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Clear Secure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$104M in Q3 2026 · $458M over twelve months

Operating cash flow−$98.6M
Capital spending−$5.3M
Free cash flow−$104M
Cash / net income-1.3×

Analysis

In Q3 2026, Clear Secure generated −$98.6M of operating cash flow and spent $5.3M on capital projects, leaving free cash flow of −$104M. That is $50.4M less than in Q3 2025 (−$53.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $491M; the largest uses were buybacks ($172M), other investing ($146M), other financing ($71.6M); the cash balance fell by $43.2M.

Operating cash flow was −$98.6M against net income of $75.3M — -1.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities −$232M, deferred revenue +$30.7M, stock-based pay +$13.7M.

Free cash flow

Clear Secure: free cash flow by quarterClear Secure: free cash flow by quarter$134MQ4 2024$91.3MQ1 2025$118MQ2 2025−$53.5MQ3 2025$187MQ4 2025$185MQ1 2026$189MQ2 2026−$104MQ3 2026
Operating cash flow less capital spending.
Clear Secure: operating cash flow against capital spendingClear Secure: operating cash flow against capital spendingOperating cash flowCapital spending$137M$2.8MQ4 2024$98.3M$7.1MQ1 2025$123M$5.1MQ2 2025−$47.3M$6.2MQ3 2025$198M$11.0MQ4 2025$190M$4.9MQ1 2026$201M$12.2MQ2 2026−$98.6M$5.3MQ3 2026
Latest (Q3 2026): Operating cash flow −$98.6M, Capital spending $5.3M.

Capital allocation, year by year

Clear Secure: where the cash came from (up) and went (down), by fiscal yearClear Secure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $69.7MFY2021: Shares issued $437MFY2021: Capital spending −$28.1MFY2021: Acquisitions −$75.8MFY2021: Buybacks −$11.7M$507MFY2021FY2022: Operating cash flow $168MFY2022: Shares issued −$297KFY2022: Capital spending −$31.4MFY2022: Buybacks −$4.9M$168MFY2022FY2023: Operating cash flow $225MFY2023: Capital spending −$25.6MFY2023: Acquisitions −$3.8MFY2023: Buybacks −$69.7MFY2023: Dividends −$14.5M$225MFY2023FY2024: Operating cash flow $296MFY2024: Capital spending −$12.0MFY2024: Buybacks −$273MFY2024: Dividends −$39.4M$296MFY2024FY2025: Operating cash flow $372MFY2025: Asset sales $2.7MFY2025: Capital spending −$29.3MFY2025: Buybacks −$126MFY2025: Dividends −$47.8M$375MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($486M) and capital spending ($126M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$633M
Debtnone
Net cash$633M

Clear Secure funds itself: free cash flow was $458M over the last twelve months, with $633M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Clear Secure: sources (+) and uses (−) of cash, Q3 2026Clear Secure: sources (+) and uses (−) of cash, Q3 2026Other investing$231MBuybacks−$171MOperating cash flow−$98.6MCash drawn (+) / kept (−)$95.7MTaxes on employees’ shares−$31.6MDividends−$15.1MOther financing−$5.4MCapital spending−$5.3MExchange rates−$32K
Clear Secure: sources (+) and uses (−) of cash, TTM to Q3 2026Clear Secure: sources (+) and uses (−) of cash, 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 profit to cash

Clear Secure: net income to operating cash flow, Q3 2026Clear Secure: net income to operating cash flow, Q3 2026Net income$75.3MDepreciation & amortization$6.8MStock-based pay$13.7MDeferred taxes$10.3MReceivables$341KPayables$6.1MAccrued liabilities−$232MDeferred revenue$30.7MPrepaid and other assets−$6.0MOperating cash flow−$98.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026−$98.6M−$5.3M−$171M−$15.1M$95.7M−$104M
Q2 2026$201M−$12.2M—−$15.1M$42.4M$189M
Q1 2026$190M−$4.9M−$1.2M−$15.1M−$85.0M$185M
Q4 2025$198M−$11.0M—−$12.2M−$10.0M$187M
Q3 2025−$47.3M−$6.2M—−$12.1M$13.5M−$53.5M
Q2 2025$123M−$5.1M−$24.6M−$11.8M−$1.4M$118M
Q1 2025$98.3M−$7.1M−$102M−$11.7M−$20.3M$91.3M
Q4 2024$137M−$2.8M−$47.8M−$12.2M−$34.1M$134M

Clear Secure: income statement and cash flow

Clear Secure, Q3 2026: revenue $293M (+28% year over year), operating margin 28.3%. The chart follows the revenue to costs, profit and cash.

Clear Secure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.