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Clear Secure’s Margin Surge: 32% Adjusted EBITDA Margins Meet 70% Flow-Through!

Clear Secure, Inc. reported a fiscal first quarter 2026 marked by significant growth across its travel and enterprise identity verification businesses amidst a challenging travel environment and rising identity fraud risks. The company ended the quarter with 41 million total members, achieving bookings of $292 million and free cash flow of $185 million, both records, underscoring its emphasis on frictionless and secure identity experiences. Within its travel segment, Clear Secure expanded the deployment of biometric eGates, now covering over 50% of its network, with plans to reach 80% by mid-2026. The implementation reduced average wait times for CLEAR Plus members to under one minute and boosted customer satisfaction with the highest Net Promoter Score in three years. Growth in the travel membership base accelerated to 8.2 million active CLEAR Plus members, a 13% year-over-year increase, partly driven by demand surge during the Department of Homeland Security (DHS) shutdown.