Short answer
Clear Secure, Inc. (YOU) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $901M (+16.9% year over year) and net income of $109M.
- Top risk flagged: Regulatory/legal risk: Transition from LIBOR to SOFR benchmark mandated by Credit Agreement amendment, impacting interest rate exposure through June 28, 2026
FY2025 key financial metrics · XBRL
- Revenue
- $901M
- +16.9% YoY
- Net income
- $109M
- −35.7% YoY
- Operating margin
- 20.7%
- +4.7 pp YoY
- ROE
- 61.4%
- −24.1 pp YoY
- Operating cash flow
- $372M
- +26.0% YoY
Source: XBRL data from the Clear Secure, Inc. (YOU) FY2025 10-K on SEC EDGAR. USD.
Clear Secure, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: secure identity platform connecting physical and digital experiences via CLEAR+ consumer travel subscriptions and B2B identity verification (CLEAR1)
- New emphasis on international travelers from 42 countries added to CLEAR+ offerings, expanding global addressable market in 2025
- Strategic expansion of CLEAR1 B2B partnerships targeting Healthcare, Workforce, and Government sectors with multi-layered identity verification
- Total CLEAR Members grew 31% YoY to 38 million with 3,708 Ambassadors and 166 CLEAR+ lanes across 60 airports nationwide
- Integration of 61 airports and 340 retail locations providing TSA PreCheck® Enrollment with CLEAR, plus priority lanes at 9 sports and entertainment venues
Management Discussion & Analysis
- Revenue $900.8M, up 17% YoY (+$130.3M) from $770.5M driven by 6% increase in Active CLEAR+ Members and membership price increases
- Operating income $186.5M vs $123.2M in prior year, net income $168.1M vs $225.3M; adjusted EBITDA margin 29% vs 24% YoY
- Best segment: CLEAR+ subscriptions driving revenue growth; worst: Research & Development expense flat at $72.4M with no growth benefit
- Free Cash Flow $343.1M, up from $283.7M; Capex $29.3M; no specific dividend or buyback disclosed
- Management highlights growth in Total CLEAR Members +31% to 37,998K and warns risks from TSA checkpoint policy changes and macroeconomic factors impacting travel
Risk Factors
- Regulatory/legal risk: Transition from LIBOR to SOFR benchmark mandated by Credit Agreement amendment, impacting interest rate exposure through June 28, 2026
- Financial risk: $100 million revolving credit facility with $67.8 million borrowing capacity unused as of Dec 31, 2025, no outstanding debt
- Operational risk: $174.3 million non-cancelable future lease payments for office space, including $15.0 million due within 12 months as of Dec 31, 2025
- Market disruption risk: Increased capital expenditures $17.3 million in 2025 for eGates deployment to improve Member experience, indicating tech-driven competition pressure
- Macroeconomic risk: $6.0 million committed marketing spend on sports stadiums through 2026, potentially exposed to fluctuating consumer attendance trends
Generated from the filing text; verify against the original. How to read a 10-K
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