Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Clear Secure, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
192
231
254
437
614
770
901
Research and development
21.2
32
47.5
66.8
74.4
73.4
72.4
Selling and marketing
36
16.4
35.2
41.7
43.5
48.8
54.4
General and administrative
91.6
118
169
278
222
218
232
Operating income
-56.2
-18.9
-115
-129
20.1
123
186
Other non-operating income
0
9.02
0.34
4.98
1.46
-89.1
-4.79
Pre-tax income
-54.2
-9.29
-115
-117
50.6
66.6
206
Income tax
0
0.02
0.23
-2.06
0.72
-159
37.9
Net income to minority interests
-79.1
-49.9
21.8
55.6
59
Net income
-54.2
-9.31
-36.1
-65.6
28.1
170
109
EBITDA
-48.8
-9.51
-103
-110
41.8
150
221
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
236
116
280
38.9
57.9
66.9
85.7
Short-term investments
37.8
335
666
665
543
614
Receivables
0.91
5.33
1.17
0.53
0.51
1.93
Other current assets
2.9
12.9
5.12
8.76
13.1
13.6
Total current assets
172
653
742
770
662
765
Property, plant and equipment
35.2
44.5
57.9
62.6
56.9
59.3
Lease right-of-use assets
0
124
116
109
100
Goodwill
0
59.8
58.8
62.8
62.8
62.7
Intangible assets
1.56
22.9
22.3
20.8
15.3
2.75
Other non-current assets
0.97
3.41
3.07
8.41
285
311
Total assets
232
813
1,038
1,045
1,195
1,303
Accounts payable
8.52
8.81
7.95
11.8
18
7.16
Accrued liabilities
18.3
67.2
106
164
185
237
Deferred revenue
102
189
283
376
440
516
Total current liabilities
146
265
397
552
643
760
Lease liabilities
0
125
122
115
107
Other non-current liabilities
3.81
8.69
129
124
314
339
Total liabilities
150
273
527
676
957
1,099
Paid-in capital
314
394
305
114
57.1
Retained earnings
-495
-36.1
-102
-73.7
83.8
120
Treasury stock
0
0
0
0
0
Other comprehensive income
0.03
-0.1
-1.53
2.05
0.34
0.84
Shareholders' equity
278
291
233
198
178
Minority interests
262
220
136
39.6
26.7
Total equity
-487
539
511
369
238
204
Total liabilities and equity
232
813
1,038
1,045
1,195
1,303
Shares outstanding
87.8
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-54.2
-9.31
-115
-115
49.9
225
168
Depreciation and amortization
7.32
9.42
12.4
18.8
21.6
26.5
34.6
Stock-based compensation
14.7
3.43
36.5
138
37.3
35.3
38.9
Deferred income tax
0
0
0
-2.47
-0.72
-166
24.4
Change in receivables
-0.4
0.2
-4.21
4.16
0.64
0.02
-1.58
Change in payables
-2.23
0.4
1.45
-0.75
4.53
2.2
-6.37
Cash from operations
16.6
-12.3
69.7
168
225
296
372
Capital expenditures
-14.7
-16.5
-28.1
-31.4
-25.6
-12
-29.3
Acquisitions
0
0
-75.8
0
-3.75
0
0
Purchases of investments
-101
-171
-988
-1,463
-953
-971
-747
Sales and maturities of investments
90.5
166
690
1,135
973
1,098
677
Cash from investing
-25.8
-21.6
-403
-360
-15.5
114
-97.1
Share buybacks
-12.1
-210
-11.7
-4.9
-69.7
-273
-126
Dividends paid
0
0
-14.5
-39.4
-47.8
Cash from financing
180
-63
503
-48.9
-216
-402
-257
Exchange rate effect
0
0
0.13
-0.09
-0
0.04
0.13
Net change in cash
171
-97
170
-240
-6.48
7.91
18
Free cash flow
1.89
-28.8
41.6
137
199
284
343
Income taxes paid
1.63
7.49
10.2
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.60 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
25.1%
Operating income / revenue.
EBITDA margin
28.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
28.0%
Pre-tax income / revenue.
Net margin
14.8%
Net income / revenue.
FCF margin
50.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
54.2%
Cash from operations / revenue.
Effective tax rate
21.3%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
71.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
9.4%
Net income / average total assets.
Return on invested capital (ROIC)
253.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
7.2%
Research and development expense / revenue.
Stock-based pay / revenue
4.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.4%
Capital expenditures / revenue.
D&A / revenue
3.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
16.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
27.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
31.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
51.4%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
47.7%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-35.7%
Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
26.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
30.3%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
21.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y
35.8%
Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-10.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
9.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
41.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.04x
Current assets / current liabilities.
Quick ratio
0.98x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.98x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
6.3%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
Payout ratio
36.9%
Dividends paid / net income, when net income is positive.
Dividends / FCF
10.7%
Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF
0.2%
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$5.36B
Share price x shares outstanding.
Enterprise value
$4.40B
Market cap + total debt - cash - short-term investments.
P/E
36.2x
Market cap / net income. Only when net income is positive.
P/S
5.35x
Market cap / revenue.
P/B
26.0x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
38.0x
Market cap / tangible book value, when positive.
P/FCF
10.5x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
9.87x
Market cap / cash from operations, when positive.
EV/Sales
4.40x
Enterprise value / revenue.
EV/EBIT
17.5x
Enterprise value / operating income, when both are positive.
EV/EBITDA
15.4x
Enterprise value / EBITDA, when both are positive.
EV/FCF
8.65x
Enterprise value / free cash flow, when both are positive.
FCF yield
9.5%
Free cash flow / market cap.
Earnings yield
2.8%
Net income / market cap (the inverse of P/E).
Dividend yield
1.0%
Dividends paid over the period / market cap.
Shareholder yield
1.0%
(Dividends paid + share buybacks) / market cap.
What was Clear Secure, Inc.'s revenue in fiscal 2025?
Clear Secure, Inc. reported revenue of $900.8M for fiscal 2025, 16.9% higher than the year before.
Was Clear Secure, Inc. profitable in fiscal 2025?
Yes. Net income was $109.2M, a net margin of 12.1%.
How much free cash flow did Clear Secure, Inc. generate in fiscal 2025?
Cash from operations of $372.5M minus capital expenditures of $29.3M left free cash flow of $343.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.