Here are 1-3 brief analogies for Clear Secure (YOU):

• Like Amazon Prime for airport security lines.
• Like an EZ-Pass for airport security checkpoints.

Here are the major products and services of Clear Secure:

• CLEAR Plus: A membership service offering expedited identity verification using biometrics (fingerprints and iris scans) at airports and other secure venues.
• Biometric Identity Platform: The core technology infrastructure that provides secure, touchless identity verification for both physical access points and digital applications.
• CLEAR Health Pass: A digital credentialing service allowing users to securely link and share health information, such as vaccination status, for access to partner venues.

Clear Secure (YOU) Major Customers

Clear Secure (YOU) primarily operates on a Business-to-Consumer (B2C) model, selling direct memberships to individuals rather than selling its core service directly to other companies. While Clear Secure partners with airports, sports stadiums, and other venues, these are partners and distribution channels, not the direct paying customers for the Clear Secure membership service itself.

The company serves the following categories of individual customers:

• Frequent Air Travelers: This category includes individuals who regularly fly for business or leisure and prioritize expedited security screening to save time and reduce stress at airports. They value the efficiency and predictability offered by Clear's dedicated lanes.
• Sports and Entertainment Attendees: Individuals who frequent stadiums, arenas, and other entertainment venues that partner with Clear. These customers seek faster and more convenient entry to events, bypassing general admission lines.
• Consumers Seeking Convenience and Enhanced Experience: This broader category encompasses individuals who value a streamlined, efficient, and potentially more secure experience across various touchpoints, including travel, venue access, and potential future applications of Clear's biometric identity platform. They are willing to pay for premium convenience and a smoother journey.

Caryn Seidman-Becker Chairman and Chief Executive Officer

Caryn Seidman-Becker has served as Chairman and Chief Executive Officer of Clear Secure since 2010. She co-founded Clear Secure by acquiring the company out of bankruptcy in 2010 with Ken Cornick. Prior to Clear Secure, from 2002 to 2009, she founded and served as the Managing Partner of Arience Capital, a value-oriented asset management firm with over $1 billion in assets under management. She also held roles as Managing Director at Iridian Asset Management and Assistant Vice President at Arnhold and S. Bleichroeder, an investment bank. Ms. Seidman-Becker has been a director of The Home Depot, Inc. since 2022 and previously served on the boards of Lemonade, Inc. (2018-2022) and CME Group, Inc. (2009-2012).

Jennifer Hsu Chief Financial Officer

Jennifer Hsu assumed the role of Chief Financial Officer of Clear Secure in March 2025. Before joining Clear Secure, Ms. Hsu was the Head of Corporate Development and Investor Relations at Chewy. Her earlier career includes senior finance leadership positions at JPMorgan and Goldman Sachs.

Michael Z. Barkin President and Director

Michael Z. Barkin became President of Clear Secure in March 2025 and also serves as a member of its Board of Directors. From 2013 to 2022, Mr. Barkin was the Executive Vice President and Chief Financial Officer of Vail Resorts, Inc. Prior to his tenure at Vail Resorts, he was a Principal at KRG Capital Partners, a private equity investment firm, from 2006 to 2012, where his responsibilities included managing new acquisitions and overseeing portfolio companies across various sectors. He also previously worked at Bain Capital Partners and Bain & Company.

Lynn Haaland General Counsel and Chief Privacy Officer

Lynn Haaland has served as Clear Secure's General Counsel and Chief Privacy Officer since July 2024. Before joining Clear Secure, Ms. Haaland was the Deputy General Counsel and Chief Privacy Officer at Zoom Video Communications, Inc. from 2020 to 2024, also serving as its Chief Compliance and Ethics Officer from 2020 to 2023. Earlier in her career, she was SVP, Deputy General Counsel, Global Chief Compliance and Ethics Officer, and Chief Counsel, Cybersecurity at PepsiCo, Inc. from 2016 to 2019.

Kyle McLaughlin Executive Vice President, Aviation

Kyle McLaughlin has been the Executive Vice President, Aviation at Clear Secure since August 2023, having previously served as Senior Vice President, Operations since May 2022. From 2018 to 2022, Mr. McLaughlin was the Senior Vice President and then global Chief Executive Officer of Tough Mudder, an adventure entertainment brand, where he managed teams across four continents and guided the company through a strategic acquisition and post-pandemic recovery.

The key risks to Clear Secure (symbol: YOU) are:

1. Regulatory Dependence and Potential for TSA Disruption: Clear Secure operates within a public-private partnership model, making its business heavily reliant on agreements and relationships with governmental bodies, particularly the Transportation Security Administration (TSA). A significant risk is that the TSA could accelerate the development and implementation of its own biometric or expedited screening technologies (like the NextGen platform), which could directly erode the core value proposition of Clear Secure's services. The company's entire airport operational footprint is dependent on its ability to integrate with and enhance existing security checkpoint processes, making any adverse regulatory changes or increased competition from TSA's internal initiatives a major threat.
2. Member Retention and Competition: Clear Secure faces ongoing challenges in maintaining and expanding its membership base. The company's core business model is susceptible to threats from competition and declining member retention rates. For instance, the Annual CLEAR+ Gross Dollar Retention rate has shown sequential drops, suggesting that factors like price increases may lead to members questioning the value of the service or choosing not to renew. Some analyses indicate that Clear Secure may struggle to provide sufficient value to customers compared to alternatives like TSA PreCheck, which could compromise its long-term growth potential, especially at higher price points.
3. Dependence on the Travel Industry: Clear Secure's business is largely concentrated within the travel industry, making it vulnerable to economic downturns, disruptions, and other factors affecting travel volume. While the company is actively exploring diversification into other areas like enterprise identity platforms and broader applications of biometrics in sectors such as healthcare, events, and hospitality, a substantial portion of its revenue remains tied to airport security. A lack of successful diversification beyond its core airport services could limit its long-term growth and expose it to concentrated market risks.

Addressable Markets for Clear Secure (YOU)

Clear Secure (YOU) operates a secure identity platform that primarily provides expedited identity verification services.

Main Products and Services:

• CLEAR Plus (Airport Expedited Security Screening): This service allows members to use predictable entry lanes at airport security checkpoints.
  • Market Size (Airport Biometric Services - Global): The global airport biometric service market was valued at approximately USD 34.93 billion in 2025 and is projected to reach USD 146.3 billion by 2035, growing at a CAGR of 15.4% between 2026 and 2035.
  • Market Share (North America Airport Biometric Services): North America is expected to dominate the airport biometric service market, accounting for over 63.2% of the revenue share by 2037.
• CLEAR Plus (Access Control for Other Venues): CLEAR Plus technology has expanded to sports arenas, music venues/festivals, and other large events.
  • Market Size (Access Control for Events - North America): North America holds approximately 38% of the global market share for access control for events in 2024, with the United States being a leader.
  • Market Size (Crowd Management and Event Security - Global): The global crowd management and event security market, which includes event access control, was valued at USD 1.56 billion in 2024 and is expected to reach USD 16.51 billion by 2037, with a CAGR of around 19.9% from 2025 to 2037.
  • Market Size (U.S. Access Control Market - General): The U.S. access control market is valued at USD 4.03 billion in 2024 and is projected to expand to USD 10.3 billion by 2035, with a CAGR of 8.87% from 2025 to 2035. Another estimate values the U.S. access control market at USD 2.93 billion in 2025, projected to reach approximately USD 6.28 billion by 2034.
• Digital Identity and Identity Verification Solutions: Clear Secure also offers B2B solutions (CLEAR1) that extend its secure identity platform to partners.
  • Market Size (Digital Identity Solutions - Global): The global digital identity solutions market is estimated at USD 47.36 billion in 2025 and is forecasted to reach approximately USD 203.58 billion by 2034, growing at a CAGR of 17.59% from 2025 to 2034. Another report estimates the market at US$ 41.63 billion in 2024, projected to reach US$ 159.93 billion by 2031.
  • Market Size (Digital Identity Solutions - U.S.): The U.S. digital identity solutions market was valued at USD 10.99 billion in 2024 and is expected to be worth around USD 56.69 billion by 2034, growing at a CAGR of 17.80% between 2025 and 2034.
  • Market Size (Identity Verification - U.S.): The U.S. identity verification market size was valued at USD 2.9 billion in 2024 and is estimated to reach USD 8.9 billion by 2033, exhibiting a CAGR of 13.20% from 2025-2033. Another projection indicates the U.S. identity verification market size will grow from USD 10.9 billion in 2023 to USD 21.8 billion by 2028.

Clear Secure (symbol: YOU) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growth in CLEAR+ Members and Enhanced Member Retention: The company emphasizes increasing its active CLEAR+ member base and improving member retention. Recent earnings reports indicate growth in active members and efforts to optimize dollar retention through strategic pricing initiatives.
2. Expansion of Network and Technology (Airports & eGates): Clear Secure is expanding its physical footprint by adding new CLEAR+ airports and TSA PreCheck enrollment locations. The deployment of eGates is also expected to enhance member experience and operational efficiency, contributing to growth.
3. Launch of New Products and Services Beyond Airport Security: Clear Secure is diversifying its offerings by introducing new products and expanding use cases for its identity verification platform. This includes the launch of CLEAR Concierge, a premium on-demand service, and CLEAR ID functioning as a REAL ID. The company is also venturing into healthcare with CLEAR1's digital check-in and developing B2B biometric solutions for sports venues and other enterprises.
4. International Expansion: Clear Secure is actively pursuing international markets to broaden its total addressable market. Plans include making CLEAR+ accessible to international travelers from countries such as the U.K., Canada, Australia, and New Zealand.
5. Strategic Pricing Initiatives: Management has highlighted the positive impact of recent price increases, indicating that optimizing pricing for its CLEAR+ memberships continues to be a factor in revenue growth.

Share Repurchases

• Clear Secure's Board of Directors authorized three separate $100 million increases to its Class A Common Stock share repurchase program on November 8, 2023, March 21, 2024, and August 5, 2024.
• As of August 5, 2024, approximately $100 million remained available under the repurchase authorization.
• In 2023, Clear Secure returned approximately $70 million to shareholders through share repurchases.

Share Issuance

• The company incurred issuance-related costs of $9.038 million in 2021 and $0.297 million in 2022 as a result of its IPO, recorded within additional paid-in capital.
• The number of shares outstanding for Clear Secure has shown an increasing trend, from 73.32 million in 2021 to 96.33 million in 2024.
• As of August 1, 2024, there were 92,249,918 Class A Common Stock shares outstanding.

Capital Expenditures

• Clear Secure's capital expenditures were approximately $28.15 million in 2021, $31.36 million in 2022, and $25.56 million in 2023.
• Estimated capital expenditures are projected to be $12.01 million for 2024 and $21.63 million for 2025.
• Future capital expenditures are expected to primarily focus on building enhancements to the functionality of the current platform, equipment, leasehold improvements, and office expansion and relocation.