Key Highlights

  • Clear Secure (NYSE:YOU) traded at USD 57.91 in a published Mid cap screener snapshot on November 5, 2026, up 27.67% over one week and 40.29% over one month, though the latest session slipped 1.98%.
  • Third quarter Revenue climbed 27.8% to USD 292.9 million from USD 229.2 million, total bookings reached USD 323.5 million, up 24.4%, and adjusted EBITDA hit USD 103.9 million, a 35.5% margin.
  • Net income of USD 75.3 million compares with USD 45.1 million a year earlier, diluted EPS landed at USD 0.52 against USD 0.29, and total CLEAR members totaled 46.7 million after a 30.7% gain.
  • Guided fourth quarter revenue sits between USD 299 million and USD 302 million, and the full-year free Cash Flow floor rose to USD 490 million, from USD 480 million previously.

Third Quarter Beat and a Cash Flow Dip

Clear Secure (NYSE:YOU) released third quarter results at 6:00 a.m. ET on November 4, 2026, ahead of an 8:00 a.m. ET call. Revenue advanced 27.8% to USD 292.9 million, and nine-month revenue totaled USD 823.6 million. Active CLEAR+ members stood at 8.5 million, up 14.5%. Free cash flow came in at negative USD 103.8 million because roughly USD 315 million went toward settling accrued Partnership liabilities, although nine-month free cash flow reached USD 270.6 million. Net Income figures conflict across the material: one measure shows USD 75.3 million against USD 45.1 million, while net income attributable to the company was USD 53.2 million against USD 28.3 million, so the basis should be checked.

Bookings Guidance and Buybacks Shape Forward Expectations

Revenue growth of 27.8% alongside a 35.5% adjusted EBITDA Margin points to operating leverage, and guided fourth quarter revenue growth of 24.8% at the midpoint keeps momentum high. Bookings guidance of USD 335 million to USD 340 million translates to 17.6% growth at the midpoint, a slower pace than the 24.4% reported for the third quarter. Capital returns also carry weight: the buyback authorization rose by USD 175.0 million, leaving about USD 254.4 million after USD 170.9 million of third quarter repurchases. Shareholders of record on December 10, 2026 will collect a USD 0.15 dividend, paid December 24, 2026. Bigger buybacks shrink the share count and lift per share earnings, though they also draw on cash that the partnership settlement has already reduced.

Valuation Context After a Mid Cap Rally

Clear Secure (NYSE:YOU) is up 8.65% over three months and down 0.86% over six, so the monthly rally sits within a flat half year. A published quote near USD 47.76 implied a Market Value of about USD 4.92 billion, while USD 57.91 calculates to roughly USD 5.97 billion, which falls within the mid cap bracket from USD 2 billion to USD 10 billion. A few large orders can still move the price, spreads may widen and the gain may reverse. Slowing bookings growth, negative reported free cash flow and a rich valuation stand out as the main risks.

Where Things Stand

Clear Secure (NYSE:YOU) gained 40.29% in a month because third quarter revenue and EBITDA beat, cash flow guidance rose and buybacks continued, even though reported free cash flow was negative. The screener places it among the mid cap leaders for the week and the month, out of 969 names screened. The 1.98% dip in the latest session shows momentum can fade quickly, and the negative quarterly free cash flow of USD 103.8 million owes mainly to a settlement of about USD 315 million tied to partnership liabilities, not to weaker operations.