10-Q · May 6, 2026
Clear Secure, Inc. reported a strong Q1 2026 with revenue of $253 million, which exceeded estimates and represented a 20% increase year-over-year. The company also experienced a notable jump in net income, reaching…
Earnings analysis · 10-Q
YOU earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
CLEAR delivered strong top-line growth, with Q3 revenue of $292.9 million up 27.9% year over year and diluted EPS of $0.52 versus $0.29 a year earlier, although EPS modestly missed consensus. Cash generation was weak,…
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CLEAR delivered strong top-line growth, with Q3 revenue of $292.9 million up 27.9% year over year and diluted EPS of $0.52 versus $0.29 a year earlier, although EPS modestly missed consensus. Cash generation was weak, with free cash flow of negative $103.8 million driven primarily by the approximately $315 million partnership-liability settlement, but management raised full-year 2026 free cash flow guidance to at least $490 million. Liquidity remains substantial at $597.6 million of marketable securities and $35.4 million of cash, with no revolver borrowings; the overall outlook is mixed rather than decisively bullish.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.52
What stood out
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Revenue exceeded consensus
Q3 revenue was $292.9 million, up $14.9 million, or 5.4%, from $278 million in Q2 2026 and up $63.9 million, or 27.9%, from $229 million in Q3 2025. Revenue exceeded the $286.6 million consensus estimate by $6.3 million.
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EPS increased year over year
Diluted EPS was $0.52, compared with $0.49 in Q2 2026 and $0.29 in Q3 2025. EPS was $0.01 below the $0.53 consensus estimate despite the year-over-year improvement of $0.23.
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Free cash flow outlook raised
Full-year 2026 free cash flow guidance increased to at least $490 million from at least $480 million. Q4 revenue guidance is $299 million to $302 million, with Total Bookings guidance of $335 million to $340 million.
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Strong liquidity and no revolver debt
The company had $597.6 million of marketable securities and $35.4 million of cash and cash equivalents as of September 30, 2026, while carrying no outstanding borrowings under its revolving credit facility.
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Share repurchases continued
The company repurchased 3,699,272 shares during Q3 at an average price of $46.19, and $79.4 million remained available under the repurchase authorization at September 30, 2026.
What to watch
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Partnership settlement pressured cash flow
Q3 free cash flow was negative $103.8 million, versus positive $189 million in Q2 2026 and negative $53 million in Q3 2025. The cash-flow decline was primarily associated with an approximately $315 million partnership-liability settlement.
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Investment portfolio rate sensitivity
A hypothetical 100-basis-point change in interest rates would produce an approximately $5.1 million unrealized gain or loss on the available-for-sale investment portfolio. The company held $597.6 million of marketable securities at September 30, 2026.
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Uninsured cash concentration risk
The company holds cash and cash equivalents of $35.4 million across institutions at levels beyond federally insured limits per institution, creating potential principal-recovery and liquidity risk. Management reported no outstanding revolver borrowings as of September 30, 2026, but revolving-facility interest is variable.
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No material risk-factor changes
The 10-Q states that there were no material changes to previously disclosed risk factors. Nevertheless, the filing states that commercial litigation, administrative proceedings, and regulatory reviews occur in the ordinary course, although the company believes their ultimate outcome will not materially affect the financial statements.
Management's outlook
The company raised full-year 2026 free cash flow guidance to at least $490 million from at least $480 million. Q4 2026 revenue guidance is $299 million to $302 million and Total Bookings guidance is $335 million to $340 million; no numeric EPS guidance was provided.
Earlier filings 4
10-K · February 25, 2026
CLEAR Secure reports continued network expansion and strong unit economics: Total CLEAR Members reached 38.0 million (up 31% year‑over‑year) with 166 CLEAR+ Lanes across 60 airports and airport coverage of approximately…
10-Q · November 6, 2025
CLEAR reported a strong Q3 with revenue of $229.19M (up $30.77M or +15.5% YoY and ~$10.0M or +4.6% QoQ) and improving profitability — operating income was $52.6M (operating margin 23.0%) and diluted EPS was $0.29.…
10-K · February 26, 2025
CLEAR positions itself as a secure identity platform built on strong network effects (CLEAR Plus + CLEAR1) and a large physical footprint in airports; key metrics include 165 CLEAR Plus Lanes across 58 airports, ~235…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.