grown active CLEAR+ members from about 2.4 million to 8.3 million while keeping membership price increases modest, averaging 4% annually. She pointed to 36.4% adjusted EBITDA margin, approximately 70% adjusted EBITDA flow-through, and direct salaries and benefits at 17.3% of revenue, improving about 450 basis points year over year. She also noted $959 million in cash and marketable securities, over $7 per share, and said the company repurchased about $22 million of shares quarter-to-date at an average price of $52.73. She flagged that the company will settle an accrued partnership liability of about $315 million in Q3, which will make Q3 free cash flow negative, but said that payout is already reflected in full-year guidance.

Analysts pressed on how far the home-to-gate strategy can go, especially around concierge adoption and monetization; management said it is still early, with room to expand city coverage, awareness, corporate channels, and partner-led distribution. Questions on CLEAR1 focused on competitive advantage and market demand, and management answered that innovation, higher-risk identity products, and a growing embedded network are supporting momentum, with net new customer signings up over 50% sequentially and pipeline up over 50% quarter over quarter. There was also a question on the Amex partnership and accrued liability, and CFO Jen Hsu said roughly $315 million will be paid out in Q3 with no additional free-cash-flow implications for the year beyond what’s already guided.