Clear Secure reports Q4 revenue of $240.8M, memberships surge 31.5% to 38 million

Clear Secure (NYSE:YOU) on Wednesday reported fourth-quarter revenue of $240.8 million, up 16.7% from the prior year, and full-year 2025 revenue of $900.8 million, an increase of 16.9%.

Adjusted EBITDA for the fourth quarter reached $79.9 million, representing a 33.2% margin, while full-year adjusted EBITDA was $262.2 million at a 29.1% margin.

The company, which provides biometric-based identity verification services primarily at airports and stadiums, said enrolled memberships grew 31.5% year over year to 38 million as of the end of 2025.

Clear Secure's board also declared a regular quarterly dividend of $0.15 per share and a special dividend of $0.20 per share, both payable on March 24, 2026, to shareholders of record as of the applicable dates.

The board also authorized a $125 million increase to the company's share repurchase program.

For 2026, Clear Secure guided free cash flow of at least $440 million, reflecting continued momentum in membership growth, operational efficiency and investments in technology infrastructure.