Clear Secure, Inc. is a biometrics-based technology company headquartered in New York City. The company operates travel document verification systems at numerous airports and stadiums. It was founded in 2003, but shut down in 2009 after filing for bankruptcy.3 Its shares trade on NYSE under the symbol YOU.1Wikipedia text CC BY-SA 4.0
Clear Secure, Inc. is a biometrics-based technology company headquartered in New York City. The company operates travel document verification systems at numerous airports and stadiums. It was founded in 2003, but shut down in 2009 after filing for bankruptcy. It was relaunched in 2012 and went public in 2021.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011125$900.8M in 2025+368% since 2019Operating income91011125$186.5M in 2025Net income91011125$109.2M in 2025
Revenue131415$277.8M in Q2 FY2026+27% since Q2 FY2025Operating income131415$83.0M in Q2 FY2026+95% since Q2 FY2025Net income131415$50.0M in Q2 FY2026+102% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$900.8M
$770.5M
$613.6M
Cost of revenue share fee
$127.8M
$108.1M
$88.6M
Cost of direct salaries and benefits
$192.6M
$173.0M
$142.8M
Research and development
$72.4M
$73.4M
$74.4M
Sales and marketing
$54.4M
$48.8M
$43.5M
General and administrative
$232.4M
$217.5M
$222.4M
Depreciation and amortization
$34.6M
$26.5M
$21.6M
Operating income
$186.5M
$123.2M
$20.1M
Interest income, net
$24.4M
$32.5M
$29.0M
Other (expense) income, net
-$4.8M
-$89.1M
$1.5M
Income before tax
$206.1M
$66.6M
$50.6M
Income tax (expense) benefit
-$37.9M
$158.6M
-$724.0K
Net income
$168.1M
$225.3M
$49.9M
Less: net income attributable to non-controlling interests
$59.0M
$55.6M
$21.8M
Net income attributable to Clear Secure, Inc.
$109.2M
$169.7M
$28.1M
No quarter-by-quarter statement was filed.
Total assets91011125$1.3B in 2025+461% since 2020Total liabilities91011125$1.1B in 2025+633% since 2020Shareholders’ equity1110125$177.7M in 2025Cash91011125$85.7M in 2025+32% since 2018
Total assets16141513$1.6B in Q2 FY2026+34% since Q2 FY2025Total liabilities16141513$1.3B in Q2 FY2026+27% since Q2 FY2025Shareholders’ equity16141513$206.2M in Q2 FY2026+70% since Q2 FY2025Cash131415$128.2M in Q2 FY2026+44% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$85.7M
$66.9M
$57.9M
Marketable securities
$614.4M
$542.6M
Accounts receivable
$1.9M
$511.0K
Prepaid revenue share fee
$29.7M
$24.7M
Prepaid expenses and other current assets
$32.8M
$27.6M
Total current assets
$764.6M
$662.2M
Property and equipment, net
$59.3M
$56.9M
Right of use asset, net
$100.0M
$108.9M
Intangible assets, net
$2.8M
$15.3M
Goodwill
$62.7M
$62.8M
Restricted cash
$2.8M
$3.5M
$4.5M
Other assets
$311.2M
$285.4M
Total assets
$1.3B
$1.2B
Accounts payable
$7.2M
$18.0M
Accrued liabilities
$236.5M
$185.3M
Deferred revenue
$516.2M
$439.8M
Total current liabilities
$759.9M
$643.1M
Other long term liabilities
$339.1M
$313.9M
Total liabilities
$1.1B
$957.0M
Accumulated other comprehensive income
$840.0K
$343.0K
Treasury stock at cost, 0 shares as of December 31, 2025 and 2024, respectively
$0
$0
Retained earnings
$119.8M
$83.8M
Additional paid-in capital
$57.1M
$114.2M
Total stockholders equity attributable to Clear Secure, Inc.
$177.7M
$198.4M
Non-controlling interest
$26.7M
$39.6M
Total stockholders equity
$204.4M
$237.9M
$369.2M
$510.9M
Total liabilities and stockholders equity
$1.3B
$1.2B
Par value (in USD per share)
$0.00
Treasury stock (in shares)
0 shares
0 shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$85.7M
$66.9M
$57.9M
Marketable securities
$614.4M
$542.6M
Accounts receivable
$1.9M
$511.0K
Prepaid revenue share fee
$29.7M
$24.7M
Prepaid expenses and other current assets
$32.8M
$27.6M
Total current assets
$764.6M
$662.2M
Property and equipment, net
$59.3M
$56.9M
Right of use asset, net
$100.0M
$108.9M
Intangible assets, net
$2.8M
$15.3M
Goodwill
$62.7M
$62.8M
Restricted cash
$2.8M
$3.5M
$4.5M
Other assets
$311.2M
$285.4M
Total assets
$1.3B
$1.2B
Accounts payable
$7.2M
$18.0M
Accrued liabilities
$236.5M
$185.3M
Deferred revenue
$516.2M
$439.8M
Total current liabilities
$759.9M
$643.1M
Other long term liabilities
$339.1M
$313.9M
Total liabilities
$1.1B
$957.0M
Accumulated other comprehensive income
$840.0K
$343.0K
Treasury stock at cost, 0 shares as of December 31, 2025 and 2024, respectively
$0
$0
Retained earnings
$119.8M
$83.8M
Additional paid-in capital
$57.1M
$114.2M
Total stockholders equity attributable to Clear Secure, Inc.
$177.7M
$198.4M
Non-controlling interest
$26.7M
$39.6M
Total stockholders equity
$204.4M
$237.9M
$369.2M
$510.9M
Total liabilities and stockholders equity
$1.3B
$1.2B
Par value (in USD per share)
$0.00
Treasury stock (in shares)
0 shares
0 shares
Cash from operations91011125$372.5M in 2025+2147% since 2019Capital spending91011125$29.3M in 2025+100% since 2019Free cash flow91011125$343.1M in 2025+18035% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$168.1M
$225.3M
$49.9M
Depreciation on property and equipment
$23.9M
$21.7M
$18.2M
Amortization on intangible assets
$10.7M
$4.7M
$3.4M
Noncash lease expense
$6.3M
$6.6M
$6.5M
Impairment of assets
$362.0K
$723.0K
$5.0M
Impairment of strategic investment
$4.7M
$0
$0
Equity-based compensation
$38.9M
$35.3M
$37.3M
Deferred income tax expense (benefit)
$24.4M
-$165.8M
-$722.0K
Amortization of revolver loan costs
$132.0K
$202.0K
$339.0K
Gain on divestiture of a business
-$635.0K
$0
$0
Premium amortization (discount accretion) on marketable securities
-$1.3M
-$7.3M
-$13.8M
Accounts receivable
-$1.6M
$15.0K
$643.0K
Prepaid expenses and other assets
-$3.7M
-$6.5M
-$3.2M
Prepaid revenue share fee
-$5.0M
-$250.0K
-$6.8M
Accounts payable
-$6.4M
$2.2M
$4.5M
Accrued and other long term liabilities
$45.9M
$121.0M
$33.7M
Deferred revenue
$76.5M
$63.5M
$92.8M
Operating lease liabilities
-$8.9M
-$5.8M
-$2.7M
Net cash provided by operating activities
$372.5M
$295.7M
$225.0M
Business combinations, net of cash acquired
$0
$0
-$3.8M
Purchases of marketable securities
-$747.1M
-$971.1M
-$952.7M
Proceeds from sales and maturities of marketable securities
$677.2M
$1.1B
$973.0M
Proceeds from divestiture
$2.7M
$0
$0
Purchase of strategic investment
-$514.0K
-$1.0M
-$6.0M
Purchases of property and equipment
-$29.3M
-$12.0M
-$25.6M
Purchases of intangible assets
$0
-$318.0K
-$580.0K
Net cash (used in) provided by investing activities
-$97.1M
$113.8M
-$15.5M
Repurchase of Class A Common Stock
-$126.3M
-$272.9M
-$69.7M
Payment of dividend
-$47.8M
-$39.4M
-$14.5M
Payment of special dividend
-$25.3M
-$28.8M
-$68.0M
Distributions to members
-$18.7M
-$25.1M
-$42.7M
Tax distribution to members
-$26.1M
-$25.0M
-$13.9M
Deferred consideration payment
$0
-$1.2M
$0
Payment of taxes on net settled stock-based awards
-$12.7M
-$9.0M
-$6.8M
Other financing activities
-$334.0K
$0
-$396.0K
Net cash used in financing activities
-$257.3M
-$401.5M
-$216.0M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$18.0M
$7.9M
-$6.5M
Exchange rate effect on cash and cash equivalents, and restricted cash
Clear Secure sits at the top of its group. 15 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
GENERAL ATLANTIC, L.P.Filed SC 13G/A on Clear Secure, latest Feb 13, 2024 (3 filings since Feb 11, 2022)
Alclear Investments, LLCFiled SC 13G/A on Clear Secure, latest Feb 9, 2024 (3 filings since Feb 3, 2022)
Capital World InvestorsFiled SC 13G/A on Clear Secure, latest Feb 9, 2024 (2 filings since Feb 13, 2023)
Clear SecureNew York, New York
Alclear Atlas, LLC Subsidiary · Delaware, United States
Alclear Digital Identity, LLC Subsidiary · Delaware, United States
Alclear Healthcare, LLC Subsidiary · Delaware, United States
Alclear Healthpass, LLC Subsidiary · Delaware, United States
Alclear Holdings, LLC Subsidiary · Delaware, United States
Alclear KYC, LLC Subsidiary · Delaware, United States
Alclear PC, LLC Subsidiary · Delaware, United States
Alclear, LLC Subsidiary · Delaware, United States
Chai Clear, Ltd. Subsidiary · Israel
Fila Virtual Sapi DE CV Subsidiary · Mexico
NoQue, LLC Subsidiary · Delaware, United States
Secure Identity Investments, LLC Subsidiary · Delaware, United States
Secure Identity, LLC Subsidiary · Delaware, United States
Whyline SAS Subsidiary · Argentina
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Clear Secure reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our headquarters and principal executive offices are located at 85 10th Avenue, 9th Floor, New York, New York 10011, consisting of approximately 120,000 square feet, under a lease which expires in April 2038, unless terminated earlier under certain circumstances specified in our leases.
In most of the airports and other venues where we operate, we typically operate under a concessionaire or services agreement with the airport or other venue. For the space we use under these agreements, we are typically responsible for maintenance, insurance and other facility-related expenses and services under these agreements. In many of these locations our arrangements include our ability to access space for certain small offices for our team members to use.
The rest of Item 2
We believe that our existing facilities and offices are in good operating condition and adequately meet our current requirements. If we require additional space to support future use and expansion, we believe that we will be able to obtain such space on acceptable, commercially reasonable terms.
Steven Brill and Ajay Amlani were the original owners of Clear, a subsidiary of Verified Identity Pass, founded in 2003. Ajay Amlani left the company in 2006 to pursue another identity technology company named YOU Technology. Steven Brill stepped away from the company in 2008. Clear shut down in 2009 after filing for bankruptcy.
2010s
Caryn Seidman-Becker purchased CLEAR out of bankruptcy in 2010 with her partner and co-founder Ken Cornick. They relaunched the company in 2012. Clear operates out of its headquarters in Manhattan, New York.
2020s
In 2021, Clear went public as Clear Secure, Inc. on the NYSE with the ticker symbol 'YOU'.
In 2022, Clear's verification service allowed an airline passenger using a false identity to pass through its system; the passenger was also found by the TSA to be carrying ammunition. The company noted in a formal statement that it was due to "a single human error". The program's facial-recognition system for enrolling new customers was also noted as sometimes relying on inadequate photos such as the chin or shoulder.
Two further security incidents occurred in 2023, where individuals not enrolled in the company's security program were escorted through a TSA security checkpoint without having presented their identification. One of the incidents involved a passenger who had used a boarding pass that was picked out of a trash bin.
In November 2024, Clear debuted new EnVe Pods that it claims will reduce the time it takes to verify travelers; no fingerprint or eye scan will be required. Instead, the pods will use high-resolution, wide-angle cameras to identify users. According to Clear, the process will be five times faster than the current system.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Controversies and legal
Security incidents
Clear's security incidents have gathered the attention of the House Homeland Security Committee, with members Bennie Thompson and John Katko in December 2022 requesting that the TSA require all passengers, including those using Clear, have their ID verified by TSA. In August 2023 TSA advised the company and participating airports to increase the number of IDs to be checked by a TSA officer.
Ethical criticism
Clear has been criticized for enabling wealthier flyers who can afford its service to bypass airport security lines. David Zipper, writing for Slate, argued that "the entirety of Clear's offer to American flyers [is,] pay us money and give us your biometric data, and in return you can jump in front of other people to access an essential federal service." He contrasted its program with TSA's PreCheck, which provides some value to all flyers by speeding up the overall security process. He also criticized the commissions paid to airports, which, he argued, create a perverse incentive for them to make the security process for non-Clear customers worse.
Some lawmakers have proposed legislation curtailing the company's practices. North Carolina U.S. Representative Wiley Nickel told Slate, "Airport security is an essential government function, funded by taxpayers. We should level the field to let everyone travel as quickly as possible, regardless of whether you have the extra money to push to the front of the line." A 2024 bill authored by California State Senator Josh Newman would prevent Clear from bypassing lines in the state's airports.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
452 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 274 insider forms, 51 large holders, 69 other. The latest 20:
161 open-market trades by officers, directors and large owners since October 2021: 25 buys and 136 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Shares outstanding98,943,676 Common Class A shares; 351,787 Common Class B shares; 14,895,891 Common Class C shares; 19,130,246 Common Class D shares as of Feb 20, 202617
Class A common stock, par value $0.00001 per share
YOU
New York Stock Exchange
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Clear Secure names in Item 1A of its 10-K filed Feb 25, 2026: 49 risks under these headings, as written.17
Risks Related to Our Business, Brand and Operations
If we fail to add new and retain existing Members, including Active CLEAR+ Members, or increase the utilization of our platform, our business, results of operations and financial condition would be materially and adversely affected.
If we fail to add new or retain existing partners, or profit from partner relationships, our business, results of operations and financial condition could be materially and adversely affected.
If we are not able to meet stakeholder expectations or to maintain the value and reputation of our brand, our business and financial results may be harmed.
We operate in a highly competitive market, and we may be unable to compete successfully against existing and future competitors.
Increased adoption of new technological solutions and services, including third-party identity verification and credential authentication solutions, at locations where we operate or may operate in the future could impact our business.
Public confidence in, and acceptance of, identity platforms and biometrics generally, and our platform specifically, will be a key factor in our business’s continued growth.
Our metrics and estimates are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm our reputation and negatively affect our business.
We might not implement successful strategies to increase the adoption of our platform or expand into new verticals, which would limit our growth.
Our commercial agreements and strategic alliances, as well as potential indemnification obligations, expose us to risk.
Portions of our business and results of operations depend upon concessionaire agreements.
If we are not able to manage our growth or continue innovating, our business could be adversely affected. Our ability to introduce new solutions and features is dependent on adequate research and development resources and may also depend on our ability to successfully complete acquisitions, which, if not adequately funded, may make us unable to compete effectively and our business and results of operations may be harmed.
The other 38 risks
Any decline or disruption in the travel industry or general economic downturn could materially adversely affect our business, results of operations and financial condition.
We may require additional capital to support business growth and objectives, and this capital might not be available to us on reasonable terms, if at all, and may result in stockholder dilution.
Future acquisitions, strategic investments, partnerships or alliances could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute stockholder value and harm our results of operations and financial condition.
Our business depends on retaining and attracting high-quality personnel, including certain key personnel, and continued or future attrition, or unsuccessful succession planning could adversely affect our business.
Our platform is highly complex, and any errors, systems failures or our failure to successfully implement upgrades and new technology could materially adversely affect our business, results of operations and financial condition.
Our business could be adversely impacted by changes in the Internet browsers and mobile device accessibility of Members.
We are subject to payment processing risk.
Our business may be vulnerable to the adverse effects of climate change, which may negatively impact our operations.
We have limited experience operating outside the United States and any future international expansion strategy will subject us to additional costs and risks and our plans may not be successful.
Risks Related to Information Technology and Intellectual Property
There may be breaches of our information technology systems that subject us to significant reputational, financial, legal and operational consequences or materially damage Member and partner relationships.
We rely on third-party technology and information systems, like Amazon Web Services (“AWS”), to help complete critical business functions. If that technology is subject to a security breach or fails to adequately serve our needs, and we cannot find alternatives, it may negatively impact our business, financial condition and results of operations.
Failure to adequately protect our intellectual property, technology and confidential information could harm our business, competitive position, financial condition and results of operations.
If we are unable to effectively protect our intellectual property rights on a worldwide basis, we may not be successful in the international expansion of our business that we may pursue.
If our future products incorporate technologies that infringe the proprietary rights of third parties, and we do not secure licenses from them, we could be liable for substantial damages.
Risks Related to Regulation and Litigation
We must continue to meet the evolving standards set for our airport operations by governmental stakeholders.
We may be sued by third parties for alleged infringement, misappropriation or other violations of intellectual property and other proprietary rights.
Any actual or perceived failure to comply with applicable laws relating to privacy, biometrics, artificial intelligence, health information and data protection may result in significant liability, negative publicity and erosion of trust and commercial opportunities, and increased regulation could materially adversely affect our business, results of operations and financial condition.
The laws and regulations that we are subject to or may become subject to are constantly evolving.
We may be subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management’s attention and materially harm our business, financial condition and operating results.
The coverage afforded under our insurance policies may be inadequate for the needs of our business or our third-party insurers may be unable or unwilling to meet our coverage requirements, which could materially adversely affect our business, results of operations and financial condition.
Our use of “open source” software could adversely affect our ability to offer our services and subject us to possible litigation, and may increase our vulnerability to unauthorized access and cyberattacks.
Liability protections provided by the SAFETY Act may be limited.
Risks Related to Our Financial Results
We may not be able to sustain profitability in the future and have incurred, and expect to continue to incur, increased expenses as we continue to invest in growth.
If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
Our focus on delivering a safe, reliable, predictable and frictionless Member experience may not maximize short-term financial results, which may yield results that conflict with the market’s expectations and could result in our stock price being negatively affected.
Risks Related to Our Corporate Structure
We are a holding company and our principal asset is our equity interests in Alclear, and we are accordingly dependent upon distributions from Alclear to pay dividends, if any, and taxes, make payments under any Tax Receivable Agreement and cover other expenses, including our corporate and other overhead expenses.
We have in the past, and may or may not in the future, pay quarterly and special cash dividends to our stockholders, but our ability to do so may be limited by our holding company structure, contractual restrictions and other factors.
Our organizational structure, including the Tax Receivable Agreement, confers certain benefits upon the CLEAR Post-IPO Members that will not benefit holders of our Class A Common Stock to the same extent that it will benefit the CLEAR Post-IPO Members.
We are controlled by Caryn Seidman Becker, our co-founder, whose interests in our business may be different than yours.
We will be required to pay the CLEAR Post-IPO Members for certain tax benefits we may claim, and the amounts we may pay could be significant.
Our Credit Agreement contains restrictions that limit our flexibility.
The timing and amount of any repurchases under our stock repurchase program are subject to a number of uncertainties.
The U.S. federal income tax treatment of distributions on our Class A Common Stock to a stockholder will depend upon our tax attributes and the stockholder’s tax basis in our stock, which are not necessarily predictable and can change over time.
Risks Related to Ownership of Our Class A Common Stock
Substantial future sales of shares of our Class A Common Stock in the public market could cause our stock price to fall.
If we fail to maintain an effective system of internal controls, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
Provisions in our charter documents and certain rules imposed by regulatory authorities may delay or prevent our acquisition by a third-party.
Our stock price has been, and may in the future be, volatile, and your investment in our Common Stock could decline in value.
We may issue preferred securities, the terms of which could adversely affect the voting power or value of our Common Stock.
Legal proceedings
From time to time, we have been involved in legal proceedings and in the future may be subject to claims, lawsuits and other proceedings arising during the ordinary course of business, including, without limitation, claims by members, intellectual property claims, contract and employment claims and claims related to data privacy. In the ordinary course of business, we may also be subject to regulatory and governmental investigations, information requests and subpoenas, inquiries and threatened legal actions and proceedings. Currently, there are no claims or proceedings against us that we believe will have a material adverse effect on our business, results of operations, financial condition or cash flows. However, the results of any current or future claims, proceedings or litigation cannot be predicted with certainty and, regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of litigation. See “Risk Factors—Risks Related to Regulation and Litigation—We may be subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management’s attention and materially harm our business, financial condition and operating results.”
