Clear Secure — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue reached $292.9 million, a 27.8% year-over-year increase.
• Total Bookings were $323.5 million, up 24.4% year-over-year.
• Operating income was $82.9 million, representing a 28.3% operating income margin.
• Net income was $75.3 million, reflecting a 25.7% net income margin and 600 basis points of year-over-year margin expansion.
• Adjusted EBITDA was $103.9 million, representing a 35.5% Adjusted EBITDA margin and 490 basis points of year-over-year margin expansion.
• Earnings per Common Share were $0.53 (Basic) and $0.52 (Diluted).
• Net cash used in operating activities was $(98.6) million, and Free Cash Flow was $(103.8) million; both figures reflect a $315 million settlement of accrued partnership liabilities.
• Deferred revenue increased to $603.6 million as of September 30, 2026, from $516.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Fourth Quarter 2026 revenue is guided to be between $299 million and $302 million, representing 24.8% year-over-year growth at the midpoint.
• Fourth Quarter 2026 Total Bookings are guided to be between $335 million and $340 million, representing 17.6% year-over-year growth at the midpoint.
• Full Year 2026 Free Cash Flow guidance was increased to at least $490 million (from at least $480 million), representing at least 42.8% year-over-year growth.
• Management expects eGates to cover the vast majority of the network by the end of 2026.
• The company anticipates the expected quarterly distribution of Free Cash Flow beginning in 2027.

Business Segments and Product Lines:

• Total CLEAR Members grew to 46.7 million, up 30.7% year-over-year.
• Active CLEAR+ Members grew to 8.5 million, up 14.5% year-over-year.
• The network expanded to 63 CLEAR+ airports (launched at Tampa International Airport in early November) and 285 retail locations with TSA PreCheck Enrollment Provided by CLEAR as of September 30, 2026.
• eGates are now launched across 53 airports.
• CLEAR Concierge, a premium airport service, is now offered at 42 airports.
• CLEAR1 announced a pilot with the U.S. Department of Veterans Affairs in October to reimagine the Veteran experience.

Market and Competitive Landscape:

• The company operates a secure identity platform extending from homeland security to cybersecurity with nearly 50 million Members and a network of partners.
• Management states that identity is security and is more important than ever in today's environment.

Risks and Challenges:

• Risks include the potential for pilots with government agencies not to lead to definitive agreements or broader deployment, and that such contracts may be subject to appropriations and termination for convenience.
• Potential delays in eGate deployment due to approvals from airport operators and governmental stakeholders.
• Risks associated with the development and use of artificial intelligence, including failure to deliver expected efficiencies or market adoption.
• Dependence on concessionaire agreements and the risk of decline or disruption in the travel industry or a general economic downturn.
• Risks related to the complexity of the platform, including system failures or errors, and reliance on third-party technology.
• Risks associated with compliance with evolving biometrics, artificial intelligence, health information, and data privacy laws.

Management Commentary and Tone:

• Caryn Seidman Becker, CEO, stated: "CLEAR's secure identity platform extends from homeland security to cybersecurity. With nearly 50 million Members and a network of partners, we are bringing safer and easier experiences to more people in more places. Our strong third quarter results show the value Members and partners see in CLEAR. Identity is security and in today's environment, that is more important than ever."

Other Key Points:

• Approximately $191.4 million was returned to shareholders in the third quarter of 2026, consisting of $20.5 million in regular quarterly dividends ($0.15 per share) and distributions, and $170.9 million in share repurchases.
• The Board of Directors authorized a $175.0 million increase to the existing Class A Common Stock share repurchase program, resulting in an aggregate remaining authorization of approximately $254.4 million.
• The Board declared a quarterly cash dividend of $0.15 per share, payable on December 24, 2026, to shareholders of record as of December 10, 2026.
• Cash and cash equivalents were $35.4 million as of September 30, 2026, down from $85.7 million as of December 31, 2025.
• Total stockholders' equity attributable to Clear Secure, Inc. was $120.2 million as of September 30, 2026, down from $177.7 million as of December 31, 2025.