Clear Secure, Inc. (YOU) Earnings
Clear Secure, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.43. YOU has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +5.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.35 | $0.38 | +8.6% | $253M | +3.5% |
| Feb 25, 2026 | $0.31 | $0.31 | +0.0% | $241M | -1.4% |
| Nov 6, 2025 | $0.27 | $0.29 | +7.4% | $229M | -2.7% |
| May 8, 2025 | $0.30 | $0.32 | +6.7% | $211M | -0.9% |
| Feb 26, 2025 | $0.28 | $0.90 | +221.4% | $206M | -0.8% |
| Nov 7, 2024 | $0.33 | $0.30 | -9.1% | $198M | -1.9% |
| Feb 28, 2024 | $0.16 | $0.17 | +6.3% | $171M | -1.3% |
| Aug 2, 2023 | $0.07 | $0.15 | +114.3% | $150M | -2.5% |
| Mar 1, 2023 | $0.04 | $0.14 | +250.0% | $128M | -1.1% |
| Nov 14, 2022 | $-0.09 | $0.05 | +158.4% | $116M | +3.5% |
| Aug 15, 2022 | $-0.05 | $-0.09 | -100.0% | $103M | +2.6% |
| May 16, 2022 | $-0.14 | $-0.03 | +78.6% | $91M | +2.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Key Points - CLEAR met the moment in the first quarter as the global identity landscape was under stress, with 41 million total members, $292 million bookings, and $185 million free cash flow. - Home-to-gate strategy is transforming travel experience: eGates cover over 50% of network, plan to exceed 80% by end of Q2; reimagined app reached number four in travel app store, mobile app adoption doubled; Clear Concierge demand increased, scaled to major cities. - Clear One is an identity infrastructure layer, achieved significant year-over-year growth with almost two times signed deals and record multi-year enterprise contracts; FedRAMP milestone is first step towards GovTech verticals to address fraud. - Public-private partnerships played a role with CLEAR Ambassadors working with TSA, and work supports White House's executive order on fighting fraud, waste, and abuse.
Guidance
For Q2, expects revenue of $268 to $271 million and total bookings of $280 to $285 million, representing 22.8% and 26.7% growth at the midpoint, respectively. Increased 2026 full-year free cash flow guidance from at least $440 million to at least $465 million, which would represent an increase of approximately $120 million year-over-year and at least 36% year-over-year growth.
Segment performance
Clear Travel: In Q1, delivered over 40% bookings growth, approximately 32% adjusted EBITDA margins, revenue grew 19.7% year-over-year to $253 million, total bookings increased 40.8% to $291.7 million, active Clear Plus members grew to 8.2 million, up 13% year-over-year. Clear One: Total Clear members grew 31.3% to 41 million, ClearOne bookings were approximately five times those of Q1 last year, generated $62 million of operating income and $80.6 million of adjusted EBITDA representing a 31.9% adjusted EBITDA margin and 7.2 percentage points of margin expansion year-over-year. Q1 net cash provided by operating activities was $190.4 million and free cash flow was $185.5 million representing 103.2% year-over-year growth.
Analyst Q&A
Q: Josh Riley asks about the impressive momentum in ClearOne bookings and what differentiates Clear's platform.
A: Karen Seidman-Becker says identity has become more important, Clear is a trusted brand with a network of identities and total identity integrity; Michael Barkin adds pipeline growth, new partner wins, and strong net retention.
Q: Josh Riley follows up on Clear Plus members, mix of trial and full-paying members.
A: Karen Seidman-Becker says expected to sustain growth, feel good about converting trial members, and retain those acquired during shutdown.
Q: Corey Carpenter asks about travel environment and demand since TSA wait times normalized.
A: Karen Seidman-Becker says consumers love to travel, airport traffic steady, value proposition important; Jen Hsu says Q2 outlook implies growth and strong underlying demand.
Q: Eric Sheridan asks about reordering priorities based on market signals.
A: Karen Seidman-Becker says free cash flow includes accelerating investments in product, engineering, brand, marketing, and security.
Q: Mark Kelly asks about ClearOne ramp process for new partners and impact of World Cup on marketing.
A: Karen Seidman-Becker says ramp depends on partner, less customization now; Clear can use calendar sync and app to communicate about World Cup.
Q: Dana Telsey asks about CMS updates, marketing spend, pricing, and demographics.
A: Karen Seidman-Becker says CMS extends to other agencies, marketing to expand demographics, expect modest increase in marketing spend, measured approach to pricing.
Q: Wyatt Swanson asks about sustainability of top line growth and ARPU.
A: Karen Seidman-Becker says member experience drives growth, confidence in back half of year, opportunities in network growth, products, and ARPU; also talks about eGate rollout and throughput.