YOU NYSE Services-Prepackaged Software Financials FY2019βFY2025
Clear Secure, Inc. had $901M of revenue in fiscal 2025, up 16.9% on the year before. Over five years, revenue changed +31.3% a year on average.
Last close Β· Oct 23, 2026
$45.38
0.5%Hi! I read Clear Secure, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+16.9%
Yes. Sales grew 16.9% last year.
Does it make a profit?
12.1%
Yes. It keeps 12.1% of every sale as profit.
Does profit turn into cash?
38.1%
Yes. 38.1% of sales ends up as free cash.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Clear Secure, Inc. had $901M of revenue in fiscal 2025, up 16.9% on the year before. Over five years, revenue changed +31.3% a year on average. Its operating margin was 20.7%, up 4.7Β pts: of every 100 in sales, about 21 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Clear Secure, Inc. made $109M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $343M in fiscal 2025, 38.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $171M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$171M
8 insiders
Of sales under plans
99%
$169M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Michael Z BarkinPresident, Director | Sold plan | 11,444 | $45.00 | $0.5M | Form 4 |
| Sep 3, 2026 | Kyle McLaughlinEVP, Aviation | Sold plan | 4,499 | $44.47 | $0.2M | Form 4 |
| Sep 3, 2026 | Dennis W. LiuChief Accounting Officer | Sold plan | 2,104 | $44.47 | $0.1M | Form 4 |
| Aug 5, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 323,904 | $61.22 | $19.8M | Form 4 |
| Aug 5, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 323,904 | $61.22 | $19.8M | Form 4 |
| Jul 15, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 28,603 | $53.57 | $1.5M | Form 4 |
| Jul 15, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 28,603 | $53.57 | $1.5M | Form 4 |
| Jul 14, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 120,640 | $53.40 | $6.4M | Form 4 |
| Jul 14, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 120,640 | $53.40 | $6.4M | Form 4 |
| Jul 13, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 100,757 | $53.42 | $5.4M | Form 4 |
| Jul 13, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 100,757 | $53.42 | $5.4M | Form 4 |
| Jun 25, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 34,309 | $53.11 | $1.8M | Form 4 |
| Jun 25, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 34,309 | $53.11 | $1.8M | Form 4 |
| Jun 24, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 196,576 | $53.21 | $10.5M | Form 4 |
| Jun 24, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 196,576 | $53.21 | $10.5M | Form 4 |
| Jun 23, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 15,962 | $53.13 | $0.8M | Form 4 |
| Jun 23, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 15,962 | $53.13 | $0.8M | Form 4 |
| Jun 16, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 3,153 | $53.03 | $0.2M | Form 4 |
| Jun 16, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 3,153 | $53.03 | $0.2M | Form 4 |
| Jun 2, 2026 | Kyle McLaughlinEVP, Aviation | Sold plan | 8,000 | $56.20 | $0.4M | Form 4 |
| May 28, 2026 | Michael Z BarkinPresident, Director | Sold plan | 11,550 | $56.29 | $0.7M | Form 4 |
| May 15, 2026 | Jonathan SchlegelChief Security Officer | Sold | 4,412 | $59.02 | $0.3M | Form 4 |
| Mar 4, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 174,324 | $48.51 | $8.5M | Form 4 |
| Mar 4, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 174,324 | $48.51 | $8.5M | Form 4 |
| Mar 3, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 203,232 | $49.33 | $10.0M | Form 4 |
| Mar 3, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 203,232 | $49.33 | $10.0M | Form 4 |
| Mar 3, 2026 | Lynn HaalandGC & Chief Privacy Officer | Sold plan | 11,064 | $47.44 | $0.5M | Form 4 |
| Mar 2, 2026 | Becker Caryn SeidmanChief Executive Officer, Director, 10% owner | Sold plan | 122,444 | $48.36 | $5.9M | Form 4 |
| Mar 2, 2026 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 122,444 | $48.36 | $5.9M | Form 4 |
| Mar 2, 2026 | Dennis W. LiuChief Accounting Officer | Sold plan | 7,950 | $48.57 | $0.4M | Form 4 |
| Mar 1, 2026 | Michael Z BarkinPresident, Director | Sold | 22,885 | $48.22 | $1.1M | Form 4 |
| Feb 27, 2026 | Michael Z BarkinPresident, Director | Sold | 7,056 | $48.23 | $0.3M | Form 4 |
| Feb 26, 2026 | Adam WienerDirector | Sold plan | 15,000 | $50.00 | $0.8M | Form 4 |
| Feb 25, 2026 | Adam WienerDirector | Sold plan | 18,000 | $43.07 | $0.8M | Form 4 |
| Feb 25, 2026 | Lynn HaalandGC & Chief Privacy Officer | Sold plan | 15,533 | $45.00 | $0.7M | Form 4 |
| Jan 2, 2026 | Adam WienerDirector | Sold plan | 14,000 | $35.00 | $0.5M | Form 4 |
| Dec 12, 2025 | Lynn HaalandGC & Chief Privacy Officer | Sold plan | 15,532 | $41.00 | $0.6M | Form 4 |
| Dec 12, 2025 | Alclear Investments, LLCDirector, 10% owner, See Remarks | Sold plan | 500,000 | $40.87 | $20.4M | Form 4 |
| Dec 12, 2025 | Adam WienerDirector | Sold plan | 8,000 | $40.00 | $0.3M | Form 4 |
| Nov 6, 2025 | Adam WienerDirector | Sold plan | 6,000 | $36.04 | $0.2M | Form 4 |
| Oct 1, 2025 | Adam WienerDirector | Sold plan | 8,000 | $33.02 | $0.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Clear Secure, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | 1.3% | β20.2% | β25.3% | β18.9% | β11.3% | β21.1% |
| Altman Z'' | β | β10.18 | 3.11 | 1.60 | 1.63 | 1.24 | 1.45 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$56.2M | β$18.9M | β$115M | β$129M | $20.1M | $123M | $186M |
| Pretax income | β$54.2M | β$9.3M | β$115M | β$117M | $50.6M | $66.6M | $206M |
| Income tax | $0.0M | $0.0M | $0.2M | β$2.1M | $0.7M | β$159M | $37.9M |
| Net income | β$54.2M | β$9.3M | β$36.1M | β$65.6M | $28.1M | $170M | $109M |
| Cash flow | |||||||
| Cash from operations | $16.6M | β$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 | β$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 | β | $172M | $653M | $742M | $770M | $662M | $765M |
| Current liabilities | β | $146M | $265M | $397M | $552M | $643M | $760M |
| Property and equipment, net | β | $35.2M | $44.5M | $57.9M | $62.6M | $56.9M | $59.3M |
| Goodwill | β | $0.0M | $59.8M | $58.8M | $62.8M | $62.8M | $62.7M |
| Intangible assets | β | $1.6M | $22.9M | $22.3M | $20.8M | $15.3M | $2.8M |
| Total assets | β | $232M | $813M | $1.0B | $1.0B | $1.2B | $1.3B |
| Total liabilities | β | $150M | $273M | $527M | $676M | $957M | $1.1B |
| Shareholders' equity | β | β$487M | $278M | $291M | $233M | $198M | $178M |
| Margins | |||||||
| Operating margin | β29.2% | β8.2% | β45.3% | β29.5% | 3.3% | 16.0% | 20.7% |
| EBITDA margin | β25.4% | β4.1% | β40.4% | β25.2% | 6.8% | 19.4% | 24.5% |
| Net margin | β28.2% | β4.0% | β14.2% | β15.0% | 4.6% | 22.0% | 12.1% |
| FCF margin | 1.0% | β12.5% | 16.4% | 31.3% | 32.5% | 36.8% | 38.1% |
| Returns | |||||||
| Return on capital employed | β | β22.0% | β21.0% | β20.2% | 4.1% | 22.3% | 34.3% |
| Return on equity | β | β | β | β23.1% | 10.7% | 78.6% | 58.1% |
| Return on assets | β | β4.0% | β6.9% | β7.1% | 2.7% | 15.2% | 8.7% |
| Return on tangible equity | β | β | β18.5% | β31.2% | 18.8% | 141.0% | 97.2% |
| Growth | |||||||
| Revenue growth | β | 20.0% | 10.0% | 72.3% | 40.3% | 25.6% | 16.9% |
| Net income growth | β | β | β | β | β | 503.7% | β35.7% |
| FCF growth | β | β1,624.3% | β | 229.5% | 45.7% | 42.2% | 21.0% |
| Financial health | |||||||
| Current ratio | β | 1.2x | 2.5x | 1.9x | 1.4x | 1.0x | 1.0x |
| Quick ratio | β | 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'' | β | β10.2 | 3.1 | 1.6 | 1.6 | 1.2 | 1.5 |
| Accruals ratio | β | 1.3% | β20.2% | β25.3% | β18.9% | β11.3% | β21.1% |
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 β not investment advice. Check the original filings before relying on any figure.
