Clear Secure Q2 Revenue Surges 27%, Full-Year Free Cash Flow Guidance Lifted to $480M+
YOU has more than doubled off its 52-week low of $29.08.
Summary
Clear Secure reported Q2 2026 revenue of $277.8M (+26.6% YoY), raised full-year free cash flow guidance to at least $480M, and issued Q3 revenue guidance above consensus. Member growth remained strong with Total Members reaching 43.5M.
Key Events · Earnings and Guidance · YOU
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Q2 Revenue +27%, Margins Expand
Revenue of $277.8M grew 26.6% year-over-year. Adjusted EBITDA margin reached 36.4%, up 900 bps, exceeding the long-term target of 35%. Net income was $72.3M.
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Full-Year Free Cash Flow Guidance Raised
Full-year 2026 free cash flow guidance increased to at least $480M from at least $465M, implying at least 39.9% year-over-year growth.
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Q3 Revenue Guidance Above Consensus
Q3 2026 revenue guidance of $284-287M (24.6% YoY growth at midpoint) and Total Bookings of $311-316M, both above Street expectations.
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Member Growth Accelerates
Total CLEAR Members reached 43.5M (+30% YoY) and Active CLEAR+ Members grew to 8.3M (+15.2% YoY). eGates launched across 50 airports, on track for network-wide rollout in 2026.
Analysis · YOU · Technology
Clear Secure posted a robust second quarter, with revenue climbing 26.6% to $277.8M and Adjusted EBITDA margin expanding to 36.4%—comfortably above its long-term target. Confidence in cash generation prompted a $15M boost to the full-year free cash flow outlook, now at least $480M. The Q3 revenue guide of $284–287M landed above Street consensus, marking the first forward look since the Expedia partnership and Concierge launch. Member growth remains a bright spot: Total Members rose 30% to 43.5M, while Active CLEAR+ members increased 15% to 8.3M, underscoring the platform's broadening reach. Even against a backdrop of recent insider selling, these results highlight the underlying momentum in the business.
At the time of this filing, YOU was trading at $59.50 on NYSE in the Technology sector, with a market capitalization of approximately $7.4B. The 52-week trading range was $29.08 to $62.73. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.