YOU Q4 2025 Earnings

Call Details

• Call Title: Clear Secure Q4 2025 Earnings Call
• Date: February 25, 2026 at 1:00 PM UTC
• Management Team:
  • Caryn Seidman Becker (Founder, Chair, and Chief Executive Officer)
  • Michael Barkin (President)
  • Jennifer Hsu (Chief Financial Officer)
  • Carolyn (Investor Relations/Call Moderator)

Call Summary

Financial Performance

• Q4 revenue was $240.8 million, up 16.7% year over year.
• Q4 total bookings were $287.1 million, up 25.4% year over year.
• Fiscal 2025 revenue was $900.8 million, up 16.9% year over year, and fiscal 2025 total bookings were $977.2 million, up 17.2% year over year.
• Q4 adjusted EBITDA was $79.9 million, representing a 33.2% adjusted EBITDA margin and an increase of 870 basis points versus Q4 2024.
• Full-year adjusted EBITDA was $262.2 million, representing a 29.1% adjusted EBITDA margin and 4.8 percentage points of margin expansion year over year.
• Full-year net cash provided by operating activities was $372.5 million, capital expenditures were $29.3 million, and free cash flow was $343.1 million, which management stated was significantly ahead of guidance.

Guidance

• Company expects full-year 2026 free cash flow of at least $440 million, which was described as at least 28% year-over-year growth versus 2025.
• Company expects to exit 2026 with over $1 billion in cash on the balance sheet and no debt prior to any capital return to shareholders.
• Full-year 2026 GAAP P&L taxes are expected to range between 18% and 20%.
• Q1 2026 revenue guidance is $242 to $245 million, which implies 15.2% growth at the midpoint versus Q1 2025.
• Q1 2026 total bookings guidance is $248 to $253 million, which implies 20.9% growth at the midpoint versus Q1 2025.
• Management signaled expectations for accelerating top-line growth and continued margin expansion in 2026 as drivers of higher free cash flow.