Clear Secure runs the CLEAR lane at airports—a biometric fast-pass that lets members skip the standard security line by verifying their identity with a quick scan, like a VIP concierge for TSA checkpoints. It also sells identity-verification tools to businesse
Money comes from CLEAR Plus subscriptions, a recurring fee travelers pay annually for expedited airport security. Gross margin is 90.02% TTM, and revenue hit USD 0.90B in 2025, up from USD 0.77B in 2024—high-margin, sticky subscription income.
Clear's moat is solid because it has exclusive contracts with airports and TSA that competitors like Idemia or Verint can't easily replicate, plus a large enrolled member base that creates switching costs. However, the moat is eroding as airlines like Delta an
Key events, in time order
EPS $0.49 beat, revenue $277.8M +26.6% YoY.
Results released ahead of market open, following CEO's recent sale
Q1 total CLEAR members reached 41 million, up 31.3% year-over-year
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Clear Secure's Q2 bookings and adjusted EBITDA margins exceeded IPO targets, showing accelerating growth and profitability. The discussion focuses on fundamental performance and positive momentum.
Main discussion
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