At a glance
Clear Secure Inc is worth $4.67B, about 43 times its fiscal 2025 earnings. Revenue grew 16.9% to $900.8M in fiscal 2025, with 12.1% kept as profit; over 5 years it has grown 31.3% a year. It pays no dividend; it spent $485.6M buying back its shares over FY2021–FY2025. The stock returned +43.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Clear Secure, known as CLEAR, verifies people's identities in person and online. Its core consumer product is CLEAR+, a travel subscription: members confirm who they are with biometrics (physical traits such as the face) and use dedicated lanes at airport security checkpoints. As of the 10-K filed February 25, 2026, CLEAR+ cost $209 a year, billed upfront. Delta and United frequent fliers, among others, get promotional pricing, and American Express card members get statement credits; that partnership was renewed in February 2026.
As of December 31, 2025, CLEAR had 38 million total members, up 31% in a year, and 166 CLEAR+ lanes at 60 airports. That total includes free members who joined through the app or a business partner. In February 2025, CLEAR began enrolling travelers in TSA PreCheck, the government's expedited screening program, and by the end of 2025 offered it at 61 airports and 340 retail locations.
The second business, CLEAR1, is B2B (business-to-business): organizations pay to confirm their users' identities using biometric checks, ID documents, device signals and verified data, with a focus on healthcare, workforce and government. Revenue was $900.8 million in the year ended December 31, 2025, up 16.9%. The 10-K doesn't report a clean revenue split by product or region, so each business's share isn't clear.
Price history
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YOU +43.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $277.8M, up 26.6% from a year earlier, and net income was $50.0M (+102.5%).
- For fiscal 2025, revenue was $900.8M (+16.9% year over year; +31.3% a year from FY2020 to FY2025) with a 12.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +31.3% good |
|---|---|
| Operating margin | 20.7% good |
| Free cash flow margin | 38.1% good |
| Return on equity (FY2025) | 61.4% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 8.4% good |
| Cash and investments | $959.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $230.8M | $-9.3M | $-28.8M |
| FY2021 | $254.0M | $-36.1M | $41.6M |
| FY2022 | $437.4M | $-65.6M | $136.9M |
| FY2023 | $613.6M | $28.1M | $199.5M |
| FY2024 | $770.5M | $169.7M | $283.7M |
| FY2025 | $900.8M | $109.2M | $343.1M |
Valuation snapshot
| Market value | $4.67B |
|---|---|
| P/E ratio | 42.8 |
| Dividend yield | 1.72% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| YOU price data to Oct 28, 2026 | +31.5% | +43.8% | +45.2% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +31.5% |
| 2025 | +35.4% |
| 2024 | +33.4% |
| 2023 | -21.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 41 sales ($93.8M), 41 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Becker Caryn Seidman Chief Executive Officer, Director, 10% owner | sell (plan) | $13.1M |
| Aug 5, 2026 | Alclear Investments, LLC Director, 10% owner | sell (plan) | $13.1M |
| Jun 24, 2026 | Becker Caryn Seidman Chief Executive Officer, Director, 10% owner | sell (plan) | $10.5M |
| Jun 24, 2026 | Alclear Investments, LLC Director, 10% owner | sell (plan) | $10.5M |
| Jul 14, 2026 | Becker Caryn Seidman Chief Executive Officer, Director, 10% owner | sell (plan) | $6.4M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.27% | Mar 31, 2026 |
| William H. Miller III Living Trust dated April 17, 2017 | 6.3% | Apr 16, 2025 |
| Alclear Investments II, LLC | 4.2% | Jun 30, 2025 |
| FMR LLC | 3.8% | Mar 31, 2025 |
| Durable Capital Partners LP | 3.6% | Dec 31, 2025 |
ETFs with the most weight in YOU
| SPAM Themes Cybersecurity ETF | 4.23% |
| IHAK iShares Cybersecurity & Tech ETF | 2.96% |
| FORH Formidable ETF | 2.44% |
| AZTD Aztlan Global Stock Selection DM SMID ETF | 2.32% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 1.74% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.58% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 1.47% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.83% |
What could go wrong
- Airport access depends on contracts and regulators. CLEAR runs its lanes under concession contracts with airports and must meet evolving standards set by government agencies. Losing a contract or falling short of new rules could shrink the network members pay for.
- New ID technology could make lanes less valuable. The 10-K flags wider use of third-party identity verification and credential-checking tools at locations where CLEAR operates. If faster checks become available to all travelers, fewer people may pay for CLEAR+.
- Members and partners may not stick around. Growth depends on keeping paying CLEAR+ members and partners such as American Express, which gives card members statement credits for the fee. Losing a major partner or member renewals could slow revenue.
- Biometric data brings privacy and breach risk. CLEAR links members' faces to their identities. A data breach, a misstep under fast-changing biometrics and privacy laws, or waning public trust in biometrics could bring significant liability and damage the brand.
- Founder control and a tax-sharing deal. Co-founder Caryn Seidman Becker controls the company and may have different interests from other shareholders. A Tax Receivable Agreement requires paying certain owners for tax benefits the company claims, which could be significant.
- Travel slumps hit the core business. CLEAR+ is built around air travel. The 10-K warns that any decline or disruption in the travel industry, or a broader economic downturn, could materially hurt its business and financial results.
Recent events
- Bylaws or fiscal year changed
- Executive or board change
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
Clear Secure has a short dividend record. It paid nothing in 2021 or 2022, then $14.5 million in 2023, $39.4 million in 2024 and $47.8 million in 2025. That 2025 total equaled 43.8% of net income and 13.9% of free cash flow (cash from operations minus equipment spending). The yield was 1.72% as of October 28, 2026. The record is too short to show a streak of increases, and the 10-K says future dividends may or may not be paid. Share repurchases have been larger: $485.6 million from 2021 through 2025.
The price history covers about four years as of October 28, 2026, so it can't show how the stock fared in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Even so, it has been bumpy: down 21.5% in 2023 and, at worst, 51% below a prior peak. As with any single stock, owning Clear Secure carries more risk than owning a diversified fund.
Questions investors ask
How does Clear Secure make money?
Clear Secure makes money by charging travelers and organizations to verify identities. Travelers pay for CLEAR+, which cost $209 a year as of the 10-K filed February 25, 2026, to use dedicated airport security lanes. CLEAR also earns revenue from TSA PreCheck enrollments and renewals and from premium services such as CLEAR Concierge. Through CLEAR1, organizations in healthcare, workforce and government pay to verify their users. Platform members who join through the app or a partner use CLEAR outside CLEAR+ for free. Revenue was $900.8 million in 2025.
How many members does CLEAR have?
CLEAR had 38 million total members as of December 31, 2025, up 31% from a year earlier. That count mixes paying CLEAR+ subscribers with free platform members: people who enrolled through the CLEAR app, customers of CLEAR1 business partners, and former CLEAR+ subscribers. Because free members are included, the total is larger than the paying base, which the company tracks separately as Active CLEAR+ Members. In 2025, 66% of new CLEAR+ members signed up at the airport.
Is Clear Secure profitable?
Yes, based on its latest annual report. In the year ended December 31, 2025, Clear Secure earned $109.2 million on $900.8 million of revenue and generated $343.1 million of free cash flow. Net income fell 35.7% from 2024, though, and the company lost money from 2020 through 2022. In the quarter ended June 30, 2026, revenue grew 26.6% from a year earlier and net income roughly doubled to $50.1 million. The 10-K warns it may not sustain profitability as it keeps investing in growth.
Does Clear Secure pay a dividend?
Yes, it has paid cash dividends, though the record is short. Clear Secure paid no dividends in 2021 or 2022, began paying in 2023 and paid $47.8 million in 2025. The yield was 1.72% as of October 28, 2026. The 10-K says it has paid quarterly and special (one-time) cash dividends but may or may not keep doing so. As a holding company, Clear Secure depends on cash distributions from its operating business, Alclear, to fund dividends, and contract restrictions can also limit them.
Who controls Clear Secure?
Co-founder Caryn Seidman Becker controls Clear Secure, according to its 10-K, which warns that the founder's interests may differ from other shareholders'. A Tax Receivable Agreement also requires the company to pay certain owners for some tax benefits it claims, and those payments could be significant. Among outside investors, BlackRock reported owning 14.9% as of September 30, 2025, and Vanguard Portfolio Management 7.27% as of March 31, 2026. Filings show Becker sold shares under preset trading plans, including about $13.1 million on August 5, 2026.