Clear Secure reported third-quarter revenue of $292.9 million, up 27.8 percent from a year earlier, as total members grew 30.7 percent to 46.7 million and the company extended its eGate rollout across its airport network.
Total bookings rose 24.4 percent to $323.5 million. Operating income was $82.9 million, net income was $75.3 million and adjusted EBITDA was $103.9 million, a margin of 35.5 percent. Net cash used in operating activities was $98.6 million and free cash flow was negative $103.8 million, figures the company said reflect a settlement of about $315 million in accrued partnership liabilities.
Active CLEAR+ members, those holding the paid subscription, grew 14.5 percent to 8.5 million. The total member count is broader, covering everyone registered on the platform, including through trials, single-use purchases, other non-paid uses and family accounts.
CLEAR+ was available at 62 airports on September 30 and launched at Tampa International Airport in early November, bringing the network to 63. eGates are now live at 53 airports, and the company expects them to cover the vast majority of its network by the end of 2026. TSA PreCheck enrollment provided by CLEAR was available at 285 retail locations, and its CLEAR Concierge airport service is offered at 42 airports.
The company described a milestone quarter for CLEAR1, its identity platform for businesses and government agencies, citing strong demand across core verticals. In October it announced a pilot with the U.S. Department of Veterans Affairs, which added CLEAR as a sign-in option on VA.gov alongside ID.me and Login.gov.
“CLEAR’s secure identity platform extends from homeland security to cybersecurity,” said chief executive Caryn Seidman Becker. “Identity is security and in today’s environment, that is more important than ever.” Separately, code published last month showed Login.gov had built a “Verify with CLEAR” option, with its settings switched off by default.
The company returned about $191.4 million to shareholders in the quarter, including $170.9 million in share repurchases. Its board authorized another $175 million for buybacks, leaving about $254.4 million available, and declared a quarterly dividend of $0.15 per share.
For the fourth quarter, CLEAR expects revenue of $299 million to $302 million and total bookings of $335 million to $340 million. It raised its full-year free cash flow forecast from at least $480 million to at least $490 million.
Sources: CLEAR (PR Newswire)
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By the ID Tech Editorial Team
