Overview

• Secure identity platform's Q1 revenue rose 20% yr/yr, beating analyst expectations

• Adjusted EBITDA beat consensus, with margin expanding 720 basis points yr/yr

• Company returned $56.4 mln to shareholders via dividends and share repurchases

Outlook

• Clear Secure sees Q2 2026 revenue of $268-271 mln, up 22.8% year-over-year at midpoint

• Company expects Q2 2026 total bookings of $280-285 mln, up 26.7% year-over-year at midpoint

• Clear Secure raises full-year 2026 free cash flow guidance to at least $465 mln

Result Drivers

• MEMBERSHIP GROWTH - Total CLEAR Members grew 31% yr/yr to 41 mln and Active CLEAR+ Members rose 13% to 8.2 mln, which the company said reflects the efficacy of its growth and marketing initiatives

• PRODUCT EXPANSION - Company cited launch of CLEAR Concierge at 32 airports and a record quarter for CLEAR1, with bookings increasing fivefold yr/yr

• NETWORK EXPANSION - eGates launched across 43 airports and 277 retail locations with TSA PreCheck Enrollment Provided by CLEAR as of March 31, 2026

Company press release: ID:nPn7wr2h3a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$253 mln	$244.37 mln (7 Analysts)
Q1 Net Income		$56.40 mln
Q1 Adjusted EBITDA	Beat	$80.60 mln	$72.56 mln (7 Analysts)
Q1 Free Cash Flow		$185.50 mln
Q1 Gross Bookings		$291.70 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Clear Secure Inc is $60.00, about 2.1% above its May 5 closing price of $58.77

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 25 three months ago

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