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
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
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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