YOU Clear Secure, Inc.
FY2025 10-K
Clear Secure, Inc. (YOU) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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
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
Financial SummaryXBRL
Revenue
$901M
Net Income
$109M
Operating Margin
20.7%
Net Margin
12.1%
ROE
61.4%
Total Assets
$1.3B
Operating Cash Flow
$372M
Source: XBRL data from Clear Secure, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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