Clear Secure Q4 Revenue Rises 16.7% to $240.8M, Dividend Hiked 20%
In Q4, Clear Secure reported 16.7% year-over-year revenue growth to $240.8M, net income of $46.5M, and Adjusted EBITDA margin expansion to 33.2%. The board raised its quarterly dividend 20% to $0.15, approved a $125M share repurchase boost, and total CLEAR Members climbed 31.5% to 38M.
1. Fourth Quarter Financial Results
Clear Secure posted Q4 revenue of $240.8 million, up 16.7% year-over-year, and bookings of $287.1 million, a 25.4% increase. Operating income reached $53.9 million (22.4% margin), net income was $46.5 million (19.3% margin), and Adjusted EBITDA hit $79.9 million at a 33.2% margin, generating $187.4 million in free cash flow.
2. Full Year 2025 Highlights
For full year 2025, revenue grew 16.9% to $900.8 million, bookings rose 17.2% to $977.2 million, and Adjusted EBITDA margin expanded by 480 basis points to 29.1%, driving net income of $168.1 million. Total CLEAR Members reached 38.0 million, up 31.5%, while active CLEAR+ Members increased 6.0% to 7.6 million.
3. Operational Achievements
The company renewed its multi-year partnership with American Express, operates eGates at 37 airports with a network-wide rollout planned in 2026, and offers CLEAR+ at 60 airports and 340 retail locations. CLEAR Concierge launched at 27 airports, and enterprise bookings through CLEAR1 set new quarterly records.
4. Capital Allocation and Guidance
Management declared a 20% dividend increase to $0.15 per share plus a $0.20 special dividend, and authorized an additional $125.0 million share repurchase for a total $250.3 million remaining. First quarter 2026 revenue is guided at $242–245 million (15.2% growth midpoint) with free cash flow expected to reach at least $440 million for the full year.