Net Income per Common Share
Shares of the Company’s Class C and Class D Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class C Common Stock and Class D Common Stock under the two-class method has not been presented. Each share of Class C Common Stock (together with a corresponding Alclear Unit) is exchangeable for one share of Class A Common Stock and each share of Class D Common Stock (together with a corresponding Alclear Unit) is exchangeable for one share of Class B Common Stock.
Below is the calculation of basic and diluted net income per common share:
| | | | | | | | | | | |
| Year Ended December 31, 2025 |
| Class A | | Class B |
| Basic: | | | |
| Net income attributable to Clear Secure, Inc. | $ | 108,558 | | | $ | 610 | |
| Weighted-average number of shares outstanding, basic | 95,436,323 | | | 535,376 | |
| Net income per common share, basic: | $ | 1.14 | | | $ | 1.14 | |
| Diluted: | | | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, basic | $ | 108,558 | | | $ | 610 | |
| Add: reallocation of net income to Clear Secure, Inc. to reflect dilutive impact | 164 | | | (11) | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, diluted | 108,722 | | | 599 | |
| Weighted-average number of shares outstanding used to calculate net income per common share, basic | 95,436,323 | | | 535,376 | |
| Effect of dilutive shares | 1,833,582 | | | — | |
| Weighted-average number of shares outstanding, diluted | 97,269,905 | | | 535,376 | |
| Net income per common share, diluted: | $ | 1.12 | | | $ | 1.12 | |
Shares of the Company’s Class C and D Common Stock were determined to be anti-dilutive and thus were excluded from the computation of diluted earnings per share for the year ended December 31, 2025.
| | | | | | | | | | | |
| Year Ended December 31, 2024 |
| Class A | | Class B |
| Basic: | | | |
| Net income attributable to Clear Secure, Inc. | $ | 168,078 | | | $ | 1,598 | |
| Weighted-average number of shares outstanding, basic | 93,010,960 | | | 884,283 | |
| Net income per common share, basic: | $ | 1.81 | | | $ | 1.81 | |
| Diluted: | | | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, basic | $ | 168,078 | | | $ | 1,598 | |
| Add: reallocation of net income to Clear Secure, Inc. to reflect dilutive impact | 15,996 | | | 39,602 | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, diluted | 184,074 | | | 41,200 | |
| Weighted-average number of shares outstanding used to calculate net income per common share, basic | 93,010,960 | | | 884,283 | |
| Effect of dilutive shares | 25,070,402 | | | 25,544,999 | |
| Weighted-average number of shares outstanding, diluted | 118,081,362 | | | 26,429,282 | |
| Net income per common share, diluted: | $ | 1.56 | | | $ | 1.56 | |
| | | | | | | | | | | |
| Year Ended December 31, 2023 |
| Class A | | Class B |
| Basic: | | | |
| Net income attributable to Clear Secure, Inc. | $ | 27,825 | | | $ | 282 | |
| Weighted-average number of shares outstanding, basic | 89,695,439 | | | 907,234 | |
| Net income per common share, basic: | $ | 0.31 | | | $ | 0.31 | |
| Diluted: | | | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, basic | $ | 27,825 | | | $ | 282 | |
| Add: reallocation of net income to Clear Secure, Inc. to reflect dilutive impact | (25) | | | (4) | |
| Net income attributable to Clear Secure, Inc. used to calculate net income per common share, diluted | 27,800 | | | 278 | |
| Weighted-average number of shares outstanding used to calculate net income per common share, basic | 89,695,439 | | | 907,234 | |
| Effect of dilutive shares | 1,014,372 | | | — | |
| Weighted-average number of shares outstanding, diluted | 90,709,811 | | | 907,234 | |
| Net income per common share, diluted: | $ | 0.31 | | | $ | 0.31 | |
The following tables present potentially dilutive securities excluded from the computations of diluted earnings per share of Class A Common Stock and Class B Common Stock for the years ended December 31, 2025, 2024 and 2023:
| | | | | | | | | | | |
| Year Ended December 31, 2025 |
| Class A | | Class B |
| Exchangeable Alclear Units | 15,745,891 | | | 19,130,246 | |
| RSUs | 82,472 | | | — | |
| Total | 15,828,363 | | | 19,130,246 | |
| | | | | | | | | | | |
| Year Ended December 31, 2024 |
| Class A | | Class B |
| RSUs | 300,216 | | | — | |
| Total | 300,216 | | | — | |
| | | | | | | | | | | |
| Year Ended December 31, 2023 |
| Class A | | Class B |
| Exchangeable Alclear Units | 32,234,914 | | | 25,796,690 | |
| RSUs | 1,109,769 | | | — | |
| Total | 33,344,683 | | | 25,796,690 | |
For the year ended December 31, 2025, the Company has excluded 5,051,954 potentially dilutive shares from the tables above as they had performance conditions that were not achieved as of the end of the periods above.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.