Operating income has scaled from $15.7 million in 2023Q4 to $62.0 million in 2026Q1, reflecting improved operational efficiency despite decelerating revenue growth.
| Sales/Revenue | 942.41M | 900.78M | 770.49M | 613.58M | 437.43M | 253.95M | 230.8M | 192.28M |
| Revenue Growth % | 17.39% | 16.91% | 25.57% | 40.27% | 72.25% | 10.03% | 20.03% | - |
| Cost of Goods Sold | 84.42M | 127.85M | 281.15M | 231.47M | 161.05M | 104.94M | 73.72M | 92.32M |
| COGS % of Revenue | - | 14.19% | 36.49% | 37.72% | 36.82% | 41.32% | 31.94% | 48.01% |
| Gross Profit | 858M | 772.93M | 489.34M | 382.11M | 276.38M | 149.02M | 157.08M | 99.97M |
| Gross Margin % | 91.04% | 85.81% | 63.51% | 62.28% | 63.18% | 58.68% | 68.06% | 51.99% |
| Gross Profit Growth % | - | 57.95% | 28.06% | 38.26% | 85.47% | -5.13% | 57.13% | - |
| Operating Expenses | 591.84M | 586.45M | 366.15M | 361.97M | 405.44M | 263.95M | 176.01M | 156.13M |
| OpEx % of Revenue | - | 65.11% | 47.52% | 58.99% | 92.69% | 103.94% | 76.26% | 81.2% |
| Selling, General & Admin | 298.3M | 286.83M | 266.31M | 265.88M | 319.85M | 204.1M | 134.55M | 127.59M |
| SG&A % of Revenue | - | 31.84% | 34.56% | 43.33% | 73.12% | 80.37% | 58.3% | 66.36% |
| Research & Development | 76.24M | 72.38M | 73.35M | 74.44M | 66.8M | 47.49M | 32.04M | 21.22M |
| R&D % of Revenue | - | 8.04% | 9.52% | 12.13% | 15.27% | 18.7% | 13.88% | 11.04% |
| Other Operating Expenses | 3M | 227.24M | 26.48M | 21.65M | 18.79M | 12.36M | 9.42M | 7.32M |
| Operating Income | 211.07M | 186.48M | 123.19M | 20.14M | -129.06M | -114.93M | -18.93M | -56.16M |
| Operating Margin % | 22.4% | 20.7% | 15.99% | 3.28% | -29.5% | -45.26% | -8.2% | -29.21% |
| Operating Income Growth % | - | 51.37% | 511.73% | 115.6% | -12.29% | -507.18% | 66.3% | - |
| EBITDA | 246M | 221.1M | 149.67M | 41.79M | -110.27M | -102.58M | -9.51M | -48.85M |
| EBITDA Margin % | 26.1% | 24.55% | 19.43% | 6.81% | -25.21% | -40.39% | -4.12% | -25.4% |
| EBITDA Growth % | 50.16% | 47.73% | 258.18% | 137.89% | -7.5% | -979.06% | 80.54% | - |
| D&A (Non-Cash Add-back) | 34.92M | 34.62M | 26.48M | 21.65M | 18.79M | 12.36M | 9.42M | 7.32M |
| EBIT | 160.31M | 206.07M | 123.19M | 20.14M | -129.06M | -114.93M | -18.93M | -56.16M |
| Net Interest Income | 30.54M | 24.38M | 32.51M | 29.01M | 6.59M | -349K | 612K | 1.94M |
| Interest Income | 30.54M | 24.38M | 32.51M | 29.01M | 6.59M | 0 | 612K | 1.94M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 349K | 0 | 0 |
| Other Income/Expense | 21.73M | 19.59M | -56.56M | 30.47M | 11.57M | -5K | 9.63M | 1.94M |
| Pretax Income | 232.81M | 206.07M | 66.63M | 50.61M | -117.5M | -114.94M | -9.29M | -54.22M |
| Pretax Margin % | 24.7% | 22.88% | 8.65% | 8.25% | -26.86% | -45.26% | -4.03% | -28.2% |
| Income Tax | 18.14M | 37.92M | -158.65M | 724K | -2.06M | 233K | 16K | 0 |
| Effective Tax Rate % | 7.79% | 18.4% | -238.11% | 1.43% | 1.75% | -0.2% | -0.17% | 0% |
| Net Income | 168.87M | 109.17M | 169.68M | 28.11M | -65.57M | -36.08M | -9.31M | -54.22M |
| Net Margin % | 17.92% | 12.12% | 22.02% | 4.58% | -14.99% | -14.21% | -4.03% | -28.2% |
| Net Income Growth % | -4.2% | -35.66% | 503.66% | 142.87% | -81.73% | -287.56% | 82.83% | - |
| Net Income (Continuing) | 214.67M | 168.15M | 225.27M | 49.89M | -115.44M | -115.17M | -9.31M | -54.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 28.29M | 26.65M | 39.59M | 135.9M | 219.86M | 261.86M | 0 | 0 |
| EPS (Diluted) | 1.67 | 1.12 | 1.56 | 0.31 | -1.41 | -1.49 | -0.14 | -0.71 |
| EPS Growth % | -24.39% | -28.21% | 403.23% | 121.99% | 5.37% | -964.29% | 80.28% | - |
| EPS (Basic) | - | 1.14 | 1.81 | 0.31 | -1.41 | -1.49 | -0.14 | -0.36 |
| Diluted Shares Outstanding | 101.05M | 97.27M | 144.51M | 91.62M | 82.12M | 77.44M | 65.43M | 73.48M |
| Basic Shares Outstanding | 99.21M | 95.44M | 93.89M | 90.6M | 82.12M | 77.44M | 65.43M | 146.77M |
| Dividend Payout Ratio | - | 84.17% | 55.03% | 445.41% | - | - | - | - |
Aviation market saturation risk
According to the provided quarterly income statements, revenue growth has decelerated from 35.3% in 2024Q1 to 19.7% by 2026Q1, suggesting that the company's initial rapid expansion phase within the domestic aviation market may be encountering natural limits as the addressable user base matures.
The consistent decline in year-over-year growth rates indicates that the company is struggling to maintain its early-stage momentum. Investors should monitor whether the pivot toward B2B identity verification can offset the slowing adoption of the core CLEAR Plus aviation subscription.
As reported in financial statements, the company achieved a gross margin of 85.4% in 2026Q1, reflecting a significant improvement from the 61.9% levels observed in 2023Q4, which highlights the inherent scalability of the biometric platform as the fixed cost base is leveraged over a larger subscriber pool.
This margin expansion suggests that the company is successfully managing its revenue-share agreements with airports while scaling its digital infrastructure. However, the sustainability of these high margins remains contingent on the company's ability to avoid significant hardware retrofitting costs as TSA security standards evolve.
Based on the reported figures, operating income has scaled from $15.7 million in 2023Q4 to $62.0 million in 2026Q1, demonstrating that the company is effectively controlling its SG&A expenses while simultaneously growing its top-line revenue, which indicates a maturing and increasingly efficient operational model.
The ability to grow operating income faster than revenue suggests that the company is beginning to realize the benefits of its platform-based business model. Analysts should watch for any future spikes in SG&A that might indicate a need for increased marketing spend to combat potential competitive threats.
As indicated by the income statement data, net income has experienced significant quarterly fluctuations, such as the $103.3 million spike in 2024Q4, which warrants further investigation into non-operating items and the impact of stock-based compensation on the company's underlying profitability and true earnings power.
The inconsistency in net income suggests that GAAP figures may not fully reflect the core operational performance of the business. Investors should focus on the stability of operating income rather than the headline net income, which appears heavily influenced by non-recurring or non-operating accounting adjustments.
While the company maintains strong margins, the potential for TSA-led technological upgrades, such as the implementation of CAT-2 scanners, poses a material risk that could erode the speed-based value proposition of the CLEAR Plus service, as noted in recent industry context and competitive analysis.
Short-sellers may focus on the risk that the company's primary competitive advantage is essentially a government-granted convenience that could be rendered obsolete by public sector innovation. If the 'speed gap' between CLEAR and standard security lanes narrows, the company may face significant churn and pricing pressure.
Quick answers to the most common questions about buying YOU stock.
For fiscal year 2025, Clear Secure, Inc. (YOU) reported total revenue of $900.8M. This represents a 368.5% increase compared to $192.3M in 2019.
Clear Secure, Inc. (YOU) is profitable, generating $109.2M in net income for the fiscal year ending 2025 with a net profit margin of 12.1%.
Clear Secure, Inc. (YOU) reported an operating income of $186.5M, resulting in an operating profit margin of 20.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Clear Secure, Inc. (YOU) generated $772.9M in gross profit for the year, representing a gross profit margin of 85.8%. This demonstrates the company's core pricing power and production efficiency.