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Jun 30, 2025
Clear Q2 2025 Earnings Report
Clear posted strong Q2 2025 results with growth in revenue, bookings, and member base.
Key Takeaways
Clear Secure reported a solid Q2 2025 with revenue reaching $219.5M and net income of $37.9M. Growth in active members and free cash flow reflect continued business momentum and execution on strategic initiatives.
Revenue grew to $219.5M, a 17.5% increase year-over-year
Net income reached $37.9M, representing a 17.3% margin
Free cash flow was strong at $117.9M
Active CLEAR+ members grew to 7.626 million, up 7.5% YoY
Forward Guidance
Clear expects continued growth in revenue and bookings in Q3 2025, driven by innovation and international expansion.
Positive Outlook
- Q3 2025 revenue expected to reach $223–226M
- Q3 bookings guided to $253–258M
- Full year 2025 free cash flow expected to exceed $310M
- Adjusted EBITDA margin expansion reaffirmed
- Strong momentum in CLEAR+ and new Concierge offering
Challenges Ahead
- Slight decline in CLEAR+ member usage from 7.4x to 7.0x YoY
- Retention dipped from 89.3% to 87.3% YoY
- Net income margin decreased YoY from 20.7% to 17.3%
- Lower interest income year-over-year
- Non-controlling interest remains a significant portion of net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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