Revenue growth accelerated to 26.6% YoY in 2026Q2, with operating margin expanding to 29.9% from 13.2% in 2024Q1, though gross margin volatility (spiked to 146.0% in 2025Q4) warrants monitoring.
Clear Secure, Inc. (YOU) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1B | 900.78M | 770.49M | 613.58M | 437.43M | 253.95M | 230.8M | 192.28M |
| Revenue Growth % | 19.77% | 16.91% | 25.57% | 40.27% | 72.25% | 10.03% | 20.03% | - |
| Cost of Goods Sold | 99.89M | 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 | 900.81M | 772.93M | 489.34M | 382.11M | 276.38M | 149.02M | 157.08M | 99.97M |
| Gross Margin % | 90.02% | 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 | 649.34M | 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 | 308.37M | 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 | 75.79M | 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 | 251.47M | 186.48M | 123.19M | 20.14M | -129.06M | -114.93M | -18.93M | -56.16M |
| Operating Margin % | 25.13% | 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 | 286.29M | 221.1M | 149.67M | 41.79M | -110.27M | -102.58M | -9.51M | -48.85M |
| EBITDA Margin % | 28.61% | 24.55% | 19.43% | 6.81% | -25.21% | -40.39% | -4.12% | -25.4% |
| EBITDA Growth % | 62.32% | 47.73% | 258.18% | 137.89% | -7.5% | -979.06% | 80.54% | - |
| D&A (Non-Cash Add-back) | 34.81M | 34.62M | 26.48M | 21.65M | 18.79M | 12.36M | 9.42M | 7.32M |
| EBIT | 263.05M | 206.07M | 66.63M | 50.61M | -117.5M | -114.59M | -18.93M | -56.16M |
| Net Interest Income | 31.49M | 24.38M | 32.51M | 29.01M | 6.59M | -349K | 612K | 1.94M |
| Interest Income | 31.49M | 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 | 28.39M | 19.59M | -56.56M | 30.47M | 11.57M | -5K | 9.63M | 1.94M |
| Pretax Income | 279.86M | 206.07M | 66.63M | 50.61M | -117.5M | -114.94M | -9.29M | -54.22M |
| Pretax Margin % | 27.97% | 22.88% | 8.65% | 8.25% | -26.86% | -45.26% | -4.03% | -28.2% |
| Income Tax | 59.48M | 37.92M | -158.65M | 724K | -2.06M | 233K | 16K | 0 |
| Effective Tax Rate % | 21.25% | 18.4% | -238.11% | 1.43% | 1.75% | -0.2% | -0.17% | 0% |
| Net Income | 147.89M | 109.17M | 169.68M | 28.11M | -65.57M | -36.08M | -9.31M | -54.22M |
| Net Margin % | 14.78% | 12.12% | 22.02% | 4.58% | -14.99% | -14.21% | -4.03% | -28.2% |
| Net Income Growth % | -16.39% | -35.66% | 503.66% | 142.87% | -81.73% | -287.56% | 82.83% | - |
| Net Income (Continuing) | 220.38M | 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 | 36.92M | 26.65M | 39.59M | 135.9M | 219.86M | 261.86M | 0 | 0 |
| EPS (Diluted) | 1.44 | 1.12 | 1.56 | 0.31 | -1.41 | -1.49 | -0.14 | -0.71 |
| EPS Growth % | -9.76% | -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 | 102.77M | 97.27M | 144.51M | 91.62M | 82.12M | 77.44M | 65.43M | 73.48M |
| Basic Shares Outstanding | 100.69M | 95.44M | 93.89M | 90.6M | 82.12M | 77.44M | 65.43M | 146.77M |
| Dividend Payout Ratio | - | 84.17% | 55.03% | 445.41% | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Clear Secure's revenue grew 26.6% year-over-year in 2026Q2, accelerating from 19.7% in the prior quarter, according to the latest income statement data.
The sequential acceleration from 19.7% to 26.6% suggests strengthening demand for the company's identity verification services. This growth appears broad-based, with revenue climbing from $179.0M in 2024Q1 to $277.8M in 2026Q2, a 55% increase over ten quarters. The consistent double-digit growth rates indicate a durable expansion trajectory, likely driven by increased adoption of Clear's travel and security products.
Gross Margin Volatility and Recovery
Gross margin spiked to 146.0% in 2025Q4 due to a negative COGS of -$110.8M, but normalized to 85.9% in 2026Q2, as per reported financials.
The anomalous negative COGS in 2025Q4 likely reflects a one-time benefit, such as a reversal of accrued costs or a favorable settlement, which temporarily inflated gross margin. Excluding that outlier, gross margins have improved from around 63% in early 2024 to 85.9% in 2026Q2, suggesting enhanced pricing power or a shift toward higher-margin services. This structural improvement is a positive signal for profitability, though investors should monitor whether the elevated margin is sustainable.
Operating Leverage Driving Margin Expansion
Operating margin expanded from 13.2% in 2024Q1 to 29.9% in 2026Q2, with operating income growing faster than revenue, based on quarterly data.
Operating income grew from $23.7M to $83.0M over the period, a 250% increase, while revenue grew only 55%, demonstrating significant operating leverage. SG&A expenses as a percentage of revenue declined from 36.0% in 2024Q1 to 29.9% in 2026Q2, indicating that the company is scaling its overhead efficiently. This trend suggests that Clear Secure is benefiting from a fixed cost base that is not expanding proportionally with revenue, which could continue to drive margin expansion if growth persists.
Earnings Quality Boosted by One-Time Items
Net income in 2024Q4 surged to $103.3M with EPS of $0.87, far above the typical $0.25-$0.30 range, according to income statement data.
The 2024Q4 net income spike appears to be driven by a non-operating gain, as operating income was only $34.1M, implying a significant other income item. This inflates reported EPS and net margin to 50.1%, which is not reflective of core operations. Excluding that quarter, net margins have improved from 10.5% to 18.0% in 2026Q2, indicating genuine profitability gains. However, investors should be cautious about relying on such one-time boosts when assessing sustainable earnings power.
COGS Volatility and R&D Discipline
COGS swung from $79.4M in 2025Q3 to -$110.8M in 2025Q4, while R&D spending remained stable around $18-21M, as per reported figures.
The negative COGS in 2025Q4 is a clear anomaly, likely due to a one-time adjustment, and should be disregarded for trend analysis. Excluding that, COGS has grown from $64.7M to $92.0M in 2026Q1, but then dropped to $39.3M in 2026Q2, suggesting a shift in cost structure or a favorable change in service mix. R&D expenses have been relatively flat, indicating a disciplined approach to innovation spending, which supports margin expansion. The company appears to be managing its cost base effectively, though the COGS volatility warrants monitoring.
Sustainability of Growth and Margins
Despite strong growth, the 26.6% revenue increase in 2026Q2 may be unsustainable, and the 85.9% gross margin could face pressure, based on historical data.
The revenue growth rate has been volatile, with a low of 15.5% in 2025Q3 and a high of 35.3% in 2024Q1, suggesting that the current acceleration may not be linear. Additionally, the gross margin improvement to 85.9% is partly due to the COGS anomaly in 2025Q4; if that benefit reverses, margins could compress. Short-sellers might argue that the company's reliance on travel-related services makes it vulnerable to economic downturns, and that the high margins attract competition. Investors should monitor whether the company can maintain its growth trajectory and margin expansion without relying on one-time items.