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Clear Secure, Inc.

CIK:0001856314|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 277,757	$ 219,467	$ 530,760	$ 430,835
Operating expenses:
Cost of revenue share fee	39,289	31,198	76,167	60,765
Cost of direct salaries and benefits	47,997	47,699	96,249	98,441
Research and development	17,772	18,229	37,223	37,228
Sales and marketing	17,152	14,485	33,106	27,871
General and administrative	65,934	58,532	129,571	113,270
Depreciation and amortization	6,661	6,768	13,491	13,300
Operating income	82,952	42,556	144,953	79,960
Other income (expense):
Interest income, net	7,932	5,805	14,693	11,958
Other income (expense), net	471	(4,055)	2,454	(3,607)
Income before tax	91,355	44,306	162,100	88,311
Income tax expense	(19,045)	(6,431)	(33,406)	(11,853)
Net income	72,310	37,875	128,694	76,458
Less: net income attributable to non-controlling interests	22,260	13,153	39,849	26,331
Net income attributable to Clear Secure, Inc.	50,050	24,722	88,845	50,127
Class A
Other income (expense):
Net income attributable to Clear Secure, Inc.	$ 49,975	$ 24,560	$ 88,642	$ 49,785
Net income per share of Class A Common Stock and Class B Common Stock (Note 14)
Net income per common share, basic (in USD per share)	$ 0.50	$ 0.26	$ 0.89	$ 0.53
Net income per common share, diluted (in USD per share)	$ 0.49	$ 0.26	$ 0.87	$ 0.52
Weighted-average shares of common stock outstanding, basic (in shares)	100,694,482	92,990,661	99,954,645	94,150,710
Weighted-average shares of common stock outstanding, diluted (in shares)	102,768,573	94,418,159	102,037,728	95,667,917
Class B
Other income (expense):
Net income attributable to Clear Secure, Inc.	$ 75	$ 162	$ 203	$ 341
Net income per share of Class A Common Stock and Class B Common Stock (Note 14)
Net income per common share, basic (in USD per share)	$ 0.50	$ 0.26	$ 0.89	$ 0.53
Net income per common share, diluted (in USD per share)	$ 0.49	$ 0.26	$ 0.87	$ 0.52
Weighted-average shares of common stock outstanding, basic (in shares)	151,787	612,443	229,135	644,659
Weighted-average shares of common stock outstanding, diluted (in shares)	151,787	612,443	229,135	644,659

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 128,694	$ 76,458
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation of property and equipment	13,266	11,142
Amortization of intangible assets	225	2,158
Noncash lease expense	3,161	3,219
Impairment of strategic investment	0	4,719
Equity-based compensation	22,399	18,091
Deferred income tax	18,296	934
Amortization of revolver loan costs	66	66
Gain on divestiture of a business	0	(635)
Premium amortization and (discount accretion), net on marketable securities	(873)	(85)
Changes in operating assets and liabilities:
Accounts receivable	662	(708)
Prepaid expenses and other assets	2,096	6,683
Prepaid revenue share fee	(1,668)	795
Accounts payable	(702)	(6,871)
Accrued and other long term liabilities	151,999	112,439
Deferred revenue	56,788	(824)
Operating lease liabilities	(2,885)	(6,250)
Net cash provided by operating activities	391,524	221,331
Investing activities:
Purchases of marketable securities	(568,346)	(242,914)
Sales of marketable securities	349,894	269,466
Proceeds from divestiture	0	2,700
Purchase of strategic investment	0	(514)
Purchases of property and equipment	(17,059)	(12,147)
Net cash (used in) provided by investing activities	(235,511)	16,591
Financing activities:
Repurchase of Class A Common Stock	(1,238)	(126,345)
Payment of dividend	(30,181)	(23,502)
Payment of special dividend	(20,105)	(25,316)
Distributions to members	(9,875)	(9,839)
Tax distribution to members	(17,229)	(25,986)
Payment of taxes on net settled stock-based awards	(20,303)	(4,939)
Debt issuance costs	(325)	0
Payments under tax receivable agreements	(14,254)	(334)
Net cash used in financing activities	(113,510)	(216,261)
Net increase in cash, cash equivalents, and restricted cash	42,503	21,661
Cash, cash equivalents, and restricted cash, beginning of period	88,498	70,348
Exchange rate effect on cash and cash equivalents, and restricted cash	79	70
Cash, cash equivalents, and restricted cash, end of period	$ 131,080	$ 92,079

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 128,228	$ 85,734
Marketable securities	831,040	614,439
Accounts receivable	1,263	1,925
Prepaid revenue share fee	31,347	29,679
Prepaid expenses and other current assets	31,656	32,837
Total current assets	1,023,534	764,614
Property and equipment, net	62,714	59,331
Right of use asset, net	97,215	100,048
Intangible assets, net	2,528	2,753
Goodwill	62,684	62,684
Restricted cash	2,852	2,764
Other assets	326,805	311,198
Total assets	1,578,332	1,303,392
Current liabilities:
Accounts payable	6,175	7,156
Accrued liabilities	404,692	236,543
Deferred revenue	572,989	516,201
Total current liabilities	983,856	759,900
Other long term liabilities	351,313	339,107
Total liabilities	1,335,169	1,099,007
Commitments and contingencies (Note 16)
Accumulated other comprehensive (loss) income	(753)	840
Treasury stock at cost, 0 shares as of June 30, 2026 and December 31, 2025	0	0
Retained earnings	158,350	119,791
Additional paid-in capital	48,645	57,102
Total stockholders’ equity attributable to Clear Secure, Inc.	206,243	177,734
Non-controlling interests	36,920	26,651
Total stockholders’ equity	243,163	204,385
Total liabilities and stockholders’ equity	1,578,332	1,303,392
Class A
Current liabilities:
Common stock	$ 1	$ 1
Shares issued (in shares)	101,961,485	97,988,039
Class B
Current liabilities:
Common stock	$ 0	$ 0
Shares issued (in shares)	151,787	351,787
Class C
Current liabilities:
Common stock	$ 0	$ 0
Shares issued (in shares)	14,246,787	15,745,891
Class D
Current liabilities:
Common stock	$ 0	$ 0
Shares issued (in shares)	18,380,246	19,130,246