Clear Secure (YOU) financial statements
Clear Secure reported revenue of $901M in fiscal 2025, up 29.4% a year over 6 years.
Net income was $109M and the operating margin 20.7%, against -29.2% in 2019.
Free cash flow was $343M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clear Secure's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $192M | $231M | $254M | $437M | $614M | $770M | $901M |
| Research and development | $21M | $32M | $47M | $67M | $74M | $73M | $72M |
| Selling, general and admin | $128M | $135M | $204M | $320M | $266M | $266M | $287M |
| Operating income | -$56M | -$19M | -$115M | -$129M | $20M | $123M | $186M |
| Pre-tax income | -$54M | -$9M | -$115M | -$117M | $51M | $67M | $206M |
| Income tax | $0 | $16,000 | $233,000 | -$2M | $724,000 | -$159M | $38M |
| Net income | -$54M | -$9M | -$36M | -$66M | $28M | $170M | $109M |
| Operating margin | -29.2% | -8.2% | -45.3% | -29.5% | 3.3% | 16.0% | 20.7% |
| Net margin | -28.2% | -4.0% | -14.2% | -15.0% | 4.6% | 22.0% | 12.1% |
Balance sheet
Fiscal years, from Clear Secure's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $236M | $154M | $615M | $705M | $723M | $609M | $700M |
| Receivables | — | $912,000 | $5M | $1M | $526,000 | $511,000 | $2M |
| Total current assets | — | $172M | $653M | $742M | $770M | $662M | $765M |
| Property, plant and equipment | — | $35M | $45M | $58M | $63M | $57M | $59M |
| Goodwill | — | $0 | $60M | $59M | $63M | $63M | $63M |
| Total assets | — | $232M | $813M | $1.0B | $1.0B | $1.2B | $1.3B |
| Total current liabilities | — | $146M | $265M | $397M | $552M | $643M | $760M |
| Total liabilities | — | $150M | $273M | $527M | $676M | $957M | $1.1B |
| Shareholders' equity | — | -$487M | $278M | $291M | $233M | $198M | $178M |
| Net debt | -$236M | -$116M | -$280M | -$39M | -$58M | -$67M | -$86M |
Cash flow
Fiscal years, from Clear Secure's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $17M | -$12M | $70M | $168M | $225M | $296M | $372M |
| Capital spending | $15M | $17M | $28M | $31M | $26M | $12M | $29M |
| Free cash flow | $2M | -$29M | $42M | $137M | $199M | $284M | $343M |
| Stock-based compensation | $15M | $3M | $37M | $138M | $37M | $35M | $39M |
| Free cash flow margin | 1.0% | -12.5% | 16.4% | 31.3% | 32.5% | 36.8% | 38.1% |
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Open YOU in InvestinglyQuestions
What was Clear Secure's revenue in 2025?
$901M in fiscal 2025, from its 10-K filing.
How much free cash flow does Clear Secure generate?
$343M in fiscal 2025 (operating cash flow minus capital spending).
From Clear Secure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.