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Clear Secure (YOU) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Clear Secure (YOU) Q3 2026 earnings results →

Q3 2026 Revenue up 28% year over year to $293M · 18¢ of every $1 of revenue kept as net profit · operating margin 28.3%

Clear Secure made $293M in Q3 2026 (+28% Y/Y). Operating margin 28.3%, net earnings $53.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$293M
Year over year+28%
Operating margin28.3%
Net earnings$53.2M
Operating cash flow−$98.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $292.9M in Q3 2026, up 28% year over year and up 5% from the previous quarter.

Operating profit was $82.9M, a 28.3% margin (up 5.4 points year over year). Of the extra revenue versus Q3 2025, 48% reached operating profit, above the 23% margin then. Total costs grew 19% against revenue growth of 28%. The fastest-growing cost line was Sales & marketing (+37%). Net earnings were $53.2M, up 88% year over year. The effective tax rate was 19.1%.

Operating cash flow was −$98.6M. Non-cash charges added back $6.8M of depreciation and amortization and $13.7M of share-based compensation. Working capital and other items used $194.4M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$103.8M.

Quarterly history

Clear Secure revenue by quarterClear Secure revenue by quarter$211MQ1 2025$219MQ2 2025$229MQ3 2025$241MQ4 2025$253MQ1 2026$278MQ2 2026$293MQ3 2026
Clear Secure net earnings by quarterClear Secure net earnings by quarter$25.4MQ1 2025$24.7MQ2 2025$28.3MQ3 2025$30.8MQ4 2025$38.8MQ1 2026$50.0MQ2 2026$53.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$293M+28%28.3%$53.2M−$98.6M
Q2 202610-QAug 5, 2026$278M+27%29.9%$50.0M$201M
Q1 202610-QMay 6, 2026$253M+20%24.5%$38.8M$190M
Q4 202510-KFeb 25, 2026$241M+17%22.4%$30.8M$198M
Q3 202510-QNov 6, 2025$229M+16%23.0%$28.3M−$47.3M
Q2 202510-QAug 5, 2025$219M+18%19.4%$24.7M$123M
Q1 202510-QMay 8, 2025$211M+18%17.7%$25.4M$98.3M

Charts

Clear Secure: revenue growth, year over year and quarter over quarterClear Secure: revenue growth, year over year and quarter over quarterY/YQ/Q+18%Q1 2025+18%+4%Q2 2025+16%+4%Q3 2025+17%+5%Q4 2025+20%+5%Q1 2026+27%+10%Q2 2026+28%+5%Q3 2026
Latest (Q3 2026): Y/Y +28%, Q/Q +5%.
Clear Secure: where the cash came from (+) and went (−), TTM to Q3 2026Clear Secure: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$491MBuybacks−$172MOther investing−$146MOther financing−$71.6MDividends−$57.5MTaxes on employees’ shares−$53.7MCash drawn (+) / kept (−)$43.2MCapital spending−$33.3MExchange rates$89K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Clear Secure: profit against cash, quarter by quarterClear Secure: profit against cash, quarter by quarterNet incomeOperating cash flow$117M$137MQ4 2024$38.6M$98.3MQ1 2025$37.9M$123MQ2 2025$45.1M−$47.3MQ3 2025$46.5M$198MQ4 2025$56.4M$190MQ1 2026$72.3M$201MQ2 2026$75.3M−$98.6MQ3 2026
Latest (Q3 2026): Net income $75.3M, Operating cash flow −$98.6M.
Clear Secure in its industry: growth against margin (192 companies, SIC 7372)Clear Secure in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYYOU (+28%, 28%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Clear Secure

Clear Secure, Inc. (the “Company” or “CLEAR”) is a secure identity company making experiences safer and easier - both digitally and physically. We make everyday experiences frictionless by connecting your identity to all the things that make you, YOU - transforming the way you live, work, and travel. CLEAR has been delivering secure, frictionless experiences in airports for over 15 years, achieving exceptional user delight and trust with CLEAR+, our consumer travel subscription service. CLEAR+ enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide.

In its own words, from its 10-K, filed Feb 25, 2026.

Clear Secure against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +19%. Operating margin: 28.3% against the peers' median 20.5%.

CompanyQuarterRevenueY/YOp. margin
YOU Clear SecureQ3 2026$293M+28%28.3%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Clear Secure 10-Q on SEC EDGAR · CIK 1856314 · Services-Prepackaged Software

Guidance and outlook

Clear Secure Revenue: guidance against what was reportedClear Secure Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 2025$229MQ4 2025$241MQ1 2026$253MQ2 2026$278MQ3 2026$293MQ4 2026
Met or beat 5 of 5 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Clear Secure: what its forward-looking statements are about (10-Q filed 2026-11-04)Clear Secure: what its forward-looking statements are about (10-Q filed 2026-11-04)Other2Products2Demand2Costs2The economy1Tax1People1Buybacks & dividends1Capital spending1
13 statements; tone +0.39 (−1 all cautious, +1 all confident); 5 hedged.
Clear Secure: outlook statements against the filing beforeClear Secure: outlook statements against the filing beforeConfident5

13F: who owns YOU and who is buying

Largest holders of YOU (13F)Largest holders of YOU (13F)BlackRock$887MVanguard Portfolio Management LLC$433MVanguard Group$404MVanguard Capital Management LLC$237MState Street$206MRenaissance Technologies LLC$183MGeode Capital Management, LLC$167MGoldman Sachs Group$158MArrowstreet Capital, Limited Part…$150MFirst Trust Advisors LP$144M
Funds' net buying of YOU by quarter (13F)Funds' net buying of YOU by quarter (13F)−$209M2024-09−$152M2024-12$1.5M2025-03$106M2025-06−$85.0M2025-09−$90.7M2025-12$53.0M2026-03$120M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on YOU

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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