Clear Secure Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw 33% bookings growth and 60% free cash flow growth year-over-year, with revenue up 26.6% to $277.8 million and adjusted EBITDA margin reaching 36.4%. Membership and network expansion drove results, and guidance was raised for full-year free cash flow.
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Q1 delivered record bookings, revenue, and free cash flow, driven by strong growth in both CLEAR Travel and CLEAR1, with robust member acquisition and high-margin service expansion. Raised full-year free cash flow guidance and expect continued margin expansion.
Fiscal Year 2025
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Fiscal 2025 delivered record revenue, bookings, and profitability, driven by innovation in travel and enterprise identity, strong member growth, and major partnerships. 2026 guidance calls for accelerating top-line and free cash flow growth, with robust capital returns and a strong balance sheet.
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Revenue and bookings grew over 15% year-over-year, exceeding guidance, with strong member growth and margin expansion. Product innovation, including eGates and Concierge, is driving improved customer experience and operational efficiency. Free cash flow guidance was raised for 2025.
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Q2 revenue grew 17.5% YoY to $219.5M, with strong member growth and record travel volume despite a flat travel market. New products, international expansion, and operational efficiencies drove margin gains and robust free cash flow.
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Strong Q1 growth with 42% increase in total members and 15%+ bookings growth, driven by new product rollouts and TSA PreCheck expansion. Free cash flow and operating leverage improved, with guidance reaffirmed despite macro volatility and Real ID implementation.
Fiscal Year 2024
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Q4 revenue grew 21% year-over-year, with strong member growth, margin expansion, and record enrollments. 2025 guidance calls for at least $310 million in free cash flow, continued innovation, and leadership transitions, as the company leverages automation and public-private partnerships.
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Bookings and enrollments accelerated in Q3, driven by pricing, retention, and new product rollouts. TSA PreCheck and Clear Verified are scaling rapidly, with strong guidance for Q4 and 2025. Dividend increased 25% amid robust free cash flow and expanding partnerships.
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Q2 saw record member growth, 25% revenue increase, and 137% adjusted EBITDA growth. TSA PreCheck expanded to 46 airports, and guidance for free cash flow was raised to at least 40% growth for the year. Share repurchases and new product rollouts further strengthened performance.