Clear Secure, Inc. (YOU) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to CLEAR's fiscal fourth quarter and full year 2025 conference call. We have with us today Karen Seidman-Becker, founder, chair, and chief executive officer, Michael Barkin, president, and Jen Su, chief financial officer. As a reminder before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risk and uncertainties. Factors that could cause actual results to differ materially from these statements are included in the documents the company has filed and furnished with the SEC, including today's press release. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. During this call, unless otherwise stated, all comparisons will be against the comparable period of fiscal year 2024. Additionally, the company will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's press release and the most recently filed annual report on Form 10-K. These items can be found on the investor relations section of Clear's website. With that, I'll turn the call over to Carolyn. 2025 was a defining year for Clear. Becoming the trusted secure identity company is no longer a goal. It is our reality. Clear is incredibly well-positioned sitting at the intersection of security and the experience economy. In an era where identity has never been more critical, Clear is the trusted standard. We are an essential layer connecting and securing the physical and digital world. Over the past 15 years, Clear has built deep expertise as a secure identity company. We operate in both physical identity ...