New York – October 11, 2026 -- Clear Secure, Inc. (NYSE: YOU) reported second-quarter 2026 revenue of $277.8 million, up 26.6% year over year, and raised its full-year free cash flow guidance to at least $480 million from at least $465 million.
Adjusted EBITDA margin expands 900 basis points to 36.4%
Adjusted EBITDA reached $101.1 million, a 36.4% margin. That is 900 basis points above the prior-year level and exceeds the company's long-term Adjusted EBITDA margin target of 35%. Total Bookings rose 32.8% to $295.9 million.
Operating income was $83.0 million, a 29.9% margin. Net income was $72.3 million, a 26.0% margin. Basic and diluted earnings per common share were $0.50 and $0.49, respectively.
Operating cash flow hits $201.2 million, with free cash flow at $189.0 million
Clear Secure generated $201.2 million in net cash from operating activities in the quarter. The company collects cash upfront for annual CLEAR+ subscriptions, and it describes free cash flow as a real-time indicator of business trajectory when the business is growing.
Membership climbs to 43.5 million as CLEAR+ passes 8.3 million active subscribers
Total CLEAR Members grew 30.0% year over year to 43.5 million as of June 30, 2026. Active CLEAR+ Members rose 15.2% to 8.3 million. Prior-period Active CLEAR+ figures were recast to remove certain lapsed accounts identified during a 2025 billing system transformation project. The company said the recast had no impact on its consolidated financial statements or non-GAAP measures.
Airport network reaches 62 CLEAR+ locations, with eGates live at 50
Second-quarter launches at Northwest Arkansas (Bentonville) and Indianapolis brought the CLEAR+ airport count to 62. The company also operates 280 retail locations offering TSA PreCheck® Enrollment Provided by CLEAR.
eGates are now live at 50 airports, and the company said it is on track for a network-wide rollout in 2026. CLEAR Concierge, a premium on-demand airport service, is offered at 39 airports. Management also cited continued momentum in CLEAR1 across core verticals.
"Identity has become critical infrastructure," CEO Caryn Seidman Becker said, adding that the company has "never been better positioned."
Third-quarter guidance calls for revenue of $284-287 million
The company guided third-quarter revenue to $284-287 million, or 24.6% year-over-year growth at the midpoint. It guided Total Bookings to $311-316 million, or 20.5% growth at the midpoint, below the 32.8% growth posted in the second quarter.
The raised full-year free cash flow outlook of at least $480 million represents growth of at least 39.9% year over year.
Board declares $0.15 dividend after $22.2 million shareholder return
Clear Secure returned about $22.2 million to shareholders in the second quarter through its regular quarterly dividend of $0.15 per share and distributions. The Board declared a further $0.15 per share cash dividend on Class A Common Stock, payable September 24, 2026 to holders of record as of the close of business on September 10, 2026.