YOUMEDIUM SIGNALOPERATIONAL10-K

Clear Secure has rebranded CLEAR Plus to CLEAR+ and expanded its B2B identity verification platform while restructuring its business portfolio descriptions.

The company is positioning itself as a broader identity verification platform beyond just airport security lanes, with enhanced B2B offerings through CLEAR1 that provide multi-layered verification services. The expanded travel portfolio including concierge services and passport assistance suggests a strategy to increase customer lifetime value and reduce dependence on airport-only use cases.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Clear Secure delivered solid revenue growth of 17% to $901M with operating income growing substantially, though net income declined by 36% to $109M, indicating higher tax expenses or one-time charges offset operational improvements. Operating cash flow expanded meaningfully by 26% to $373M, demonstrating strong underlying cash generation. The balance sheet shows proportional growth in assets and liabilities while stockholders equity declined modestly, suggesting the company is funding growth through increased leverage rather than retained earnings.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+51.4%
$123.2M→$186.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
-35.7%
$169.7M→$109.2M

Net income declined 35.7% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
+28.2%
$66.9M→$85.7M

Cash grew 28.2% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
+26%
$295.7M→$372.5M

Operating cash flow grew 26% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
+18.2%
$643.1M→$759.9M

Current liabilities rose 18.2% — increased short-term obligations, watch current ratio.

Revenue
P&L
+16.9%
$770.5M→$900.8M

Revenue growing 16.9% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+15.5%
$662.2M→$764.6M

Current assets grew 15.5% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
+14.8%
$957.0M→$1.1B

Liabilities increased 14.8% — monitor debt-to-equity ratio and interest coverage.

Stockholders Equity
Balance Sheet
-10.4%
$198.4M→$177.7M

Equity decreased 10.4% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
CLEAR+ enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide.
Additionally, our CLEAR Travel portfolio includes TSA PreCheck Enrollment Provided by CLEAR, premium services such as CLEAR Concierge, other travel benefits such as expedited passport services, our free CLEAR app which helps travelers plan their trip Home to Gate, and other mobile-first identity solutions such as CLEAR ID.
Our CLEAR Travel portfolio extends CLEAR s value proposition beyond the airport lane and supports our strategy to expand use cases, increase engagement and address new customer segments such as international travelers.
CLEAR1 is our business to business ( B2B ) multi-layered identity verification solution.
We combine biometric, document and device signals with verified data sources to ensure users are who they claim to be.
Our B2B partners can select which verification layers to deploy, based on their specific security requirements, risk tolerance and user experience goals.
We partner with a breadth of organizations, with a particular focus on Healthcare, Workforce and Governmental organizations where high fidelity identity security is paramount to their operational success.
Our scaled Member base and comprehensive secure identity platform underpin our CLEAR Travel and CLEAR1 businesses, maximizing security and minimizing friction for consumers and our enterprise partners.
As of December 31, 2025, our expansive network of partners and use cases provide our 38 million Total CLEAR Members with access to 166 CLEAR+ Lanes across 60 airports nationwide, 61 airports and 340 retail locations with TSA PreCheck Enrollment Provided by CLEAR, 9 sports and entertainment venues with priority Lanes and a growing list of B2B CLEAR1 partners.
Our physical and digital network, technology platform, operational expertise and 3,708 Ambassadors and field managers across our airport partners have helped us build a trusted brand and a passionate Member base.
REMOVED
CLEAR Plus enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide.
As we continue to innovate on the travel experience, we are proud to offer TSA PreCheck Enrollment Provided by CLEAR offering consumers increased choice in how and where to sign up for this popular trusted traveler program.
CLEAR1 (formerly CLEAR Verified), our business to business ( B2B ) offering, is our secure identity platform that maximizes security and minimizes friction for partners and consumers.
CLEAR1 enables our partners to leverage our digital identity technology and embedded Member base to facilitate secure and frictionless experiences digitally and physically via our software development kits and application programming interfaces.
As of December 31, 2024, our expansive network of partners and use cases provide our Members with access to 165 CLEAR Plus Lanes across 58 airports nationwide, 5 airports with Mobile Lanes, 52 airports and 24 retail locations with TSA PreCheck Enrollment Provided by CLEAR, 17 sports and entertainment venues with priority Lanes and a growing list of B2B CLEAR1 partners.
Today, our owned and operated business CLEAR Plus (our consumer aviation subscription service) is the largest user of our platform, followed by our CLEAR1 partners.
We have enabled approximately 235 million Total Cumulative Platform Uses across our network of airport and CLEAR1 partners as of December 31, 2024.
Our approximately 4,198 hospitality and security focused part-time and full-time Ambassadors and field managers on the ground bring our technology to life in airports and work to deliver exceptional Member experiences every day.
Our Members can also use the CLEAR network nationwide across our CLEAR1 footprint.
These use cases include a growing list of B2B partners across healthcare, financial services, hospitality and travel, and other consumer services, and healthcare locations.
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