Clear Secure, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
YOU$55.74+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(dollars in thousands)
| For the year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net income | $168,147 | $225,274 | $49,888 |
| Adjustments to reconcile net income to net cash provided from operating activities: | |||
| Depreciation on property and equipment | 23,923 | 21,749 | 18,215 |
| Amortization on intangible assets | 10,701 | 4,731 | 3,434 |
| Noncash lease expense | 6,315 | 6,607 | 6,468 |
| Impairment of assets | 362 | 723 | 4,975 |
| Impairment of strategic investment | 4,719 | — | — |
| Equity-based compensation | 38,932 | 35,339 | 37,293 |
| Deferred income tax expense (benefit) | 24,381 | (165,773) | (722) |
| Amortization of revolver loan costs | 132 | 202 | 339 |
| Gain on divestiture of a business | (635) | — | — |
| Premium amortization (discount accretion) on marketable securities | (1,257) | (7,319) | (13,804) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,580) | 15 | 643 |
| Prepaid expenses and other assets | (3,736) | (6,526) | (3,192) |
| Prepaid revenue share fee | (5,027) | (250) | (6,817) |
| Accounts payable | (6,368) | 2,198 | 4,525 |
| Accrued and other long term liabilities | 45,920 | 120,964 | 33,714 |
| Deferred revenue | 76,454 | 63,500 | 92,801 |
| Operating lease liabilities | (8,931) | (5,757) | (2,727) |
| Net cash provided by operating activities | 372,452 | 295,677 | 225,033 |
| Investing activities: | |||
| Business combinations, net of cash acquired | — | — | (3,750) |
| Purchases of marketable securities | (747,120) | (971,097) | (952,655) |
| Proceeds from sales and maturities of marketable securities | 677,173 | 1,098,201 | 973,032 |
| Proceeds from divestiture | 2,700 | — | — |
| Purchase of strategic investment | (514) | (1,000) | (6,000) |
| Purchases of property and equipment | (29,340) | (12,009) | (25,555) |
| Purchases of intangible assets | — | (318) | (580) |
| Net cash (used in) provided by investing activities | (97,101) | 113,777 | (15,508) |
| Financing activities: | |||
| Repurchase of Class A Common Stock | (126,345) | (272,920) | (69,673) |
| Payment of dividend | (47,839) | (39,402) | (14,483) |
| Payment of special dividend | (25,316) | (28,828) | (68,038) |
| Distributions to members | (18,728) | (25,138) | (42,674) |
| Tax distribution to members | (26,113) | (24,979) | (13,929) |
| Deferred consideration payment | — | (1,246) | — |
| Payment of taxes on net settled stock-based awards | (12,653) | (9,034) | (6,814) |
| Other financing activities | (334) | — | (396) |
| Net cash used in financing activities | (257,328) | (401,547) | (216,007) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 18,023 | 7,907 | (6,482) |
| Cash, cash equivalents, and restricted cash, beginning of period | 70,348 | 62,401 | 68,884 |
| Exchange rate effect on cash and cash equivalents, and restricted cash | 127 | 40 | (1) |
| Cash, cash equivalents, and restricted cash, end of period | $88,498 | $70,348 | $62,401 |
| For the year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $85,734 | $66,892 | $57,900 |
| Restricted cash | 2,764 | 3,456 | 4,501 |
| Total cash, cash equivalents, and restricted cash | $88,498 | $70,348 | $62,401 |
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