Clear Secure, Inc.

CLEAR's subscription revenue grew faster than its operating cost base in the third quarter, lifting operating profit. Bookings and revenue also exceeded the ranges issued in August. The latest analysis explains why that stronger performance coincided with negative quarterly cash flow.

Clear Secure controls the Alclear operating company, in which other members retain interests. That structure explains the difference between consolidated earnings and income attributable to public-company shareholders.

Active CLEAR+ memberships reached 8.474 million at September 30. The measure includes family accounts, trials and members in a billing grace period. Substantially all revenue still comes from CLEAR+; business identity services and other offerings broaden the network.

Outlook

For the fourth quarter, CLEAR forecasts revenue of $299 million to $302 million and bookings of $335 million to $340 million. Those ranges imply growth of 24.8% and 17.6%, respectively, at their midpoints. Bookings growth would slow from 24.4% in the third quarter and 32.8% in the second.

Partnership cash and financial obligations

Operating cash flow over nine months was $293.0 million, up from $174.0 million. After equipment purchases, free cash flow was $270.6 million versus $155.7 million. The full-year minimum increased from $480 million in August to $490 million in November.

After the large third-quarter settlement, partnership liabilities were $25.5 million due within a year and $58.1 million due later. These primarily fund a portion of merchant credit-card benefits. CLEAR renewed its American Express partnership on a multiyear basis in February 2026.

Cash and cash equivalents were $35.4 million and marketable securities were $597.6 million at September 30. There was no outstanding debt. A $50 million revolving facility had $14.4 million of remaining borrowing capacity after standby letters of credit.

The tax receivable agreement is a separate obligation: it generally passes most of the specified tax savings from exchanges of Alclear ownership units to the remaining members. Its recorded liability was $267.8 million, including $11.8 million expected to be paid within a year. Operating lease liabilities were $6.1 million current and $102.5 million long term; minimum contracted airport payments totaled $104.2 million.

Capital returns

Nine-month common-share repurchases used $172.2 million. The November expansion left $254.4 million of authorization, with no expiration date. The board also declared a $0.15 dividend payable December 24 to shareholders of record on December 10.