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Clear Secure (CLEAR) is a secure-identity company whose flagship CLEAR+ airport subscription has compounded membership for over 15 years, now extended by a broader CLEAR Travel portfolio and a growing B2B identity-verification business (CLEAR1) targeting healthcare, workforce and government. The model is genuinely scaling profitably: FY2025 revenue grew 16.9% to $901M, and crucially operating income jumped 51.4% to $186M, lifting operating margin to 20.7%. That margin expansion — operating profit growing roughly three times as fast as revenue — is the hallmark of an asset-light subscription platform reaching scale, and it shows in the cash flow: operating cash flow rose 26.0% to $372M against just $29.3M of capex, a conversion profile most consumer-subscription businesses would envy.

Reported net income fell 35.7% to $109M, but that figure is distorted by CLEAR's Up-C corporate structure (Alclear Holdings noncontrolling interests and tax-receivable dynamics), which is why operating income and cash flow are the cleaner read on the underlying business — and both accelerated. The trajectory over five years is striking: revenue grew from $254M (FY2021, a $36.1M loss) to $901M with $186M of operating income, a clear inflection to durable profitability. Cash rose 28.2% to $85.7M and retained earnings grew 43.0%.