Clear Secure Raises 2026 Free Cash Flow Floor Again

The Tip Desk · August 5, 2026 · 3 min read

Second-quarter revenue of $277.8 million rose 26.6% year over year, and the company lifted full-year free cash flow guidance to at least $480 million.

Clear Secure, Inc. (YOU), the secure identity company, reported second-quarter revenue of $277.8 million, up 26.6% from a year earlier, accelerating from 19.7% growth in the first quarter and 16.7% in the fourth quarter of 2025.

That reacceleration in the top line was the quarter’s defining turn. Profitability widened with it. Operating income was $83.0 million, a 29.9% operating margin, compared with a 24.5% margin in the first quarter. Net income was $72.3 million, a 26.0% net margin. Adjusted EBITDA was $101.1 million, a 36.4% margin that exceeded the company’s long-term Adjusted EBITDA margin target of 35%.

Basic and diluted earnings were $0.50 and $0.49 a share.

Total Bookings, a leading indicator of current health, were $295.9 million. Management said the results demonstrated strength across CLEAR Travel and CLEAR1. Chief executive Caryn Seidman Becker said the company had “never been better positioned for what’s ahead.”

Membership continued to expand. Total CLEAR Members reached 43.5 million as of June 30, 2026, up 30.0% year over year. Active CLEAR+ Members were 8.3 million, up 15.2% year over year, after 13.0% growth in the first quarter. Prior-period Active CLEAR+ Members had been recast to remove certain lapsed accounts identified in a 2025 billing-system transformation; the recast had no impact on consolidated financial statements or non-GAAP measures.

The airport footprint kept growing. CLEAR+ was available at 62 airports as of June 30, including second-quarter launches in Northwest Arkansas (Bentonville) and Indianapolis, and at 280 retail locations with TSA PreCheck enrollment provided by CLEAR. eGates had launched across 50 airports as of the August 5 release, and the company remained on track for a network-wide rollout in 2026. CLEAR Concierge was offered at 39 airports.

Cash generation stayed high. Net cash provided by operating activities was $201.2 million and free cash flow was $189.0 million in the quarter. Cash and cash equivalents were $128.2 million and marketable securities were $831.0 million at June 30. Deferred revenue was $573.0 million.

The board declared a quarterly cash dividend of $0.15 a share, payable September 24, 2026. About $22.2 million was returned to shareholders in the second quarter through the regular dividend and distributions.

For the third quarter of 2026, Clear Secure guided revenue of $284 million to $287 million, or 24.6% year-over-year growth at the midpoint, and Total Bookings of $311 million to $316 million, or 20.5% year-over-year growth at the midpoint.

The company also raised full-year 2026 free cash flow guidance from at least $465 million to at least $480 million, representing at least 39.9% year-over-year growth. That followed an earlier lift from at least $440 million to at least $465 million when first-quarter results were reported.

Cost of revenue share fee was $39.3 million in the quarter. Sales and marketing expense was $17.2 million. General and administrative expense was $65.9 million. Research and development was $17.8 million.

Becker said identity had become critical infrastructure and that CLEAR had “firmly established itself as the trusted, secure identity company.”