Operating cash flow reached $391.5M in 2026Q2, 7.8 times net income, and FCF margin hit 134.8%, though working capital swings (a $206.3M benefit in 2026Q2 vs. a $128.7M drag in 2025Q3) create volatility.
Clear Secure, Inc. (YOU) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 733M | 372.45M | 295.68M | 225.03M | 168.31M | 69.71M | -12.34M | 16.57M |
| Operating CF Margin % | - | 41.35% | 38.38% | 36.68% | 38.48% | 27.45% | -5.35% | 8.62% |
| Operating CF Growth % | 325.28% | 25.97% | 31.39% | 33.7% | 141.45% | 664.98% | -174.44% | - |
| Net Income | 147.89M | 168.15M | 225.27M | 49.89M | -115.44M | -115.17M | -9.31M | -54.22M |
| Depreciation & Amortization | 41.65M | 34.62M | 26.48M | 21.65M | 18.79M | 12.36M | 9.42M | 7.32M |
| Stock-Based Compensation | 54.55M | 38.93M | 35.34M | 37.29M | 138.5M | 36.51M | 3.43M | 14.66M |
| Deferred Taxes | 49.49M | 24.38M | -165.77M | -722K | -2.47M | 0 | 0 | 0 |
| Other Non-Cash Items | 5.96M | 9.64M | 213K | -2.02M | 4.32M | 18.4M | 1.13M | 3.49M |
| Working Capital Changes | 304.58M | 96.73M | 174.14M | 118.95M | 124.61M | 117.61M | -17M | 45.33M |
| Change in Receivables | -9K | -1.58M | 15K | 643K | 4.16M | -4.21M | 201K | -401K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 1.73M | 0 |
| Change in Payables | -1.27M | -6.37M | 2.2M | 4.53M | -752K | 1.45M | 404K | -2.23M |
| Cash from Investing | -370.61M | -97.1M | 113.78M | -15.51M | -359.59M | -403.2M | -21.58M | -25.78M |
| Capital Expenditures | -39.13M | -29.34M | -12.01M | -25.55M | -31.91M | -28.15M | -16.93M | -14.68M |
| CapEx % of Revenue | 3.91% | 3.26% | 1.56% | 4.16% | 7.29% | 11.08% | 7.33% | 7.64% |
| Acquisitions | 0 | 0 | 0 | -3.75M | 545K | -75.83M | -424K | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 2.7M | -318K | -580K | -545K | -822K | 174K | -502K |
| Cash from Financing | -238.51M | -257.33M | -401.55M | -216.01M | -48.87M | 503.4M | -63.05M | 180.36M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -10.19M | -126.34M | -272.92M | -69.67M | -5.2M | 505.37M | -62.4M | 180.36M |
| Dividends Paid | -84.8M | -91.88M | -93.37M | -125.19M | -38.09M | 0 | 0 | 0 |
| Share Repurchases | -10.19M | -126.34M | -272.92M | -69.67M | -5.2M | -11.74M | -210.34M | -12.09M |
| Other Financing | -143.52M | -39.1M | -35.26M | -21.14M | -5.58M | -1.97M | -652K | 0 |
| Net Change in Cash | 123.86M | 18.15M | 7.95M | -6.48M | -240.24M | 170.04M | -96.97M | 171.15M |
| Free Cash Flow | 693.88M | 343.11M | 283.67M | 198.9M | 136.4M | 40.74M | -29.26M | 1.39M |
| FCF Margin % | 69.34% | 38.09% | 36.82% | 32.42% | 31.18% | 16.04% | -12.68% | 0.72% |
| FCF Growth % | 127.4% | 20.96% | 42.62% | 45.82% | 234.84% | 239.21% | -2205.32% | - |
| FCF per Share | 6.75 | 3.53 | 1.96 | 2.17 | 1.66 | 0.53 | -0.45 | 0.02 |
| FCF Conversion (FCF/Net Income) | 4.69x | 3.41x | 1.74x | 8.01x | -2.57x | -1.93x | 1.33x | -0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying YOU stock.
Clear Secure, Inc. (YOU) generated $372.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Clear Secure, Inc. (YOU) generated $343.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Clear Secure, Inc. (YOU) spent $29.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Clear Secure, Inc. (YOU) returned $91.9M to shareholders via cash dividends and spent $126.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Far Exceeds Net Income
Clear Secure's operating cash flow reached $391.5M in 2026Q2, 7.8 times net income, according to the latest quarterly data, indicating exceptionally high earnings quality.
The OCF/NI ratio of 7.82 in 2026Q2 is extraordinary, driven largely by a $206.3M working capital benefit. This suggests that reported net income understates cash generation, likely due to deferred revenue or prepaid collections. Investors should monitor whether this working capital tailwind is sustainable or a one-time event.
Free Cash Flow Momentum Accelerates
Free cash flow surged to $374.5M in 2026Q2, a 134.8% margin, up from $185.5M in the prior quarter, based on reported figures, reflecting strong operational leverage.
The sequential doubling of FCF from Q1 to Q2 2026, coupled with a 26.6% revenue growth, indicates that the business is scaling efficiently. However, the negative FCF in 2025Q3 and 2024Q3 highlights volatility, suggesting that quarterly FCF can swing sharply due to working capital timing.
Low Capital Intensity Supports Cash Generation
Capital expenditures averaged only 2.8% of revenue over the last ten quarters, per financial statements, indicating a highly asset-light model that converts revenue into cash with minimal reinvestment.
CapEx/Revenue peaked at 6.1% in 2026Q2 but remains modest, suggesting that most spending is for growth rather than maintenance. The low capital intensity is a key driver of the robust FCF margins, which are far above the peer average of around 20%.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes contributed $206.3M to operating cash flow in 2026Q2, but subtracted $128.7M in 2025Q3, as per quarterly data, causing significant quarter-to-quarter swings.
The large positive working capital adjustments in recent quarters likely reflect prepaid subscriptions or deferred revenue, which are characteristic of a membership-based model. The negative adjustments in Q3 quarters suggest seasonal outflows, possibly related to contract renewals or timing of collections. This volatility warrants close monitoring as it can distort underlying cash generation.
Capital Returns Shift Toward Dividends
Dividends paid totaled $30.2M in 2026Q2, while buybacks were minimal at $1.2M, according to the cash flow statement, indicating a strategic pivot from repurchases to income distribution.
Over the past year, buybacks have declined from $101.7M in 2025Q1 to negligible levels, while dividends have remained steady around $30-40M per quarter. This shift may signal management's confidence in sustaining cash flows, but investors should note that the dividend yield is still low relative to peers.
Cumulative Cash Generation Outpaces Earnings
Over the last ten quarters, cumulative operating cash flow of $1.25B exceeds cumulative net income of $367.7M by a factor of 3.4, based on reported data, highlighting a persistent gap.
The substantial cumulative divergence between OCF and net income suggests that earnings are heavily influenced by non-cash items and working capital timing. This may indicate that the company's cash-generating ability is stronger than GAAP earnings suggest, but it also raises questions about the sustainability of such large working capital benefits.
What Could Invalidate the Base Case
The extraordinary OCF/NI ratio of 7.82 in 2026Q2, per reported data, may be inflated by a $206.3M working capital benefit that could reverse, potentially normalizing cash conversion.
If working capital tailwinds fade, operating cash flow could revert closer to net income levels, compressing FCF margins. Additionally, the low capital intensity may not persist if the company invests in growth initiatives, and the shift from buybacks to dividends could signal limited reinvestment opportunities. Investors should monitor these factors as potential risks to the robust cash flow narrative.