Clear Secure, Inc. (YOU): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Clear Secure, Inc.'s business model, and honestly, what the Q3 2025 numbers show is a company accelerating its pivot from just a premium airport perk to a serious secure identity platform. We're talking about a model underpinned by a massive $229 million annual payment to a key credit card partner, yet it supports 7.7 million active members who are sticking around with an 86.9% gross dollar retention rate, all while guiding for at least $320 million in Free Cash Flow for the year. It's a complex, high-stakes balancing act between physical infrastructure and digital trust, so let's break down exactly how Clear Secure, Inc. is structuring its value creation and costs below.

Clear Secure, Inc. (YOU) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Clear Secure, Inc.'s (YOU) growth engine-the relationships that bring members in and keep the platform running smoothly. These partnerships are critical because they provide access to high-traffic venues and offer co-branded incentives that drive subscription volume.

The most significant financial commitment in this area is tied to the major credit card partner. The Q3 2025 financial results explicitly reflect an annual payment to the credit card partner of approximately $229 million, which was a significant factor in the Free Cash Flow calculation for that period.

Airport authorities and venue operators form the physical network foundation. Clear Secure, Inc. (YOU) maintains a substantial physical footprint, which is a key resource for its value proposition.

The relationship with the Transportation Security Administration (TSA) is vital, as Clear Secure, Inc. (YOU) acts as an official TSA PreCheck® Enrollment Provider. This channel is a major revenue stream, recognized as TSA PreCheck® Enrollment Provided by CLEAR.

• TSA PreCheck® Enrollment locations totaled 328 as of September 30, 2025.
• The company continues to launch additional enrollment locations and extend hours of operation throughout 2025.

Beyond the airport infrastructure, technology and co-branded incentives lock in customer value. You see this in the enterprise and consumer-facing alliances.

Enterprise software partners help scale the B2B offering, CLEAR1. For instance, a notable partnership with Docusign was announced, specifically to offer secure identity verification for high-trust agreements, enhancing digital trust capabilities.

For co-branded membership incentives, the focus remains heavily on the travel ecosystem:

• Airline partners include Delta Air Lines, United Airlines, and Alaska Airlines.
• These partnerships help efficiently scale membership in the core CLEAR Plus service.

Finance: review the Q4 2025 cash flow forecast against the $320 million full-year guidance, noting the impact of the credit card partner payment.

Clear Secure, Inc. (YOU) - Canvas Business Model: Key Activities

You're looking at the core engine of Clear Secure, Inc. (YOU) operations as of late 2025. These are the things the company absolutely must execute on daily, quarterly, and yearly to keep the revenue flowing and the platform growing. It's a mix of high-volume physical operations and deep technology development.

Biometric identity enrollment and verification at scale is the foundation. This activity involves constantly bringing new people into the system and processing their identity checks at high speed across the network. The scale is significant, with the company managing a large, growing base of paying customers.

• Active CLEAR+ Members reached 7.7 million as of the third quarter of 2025.
• The year-over-year growth rate for Active CLEAR+ Members was 7.5% in Q3 2025.
• The physical footprint includes 60 CLEAR+ airports and 328 TSA PreCheck® Enrollment locations as of September 30, 2025.
• The service footprint for international travelers now covers over 40 countries.

The deployment of physical automation hardware is a critical, capital-intensive activity. This is where Clear Secure, Inc. moves beyond human-staffed lanes to fully automated verification points. They are actively pushing this rollout to increase throughput and reduce variable labor costs.

Here's the quick math on the hardware rollout as of Q3 2025:

If onboarding takes 14+ days, churn risk rises, so rapid deployment is key.

Managing the subscription lifecycle is the core revenue driver. This means everything from initial sign-up to annual renewal for the millions of members. It also involves the financial mechanics of the business, like managing partner fees and returning capital to shareholders.

• The company declared a quarterly cash dividend of $0.125 per share in Q3 2025.
• Approximately $16.7 million was returned to shareholders in Q3 2025 through dividends and distributions.
• A significant operational cost is the annual payment to the credit card partner, noted at approximately $229 million.

Developing the CLEAR1 enterprise identity platform represents the B2B growth vector. This involves sales, integration, and ongoing development for non-travel customers. The activity is showing traction, which is vital as the core travel market matures.

The Q1 2025 data shows the cumulative impact of both consumer and enterprise growth:

• Total Cumulative Enrollments reached 31.2 million as of March 31, 2025.
• Q3 2025 saw a record number of new enterprise customers signed for CLEAR1.

Finally, Lobbying and regulatory compliance is a necessary overhead to maintain and expand market access. A major focus in mid-2025 was the launch of a key compliance feature.

• The launch of CLEAR ID as a REAL ID for all U.S. travelers was expected in August 2025, based on Q2 reporting.

Finance: draft 13-week cash view by Friday.

Clear Secure, Inc. (YOU) - Canvas Business Model: Key Resources

You're looking at the core assets Clear Secure, Inc. (YOU) relies on to operate its business as of late 2025. These are the tangible and intangible things the company owns or controls that are essential for its value proposition.

Proprietary biometric and digital identity platform

This platform is the technology backbone, creating a trusted identity layer for travel and enterprise use. The system uses advanced facial recognition technology to verify identity against stored biometric data, allowing members to move through security checkpoints without physically presenting identification documents. The platform supports an ePassport offering that now includes users from Australia, Canada, New Zealand, and the United Kingdom, with plans to onboard additional countries by 2026. The company holds patents for physical token-less security screening using biometrics. As of the third quarter of 2025, the company served 7.7 million Active CLEAR+ Members and 35.8 million total members.

Network of 60 CLEAR+ airports and 328 TSA PreCheck locations

The physical footprint is a critical resource, representing established operational sites and partnership agreements. As of September 30, 2025, Clear Secure, Inc. operated across a significant network. The company also offers CLEAR Concierge, a premium service, at 23 airports. Furthermore, the rollout of eGates, which use high-resolution cameras for verification, has begun across 10 airports, with plans to expand to 30 airports by the end of the year.

Here are the key network statistics as of Q3 2025:

Cash and marketable securities of $533 million (Q3 2025)

The balance sheet provides the financial muscle for ongoing operations and investment. At the end of the third quarter of 2025, Clear Secure, Inc. reported holding $533 million in cash and marketable securities. This liquidity position supported the return of approximately $16.7 million to shareholders in Q3 2025 via dividends and distributions. The company declared a quarterly cash dividend of $0.125 per share, payable in December 2025. For the full year 2025, the company increased its free cash flow guidance to at least $320 million.

Exclusive contracts with key airport and government entities

The company's ability to operate in secure areas like airports is secured through contractual relationships. These agreements, which often involve revenue sharing with airports, grant Clear Secure, Inc. access to operate its lanes and TSA PreCheck enrollment sites. The platform is positioned as the trusted identity layer for travel, indicating deep integration with transportation infrastructure partners.

Highly-trained, on-site Ambassador staff

The human element is essential for service delivery at the physical checkpoints. The cost associated with this workforce is a direct measure of this key resource. In the third quarter of 2025, the cost of direct salaries and benefits for staff represented 20.8% of revenue. This percentage reflects an improvement of approximately 180 basis points year-over-year, showing improved operating leverage relative to the revenue base of $229.2 million reported for Q3 2025.

Clear Secure, Inc. (YOU) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Clear Secure, Inc. (YOU) right now, late in 2025. It's about trading a bit of money for a lot of time and certainty, both in travel and increasingly in enterprise settings.

Frictionless, expedited access through airport security

The primary draw remains the speed at the airport. Members verify their identity quickly and bypass the initial ID check line, which is crucial given the complexity of modern security protocols. The technology is getting faster, too. With the rollout of eGates, members verify in approximately 5 seconds and move directly into physical screening in about 30 seconds. This efficiency is available across a growing footprint.

Here are the key operational numbers for this value proposition as of the end of the third quarter of 2025:

Secure, portable digital identity (e.g., certified REAL ID issuer)

The platform is evolving beyond just airport lanes to become a foundational digital identity layer. A major step here is the ability for members to use their verified identity for official purposes. Specifically, CLEAR ID is now positioned to function as your REAL ID for all U.S. travelers, with the full launch expected this month following Q3 reporting. This means your enrollment serves a critical government-recognized function, not just a convenience function.

Premium, personalized service via CLEAR Concierge

For members seeking the absolute highest level of service, Clear Secure, Inc. offers a premium tier. This service provides a direct path through the CLEAR+ Lane, essentially offering on-demand, personalized assistance. As of the third quarter of 2025, this premium offering is live at 23 airports. This complements the core offering, which itself is supported by a strong financial base, evidenced by the Q3 2025 Adjusted EBITDA Margin of 30.6%.

Enhanced security and efficiency for enterprise workforce/patients

The identity platform, branded as CLEAR1, is gaining traction outside of travel. You see this in the enterprise segment, where the company reported its strongest quarter yet with a record number of enterprise customers signed in Q3 2025. In the healthcare sector, the company is making inroads by entering contracts with over 20% of the participating companies in the CMS pledge, signaling a focus on secure, efficient patient and workforce access.

Privacy commitment: members control their own biometric data

A key differentiator that builds trust for all these services is the explicit commitment to data control. The company maintains that members are always in control of their own biometric data, and they never sell Member data. This privacy stance is foundational to the entire business model, especially as the company expands its enterprise and digital identity use cases.

The financial commitment to shareholders, which reflects confidence in the model, includes a declared quarterly cash dividend of $0.125 per share. Also, the full-year 2025 Free Cash Flow guidance was increased to at least $320 million.

Clear Secure, Inc. (YOU) - Canvas Business Model: Customer Relationships

You're looking at how Clear Secure, Inc. keeps its members engaged and growing the base. The relationships are a mix of personal touch and digital efficiency, all built around a subscription. Honestly, the numbers show they are still growing the top of the funnel, even as retention metrics shift a bit.

High-touch, on-site service is still a component, though it seems to be evolving toward automation and premium offerings. The presence of on-site staff, often referred to as Ambassadors, supports enrollment and initial experience, while new tech rolls out.

The digital self-service and support via the mobile app is the backbone for the vast majority of interactions. This digital focus supports a large, growing base of paying subscribers.

• Active CLEAR+ Members: 7.7 million (up 7.5% year-over-year in Q3 2025).
• Total Cumulative Enrollments: Surged to over 35 million members across all use cases.
• Average CLEAR+ Member Usage: Declined marginally to 7.0 times per year (from 7.1x previously).

The core of the revenue stream is subscription-based, and the company tracks this closely with its gross dollar retention metric. While the rate dipped slightly, it remains high for a subscription business.

Dedicated enterprise sales and account management drive the CLEAR1 platform, which is their B2B offering. This segment is showing strong traction with new business acquisition.

• CLEAR1 Performance: Delivered its strongest quarter yet in Q3 2025.
• New Customer Acquisition: Achieved a record number of new enterprise customers signed in Q3 2025.

Loyalty programs through partner channels are critical for member acquisition, often subsidizing the subscription cost for the end-user. The American Express relationship is a prime example of this strategy in action.

The partnership with American Express was renewed in March 2025, with CLEAR+ being a highlighted benefit of the Platinum Card refresh. Finance: draft 13-week cash view by Friday.

Clear Secure, Inc. (YOU) - Canvas Business Model: Channels

You're looking at how Clear Secure, Inc. (YOU) gets its identity verification services and products into the hands of its customers as of late 2025. The channel strategy is clearly multi-pronged, hitting travelers, consumers directly, and enterprises.

The physical footprint remains central to the consumer channel, especially for initial enrollment and premium offerings.

• 60 CLEAR+ airports as of September 30, 2025.
• 328 TSA PreCheck® Enrollment locations as of September 30, 2025.
• 4 domestic CLEAR Mobile airports as of September 30, 2025.
• eGates launched across 10 airports, with plans to expand to 30 by year-end 2025.

The premium, on-demand service is also scaling its physical presence.

• CLEAR Concierge, a premium, personalized on-demand airport service, is now offered at 23 airports as of Q3 2025.

Direct-to-consumer sales are driven by the CLEAR Plus subscription, which is seeing steady growth in its active base.

Here's the quick math on the core consumer membership channel as of the third quarter of 2025:

Still, the relationship with major credit card issuers is a significant financial channel, evidenced by the large annual payout.

The financials for Q3 2025 clearly show the cost associated with this partnership channel:

• Free Cash Flow of $(53.5) million in Q3 2025 reflects the annual payment to the credit card partner of approximately $229 million.

The enterprise sales team is pushing the CLEAR1 solution, which targets workforce and business security needs, including in the healthcare and finance sectors.

The enterprise channel is showing momentum:

• Momentum continues in CLEAR1, with a record number of new enterprise customers signed in Q3 2025.
• The company announced a partnership with Wellstar Health System in October 2025 to modernize the patient experience using CLEAR1's digital check-in.

International expansion is a key growth lever, broadening the addressable market beyond the U.S. base.

This expansion has been substantial and recent:

If onboarding takes 14+ days, churn risk rises, but the online start/airport finish model aims to mitigate that for these new international members.

Clear Secure, Inc. (YOU) - Canvas Business Model: Customer Segments

You're looking at the customer base for Clear Secure, Inc. as of late 2025. The business model clearly segments its users across travel, enterprise identity, and other high-throughput environments. It's a mix of direct-to-consumer subscription revenue and business-to-business platform licensing.

High-frequency domestic air travelers (primary CLEAR+ base)

• Active CLEAR+ Members reached 7.7 million as of the third quarter of 2025.
• This represented a year-over-year growth of 7.5% in Q3 2025.
• The service is active across 60 CLEAR+ airports.
• The Annualized CLEAR+ Member Usage was 7.1x in the first quarter of 2025.

International travelers from key markets (e.g., UK, Canada)

Clear Secure, Inc. has been actively expanding its reach to serve this group, which is a key growth vector for the premium travel offering.

• The expansion of CLEAR+ for international travelers now covers over 40 countries as of Q3 2025.
• The company is also leveraging its ePassport product to help travelers enroll digitally.

Enterprise clients needing workforce and patient identity verification (CLEAR1)

This segment drives the growth in total enrollments beyond the paid travel subscription. CLEAR1 delivered its strongest quarter yet in Q3 2025 with a record number of enterprise customers signed. The platform is integrating into critical areas like healthcare, with contracts signed with over 20% of the participating companies in the CMS pledge.

General public seeking TSA PreCheck® enrollment

This group feeds the overall identity platform, often enrolling through partner channels or at dedicated enrollment sites. The company is scaling its physical footprint to support this volume.

• As of September 30, 2025, there were 328 TSA PreCheck® Enrollment locations.
• This is up from 165 locations reported in the first quarter of 2025.
• Total Cumulative Enrollments across all use cases ballooned to almost 36 million members as of Q3 2025.

Sports and entertainment venue attendees

While specific revenue figures for this segment aren't broken out, the platform is used for access at stadiums, indicating a non-travel application for the base.

• The company also offers CLEAR Concierge, a premium service, now live at 23 airports.
• The overall platform infrastructure is being positioned as the foundation of trust against cyber threats, broadening appeal beyond just travel.

Here's a quick look at the key operational numbers tied to these segments as of late 2025:

The total platform base, which includes CLEAR1 enterprise enrollments, is the foundation for future monetization, even if the direct subscription revenue comes from the 7.7 million paying CLEAR+ members. The company is focused on driving Average Revenue Per Member growth over time, so you'll want to watch retention metrics closely.

Clear Secure, Inc. (YOU) - Canvas Business Model: Cost Structure

You're mapping out the Cost Structure for Clear Secure, Inc. as of late 2025, focusing on the hard numbers that drive the business. Honestly, a lot of the cost is tied up in partner agreements and scaling the physical infrastructure, so you need to watch those line items closely.

The most significant single cost event in the third quarter of 2025 was the annual payment to the credit card partner, which hit approximately $229 million, impacting cash flow significantly for that period.

Here's a breakdown of the key cost components based on the latest available data, primarily from the third quarter of 2025, using the revenue of $229.2 million for Q3 2025:

• Annual revenue share payment to credit card partner: approximately $229 million (as a single annual event).
• Cost of direct salaries and benefits: Targeted at 20.8% of Q3 revenue, which calculates to about $47.67 million. For context, this cost was 21.7% of revenue in Q2 2025.
• General and administrative (G&A) expenses: Targeted at 25.7% of Q3 revenue, which calculates to about $58.90 million. The actual reported G&A expense for Q3 2025 was $58.816 million.

The costs related to airport operations and technology deployment are also material:

To be fair, the push for automation via eGates is designed to improve labor efficiency, which should help manage the direct salaries and benefits line item over time. The Q3 results showed operating leverage improving across the board, with Adjusted EBITDA margin hitting 30.6%. Finance: draft 13-week cash view by Friday.

Clear Secure, Inc. (YOU) - Canvas Business Model: Revenue Streams

CLEAR+ annual subscription fees are the primary source of revenue for Clear Secure, Inc. As of the third quarter of 2025, Active CLEAR+ Members reached 7.7 million, marking a 7.5% year-over-year increase. The overall revenue for the third quarter of 2025 was $229.2 million, which represented a 15.5% increase compared to the same period last year.

The Full Year 2025 Free Cash Flow guidance was increased to at least $320 million. This strong cash flow outlook is supported by the subscription-based model where fees are collected upfront.

Enterprise contract revenue from the CLEAR1 platform is a growing component. Clear Secure, Inc. reported a record number of new enterprise customers signed for CLEAR1 in the third quarter of 2025. In the healthcare sector specifically, the company has entered contracts with over 20% of the participating companies in the CMS pledge.

Revenue from TSA PreCheck® enrollment and renewal fees is bundled with the core service. As of September 30, 2025, Clear Secure, Inc. operated 328 TSA PreCheck® Enrollment locations. This is an expansion from the 165 locations reported in the first quarter of 2025.

Ancillary service revenue is generated from premium offerings. The CLEAR Concierge service, which is a premium, personalized on-demand airport service, is now offered at 23 airports as of the third quarter of 2025. In the second quarter of 2025, the Concierge service launched in 14 airports, including a $99 express service.

Here's a quick look at key operational and financial metrics driving these revenue streams as of late 2025:

The business model relies on a growing member base and expanding enterprise adoption, as shown by the following operational highlights:

• Total Cumulative Enrollments reached 31.2 million as of Q1 2025.
• Q3 2025 Total Bookings grew 14.3% year-over-year.
• Quarterly cash dividend declared at $0.125 per share.
• CLEAR1 has contracts with over 20% of CMS pledge companies.