Clear Secure Raises 2026 Free Cash Flow Floor to $490 Million

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter revenue reached $292.9 million, up 27.8% year over year, as the company lifted its full-year free cash flow outlook.

Clear Secure, Inc. (YOU), the secure identity company, reported third-quarter 2026 revenue of $292.9 million, up 27.8% from a year earlier, a faster year-over-year pace than the 26.6% increase recorded in the second quarter. Total bookings were $323.5 million.

The company said it raised full-year 2026 free cash flow guidance from at least $480 million to at least $490 million, representing at least 42.8% year-over-year growth. That followed a prior-quarter lift from at least $465 million to at least $480 million.

Operating income was $82.9 million, or a 28.3% operating income margin. Net income was $75.3 million, a 25.7% net income margin and 600 basis points of year-over-year margin expansion. Adjusted EBITDA was $103.9 million, a 35.5% Adjusted EBITDA margin and 490 basis points of year-over-year expansion. Earnings were $0.53 a share basic and $0.52 diluted.

Cash generation in the quarter was dominated by a large partnership payment. Net cash used in operating activities was $(98.6) million and free cash flow was $(103.8) million, both reflecting the approximately $315 million settlement of accrued partnership liabilities. In the second quarter, operating cash flow had been $201.2 million and free cash flow $189.0 million. Accrued liabilities stood at $96.4 million at September 30, 2026, down from $236.5 million at year-end 2025.

Total CLEAR members reached 46.7 million as of September 30, 2026, up 30.7% year over year. Active CLEAR+ members were 8.5 million, up 14.5% year over year. The company said it operated 62 CLEAR+ airports and 285 retail locations with TSA PreCheck enrollment provided by CLEAR at quarter-end, and launched at Tampa International Airport in early November, bringing the network to 63 CLEAR+ airports. eGates had launched across 53 airports, and the company said it expects to cover the vast majority of its network by the end of 2026. CLEAR Concierge was offered at 42 airports. CLEAR1, the company’s enterprise identity platform, was described as delivering a milestone quarter with strong demand across core verticals; in October the company announced a pilot with the U.S. Department of Veterans Affairs.

The board returned approximately $191.4 million to shareholders in the third quarter, including $20.5 million related to the regular quarterly dividend of $0.15 a share and distributions and $170.9 million of share repurchases. It authorized a $175.0 million increase to the Class A common stock repurchase program, leaving about $254.4 million of remaining authorization, and declared another $0.15 quarterly dividend payable December 24, 2026.

For the fourth quarter of 2026, Clear Secure guided revenue of $299 million to $302 million, or 24.8% year-over-year growth at the midpoint. Fourth-quarter total bookings are guided at $335 million to $340 million, or 17.6% year-over-year growth at the midpoint. Cash and cash equivalents were $35.4 million at September 30, 2026, with marketable securities of $597.6 million. Deferred revenue was $603.6 million.