Here are 1-2 brief analogies for Clear Secure:

• It's like Amazon Prime, but for faster passage through airport security and other venues via identity verification.

• It's like Carvana or Opendoor, but for streamlining your identity verification to get you through airport lines and into events much faster.

Major products and services of Clear Secure:

• CLEAR Plus: A consumer aviation subscription service providing expedited access through airport security checkpoints.
• CLEAR app: A mobile application designed for new user enrollment and member engagement with Clear Secure's services.
• Reserve powered by CLEAR: A virtual queuing technology that allows users to choose how and where they queue.
• Atlas Certified: An automated solution for verifying professional licenses and certification data across various industries.

The major customers of Clear Secure (YOU) are primarily individuals, particularly those who subscribe to its services or engage with its digital identity platform. The key categories of individual customers include:

1. CLEAR Plus Subscribers: These are individuals who pay an annual subscription fee for expedited access through security checkpoints at airports and other participating venues. This represents the company's largest and most direct individual customer base.
2. CLEAR App Users/Members: This category includes individuals who utilize the free CLEAR mobile application for digital identity verification, enrollment in the CLEAR ecosystem, and engagement with its broader network of services. While they may not be direct paying subscribers for all features, they are considered "members" of CLEAR's "member-centric secure identity platform," providing valuable engagement and potential for future subscription conversions.

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 the company by acquiring its predecessor out of bankruptcy in 2010. Before Clear, from 2002 to 2009, she founded and served as Managing Partner of Arience Capital, an asset management firm focused on various industries. She previously held roles as Managing Director at Iridian Asset Management and Assistant Vice President at Arnhold and S. Bleichroeder. Ms. Seidman Becker has also served on the boards of publicly traded companies including The Home Depot, Inc., Lemonade, Inc., and CME Group, Inc.

Jennifer Hsu, Chief Financial Officer

Jennifer Hsu was appointed Chief Financial Officer of Clear Secure effective March 2025. Prior to joining Clear, she was the Head of Corporate Development and Investor Relations at Chewy from 2021 to 2024. Before Chewy, Ms. Hsu worked in investment banking for 14 years at J.P. Morgan and Goldman Sachs, where she most recently served as Co-Head of J.P. Morgan's Disruptive Commerce practice.

Michael Z. Barkin, President and Director

Michael Z. Barkin has served as President of Clear Secure since March 2025 and is a member of its Board of Directors since 2019. He previously held the position of Executive Vice President and Chief Financial Officer at Vail Resorts, Inc. from 2013 to 2022. Before his tenure at Vail Resorts, Mr. Barkin was a Principal at KRG Capital Partners, a private equity investment firm, from 2006 to 2012, and also had roles in private equity at Bain Capital.

Naba Banerjee, Chief Product & Experience Officer

Naba Banerjee joined Clear Secure as Chief Product & Experience Officer in February 2025. Her prior experience includes serving as a senior advisor at McKinsey & Company and, from 2019 to May 2024, as the Global Head of Trust & Safety at Airbnb, Inc.

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, Ms. Haaland was Deputy General Counsel, Chief Privacy Officer, and Chief Compliance and Ethics Officer at Zoom Video Communications, Inc. from 2020 to 2024. Earlier, she served as SVP, Deputy General Counsel, Global Chief Compliance and Ethics Officer, and Chief Counsel, Cybersecurity at PepsiCo, Inc. from 2016 to 2019.

Key Risks to Clear Secure (YOU)

1. Regulatory Risk and Potential Government Competition: Clear Secure operates within highly regulated environments, particularly airport security. Significant risks arise from potential changes in government regulations, such as new identity standards (e.g., REAL ID) or the possibility of government agencies, like the Transportation Security Administration (TSA), accelerating their own biometric or expedited screening technologies (e.g., NextGen platform). Such governmental actions could directly undermine Clear Secure's core business model and value proposition by offering competing services or altering operational requirements, thereby eroding the need for private sector solutions.
2. Competition and Member Retention: The market for identity verification and expedited access services is intensely competitive, with Clear Secure facing rivals including government-operated programs like TSA PreCheck and Global Entry, as well as other private biometric identity verification companies. Maintaining and growing its member base is crucial, and the company has experienced concerns regarding declining member retention rates, partly attributed to price increases. Failure to effectively compete or retain existing members could significantly impact revenue growth and overall profitability.
3. Cybersecurity and Data Privacy Risks: As a company that handles highly sensitive biometric and personal identity data, Clear Secure faces substantial cybersecurity risks. Any breach of its information technology systems or a failure to adequately protect member data could lead to severe reputational damage, financial losses, legal repercussions, and operational disruptions. The evolving nature of biometric spoofing, driven by advancements in artificial intelligence, also presents a risk if Clear Secure's systems are unable to reliably distinguish between real and synthetic biometrics.

CLEAR Plus

CLEAR Plus is a consumer aviation subscription service that offers expedited access through airport security checkpoints. Its addressable market can be considered in several ways:

• The global airport security market was estimated at USD 19.9 billion in 2025 and is projected to reach USD 45 billion by 2035. North America held the largest share of this market, at 33.5% in 2025.
• The U.S. airport security market alone was valued at USD 3.81 billion in 2025, with a projection to grow to USD 6.98 billion by 2035.
• Clear Secure estimates its target market for CLEAR Plus to be 90 million people in the U.S. Other estimates suggest the potential target market for Clear Secure in the U.S. is approximately 5% to 10% of the population, equating to 16.8 million to 33.6 million people.
• The broader biometrics market, which underlies CLEAR's technology, is projected to reach USD 86.1 billion globally by 2028, growing from USD 47.8 billion in 2023.

Reserve powered by CLEAR

Reserve powered by CLEAR is a virtual queuing technology, primarily used for scheduling airport security screening times.

• The global virtual queuing system market was valued at USD 362.6 million in 2024 and is expected to reach USD 582 million by 2032. Another projection indicates the global market will grow from USD 657.6 million in 2025 to USD 1,269.4 million by 2034.
• North America held the largest share of the virtual queue management system market at 38%.
• The U.S. virtual queuing system market is projected to be USD 193.6 million in 2025 and is expected to grow to USD 360.0 million by 2034.

Atlas Certified

Atlas Certified provides an automated solution for verifying professional licenses and certification data across various industries, falling under the broader identity verification market.

• The U.S. identity verification market is projected to reach USD 4.4 billion in 2025 and grow to USD 16.7 billion by 2034.
• Another report estimates the U.S. identity verification market size at USD 2.9 billion in 2024, with an expected increase to USD 8.9 billion by 2033.
• Globally, the identity verification market size is projected to increase by USD 25.70 billion from 2025 to 2030. North America accounts for a significant portion, approximately 41%, of this global market.

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

1. Growth in Active CLEAR+ Members: The company expects continued expansion of its subscriber base for the CLEAR Plus service, which provides expedited airport security. Active CLEAR+ Members grew to 7.6 million, up 6.0% year-over-year, and Total CLEAR Members reached 38.0 million, up 31.5% year-over-year. This growth in membership directly contributes to subscription revenue.
2. Expansion of Airport Footprint and TSA PreCheck Enrollment: Clear Secure is increasing its presence in airports by expanding existing CLEAR Lanes and opening new ones. The company has expanded to 60 CLEAR+ airports, 340 TSA PreCheck enrollment locations and 37 airports with eGates. Additionally, a key initiative involves scaling the TSA PreCheck enrollment program to 165 locations, including retail partners, which presents an incremental revenue opportunity by broadening the reach of its identity verification services within the travel industry.
3. Scaling of the CLEAR1 Enterprise Identity Solutions (B2B Expansion): Clear Secure is strategically expanding its biometric identity platform beyond its core airport service, aggressively scaling its CLEAR1 enterprise offering into new verticals such as healthcare and workforce security. CLEAR1 experienced its largest bookings quarter, more than doubling year-over-year, indicating significant growth in its business-to-business segment.
4. Strategic Partnerships and International Market Penetration: Renewed multi-year partnerships, such as with American Express, are expected to strengthen member acquisition and engagement. Furthermore, international expansion is a significant component of Clear Secure's growth strategy, with CLEAR Plus now accessible in the U.K., Canada, Australia, and New Zealand, and plans to onboard additional countries by 2026, thereby broadening its global user base and increasing addressable markets.
5. Introduction of New Products and Services: The company plans to expand its "Home to Gate" travel experience and continue progressing on its product and technology roadmaps. These new offerings and enhancements to existing services are designed to improve the member experience and create additional revenue streams.

Share Repurchases

• In 2025, Clear Secure repurchased 5.3 million shares of its Class A common stock for $126.3 million at an average price of $23.86 per share.
• As of February 25, 2026, approximately $250.3 million remained available under the company's share repurchase authorization.
• During the first quarter of 2024, the company repurchased 4.4 million shares of Class A common stock for $84.9 million.

Share Issuance

• Clear Secure completed its initial public offering (IPO) on June 29, 2021, pricing 13.2 million shares of its Class A common stock at $31.00 per share.
• The IPO generated gross proceeds of approximately $409.2 million, or $470.6 million if the underwriters fully exercised their option to purchase additional shares.

Capital Expenditures

• Capital expenditures for the full year 2025 amounted to $29.3 million.