Clear Secure, Inc. (YOU) FY2025 10-K Annual Report
Clear Secure, Inc. (YOU) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Clear Secure, Inc. FY2025 10-K Analysis
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
Clear Secure, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$901M
▲ +16.9% YoY
Net Income
$109M
▼ -35.7% YoY
Operating Margin
20.7%
▲ +471bp YoY
Net Margin
12.1%
▼ -990bp YoY
ROE
61.4%
▼ -2412bp YoY
Total Assets
$1.3B
▲ +9.1% YoY
Operating Cash Flow
$372M
▲ +26.0% YoY
Source: XBRL data from Clear Secure, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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