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CLEAR Secure (YOU) Financials

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$45.45 -0.22 (-0.48%)
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Annual Income Statements for CLEAR Secure

Annual Income Statements for CLEAR Secure

This table shows CLEAR Secure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 -9.31 -36 -66 28 170 109
Consolidated Net Income / (Loss)		 -54 -9.31 -115 -115 50 225 168
Net Income / (Loss) Continuing Operations		 -22 -9.31 -115 -115 50 225 168
Total Pre-Tax Income 		-54 -9.29 -115 -117 51 67 206
Total Operating Income		 -56 -19 -115 -129 20 123 186
Total Gross Profit		 132 190 186 333 471 597 708
Total Revenue		 192 231 254 437 614 770 901
Operating Revenue		 192 231 254 437 614 770 901
Total Cost of Revenue		 60 41 68 105 143 173 193
Operating Cost of Revenue		 60 41 68 105 143 173 193
Total Operating Expenses		 156 209 301 462 451 474 522
Selling, General & Admin Expense		 92 118 169 278 222 218 232
Marketing Expense		 36 16 35 42 44 49 54
Research & Development Expense		 21 32 47 67 74 73 72
Depreciation Expense		 7.32 9.42 12 19 22 26 35
Other Operating Expenses / (Income)		 - 33 37 56 89 108 128
Total Other Income / (Expense), net		 1.94 9.64 -0.01 12 30 -57 20
Interest & Investment Income		 1.94 0.61 -0.35 6.59 29 33 24
Other Income / (Expense), net		 0.00 9.02 0.34 4.98 1.46 -89 -4.79
Income Tax Expense		 0.00 0.02 0.23 -2.06 0.72 -159 38
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -79 -50 22 56 59
Basic Earnings per Share		 $0.00 $0.00 ($0.96) ($1.60) $0.62 $3.62 $2.28
Weighted Average Basic Shares Outstanding		 0.00 0.00 76.56M 82.12M 90.60M 93.90M 95.97M
Diluted Earnings per Share		 $0.00 $0.00 ($0.96) ($1.60) $0.62 $3.12 $2.24
Weighted Average Diluted Shares Outstanding		 0.00 0.00 76.56M 82.12M 91.62M 144.51M 97.81M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 149.89M 153.35M 150.63M 136.87M 133.32M

Quarterly Income Statements for CLEAR Secure

This table shows CLEAR Secure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 14 19 24 23 103 25 25 28 31 39 50
Consolidated Net Income / (Loss)		 23 32 39 38 117 39 38 45 47 56 72
Net Income / (Loss) Continuing Operations		 23 32 39 38 117 39 38 45 47 56 72
Total Pre-Tax Income 		23 34 39 43 -49 44 44 61 57 71 91
Total Operating Income		 16 24 30 35 34 37 43 53 54 62 83
Total Gross Profit		 131 139 147 154 158 161 172 181 194 205 230
Total Revenue		 171 179 187 198 206 211 219 229 241 253 278
Operating Revenue		 171 179 187 198 206 211 219 229 241 253 278
Total Cost of Revenue		 40 40 40 45 48 51 48 48 46 48 48
Operating Cost of Revenue		 40 40 40 45 48 51 48 48 46 48 48
Total Operating Expenses		 115 115 116 119 124 123 129 129 140 143 147
Selling, General & Admin Expense		 52 53 55 54 55 55 59 59 60 64 66
Marketing Expense		 13 12 11 12 15 13 14 13 14 16 17
Research & Development Expense		 18 20 17 17 18 19 18 18 17 19 18
Depreciation Expense		 6.23 6.09 6.44 6.97 6.98 6.53 6.77 7.42 14 6.83 6.66
Other Operating Expenses / (Income)		 25 24 26 29 29 30 31 32 35 37 39
Total Other Income / (Expense), net		 7.44 10 8.66 7.69 -83 6.60 1.75 8.26 2.98 8.74 8.40
Interest & Investment Income		 7.55 9.93 8.25 7.25 7.09 6.15 5.81 6.62 5.80 6.76 7.93
Other Income / (Expense), net		 -0.11 0.44 0.42 0.44 -90 0.45 -4.06 1.64 -2.83 1.98 0.47
Income Tax Expense		 -0.12 1.97 0.41 4.75 -166 5.42 6.43 16 10 14 19
Net Income / (Loss) Attributable to Noncontrolling Interest		 9.29 13 14 15 13 13 13 17 16 18 22
Basic Earnings per Share		 $0.32 $0.40 $0.52 $0.50 $2.20 $0.52 $0.52 $0.58 $0.66 $0.78 $1.00
Weighted Average Basic Shares Outstanding		 90.60M 92.74M 92.89M 93.59M 93.90M 96.00M 93.60M 96.42M 95.97M 99.51M 100.85M
Diluted Earnings per Share		 $0.32 $0.40 $0.52 $0.50 $1.70 $0.52 $0.52 $0.58 $0.62 $0.76 $0.98
Weighted Average Diluted Shares Outstanding		 91.62M 93.41M 93.51M 95.17M 144.51M 97.52M 95.03M 98.34M 97.81M 101.35M 102.92M
Weighted Average Basic & Diluted Shares Outstanding		 150.63M 144.83M 139.25M 139.40M 136.87M 133.04M 132.93M 133.16M 133.32M 133.64M 135.29M

Annual Cash Flow Statements for CLEAR Secure

This table details how cash moves in and out of CLEAR Secure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 171 -97 170 -240 -6.48 7.91 18
Net Cash From Operating Activities		 17 -12 70 168 225 296 372
Net Cash From Continuing Operating Activities		 17 -12 70 168 225 295 372
Net Income / (Loss) Continuing Operations		 -54 -9.31 -115 -115 50 225 168
Consolidated Net Income / (Loss)		 -54 -9.31 -115 -115 50 225 168
Depreciation Expense		 7.32 9.42 12 16 18 22 24
Amortization Expense		 0.00 0.00 1.03 0.75 -10 -2.39 9.58
Non-Cash Adjustments To Reconcile Net Income		 17 6.93 49 138 39 42 36
Changes in Operating Assets and Liabilities, net		 47 -19 122 129 128 8.62 135
Net Cash From Investing Activities		 -26 -22 -403 -360 -16 114 -97
Net Cash From Continuing Investing Activities		 -26 -22 -403 -360 -16 114 -97
Purchase of Property, Plant & Equipment		 -15 -17 -28 -31 -26 -12 -29
Acquisitions		 -0.50 -0.42 -77 -0.55 -4.33 -0.32 0.00
Purchase of Investments		 -101 -171 -988 -1,463 -959 -972 -748
Divestitures		 - - - - 0.00 0.00 2.70
Sale and/or Maturity of Investments		 90 166 690 1,135 973 1,098 677
Net Cash From Financing Activities		 180 -63 503 -49 -216 -402 -257
Net Cash From Continuing Financing Activities		 180 -63 503 -49 -216 -402 -257
Repayment of Debt		 0.00 -0.65 -0.72 -0.30 -0.40 -1.25 -0.33
Repurchase of Common Equity		 -12 -210 -12 -4.90 -70 -273 -126
Payment of Dividends		 0.00 0.00 0.00 -38 -57 -93 -67
Other Financing Activities, net		 0.00 0.00 -1.54 -5.58 -89 -34 -64

Quarterly Cash Flow Statements for CLEAR Secure

This table details how cash moves in and out of CLEAR Secure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -6.11 5.30 -25 -6.41 34 20 1.32 -14 9.93 85 -43
Net Cash From Operating Activities		 94 80 115 -36 137 98 123 -47 198 190 201
Net Cash From Continuing Operating Activities		 94 80 115 -36 137 98 123 -47 198 190 201
Net Income / (Loss) Continuing Operations		 23 32 39 38 117 39 38 45 47 56 72
Consolidated Net Income / (Loss)		 23 32 39 38 117 39 38 45 47 56 72
Depreciation Expense		 5.28 5.17 5.56 5.62 5.40 5.43 5.71 6.39 6.39 6.72 6.55
Amortization Expense		 -2.93 -1.32 -1.23 -0.46 0.62 1.39 0.75 0.41 7.03 -0.21 -0.38
Non-Cash Adjustments To Reconcile Net Income		 1.17 13 13 5.18 5.60 8.98 17 8.49 1.06 14 9.96
Changes in Operating Assets and Liabilities, net		 67 32 58 -84 8.42 44 61 -108 137 114 113
Net Cash From Investing Activities		 12 26 0.20 122 -34 93 -77 56 -170 -21 -214
Net Cash From Continuing Investing Activities		 12 26 0.20 122 -34 93 -77 56 -170 -21 -214
Purchase of Property, Plant & Equipment		 -3.73 -2.78 -4.44 -2.04 -2.75 -7.08 -5.06 -6.17 -11 -4.87 -12
Purchase of Investments		 -318 -216 -141 -347 -268 -97 -146 -233 -271 -287 -281
Sale and/or Maturity of Investments		 334 245 146 471 237 198 72 296 112 270 79
Net Cash From Financing Activities		 -112 -101 -140 -92 -68 -171 -45 -23 -18 -84 -30
Net Cash From Continuing Financing Activities		 -112 -101 -140 -92 -68 -171 -45 -23 -18 -84 -30
Payment of Dividends		 -96 -14 -49 -14 12 -42 -17 -17 8.68 -40 -20
Other Financing Activities, net		 -2.12 -2.67 -26 -2.99 -31 -27 -3.76 -6.05 -27 -43 -9.21

Annual Balance Sheets for CLEAR Secure

This table presents CLEAR Secure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 232 813 1,038 1,045 1,195 1,303
Total Current Assets		 172 653 742 770 662 765
Cash & Equivalents		 116 280 39 58 67 86
Short-Term Investments		 38 335 666 665 543 614
Accounts Receivable		 0.91 5.33 1.17 0.53 0.51 1.93
Prepaid Expenses		 17 32 36 46 52 63
Plant, Property, & Equipment, net		 35 45 58 63 57 59
Total Noncurrent Assets		 25 115 238 212 476 479
Goodwill		 0.00 60 59 63 63 63
Intangible Assets		 1.56 23 22 21 15 2.75
Other Noncurrent Operating Assets		 24 32 157 129 398 414
Total Liabilities & Shareholders' Equity		 232 813 1,038 1,045 1,195 1,303
Total Liabilities		 150 273 527 676 957 1,099
Total Current Liabilities		 146 265 397 552 643 760
Accounts Payable		 8.52 8.81 7.95 12 18 7.16
Accrued Expenses		 18 67 106 164 185 237
Current Deferred Revenue		 102 189 283 376 440 516
Total Noncurrent Liabilities		 3.81 8.69 129 124 314 339
Other Noncurrent Operating Liabilities		 3.81 8.69 129 124 314 339
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 539 511 369 238 204
Total Preferred & Common Equity		 0.00 278 291 233 198 178
Total Common Equity		 -487 278 291 233 198 178
Common Stock		 7.85 314 394 305 114 57
Retained Earnings		 -495 -36 -102 -74 84 120
Treasury Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 0.03 -0.10 -1.53 2.05 0.34 0.84
Noncontrolling Interest		 0.00 262 220 136 40 27

Quarterly Balance Sheets for CLEAR Secure

This table presents CLEAR Secure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,094 1,086 1,062 1,017 982 859 1,111 1,180 1,126 1,422 1,578
Total Current Assets		 785 807 781 744 714 596 582 654 589 865 1,024
Cash & Equivalents		 39 57 64 64 39 33 88 89 76 171 128
Short-Term Investments		 709 708 673 0.62 1.12 512 442 516 455 629 831
Accounts Receivable		 0.96 0.93 0.74 634 631 0.64 0.51 1.05 1.63 1.06 1.26
Prepaid Expenses		 36 41 44 45 43 50 51 47 57 64 63
Plant, Property, & Equipment, net		 68 65 66 60 59 58 55 54 55 58 63
Total Noncurrent Assets		 241 215 215 213 209 205 474 473 482 499 492
Goodwill		 59 59 63 63 63 63 63 63 63 63 63
Intangible Assets		 21 21 22 20 18 17 14 11 10 2.64 2.53
Other Noncurrent Operating Assets		 161 135 131 130 128 125 397 399 409 434 427
Total Liabilities & Shareholders' Equity		 1,094 1,086 1,062 1,017 982 859 1,111 1,180 1,126 1,422 1,578
Total Liabilities		 595 624 604 748 754 678 985 1,053 960 1,209 1,335
Total Current Liabilities		 465 497 478 625 633 558 688 750 633 860 984
Accounts Payable		 11 3.97 14 7.07 8.86 11 6.05 6.76 8.36 6.47 6.18
Accrued Expenses		 156 172 112 240 236 130 247 304 155 299 405
Current Deferred Revenue		 298 321 352 378 388 417 435 439 470 555 573
Total Noncurrent Liabilities		 130 127 125 123 121 120 297 304 327 349 351
Other Noncurrent Operating Liabilities		 130 127 125 123 121 120 297 304 327 349 351
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 499 462 458 269 228 181 126 127 166 214 243
Total Preferred & Common Equity		 297 267 276 166 154 129 117 121 149 185 206
Total Common Equity		 297 267 276 166 154 129 117 121 149 185 206
Common Stock		 404 371 364 221 185 135 44 36 47 62 49
Retained Earnings		 -107 -103 -88 -55 -31 -7.32 72 85 101 123 158
Treasury Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -0.59 -1.33 -0.49 0.22 -0.56 1.47 0.52 0.59 0.81 -0.32 -0.75
Noncontrolling Interest		 202 195 182 103 75 52 9.30 5.35 17 28 37

Annual Metrics And Ratios for CLEAR Secure

This table displays calculated financial ratios and metrics derived from CLEAR Secure's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 20.03% 10.03% 72.25% 40.27% 25.57% 16.91%
EBITDA Growth		 0.00% 99.01% -20,851.97% -6.53% 127.63% 79.57% 302.36%
EBIT Growth		 0.00% 82.36% -1,056.76% -8.29% 117.41% 57.96% 432.53%
NOPAT Growth		 0.00% 66.30% -507.18% -12.30% 121.97% 1,998.36% -63.47%
Net Income Growth		 0.00% 82.83% -1,137.07% -0.23% 143.22% 351.56% -25.36%
EPS Growth		 0.00% 0.00% 0.00% -66.67% 138.75% 403.23% -28.21%
Operating Cash Flow Growth		 0.00% -174.44% 664.98% 141.45% 33.70% 31.39% 25.97%
Free Cash Flow Firm Growth		 0.00% 0.00% -230.52% 136.21% 551.41% 141.37% -36.35%
Invested Capital Growth		 0.00% 0.00% -5.84% -155.48% -82.57% -5.00% -33.44%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 12.21% 7.48% 4.80% 3.98%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 4.33% 375.28% -56.05% 114.29%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 4.60% 212.55% -67.81% 144.47%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -0.37% 164.35% 318.49% -61.67%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 9.70% 534.38% 70.70% -29.40%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 9.09% 3,000.00% 79.31% -32.53%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 28.82% 39.38% 7.07% 16.78% 19.90%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 69.27% 134.71% -30.55%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -37.40% -27.21% -2.17% -35.97%
Profitability Metrics		 - - - - - - -
Gross Margin		 68.78% 82.44% 73.33% 76.05% 76.72% 77.54% 78.62%
EBITDA Margin		 -25.40% -0.21% -39.85% -24.65% 4.85% 6.94% 23.89%
Operating Margin		 -29.21% -8.20% -45.26% -29.50% 3.28% 15.99% 20.70%
EBIT Margin		 -29.21% -4.29% -45.12% -28.37% 3.52% 4.43% 20.17%
Profit (Net Income) Margin		 -28.20% -4.03% -45.35% -26.39% 8.13% 29.24% 18.67%
Tax Burden Percent		 100.00% 100.17% 100.20% 98.25% 98.57% 338.11% 81.60%
Interest Burden Percent		 96.54% 93.82% 100.30% 94.69% 234.33% 195.28% 113.42%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 1.43% -238.11% 18.40%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -1.64% -20.78% -21.98% 11.34% 74.21% 76.03%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -4.26% -21.93% -13.41% 2.07% 3.05% 14.54%
Return on Assets (ROA)		 0.00% -4.01% -22.04% -12.48% 4.79% 20.11% 13.46%
Return on Common Equity (ROCE)		 0.00% 1.40% 3.92% -11.90% 6.75% 52.76% 64.64%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -41.49% -39.66% 21.38% 113.57% 0.00%
Net Operating Profit after Tax (NOPAT)		 -39 -13 -80 -90 20 417 152
NOPAT Margin		 -20.45% -5.74% -31.68% -20.65% 3.24% 54.06% 16.89%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.23% -5.53% -3.80% 4.21% -28.70% 2.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -17.68% 5.38% 175.05% 74.45%
Cost of Revenue to Revenue		 31.22% 17.56% 26.67% 23.95% 23.28% 22.46% 21.38%
SG&A Expenses to Revenue		 47.63% 51.20% 66.51% 63.59% 36.24% 28.23% 25.80%
R&D to Revenue		 11.04% 13.88% 18.70% 15.27% 12.13% 9.52% 8.04%
Operating Expenses to Revenue		 81.20% 90.64% 118.59% 105.55% 73.44% 61.55% 57.91%
Earnings before Interest and Taxes (EBIT)		 -56 -9.91 -115 -124 22 34 182
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -49 -0.48 -101 -108 30 53 215
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 15.34 13.30 12.91 18.72 26.28
Price to Tangible Book Value (P/TBV)		 0.00 0.00 21.85 18.44 20.11 30.87 41.60
Price to Revenue (P/Rev)		 2.13 1.77 16.77 8.85 4.91 4.82 5.19
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 107.14 21.89 42.79
Dividend Yield		 0.00% 0.00% 0.00% 0.98% 3.05% 2.76% 2.20%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.93% 4.57% 2.34%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 3.57 15.38 7.74 3.95 4.08 4.44
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 81.39 58.78 18.58
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 112.24 92.15 22.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 122.12 7.55 26.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 56.03 20.13 10.77 10.63 10.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 14.11 0.00 122.65 13.48 7.24 14.46
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -1.13 -1.13 -1.26 -1.62 -2.19 -2.96
Leverage Ratio		 0.00 0.41 0.94 1.76 2.37 3.69 5.65
Compound Leverage Factor		 0.00 0.38 0.95 1.67 5.54 7.20 6.41
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 100.00% 48.54% 43.03% 36.81% 16.64% 13.04%
Common Equity to Total Capital		 0.00% -85.53% 51.46% 56.97% 63.19% 83.36% 86.96%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 -0.36 9.71 4.70 3.48 3.18 3.83
Noncontrolling Interest Sharing Ratio		 0.00% 185.53% 118.88% 45.86% 40.42% 28.90% 14.98%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 1.17 2.47 1.87 1.39 1.03 1.01
Quick Ratio		 0.00 1.06 2.35 1.78 1.31 0.95 0.92
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 58 -76 28 180 434 276
Operating Cash Flow to CapEx		 112.89% -74.77% 247.64% 536.67% 880.58% 2,462.13% 1,269.43%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.99 0.49 0.47 0.59 0.69 0.72
Accounts Receivable Turnover		 0.00 253.07 81.36 134.60 723.99 1,485.99 739.56
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 6.55 6.37 8.54 10.18 12.90 15.50
Accounts Payable Turnover		 0.00 4.76 7.82 12.51 14.48 11.61 15.30
Days Sales Outstanding (DSO)		 0.00 1.44 4.49 2.71 0.50 0.25 0.49
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 76.72 46.69 29.19 25.21 31.43 23.85
Cash Conversion Cycle (CCC)		 0.00 -75.28 -42.20 -26.48 -24.71 -31.19 -23.36
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 -72 -76 -194 -354 -372 -496
Invested Capital Turnover		 0.00 -6.44 -3.44 -3.24 -2.24 -2.12 -2.08
Increase / (Decrease) in Invested Capital		 0.00 -72 -4.18 -118 -160 -18 -124
Enterprise Value (EV)		 0.00 824 3,906 3,387 2,424 3,144 3,998
Market Capitalization		 409 409 4,259 3,872 3,011 3,714 4,671
Book Value per Share		 $0.00 ($36.89) $1.89 $1.91 $1.55 $1.42 $1.33
Tangible Book Value per Share		 $0.00 ($37.00) $1.33 $1.38 $0.99 $0.86 $0.84
Total Capital		 0.00 569 539 511 369 238 204
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 -154 -615 -705 -723 -609 -700
Capital Expenditures (CapEx)		 15 17 28 31 26 12 29
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -129 -227 -361 -505 -590 -695
Debt-free Net Working Capital (DFNWC)		 0.00 26 388 344 218 19 4.71
Net Working Capital (NWC)		 0.00 26 388 344 218 19 4.71
Net Nonoperating Expense (NNE)		 15 -3.94 35 25 -30 191 -16
Net Nonoperating Obligations (NNO)		 0.00 -641 -615 -705 -723 -609 -700
Total Depreciation and Amortization (D&A)		 7.32 9.42 13 16 8.18 19 33
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -55.68% -89.33% -82.44% -82.32% -76.62% -77.21%
Debt-free Net Working Capital to Revenue		 0.00% 11.06% 152.98% 78.67% 35.53% 2.49% 0.52%
Net Working Capital to Revenue		 0.00% 11.06% 152.98% 78.67% 35.53% 2.49% 0.52%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.96) ($1.60) $0.62 $3.62 $2.28
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 76.56M 82.12M 90.60M 93.90M 95.97M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.96) ($1.60) $0.62 $3.12 $2.24
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 76.56M 82.12M 91.62M 144.51M 97.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 149.89M 153.35M 150.63M 136.87M 133.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -39 -13 -80 -90 20 86 152
Normalized NOPAT Margin		 -20.45% -5.74% -31.68% -20.65% 3.24% 11.19% 16.89%
Pre Tax Income Margin		 -28.20% -4.03% -45.26% -26.86% 8.25% 8.65% 22.88%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% -33.00% 250.95% 28.65% 39.59%
Augmented Payout Ratio		 -22.29% -2,259.28% -10.20% -37.25% 390.61% 149.80% 114.73%

Quarterly Metrics And Ratios for CLEAR Secure

This table displays calculated financial ratios and metrics derived from CLEAR Secure's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 133,321,600.00 133,641,288.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 133,321,600.00 133,641,288.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.29 0.37
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 33.30% 35.28% 24.60% 23.72% 20.65% 18.05% 17.52% 15.51% 16.72% 19.70% 26.56%
EBITDA Growth		 179.19% 305.98% 1,315.37% 77.34% -380.14% 59.69% 28.14% 50.06% 228.32% 57.81% 99.27%
EBIT Growth		 161.88% 263.20% 3,513.75% 78.15% -460.99% 56.88% 25.19% 52.73% 190.75% 69.04% 116.68%
NOPAT Growth		 170.43% 311.77% 14,096.89% 66.32% 51.14% 46.92% 21.19% 25.09% 84.90% 50.68% 80.49%
Net Income Growth		 224.01% 487.86% 380.35% 41.55% 401.08% 20.24% -1.86% 18.73% -60.07% 46.14% 90.92%
EPS Growth		 214.29% 433.33% 550.00% 47.06% 431.25% 30.00% 0.00% 16.00% -63.53% 46.15% 88.46%
Operating Cash Flow Growth		 18.73% 32.25% 52.77% -638.02% 45.13% 22.40% 7.33% -31.87% 45.24% 93.56% 63.57%
Free Cash Flow Firm Growth		 84.01% -413.08% -385.91% -25.16% -76.38% 248.53% 252.52% -65.71% 305.26% -63.82% -56.97%
Invested Capital Growth		 -82.57% 181.97% 162.01% -30.72% -5.00% -297.48% -354.77% -0.27% -33.44% -45.20% -49.49%
Revenue Q/Q Growth		 6.60% 4.73% 4.30% 6.25% 3.95% 2.47% 3.83% 4.43% 5.04% 5.09% 9.78%
EBITDA Q/Q Growth		 -21.79% 55.90% 25.43% 15.95% -223.55% 188.87% 0.65% 35.78% 5.65% 9.30% 27.09%
EBIT Q/Q Growth		 -21.81% 54.75% 27.46% 15.51% -258.45% 167.25% 1.71% 40.91% -5.85% 25.26% 30.38%
NOPAT Q/Q Growth		 -15.84% 41.43% 34.48% 3.90% -23.52% 37.48% 10.93% 7.25% 13.05% 12.03% 32.87%
Net Income Q/Q Growth		 -13.40% 37.93% 20.27% -1.47% 206.57% -66.90% -1.84% 19.19% 3.10% 21.14% 28.25%
EPS Q/Q Growth		 -5.88% 25.00% 30.00% -3.85% 240.00% -69.41% 0.00% 11.54% 6.90% 22.58% 28.95%
Operating Cash Flow Q/Q Growth		 2,036.85% -14.64% 42.61% -131.30% 480.87% -28.01% 25.05% -138.46% 519.50% -4.06% 5.68%
Free Cash Flow Firm Q/Q Growth		 12.80% -345.52% -6.84% 125.29% -64.39% 1,443.64% 9.71% -94.31% 320.87% 37.80% 30.50%
Invested Capital Q/Q Growth		 -27.21% 157.79% -8.06% -293.40% -2.17% -8.70% -18.61% 23.88% -35.97% -18.28% -22.11%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 76.53% 77.50% 78.53% 77.41% 76.81% 75.99% 78.27% 79.18% 80.71% 80.93% 82.72%
EBITDA Margin		 10.50% 15.62% 18.79% 20.50% -24.37% 21.13% 20.49% 26.64% 26.79% 27.86% 32.26%
Operating Margin		 9.18% 13.23% 16.25% 17.68% 16.52% 17.70% 19.39% 22.96% 22.39% 24.51% 29.87%
EBIT Margin		 9.12% 13.48% 16.47% 17.90% -27.29% 17.91% 17.54% 23.67% 21.22% 25.29% 30.03%
Profit (Net Income) Margin		 13.61% 17.92% 20.67% 19.16% 56.51% 18.25% 17.26% 19.70% 19.33% 22.29% 26.03%
Tax Burden Percent		 100.53% 94.23% 98.95% 88.89% -236.93% 87.68% 85.49% 74.16% 81.82% 79.70% 79.15%
Interest Burden Percent		 148.42% 141.13% 126.82% 120.41% 87.41% 116.26% 115.08% 112.21% 111.36% 110.57% 109.51%
Effective Tax Rate		 -0.53% 5.77% 1.05% 11.11% 0.00% 12.32% 14.52% 25.84% 18.18% 20.30% 20.85%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 11.34% 23.51% 35.01% 41.28% 74.21% 117.27% 130.19% 137.26% 76.03% 109.50% 119.17%
Cash Return on Invested Capital (CROIC)		 0.00% -194.07% -215.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 5.37% 8.43% 11.10% 13.71% -18.77% 13.51% 13.56% 20.67% 15.30% 18.81% 21.79%
Return on Assets (ROA)		 8.02% 11.21% 13.93% 14.67% 38.88% 13.77% 13.34% 17.20% 13.94% 16.58% 18.89%
Return on Common Equity (ROCE)		 6.75% 14.17% 21.33% 26.14% 52.76% 83.83% 100.82% 109.77% 64.64% 97.38% 105.55%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 54.41% 78.68% 102.32% 0.00% 198.62% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 16 22 30 31 24 33 36 39 44 49 66
NOPAT Margin		 9.23% 12.47% 16.07% 15.72% 11.56% 15.52% 16.58% 17.02% 18.32% 19.53% 23.64%
Net Nonoperating Expense Percent (NNEP)		 1.05% 2.40% 2.13% 1.07% 13.92% 1.95% 0.46% 1.14% 0.37% 1.05% 0.85%
Return On Investment Capital (ROIC_SIMPLE)		 4.27% - - - 10.03% 26.03% 28.72% 23.50% 21.58% 23.13% 27.00%
Cost of Revenue to Revenue		 23.47% 22.50% 21.47% 22.59% 23.19% 24.01% 21.73% 20.82% 19.29% 19.07% 17.28%
SG&A Expenses to Revenue		 30.43% 29.54% 29.65% 27.17% 26.82% 25.90% 26.67% 25.66% 25.04% 25.15% 23.74%
R&D to Revenue		 10.76% 11.23% 9.32% 8.78% 8.93% 8.99% 8.31% 7.85% 7.13% 7.69% 6.40%
Operating Expenses to Revenue		 67.34% 64.27% 62.29% 59.73% 60.29% 58.30% 58.88% 56.22% 58.32% 56.42% 52.85%
Earnings before Interest and Taxes (EBIT)		 16 24 31 36 -56 38 39 54 51 64 83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 18 28 35 41 -50 45 45 61 65 70 90
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 12.91 19.23 17.65 35.78 18.72 30.39 30.44 29.87 26.28 34.82 36.11
Price to Tangible Book Value (P/TBV)		 20.11 38.42 37.35 93.53 30.87 89.25 77.98 58.67 41.60 53.77 52.81
Price to Revenue (P/Rev)		 4.91 4.83 3.89 6.28 4.82 4.42 4.42 5.12 5.19 6.85 7.44
Price to Earnings (P/E)		 107.14 61.19 37.51 57.42 21.89 20.12 20.88 24.42 42.79 52.66 50.36
Dividend Yield		 3.05% 3.64% 3.58% 2.11% 2.76% 4.01% 2.68% 2.31% 2.20% 1.50% 0.99%
Earnings Yield		 0.93% 1.63% 2.67% 1.74% 4.57% 4.97% 4.79% 4.09% 2.34% 1.90% 1.99%
Enterprise Value to Invested Capital (EV/IC)		 0.00 15.79 14.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 3.95 4.89 3.94 5.61 4.08 3.77 3.70 4.53 4.44 6.03 6.52
Enterprise Value to EBITDA (EV/EBITDA)		 81.39 45.26 26.40 33.87 58.78 43.11 38.63 39.07 18.58 23.58 22.84
Enterprise Value to EBIT (EV/EBIT)		 112.24 53.36 30.35 38.89 92.15 63.24 55.63 52.80 22.00 27.34 25.82
Enterprise Value to NOPAT (EV/NOPAT)		 122.12 56.54 31.60 41.41 7.55 7.30 7.35 9.88 26.27 33.71 32.95
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.77 13.20 9.66 16.28 10.63 9.65 9.60 12.63 10.73 12.23 12.03
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.48 0.00 0.00 22.28 7.24 2.96 2.84 9.86 14.46 16.18 15.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.62 -1.06 -1.17 -2.00 -2.19 -1.50 -1.82 -3.10 -2.96 -3.92 -4.23
Leverage Ratio		 2.37 2.75 3.00 3.00 3.69 5.38 6.09 5.72 5.65 7.46 7.46
Compound Leverage Factor		 3.51 3.88 3.80 3.62 3.22 6.26 7.01 6.42 6.29 8.25 8.17
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 36.81% 38.40% 32.74% 28.76% 16.64% 7.38% 4.22% 10.50% 13.04% 13.24% 15.18%
Common Equity to Total Capital		 63.19% 61.60% 67.26% 71.24% 83.36% 92.62% 95.78% 89.50% 86.96% 86.76% 84.82%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 3.46 3.35 3.02 5.12 2.94 2.97 2.92 3.78 3.50 4.14 4.33
Noncontrolling Interest Sharing Ratio		 40.42% 39.74% 39.07% 36.68% 28.90% 28.51% 22.56% 20.03% 14.98% 11.07% 11.43%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.39 1.19 1.13 1.07 1.03 0.85 0.87 0.93 1.01 1.01 1.04
Quick Ratio		 1.31 1.12 1.06 0.98 0.95 0.77 0.81 0.84 0.92 0.93 0.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 176 -432 -461 117 42 641 703 40 168 232 303
Operating Cash Flow to CapEx		 2,523.62% 2,894.42% 2,580.72% -1,755.65% 4,967.71% 1,388.30% 2,429.07% -766.47% 1,800.22% 3,906.34% 1,650.81%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.59 0.63 0.67 0.77 0.69 0.75 0.77 0.87 0.72 0.74 0.73
Accounts Receivable Turnover		 723.99 2.08 2.21 1,069.36 1,485.99 2.53 2.65 763.26 739.56 1,197.48 863.79
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.18 10.30 11.26 11.90 12.90 13.89 14.77 15.39 15.50 16.63 17.17
Accounts Payable Turnover		 14.48 16.45 24.29 13.25 11.61 27.97 24.47 20.17 15.30 30.37 29.44
Days Sales Outstanding (DSO)		 0.50 175.59 165.30 0.34 0.25 144.32 137.95 0.48 0.49 0.30 0.42
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 25.21 22.20 15.03 27.54 31.43 13.05 14.91 18.09 23.85 12.02 12.40
Cash Conversion Cycle (CCC)		 -24.71 153.40 150.27 -27.20 -31.19 131.27 123.03 -17.62 -23.36 -11.71 -11.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -354 205 188 -364 -372 -404 -479 -365 -496 -586 -716
Invested Capital Turnover		 -2.24 -29.36 -12.11 -2.29 -2.12 -8.05 -5.74 -2.38 -2.08 -1.90 -1.67
Increase / (Decrease) in Invested Capital		 -160 454 491 -85 -18 -608 -667 -0.98 -124 -183 -237
Enterprise Value (EV)		 2,424 3,229 2,744 4,122 3,144 3,026 3,093 3,924 3,998 5,682 6,525
Market Capitalization		 3,011 3,190 2,710 4,615 3,714 3,546 3,693 4,437 4,671 6,454 7,448
Book Value per Share		 $1.55 $1.79 $1.06 $0.93 $1.42 $0.85 $0.91 $1.12 $1.33 $1.39 $1.54
Tangible Book Value per Share		 $0.99 $0.90 $0.50 $0.35 $0.86 $0.29 $0.36 $0.57 $0.84 $0.90 $1.06
Total Capital		 369 269 228 181 238 126 127 166 204 214 243
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -723 -65 -40 -545 -609 -530 -606 -531 -700 -800 -959
Capital Expenditures (CapEx)		 3.73 2.78 4.44 2.04 2.75 7.08 5.06 6.17 11 4.87 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -505 54 40 -507 -590 -636 -702 -574 -695 -795 -920
Debt-free Net Working Capital (DFNWC)		 218 119 80 38 19 -107 -96 -44 4.71 4.89 40
Net Working Capital (NWC)		 218 119 80 38 19 -107 -96 -44 4.71 4.89 40
Net Nonoperating Expense (NNE)		 -7.48 -9.77 -8.57 -6.83 -93 -5.79 -1.50 -6.13 -2.44 -6.97 -6.65
Net Nonoperating Obligations (NNO)		 -723 -65 -40 -545 -609 -530 -606 -531 -700 -800 -959
Total Depreciation and Amortization (D&A)		 2.35 3.85 4.33 5.16 6.02 6.82 6.46 6.80 13 6.51 6.17
Debt-free, Cash-free Net Working Capital to Revenue		 -82.32% 8.19% 5.77% -68.91% -76.62% -79.27% -83.99% -66.29% -77.21% -84.38% -91.89%
Debt-free Net Working Capital to Revenue		 35.53% 18.00% 11.54% 5.18% 2.49% -13.27% -11.49% -5.04% 0.52% 0.52% 3.97%
Net Working Capital to Revenue		 35.53% 18.00% 11.54% 5.18% 2.49% -13.27% -11.49% -5.04% 0.52% 0.52% 3.97%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.32 $0.40 $0.52 $0.50 $2.20 $0.52 $0.52 $0.58 $0.66 $0.78 $1.00
Adjusted Weighted Average Basic Shares Outstanding		 90.60M 92.74M 92.89M 93.59M 93.90M 96.00M 93.60M 96.42M 95.97M 99.51M 100.85M
Adjusted Diluted Earnings per Share		 $0.32 $0.40 $0.52 $0.50 $1.70 $0.52 $0.52 $0.58 $0.62 $0.76 $0.98
Adjusted Weighted Average Diluted Shares Outstanding		 91.62M 93.41M 93.51M 95.17M 144.51M 97.52M 95.03M 98.34M 97.81M 101.35M 102.92M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 150.63M 144.83M 139.25M 139.40M 136.87M 133.04M 132.93M 133.16M 133.32M 133.64M 135.29M
Normalized Net Operating Profit after Tax (NOPAT)		 11 22 30 31 24 33 36 39 44 49 66
Normalized NOPAT Margin		 6.43% 12.47% 16.07% 15.72% 11.56% 15.52% 16.58% 17.02% 18.32% 19.53% 23.64%
Pre Tax Income Margin		 13.54% 19.02% 20.88% 21.56% -23.85% 20.82% 20.19% 26.56% 23.63% 27.96% 32.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 250.95% 153.71% 140.14% 130.78% 28.65% 40.14% 26.39% 26.71% 39.59% 34.76% 30.89%
Augmented Payout Ratio		 390.61% 317.80% 284.65% 311.66% 149.80% 165.16% 134.27% 99.81% 114.73% 48.66% 31.45%

Financials Breakdown Chart

Key Financial Trends

CLEAR Secure (NYSE: YOU) has shown solid top-line growth and strong cash generation over the last few years, but the company’s balance sheet and earnings trend also show some important volatility. The biggest story is that revenue has continued to rise, operating profitability has improved versus 2024, and the company remains well capitalized with a large cash and investment cushion. At the same time, deferred revenue is high, liabilities are also high, and Clear Secure continues to return capital through dividends and share repurchases.

  • Revenue continued to grow year over year, with Q1 2026 revenue at $253.0 million versus $211.4 million in Q1 2025 and $179.0 million in Q1 2024.
  • Operating income improved to $62.0 million in Q1 2026 from $54.9 million in Q1 2025 and $23.7 million in Q1 2024, showing better operating leverage.
  • Net income attributable to common shareholders rose to $38.8 million in Q1 2026, up from $25.4 million a year earlier.
  • Operating cash flow was strong at $190.4 million in Q1 2026, which is a healthy sign for a software-like subscription business.
  • The company ended Q1 2026 with substantial liquidity, including $170.7 million in cash and equivalents and $629.4 million in short-term investments.
  • Current assets of $864.9 million still exceeded current liabilities of $860.0 million, suggesting near-term obligations are covered.
  • Deferred revenue remains large at $554.9 million, which gives the company a meaningful base of contracted or prepaid customer revenue.
  • Q1 2026 gross margin remained strong, with gross profit of $204.8 million on $253.0 million of revenue, but cost of revenue still consumed a notable portion of sales.
  • The company continues to carry sizable noncontrolling interest on the balance sheet, which complicates comparisons of consolidated earnings versus common shareholder earnings.
  • Clear Secure returned cash to shareholders in Q1 2026 through both $40.1 million of dividends and $1.2 million of share repurchases, while still maintaining liquidity.
  • Total liabilities were still high at $1.21 billion versus total equity of only $185.3 million, leaving the capital structure fairly leveraged.
  • Deferred revenue and accrued expenses make up a large share of current liabilities, so execution matters if revenue growth slows.
  • Quarterly cash flow can be volatile because the company’s investment portfolio causes large swings in investing cash flow from period to period.
  • Earnings per share improved in Q1 2026, but share counts remain elevated versus earlier periods, limiting per-share growth.

Looking at the longer trend, Clear Secure appears to have moved from a more volatile and sometimes loss-making profile in 2022-2023 to a much more stable and profitable business in 2025-2026. Revenue has generally trended higher, operating income has improved, and cash generation has been consistently positive in the more recent periods. The main investor takeaway is that the business is growing and producing cash, but the balance sheet still reflects a large liability base and a capital structure that deserves monitoring.

08/14/26 10:43 AM ETAI Generated. May Contain Errors.

CLEAR Secure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CLEAR Secure's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

CLEAR Secure's net income appears to be on an upward trend, with a most recent value of $168.15 million in 2025, falling from -$54.22 million in 2019. The previous period was $225.27 million in 2024. Check out CLEAR Secure's forecast to explore projected trends and price targets.

CLEAR Secure's total operating income in 2025 was $186.48 million, based on the following breakdown:
  • Total Gross Profit: $708.16 million
  • Total Operating Expenses: $521.69 million

Over the last 6 years, CLEAR Secure's total revenue changed from $192.28 million in 2019 to $900.78 million in 2025, a change of 368.5%.

CLEAR Secure's total liabilities were at $1.10 billion at the end of 2025, a 14.8% increase from 2024, and a 633.1% increase since 2020.

In the past 5 years, CLEAR Secure's cash and equivalents has ranged from $38.94 million in 2022 to $280.11 million in 2021, and is currently $85.73 million as of their latest financial filing in 2025.

Over the last 6 years, CLEAR Secure's book value per share changed from 0.00 in 2019 to 1.33 in 2025, a change of 133.5%.


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Financial statements for NYSE:YOU last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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