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Software - Application · Technology · Fiscal year ends Dec 31
Clear Secure reported revenue of $901M in the fiscal year ended Dec 2025, up 16.9% from the year before. Operating income was $186M, an operating margin of 20.7%, and net income was $109M. Operating cash flow of $372M less capital expenditure of $29M left free cash flow of $343M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 254 | 437 | 614 | 770 | 901 |
| Research & development | 47.5 | 66.8 | 74.4 | 73.4 | 72.4 |
| Selling, general & admin | 204 | 320 | 266 | 266 | 287 |
| Operating income | −115 | −129 | 20.1 | 123 | 186 |
| Pre-tax income | −115 | −117 | 50.6 | 66.6 | 206 |
| Income tax | 0.2 | −2.1 | 0.7 | −159 | 37.9 |
| Net income | −36.1 | −65.6 | 28.1 | 170 | 109 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 280 | 38.9 | 57.9 | 66.9 | 85.7 |
| Receivables | 5.3 | 1.2 | 0.5 | 0.5 | 1.9 |
| Current assets | 653 | 742 | 770 | 662 | 765 |
| Net PP&E | 44.5 | 57.9 | 62.6 | 56.9 | 59.3 |
| Goodwill | 59.8 | 58.8 | 62.8 | 62.8 | 62.7 |
| Total assets | 813 | 1,038 | 1,045 | 1,195 | 1,303 |
| Payables | 8.8 | 8.0 | 11.8 | 18.0 | 7.2 |
| Deferred revenue | 189 | 283 | 376 | 440 | 516 |
| Current liabilities | 265 | 397 | 552 | 643 | 760 |
| Total liabilities | 273 | 527 | 676 | 957 | 1,099 |
| Shareholders' equity | 278 | 291 | 233 | 198 | 178 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 69.7 | 168 | 225 | 296 | 372 |
| Capital expenditure | 28.1 | 31.4 | 25.6 | 12.0 | 29.3 |
| Free cash flow | 41.6 | 137 | 199 | 284 | 343 |
| Depreciation & amortisation | 12.4 | 18.8 | 21.6 | 26.5 | 34.6 |
| Stock-based compensation | 36.5 | 138 | 37.3 | 35.3 | 38.9 |
| Acquisitions | 75.8 | 0.0 | 3.8 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.2% | 40.3% | 25.6% | 16.9% |
| Operating income growth (YoY) | – | – | – | 511.7% | 51.4% |
| Operating margin | −45.3% | −29.5% | 3.3% | 16.0% | 20.7% |
| Net margin | −14.2% | −15.0% | 4.6% | 22.0% | 12.1% |
| Return on equityBlank when equity is negative | −13.0% | −22.5% | 12.0% | 85.5% | 61.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −21.0% | −20.2% | 4.1% | 22.3% | 34.3% |
| Free cash flow margin | 16.4% | 31.3% | 32.5% | 36.8% | 38.1% |
| Cash conversion (CFO ÷ net income) | −1.93x | −2.57x | 8.01x | 1.74x | 3.41x |
| Receivable days | 8 | 1 | 0 | 0 | 1 |
| Current ratio | 2.47x | 1.87x | 1.39x | 1.03x | 1.01x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.