The accelerating revenue growth (+19.7% YoY vs +16.7% in Q4 2025), 40.8% bookings growth, and raised FCF guidance point to strong momentum across both CLEAR Travel and CLEAR1. The stock should re-rate higher on the beat-and-raise. Watch for continued CLEAR1 enterprise adoption and eGates rollout as catalysts.
Price Chart
Executive Summary
Clear Secure reported Q1 2026 revenue of $253.0M (+19.7% YoY) and GAAP diluted EPS of $0.38, beating the Street consensus of $0.35. The company raised its full-year 2026 Free Cash Flow guidance from at least $440M to at least $465M, and guided Q2 2026 revenue of $268-271M (+22.8% YoY at midpoint), signaling accelerating growth.
Key Financial Metrics
Key Facts
- Revenue of $253.0M, up 19.7% YoY vs $211.4M in Q1 2025
- GAAP diluted EPS $0.38 vs consensus $0.35 (beat by ~8.6%)
- Total Bookings of $291.7M, up 40.8% YoY
- Operating income of $62.0M (24.5% margin) vs $37.4M (17.7% margin) in Q1 2025
- Free Cash Flow of $185.5M, up 103% YoY from $91.3M
- Full-year 2026 FCF guidance raised from at least $440M to at least $465M
- Q2 2026 revenue guidance $268-271M (+22.8% YoY at midpoint)
- Active CLEAR+ Members grew 13.0% YoY to 8.2M; Total CLEAR Members up 31.3% to 41.0M
- CLEAR1 bookings increased approximately fivefold YoY
- Quarterly dividend maintained at $0.15/share; $56.4M returned to shareholders in Q1
Financial Impact
Revenue beat consensus by ~$8.6M (3.5%), EPS beat by $0.03 (8.6%), FCF guidance raised by $25M
Risk Factors
- Active CLEAR+ Member growth of 13% YoY lags Total Member growth of 31%, suggesting mix shift to lower-value members
- Annual CLEAR+ Gross Dollar Retention declined to 86.4% in Q4 2025 from 88.5% a year earlier (latest disclosed)
- Heavy reliance on travel industry; any downturn could pressure results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001856314-26-000013 |
| Document: you-20260506.htm | 0001856314-26-000013 |
| Document: 0001856314-26-000013-index-headers.html | 0001856314-26-000013 |
| Document: 0001856314-26-000013-index.html | 0001856314-26-000013 |
| Document: 0001856314-26-000013.txt | 0001856314-26-000013 |
| 8-K Data (Synthetic) | 0001856314-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Institutional Cluster | $45.62 | awaiting T+5 | — | $45.53 (−0.20%) |
Oct 21, 2026 6d ago | Press Release | $45.14 | awaiting T+5 | — | $45.53 (+0.86%) |
Sep 16, 2026 5w ago | 8-K | $40.67 $38.90 | ▼ −4.35% | ▼ −6.92% | $45.53 (+11.95%) |
Sep 3, 2026 7w ago | Insider Cluster | $44.33 $42.24 | ▼ −4.71% | ▼ −3.51% | $45.53 (+2.71%) |
Aug 7, 2026 11w ago | Insider Cluster | $51.21 $43.84 | ▼ −14.39% | ▼ −14.35% | $45.53 (−11.09%) |
Aug 5, 2026 11w ago | 8-K | $56.46 $46.16 | ▼ −18.24% | ▼ −18.59% | $45.53 (−19.36%) |
Aug 5, 2026 11w ago | Press Release | $56.46 $46.16 | ▼ −18.24% | ▼ −18.59% | $45.53 (−19.36%) |
Jul 30, 2026 12w ago | 3 | $55.24 $51.29 | ▼ −7.15% | ▼ −10.66% | $45.53 (−17.58%) |
Jul 17, 2026 14w ago | Insider Cluster | $57.18 $52.24 | ▼ −8.64% | ▼ −8.21% | $45.53 (−20.37%) |
Jul 15, 2026 14w ago | Insider Cluster | $54.43 $51.85 | ▲ +4.74% | ▲ +3.07% | $45.53 (+16.35%) |
US Market Status
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