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Dec 31, 2025
Clear Q4 2025 Earnings Report
Clear Secure, Inc. reported fourth quarter and full year 2025 financial results, highlighting accelerated bookings growth and record profitability.
Key Takeaways
CLEAR delivered a strong Q4 2025 with revenue growth of 16.7% and a significant reacceleration in Total Bookings, which grew 25.4% year-over-year. The company achieved record full-year profitability and free cash flow, driven by expansion in its identity platform and membership base, which reached 38 million total members.
Q4 Total Bookings grew 25.4% to $287.1 million, the strongest quarterly growth rate since Q4 2023.
Active CLEAR+ Members reached 7.6 million, up 6.0% year-over-year despite a billing system audit recast.
Free Cash Flow for the quarter was a robust $187.4 million, contributing to a full-year total of $343.1 million.
The Board authorized a 20% increase to the quarterly dividend and a $125 million increase to the share repurchase program.
Forward Guidance
CLEAR expect continued growth in Q1 2026 and significant expansion of Free Cash Flow for the full year 2026.
Positive Outlook
- Q1 2026 Revenue guidance of $242-245 million.
- Q1 2026 Total Bookings expected to grow 20.9% at the midpoint.
- Full Year 2026 Free Cash Flow projected to be at least $440 million.
- On track for network-wide eGate rollout in 2026.
- CLEAR1 momentum with record enterprise customer signings.
Challenges Ahead
- Annual CLEAR+ Gross Dollar Retention showed a slight downward trend to 86.4%.
- Annual CLEAR+ Member Usage slightly declined from 7.1x to 7.0x.
- Operating expenses like Depreciation and Amortization increased significantly year-over-year.
- Marketable securities interest income decreased compared to the prior year quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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