CLEAR Secure Q2 Earnings Call Highlights

CLEAR Secure Q2 Earnings Call Highlights

Key Points Strong Q2 performance: Total bookings rose 32.8% to $295.9 million and revenue increased 26.6% to $277.8 million. CLEAR reached a 36.4% adjusted EBITDA margin and generated record quarterly free cash flow of $189 million. Travel business continued expanding: Total members grew 30% year over year to 43.5 million, while CLEAR+ members reached 8.3 million. The company added airport locations, expanded Concierge to 39 airports, deployed eGates across more than 70% of its network and raised standard membership pricing to $219. CLEAR1 gained momentum, while near-term cash flow faces a payment: New customer signings and the pipeline each increased more than 50% sequentially as demand grew across government, healthcare, workforce and consumer markets. CLEAR expects third-quarter negative free cash flow due to a roughly $315 million partnership-liability payment, but raised full-year 2026 free-cash-flow guidance to at least $480 million.

CLEAR Secure NYSE: YOU reported fiscal second-quarter 2026 results marked by double-digit bookings and revenue growth, expanding profitability and record quarterly free cash flow, while management highlighted continued investment in airport services and its CLEAR1 identity platform. The company ended the quarter with 43.5 million total members, up 30% year over year, and 8.3 million active CLEAR+ members, up 15.2%. Total bookings rose 32.8% to $295.9 million, while revenue increased 26.6% to $277.8 million.

Founder, Chair and Chief Executive Officer Caryn Seidman Becker said the company generated $189 million in free cash flow during the quarter, a 60% increase from a year earlier. She also said CLEAR surpassed the 35% adjusted EBITDA margin target established at the time of its IPO five years ago, reporting a 36.4% adjusted EBITDA margin.

Travel products drive member growth Management attributed travel-business momentum to its “home-to-gate” strategy, which combines airport security access with mobile travel tools, concierge services and other airport offerings. Becker said the company’s mobile app, which includes calendar synchronization, travel guidance, airport wayfinding and live updates, is averaging 1 million monthly users.

CLEAR continued expanding its airport footprint during the quarter. Chief Financial Officer Jen Hsu said Indianapolis and Bentonville became the company’s two newest CLEAR+ airport locations. CLEAR Concierge, its service offering airport assistance, expanded to seven additional locations and is now available in 39 airports. The company also cited continued rollout of its eGates, which covered more than 70% of its network at quarter-end. According to Becker, the gates enable member verification in under five seconds. Hsu said eGates improved labor efficiency, with direct salaries and benefits declining to 17.3% of revenue from the prior-year period, an improvement of approximately 450 basis points. “That efficiency has turned what was once a pure cost center into a driver of top-line growth,” Hsu said, adding that the company has redeployed ambassadors from lane operations toward hospitality and sales-related initiatives such as concierge services.

CLEAR also began testing new airport commerce initiatives. Becker said the company launched its first concessions partnership at Newark and is beginning a Starbucks pilot at LaGuardia, where members can order coffee in advance for pickup on their way to a gate. Effective July 1, CLEAR increased standard membership pricing by $10 to $219, with changes also made across many airline pricing tiers. Family-member pricing remained at $125. Hsu said early retention rates have remained healthy following the increases and management sees additional long-ter...