Podcast consensus

Points of consensus

▶Clear Secure is successfully diversifying its business beyond airports into enterprise identity verification, securing partnerships with major companies like Uber, LinkedIn, Home Depot, and multiple healthcare organizations.May 2026

▶The company has a significant and high-margin revenue stream from its partnership with the TSA, as it is one of only three authorized companies to process TSA PreCheck applications, earning set fees for new enrollments and renewals.May 2026

▶Clear Secure is experiencing strong business momentum, evidenced by its largest-ever bookings quarter for its enterprise segment and guidance for accelerating bookings growth of 26%.May 2026

▶The company's core business is a subscription model with a large user base, consisting of 31 million total members and between 7.2 to 7.7 million active, paying members.May 2026

Points of debate

▶There is a significant disparity in the company's user growth rates, with total platform membership growing over 30% annually while the crucial paid membership base is growing at a much slower 6%.May 2026

▶A potential disconnect exists between recent performance and future expectations, as the company's bookings guidance of 26% growth represents a significant acceleration from its more modest recent revenue growth of 16%.May 2026

▶The company's strategic focus appears to be shifting, with a well-established consumer subscription business in airports now being complemented by a rapidly growing enterprise segment that just posted record bookings.May 2026

Key themes

▶Diversification Beyond AirportsMay 2026

Clear Secure is strategically expanding beyond its core airport security business into the broader enterprise sector. It provides identity verification for diverse clients including Uber, LinkedIn, Home Depot, and healthcare systems like Mount Sinai, leveraging its platform for use cases from driver verification to equipment rentals.

This diversification reduces the company's reliance on the cyclical travel industry and opens up larger, potentially more stable, addressable markets in digital identity, which is key to its long-term growth narrative.

▶TSA PreCheck Partnership as a Growth CatalystMay 2026

As one of only three companies authorized by the TSA to offer PreCheck verification services, Clear Secure has a significant, government-sanctioned revenue stream. The company earns approximately $20 for new applications and $15 for renewals, with this revenue being described as 100% margin.

This partnership not only provides a lucrative, high-margin revenue source but also builds a strong competitive moat and enhances the company's legitimacy in the broader identity verification market.

▶Strong Financial Outlook and Growth AccelerationMay 2026

The company has issued strong forward-looking guidance, projecting $440 million in free cash flow for 2026. This optimism is supported by an expected acceleration in bookings growth to 26%, up from recent revenue growth of 16%, and a record-breaking bookings quarter for its enterprise business.

Management's aggressive financial guidance signals high confidence in its growth strategy, particularly in the enterprise segment, suggesting the company may be at an inflection point that could drive significant value creation.

▶Membership Model DynamicsMay 2026

Clear Secure operates on a subscription model with a large platform of 31 million total members, but a much smaller base of 7.2 to 7.7 million active, paid subscribers. The growth in total members is rapid at over 30% annually, while paid member growth is significantly slower at 6%.

The large gap between total and paid member growth highlights the company's primary challenge and opportunity: effectively converting its large pool of platform users into high-value, recurring revenue subscribers.

Source episodes

Timeline

Historical

The current leadership team acquired Clear Secure out of bankruptcy, relaunching the company and setting the foundation for its current business model.

Foundation Building

Clear Secure established its core consumer subscription business, expanding its physical presence to over 60 U.S. airports and building a base of 7.2 to 7.7 million active members.

Strategic Partnership

The company became one of only three vendors authorized by the TSA to offer PreCheck verification services, adding a distinct and high-margin government-related revenue stream.

Recent Quarter

The company demonstrated significant momentum in its diversification strategy, announcing 20 new enterprise partners and reporting its largest-ever bookings quarter for the enterprise business.

Forward Guidance

Management issued aggressive long-term financial targets, guiding for $440 million in free cash flow by 2026 and signaling an acceleration in bookings growth to 26%.

Suggested prompts

What is Clear Secure's strategy for converting its 31 million platform members into paying subscribers, given that paid membership growth (6%) significantly lags total membership growth (30%)? &nearr;How sustainable is the 100% margin revenue from TSA PreCheck services, and what are the key risks associated with this government partnership? &nearr;Given the acceleration in enterprise bookings, what is the projected revenue mix between the consumer subscription business and the B2B enterprise segment by 2026? &nearr;With a projection of $440 million in free cash flow for 2026, what are the company's most likely capital allocation priorities, such as M&A, share buybacks, or reinvestment? &nearr;

Key concepts

Enterprise Partnerships 5 ep Membership Model & Growth 4 ep TSA PreCheck Program 3 ep Financial Guidance & Performance 2 ep Bookings Growth 2 ep Airport Operations 1 ep Subscription Pricing 1 ep Company History 1 ep

Notable quotes

“Clear Secure has provided guidance for $440 million in free cash flow for 2026.”

Andrew Walker · Avory's Sean Emory on Clear Security $YOU

“Clear Secure is being used by companies like Uber for driver verification, LinkedIn for user verification, and Home Depot for equipment rentals.”

Sean Emory · Avory's Sean Emory on Clear Security $YOU

“Clear Secure earns approximately $20 for each new TSA PreCheck application and $15 for each renewal it processes.”

Sean Emory · Avory's Sean Emory on Clear Security $YOU

“Clear Secure announced 20 new enterprise partners in the quarter prior to its most recent earnings report.”

Sean Emory · Avory's Sean Emory on Clear Security $YOU

Report last updated: May 5, 2026

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