Clear Secure, Inc. YOU

The business

CLEAR sells identity verification as a network. The cash engine is CLEAR Plus, the roughly $199-a-year airport subscription that speeds members through security lanes, generating high-retention recurring revenue; it is the slice doing most of the work today, the bulk of the $900.8M revenue base. Around it the company is layering TSA PreCheck enrollment, Reserve virtual queuing, eGates for a faster biometric airport experience, and the business-to-business identity products CLEAR1 and Atlas Certified, which verify people and credentials for enterprises. The travel subscription is the engine; the non-travel identity platform is the optionality.

The fact the financials do not surface is the platform bet against the travel dependence. CLEAR Plus is fundamentally a travel-convenience subscription, exposed to air-travel volumes and to the partnership terms with the Transportation Security Administration that govern airport access. The case for re-rating rests on the base of verified members, roughly 41 million total with about 8 million paying, extending into healthcare, finance, events, and enterprise identity, markets far larger than security lanes; the case against is that the non-travel platform is still early and the core remains a travel business. What changed in the most recent quarter, Q1 FY2026 reported May 6, is continued momentum: revenue $253.0M up about 20% year over year, bookings outpacing revenue, and the business-to-business identity line compounding fast off a small base.