Q2 2026 Clear Secure Inc Earnings Call Transcript
Key Points
- Clear Secure Inc (YOU) delivered 33% bookings growth and record free cash flow of $189 million, up 60% year-over-year.
- Adjusted EBITDA margin reached 36.4%, surpassing the company's IPO target of 35% for the first time.
- Active CLEAR+ members grew 15.2% to 8.3 million, with strong retention and record NPS scores.
- CLEAR1 momentum is strong, with net new customer signings up over 50% sequentially and pipeline growth of over 50% quarter-over-quarter.
- The company raised full-year 2026 free cash flow guidance to at least $480 million, representing at least 40% year-over-year growth.
- Q3 bookings growth guidance of 20.5% at midpoint implies a slowdown from the 32.8% growth in Q2.
- The company will settle a $315 million accrued partnership liability in Q3, leading to negative free cash flow for that quarter.
- International expansion remains limited, with no timeline for entry into markets beyond North America.
- CLEAR1 contract sizes are growing, which could lead to lumpy revenue timing and potential volatility.
- The company has only covered about 75% of the US airport network, leaving significant domestic expansion still to be executed.
Good morning and welcome to Clear's fiscal second quarter 2026 conference call.
We have with us today Caryn Seidman Becker, Founder, Chair and Chief Executive Officer; Michael Barkin, President; and Jen Hsu, Chief Financial Officer.
As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's press release. The company disclaims any obligation to update any forward-looking statements that may be discussed during the call.
During this call, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2025. Additionally, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's press release and the
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