CLEAR Secure Q4 Bookings Up 25.4%, EBITDA Margin Expands to 33.2%
CLEAR Secure reported Q4 revenue of $240.8 million, up 16.7% year-over-year, with total bookings rising 25.4% to $287.1 million and adjusted EBITDA margin expanding to 33.2%. The company said its eGate rollout improved NPS and lane experience scores, while free cash flow reached $343.1 million and cash ended at $703 million.
1. eGate Rollout and Member Experience
Management highlighted the second-half rollout of eGates at airports, noting an immediate uplift in Net Promoter Scores and lane experience. Executives expect retention benefits to grow as installations mature and emphasized app enhancements and Live Activities features to connect travelers from curb to gate.
2. Financial Performance Highlights
In Q4, revenue grew 16.7% to $240.8 million and total bookings rose 25.4% to $287.1 million, marking the highest bookings growth since Q4 2023. Adjusted EBITDA reached $79.9 million, a 33.2% margin, while free cash flow was $343.1 million and year-end cash and marketable securities totaled $703 million.
3. American Express Partnership Renewal
CLEAR renewed its multi-year embedded benefit agreement with American Express, extending CLEAR+ access for Platinum cardholders across consumer, corporate, and small business products. Management said the structure reflects mutual value but did not disclose specific financial terms.
4. CLEAR1 Enterprise and Healthcare Momentum
CLEAR1 delivered a record quarter, driven by healthcare contracts including a multi-year integration with CMS to enhance fraud prevention and identity interoperability for nearly 40 million members. The identity platform is also gaining traction with Fortune 100 firms seeking to secure digital workflows.