Identity verification company CLEAR Secure (NYSE:YOU) reported Q2 CY2026 results beating Wall Street’s revenue expectations, with sales up 26.6% year on year to $277.8 million. On top of that, next quarter’s revenue guidance ($285.5 million at the midpoint) was surprisingly good and 3.9% above what analysts were expecting. Its GAAP profit of $0.49 per share was 27.3% above analysts’ consensus estimates.
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CLEAR Secure (YOU) Q2 CY2026 Highlights:
- Revenue: $277.8 million vs analyst estimates of $269.5 million (26.6% year-on-year growth, 3.1% beat)
- EPS (GAAP): $0.49 vs analyst estimates of $0.39 (27.3% beat)
- Adjusted EBITDA: $101.1 million vs analyst estimates of $84.91 million (36.4% margin, 19.1% beat)
- Revenue Guidance for Q3 CY2026 is $285.5 million at the midpoint, above analyst estimates of $274.7 million
- Operating Margin: 29.9%, up from 19.4% in the same quarter last year
- Free Cash Flow Margin: 68%, down from 73.3% in the previous quarter
- Billings: $295.9 million at quarter end
- Market Capitalization: $5.62 billion
"Identity has become critical infrastructure and CLEAR has firmly established itself as the trusted, secure identity company. Our second quarter results demonstrate the strength we are seeing across CLEAR Travel and CLEAR1, and we have never been better positioned for what's ahead," said Caryn Seidman Becker, CLEAR's CEO.
Company Overview
Recognized by its signature blue lanes and biometric pods at airport checkpoints across America, CLEAR Secure (NYSE:YOU) provides biometric identity verification technology that allows subscribers to bypass regular security lines at airports and access secure experiences at various venues.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, CLEAR Secure grew its sales at an exceptional 36% compounded annual growth rate. Its growth surpassed the average software company and shows its offerings resonate with customers, a great starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within software, a half-decade historical view may miss recent innovations or disruptive industry trends. CLEAR Secure’s annualized revenue growth of 19.8% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, CLEAR Secure reported robust year-on-year revenue growth of 26.6%, and its $277.8 million of revenue topped Wall Street estimates by 3.1%. Company management is currently guiding for a 24.6% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 16.3% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is above the sector average and indicates the market sees some success for its newer products and services.
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Customer Acquisition Efficiency
The customer acquisition cost (CAC) payback period measures the months a company needs to recoup the money spent on acquiring a new customer. This metric helps assess how quickly a business can break even on its sales and marketing investments.
CLEAR Secure is extremely efficient at acquiring new customers, and its CAC payback period checked in at 4.7 months this quarter. The company’s rapid recovery of its customer acquisition costs indicates it has a highly differentiated product offering and a strong brand reputation. These dynamics give CLEAR Secure more resources to pursue new product initiatives while maintaining the flexibility to increase its sales and marketing investments.
Key Takeaways from CLEAR Secure’s Q2 Results
It was great to see CLEAR Secure’s revenue guidance for next quarter top analysts’ expectations. We were also happy its revenue outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 9.5% to $61.05 immediately after reporting.
CLEAR Secure may have had a good quarter, but does that mean you should invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).