The strong beat and raised FCF guidance, combined with margin expansion above the long-term target, signal accelerating operating leverage. Monitor the Q3 revenue guidance midpoint of $285.5M (+24.6% YoY) and the pace of CLEAR1 bookings growth for sustained momentum. The stock may re-rate higher if the company continues to demonstrate it can scale margins while maintaining 20%+ revenue growth.
Price Chart
Executive Summary
Clear Secure reported Q2 2026 revenue of $277.8M (+26.6% YoY) and GAAP EPS of $0.50, beating consensus estimates of $269.4M and $0.47. The company raised full-year FCF guidance from at least $465M to at least $480M and posted a 36.4% Adjusted EBITDA margin, exceeding its long-term target of 35%. Strong operational metrics (43.5M total members, +30% YoY) and accelerating margin expansion support a bullish read-through despite a modest sequential bookings deceleration.
Key Financial Metrics
Key Facts
- Revenue of $277.8M, up 26.6% YoY, beat consensus of $269.4M
- GAAP EPS of $0.50 beat consensus of $0.47
- Adjusted EBITDA margin of 36.4% exceeded long-term target of 35%
- Full-year FCF guidance raised to at least $480M from at least $465M
- Total CLEAR Members grew 30% YoY to 43.5M; Active CLEAR+ Members up 15.2% to 8.3M
- Operating income margin expanded to 29.9% from 19.4% YoY
- Free Cash Flow of $189.0M in Q2, up 60% YoY
Financial Impact
Revenue beat consensus by $8.4M (3.1%); EPS beat by $0.03 (6.4%); FCF guidance raised by $15M
Risk Factors
- Total Bookings growth decelerated to 32.8% YoY from 40.8% in Q1, suggesting potential maturation in the core travel vertical
- Active CLEAR+ member growth of 15.2% YoY lags total member growth of 30%, indicating lower conversion of free-to-paid members
- Share repurchases were minimal at $1.2M in H1 2026 vs $126.3M in H1 2025, reducing capital return flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001856314-26-000039 |
| Document: you-20260805.htm | 0001856314-26-000039 |
| Document: 0001856314-26-000039-index-headers.html | 0001856314-26-000039 |
| Document: 0001856314-26-000039-index.html | 0001856314-26-000039 |
| Document: 0001856314-26-000039.txt | 0001856314-26-000039 |
| 8-K Data (Synthetic) | 0001856314-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $45.62 | awaiting T+5 | — | $46.07 (+0.99%) |
Oct 21, 2026 5d ago | Press Release | $45.14 | awaiting T+5 | — | $46.07 (+2.06%) |
Sep 16, 2026 5w ago | 8-K | $40.67 $38.90 | ▼ −4.35% | ▼ −6.92% | $46.07 (+13.28%) |
Sep 3, 2026 7w ago | Insider Cluster | $44.33 $42.24 | ▼ −4.71% | ▼ −3.51% | $46.07 (+3.93%) |
Aug 7, 2026 11w ago | Insider Cluster | $51.21 $43.84 | ▼ −14.39% | ▼ −14.35% | $46.07 (−10.04%) |
Aug 5, 2026 11w ago | 8-K | $56.46 $46.16 | ▼ −18.24% | ▼ −18.59% | $46.07 (−18.40%) |
Aug 5, 2026 11w ago | Press Release | $56.46 $46.16 | ▼ −18.24% | ▼ −18.59% | $46.07 (−18.40%) |
Jul 30, 2026 12w ago | 3 | $55.24 $51.29 | ▼ −7.15% | ▼ −10.66% | $46.07 (−16.60%) |
Jul 17, 2026 14w ago | Insider Cluster | $57.18 $52.24 | ▼ −8.64% | ▼ −8.21% | $46.07 (−19.43%) |
Jul 15, 2026 14w ago | Insider Cluster | $54.43 $51.85 | ▲ +4.74% | ▲ +3.07% | $46.07 (+15.36%) |
US Market Status
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