Clear Secure, Inc. Q4 FY2025 earnings call

Key Pillars - Enabling identity to transform and secure physical experiences from home to gate in travel for ClearTravel. - Aggressively scaling ClearOne to secure the enterprise for workforce and consumers/patients in healthcare. ### ClearTravel Initiatives - Relaunched mobile app for frictionless member experience, one tap access, personalized features. - Scaled Clear Concierge program with almost 30 airports having concierge. - Rolled out eGates with more to come, driving higher NPS, strengthening brand, and increasing long-term retention. ### ClearOne Progress - Record-breaking quarter in Q4 2025, working with CMS to modernize account creation and fraud prevention in healthcare. - Securing workforce and consumers/patients in healthcare, plugging into existing workflows to verify human behind device, delivering total identity integrity. - Strong partnerships, renewed with American Express, and building public-private partnerships at federal, state, and local level.

For ClearTravel: In Q4 2025, it contributed to the overall performance with initiatives like the relaunched mobile app, scaled Clear Concierge program, and eGate rollout. For ClearOne: Q4 2025 was a record quarter with largest bookings quarter, more than doubling year over year, and largest number of enterprise customers signed. Revenue for fiscal year 2025 was $900,800,000, with ClearTravel and ClearOne contributing. ClearTravel's revenue contribution percentage not explicitly stated, but ClearOne's contribution was significant with strong growth. Total Clear members grew to 38,000,000 in Q4 2025, up 31.5%, demonstrating ClearOne's momentum. Q4 active CLEAR Plus members grew to 7,600,000, up 6% year over year.

2026 Guidance - Expect accelerating top-line growth and margin expansion. - Full-year 2026 free cash flow expected to be at least $440,000,000, an increase of approximately $100,000,000 and at least 28% year-over-year growth. - Q1 2026 revenue expected to be $242,000,000 to $245,000,000 and total bookings of $248,000,000 to $253,000,000, representing 15.2–20.9% growth at the midpoint. - Board approved 20% increase to regular quarterly dividend from $0.125 to $0.15 per share and authorized $125,000,000 increase to share repurchase program, bringing total capacity to ~$250,000,000.

Q: Eric Sheridan with Goldman Sachs asked about strategic priorities over next twelve to eighteen months.

A: Caryn Seidman-Becker said key drivers are building home-to-gate experience in ClearTravel driving retention, member growth, operating leverage; investing in ClearOne for workforce, healthcare, GovTech with growing identity crisis creating opportunities.

Q: Cory Carpenter with JPMorgan asked about government shutdown impact and free cash flow guide.

A: Caryn Seidman-Becker said Clear Secure, Inc. is open due to public-private partnership, travel strong; Jennifer Hsu said free cash flow guide driven by member experience improvements, ClearOne reaching escape velocity, subscription-based businesses with strong recurring revenue.

Q: Dana Telsey with Telsey Advisory Group asked about American Express partnership extension and B2B enterprise side.

A: Michael Z. Barkin said multiyear renewal of American Express partnership; Caryn Seidman-Becker said ClearOne has exciting partnerships like Mount Sinai, part of healthcare flywheel with CMS and other partners.

Q: Ronit Shah with Wells Fargo asked about drivers of bookings and TSA impacts.

A: Jennifer Hsu said strong bookings across ClearPlus and ClearOne; Caryn Seidman-Becker and Michael Z. Barkin said renewed appreciation for Clear's consistency, eGates impact on NPS and retention.

Q: Wyatt Swanson with D.A. Davidson asked about CMS partnership and Clear's suitability.

A: Caryn Seidman-Becker said CMS contract is multiyear, Clear suited due to regulated industry experience, trusted brand, putting patients/travelers at center, and being a convener for secure experiences.