Clear Secure, Inc.
YOU NYSE Services-Prepackaged Software Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$901M
16.9%
vs prior year
Operating margin
Operating income as a share of revenue.
20.7%
4.7 pts
Net income
Profit after all expenses, interest and tax.
$109M
35.7%
Free cash flow
Cash from operations minus capital spending.
$343M
21.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Clear Secure, Inc. does
No business description yet.
- Legal name
- Clear Secure, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001856314-26-000006
0001856314
Revenue and margins
Clear Secure, Inc. had $901M of revenue in fiscal 2025, up 16.9% on the year before.
FY19
Revenue $192M
FY20
Revenue $231M
FY21
Revenue $254M
FY22
Revenue $437M
FY23
Revenue $614M
FY24
Revenue $770M
FY25
Revenue $901M
Q3 '23
Revenue $160M
Q4 '23
Revenue $171M
Q1 '24
Revenue $179M
Q2 '24
Revenue $187M
Q3 '24
Revenue $198M
Q4 '24
Revenue $206M
Q1 '25
Revenue $211M
Q2 '25
Revenue $219M
Q3 '25
Revenue $229M
Q4 '25
Revenue $241M
Q1 '26
Revenue $253M
Q2 '26
Revenue $278M
FY19
Gross —
Operating −29.2%
Net −28.2%
FCF 1.0%
FY20
Gross —
Operating −8.2%
Net −4.0%
FCF −12.5%
FY21
Gross —
Operating −45.3%
Net −14.2%
FCF 16.4%
FY22
Gross —
Operating −29.5%
Net −15.0%
FCF 31.3%
FY23
Gross —
Operating 3.3%
Net 4.6%
FCF 32.5%
FY24
Gross —
Operating 16.0%
Net 22.0%
FCF 36.8%
FY25
Gross —
Operating 20.7%
Net 12.1%
FCF 38.1%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 12.0%
Net 9.6%
FCF −5.5%
Q4 '23
Gross —
Operating 9.2%
Net 8.2%
FCF 52.9%
Q1 '24
Gross —
Operating 13.2%
Net 10.5%
FCF 43.3%
Q2 '24
Gross —
Operating 16.2%
Net 12.9%
FCF 59.0%
Q3 '24
Gross —
Operating 17.7%
Net 11.8%
FCF −19.1%
Q4 '24
Gross —
Operating 16.5%
Net 50.1%
FCF 64.9%
Q1 '25
Gross —
Operating 17.7%
Net 12.0%
FCF 43.2%
Q2 '25
Gross —
Operating 19.4%
Net 11.3%
FCF 53.7%
Q3 '25
Gross —
Operating 23.0%
Net 12.3%
FCF −23.3%
Q4 '25
Gross —
Operating 22.4%
Net 12.8%
FCF 77.8%
Q1 '26
Gross —
Operating 24.5%
Net 15.3%
FCF 73.3%
Q2 '26
Gross —
Operating 29.9%
Net 18.0%
FCF 68.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$54.2M
FY20
Net income −$9.3M
FY21
Net income −$36.1M
FY22
Net income −$65.6M
FY23
Net income $28.1M
FY24
Net income $170M
FY25
Net income $109M
Q3 '23
Net income $15.3M
Q4 '23
Net income $14.0M
Q1 '24
Net income $18.8M
Q2 '24
Net income $24.1M
Q3 '24
Net income $23.5M
Q4 '24
Net income $103M
Q1 '25
Net income $25.4M
Q2 '25
Net income $24.7M
Q3 '25
Net income $28.3M
Q4 '25
Net income $30.8M
Q1 '26
Net income $38.8M
Q2 '26
Net income $50.1M
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −4.0%
FY21
Return on capital —
Return on equity —
Return on assets −6.9%
FY22
Return on capital —
Return on equity −23.1%
Return on assets −7.1%
FY23
Return on capital —
Return on equity 10.7%
Return on assets 2.7%
FY24
Return on capital —
Return on equity 78.6%
Return on assets 15.2%
FY25
Return on capital —
Return on equity 58.1%
Return on assets 8.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $343M in fiscal 2025, 38.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $1.9M
FY20
Free cash flow −$28.8M
FY21
Free cash flow $41.6M
FY22
Free cash flow $137M
FY23
Free cash flow $199M
FY24
Free cash flow $284M
FY25
Free cash flow $343M
Q3 '23
Free cash flow −$8.9M
Q4 '23
Free cash flow $90.4M
Q1 '24
Free cash flow $77.6M
Q2 '24
Free cash flow $110M
Q3 '24
Free cash flow −$37.9M
Q4 '24
Free cash flow $134M
Q1 '25
Free cash flow $91.3M
Q2 '25
Free cash flow $118M
Q3 '25
Free cash flow −$53.5M
Q4 '25
Free cash flow $187M
Q1 '26
Free cash flow $185M
Q2 '26
Free cash flow $189M
FY19
Cash from operations $16.6M
Capital spending $14.7M
FY20
Cash from operations −$12.3M
Capital spending $16.5M
FY21
Cash from operations $69.7M
Capital spending $28.1M
FY22
Cash from operations $168M
Capital spending $31.4M
FY23
Cash from operations $225M
Capital spending $25.6M
FY24
Cash from operations $296M
Capital spending $12.0M
FY25
Cash from operations $372M
Capital spending $29.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$4.9M
Capital spending $4.0M
Q4 '23
Cash from operations $94.1M
Capital spending $3.7M
Q1 '24
Cash from operations $80.3M
Capital spending $2.8M
Q2 '24
Cash from operations $115M
Capital spending $4.4M
Q3 '24
Cash from operations −$35.9M
Capital spending $2.0M
Q4 '24
Cash from operations $137M
Capital spending $2.8M
Q1 '25
Cash from operations $98.3M
Capital spending $7.1M
Q2 '25
Cash from operations $123M
Capital spending $5.1M
Q3 '25
Cash from operations −$47.3M
Capital spending $6.2M
Q4 '25
Cash from operations $198M
Capital spending $11.0M
Q1 '26
Cash from operations $190M
Capital spending $4.9M
Q2 '26
Cash from operations $201M
Capital spending $12.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Clear Secure, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Clear Secure, Inc. can carry it.
FY19
Cash $236M
Debt —
FY20
Cash $154M
Debt —
FY21
Cash $615M
Debt —
FY22
Cash $705M
Debt —
FY23
Cash $723M
Debt —
FY24
Cash $609M
Debt —
FY25
Cash $700M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $615M | $705M | $723M | $609M | $700M |
| Current ratio | 2.5x | 1.9x | 1.4x | 1.0x | 1.0x |
| Quick ratio | 2.5x | 1.9x | 1.4x | 1.0x | 1.0x |
| Total assets | $813M | $1.0B | $1.0B | $1.2B | $1.3B |
| Total liabilities | $273M | $527M | $676M | $957M | $1.1B |
| Shareholders' equity | $278M | $291M | $233M | $198M | $178M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 3 | — / 6 | — / 6 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | — | 1.3% | −20.2% | −25.3% | −18.9% | −11.3% | −21.1% |
| Altman Z'' | — | −10.18 | 3.11 | 1.60 | 1.63 | 1.24 | 1.45 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $192M | $231M | $254M | $437M | $614M | $770M | $901M |
| Research and development | $21.2M | $32.0M | $47.5M | $66.8M | $74.4M | $73.4M | $72.4M |
| Operating income | −$56.2M | −$18.9M | −$115M | −$129M | $20.1M | $123M | $186M |
| Pretax income | −$54.2M | −$9.3M | −$115M | −$117M | $50.6M | $66.6M | $206M |
| Income tax | $0.0M | $0.0M | $0.2M | −$2.1M | $0.7M | −$159M | $37.9M |
| Net income | −$54.2M | −$9.3M | −$36.1M | −$65.6M | $28.1M | $170M | $109M |
| Cash flow | |||||||
| Cash from operations | $16.6M | −$12.3M | $69.7M | $168M | $225M | $296M | $372M |
| Capital expenditure | $14.7M | $16.5M | $28.1M | $31.4M | $25.6M | $12.0M | $29.3M |
| Free cash flow | $1.9M | −$28.8M | $41.6M | $137M | $199M | $284M | $343M |
| Depreciation and amortization | $7.3M | $9.4M | $12.4M | $18.8M | $21.6M | $26.5M | $34.6M |
| Stock-based compensation | $14.7M | $3.4M | $36.5M | $138M | $37.3M | $35.3M | $38.9M |
| Acquisitions | $0.0M | $0.0M | $75.8M | $0.0M | $3.8M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $236M | $154M | $615M | $705M | $723M | $609M | $700M |
| Current assets | — | $172M | $653M | $742M | $770M | $662M | $765M |
| Current liabilities | — | $146M | $265M | $397M | $552M | $643M | $760M |
| Property and equipment, net | — | $35.2M | $44.5M | $57.9M | $62.6M | $56.9M | $59.3M |
| Goodwill | — | $0.0M | $59.8M | $58.8M | $62.8M | $62.8M | $62.7M |
| Intangible assets | — | $1.6M | $22.9M | $22.3M | $20.8M | $15.3M | $2.8M |
| Total assets | — | $232M | $813M | $1.0B | $1.0B | $1.2B | $1.3B |
| Total liabilities | — | $150M | $273M | $527M | $676M | $957M | $1.1B |
| Shareholders' equity | — | −$487M | $278M | $291M | $233M | $198M | $178M |
| Margins | |||||||
| Operating margin | −29.2% | −8.2% | −45.3% | −29.5% | 3.3% | 16.0% | 20.7% |
| EBITDA margin | −25.4% | −4.1% | −40.4% | −25.2% | 6.8% | 19.4% | 24.5% |
| Net margin | −28.2% | −4.0% | −14.2% | −15.0% | 4.6% | 22.0% | 12.1% |
| FCF margin | 1.0% | −12.5% | 16.4% | 31.3% | 32.5% | 36.8% | 38.1% |
| Returns | |||||||
| Return on capital employed | — | −22.0% | −21.0% | −20.2% | 4.1% | 22.3% | 34.3% |
| Return on equity | — | — | — | −23.1% | 10.7% | 78.6% | 58.1% |
| Return on assets | — | −4.0% | −6.9% | −7.1% | 2.7% | 15.2% | 8.7% |
| Return on tangible equity | — | — | −18.5% | −31.2% | 18.8% | 141.0% | 97.2% |
| Growth | |||||||
| Revenue growth | — | 20.0% | 10.0% | 72.3% | 40.3% | 25.6% | 16.9% |
| Net income growth | — | — | — | — | — | 503.7% | −35.7% |
| FCF growth | — | −1,624.3% | — | 229.5% | 45.7% | 42.2% | 21.0% |
| Financial health | |||||||
| Current ratio | — | 1.2x | 2.5x | 1.9x | 1.4x | 1.0x | 1.0x |
| Quick ratio | — | 1.2x | 2.5x | 1.9x | 1.4x | 1.0x | 1.0x |
| Capital allocation | |||||||
| Capex / revenue | 7.6% | 7.2% | 11.1% | 7.2% | 4.2% | 1.6% | 3.3% |
| Stock comp / revenue | 7.6% | 1.5% | 14.4% | 31.7% | 6.1% | 4.6% | 4.3% |
| Quality scores | |||||||
| Altman Z'' | — | −10.2 | 3.1 | 1.6 | 1.6 | 1.2 | 1.5 |
| Accruals ratio | — | 1.3% | −20.2% | −25.3% | −18.9% | −11.3% | −21.1% |
Source: SEC EDGAR XBRL filings (CIK 0001856314). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.