Key Highlights

● Second-quarter revenue rose 26.6 per cent year over year to $277.8 million.

● Total CLEAR members reached 43.5 million, up 30.0 per cent year over year.

● Active CLEAR+ members grew 15.2 per cent to 8.3 million, slower than total membership.

● Full-year 2026 free cash flow guidance was raised to at least $480 million.

Clear Secure, Inc. (NYSE:YOU). CLEAR Secure, Inc. issued its second-quarter 2026 results on 5 August 2026, and the headline is rapid growth paired with strong cash conversion. The security discussed is the Class A common stock; the company also has Class B, C and D shares, and 101,961,485 Class A shares were outstanding at 30 June 2026. Revenue was $277.8 million, up 26.6 per cent year on year. Because index membership could not be verified, the S&P MidCap 400 is used here only as a benchmark for context. No inclusion is implied.

Profit and margin

Net income was $72.3 million, a 26.0 per cent margin, compared with $37.9 million a year earlier. Net income attributable to Clear Secure was $50.1 million, and diluted earnings per Class A share were $0.49. Adjusted EBITDA, a non-GAAP measure, reached $101.1 million, a 36.4 per cent margin against 27.4 per cent a year before. Six-month net income was $128.7 million. A syndicated copy of the press release matched the revenue, net income and bookings figures. Editorial interpretation: margin expansion of that scale suggests operating leverage, though the gap between total net income and the amount attributable to Class A holders appears to reflect the company's multi-class structure.

Members, bookings and cash

Total bookings were $295.9 million, up 32.8 per cent. Total CLEAR members reached 43.5 million, up 30.0 per cent, while active CLEAR+ members were 8.3 million, up 15.2 per cent. The CLEAR+ base is growing far more slowly than total membership, an observation that is editorial rather than reported. Operating cash flow was $201.2 million and free cash flow was $189.0 million. At 30 June 2026 the company held $128.2 million of cash and equivalents plus $831.0 million of marketable securities. The release shows about $22.2 million returned to shareholders in the quarter through the regular dividend and distributions, and $1.2 million of Class A repurchases for the six months. A quarterly dividend of $0.15 per share is payable on 24 September 2026 to holders of record on 10 September.

A Multi-Class Structure Complicates the Per-Share Picture

Clear Secure's adjusted EBITDA margin expansion, to 36.4 per cent from 27.4 per cent a year earlier, points to real operating leverage as the network expands to 62 airports for CLEAR+ and 50 for eGates. Active CLEAR+ membership is growing markedly slower than total CLEAR membership, worth watching as a conversion-rate signal, and because the company's economics run through Class A shares while Class B, C and D shares also exist, the gap between total net income and the amount attributable to Class A holders is a detail for comparing per-share figures.