Navan Announces Third Quarter Fiscal Year 2026 Results

PALO ALTO, Calif.--( BUSINESS WIRE)--Navan, Inc. (NASDAQ: NAVN), the leading all-in-one business travel, payments, and expense management platform, today reported financial results for its third quarter ended October 31, 2025.

Management Commentary:

“Q3 was a strong debut quarter as a public company for Navan. All parts of the business performed well, highlighted by continued momentum in the enterprise market and new highs in customer satisfaction, with CSAT at 97% and NPS at 45,” said Navan co-founder and CEO, Ariel Cohen. “Our end-to-end AI-first platform is clearly resonating with customers in the massive business travel and expense market. With access to an extremely wide range of travel inventory, a leading consumer-grade user interface, and AI-powered booking and customer support, everyone in the travel ecosystem benefits – users, customers, and suppliers. I’m pleased with our team’s execution across product, customer success, and go-to-market. At the same time, we are making great progress on innovation, building the next generation of Navan. I’ve never been more optimistic about the opportunity ahead as we pursue our mission to make travel easy for every frequent traveler.”

“Navan delivered a strong third quarter, and we’re encouraged by the combination of revenue growth and increased operating margin that we achieved," said Amy Butte, Navan CFO. “We were able to deliver 29% revenue growth year-over-year in Q3, and 870 basis points of non-GAAP operating margin expansion. These results demonstrate our differentiated product and effective execution. We did not see a material impact to our business from travel disruptions related to the government shutdown in October and early November, and we continue to see strong demand in the corporate travel and expense market. As a reminder, we are a seasonal business. While we are reporting Q3 today, which is our seasonally strongest quarter, when we think about our business we think about it annually over an entire fiscal year.”

Third Quarter Fiscal Year 2026 Financial Highlights:

Revenue

Gross Profit

Income (Loss) from Operations

Net Income (Loss)

Recent Business Highlights:

Chief Financial Officer Transition:

The company also announced that Amy Butte will depart as Chief Financial Officer, effective January 9, 2026. Ms. Butte will help support a seamless leadership transition and will continue to serve as a strategic advisor to Navan while the Board conducts its search for the company’s next CFO. Anne Giviskos, the current SVP, Strategic Finance and Chief Accounting Officer, will assume the role of Interim CFO.

“I want to thank Amy for her contributions to Navan during an important chapter in our company’s history. As she did for the New York Stock Exchange, Amy played a critical role in building out our finance organization and readying our company for the public markets. With our listing now complete and momentum underway across the business, it was the right time for her to move on to her next opportunity. We wish her the best,” said Ariel Cohen, co-founder and CEO of Navan.

“I am pleased to have achieved my goals at Navan, including helping to complete Navan’s IPO, and wish the company and its leadership team continued success,” Ms. Butte said.

Financial Outlook:

For the fourth quarter of fiscal year 2026 (ending January 31, 2026), Navan currently expects:

For the fiscal year 2026 (ending January 31, 2026), Navan currently expects:

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Navan's results computed in accordance with GAAP.

Earnings Webcast:

Navan will host a conference call on Monday December 15, 2025 at 4:30 p.m. Eastern Time (ET) to discuss the company’s third quarter fiscal 2026 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit Navan's Investor Relations website at investors.navan.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

An archived webcast of this conference call will also be available on Navan's Investor Relations website at investors.navan.com.

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

Non-GAAP Financial Measures:

Navan has provided in this press release supplemental financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (GAAP), including references to non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. Navan uses these non-GAAP financial measures internally in analyzing its financial results and believes that the disclosure of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and because it allows for greater transparency with respect to key measures used by senior management in our financial and operational decision making. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

We include these non-GAAP financial measures because they are important measures upon which our management assesses our operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors because they provide useful information about our financial performance, consistency and comparability with past financial performance and may assist in comparisons with other companies in our industry, some of which use similar non-GAAP financial information to supplement their GAAP results.

Non-GAAP financial measures have limitations in their usefulness to investors and should not be considered in isolation or as substitutes for financial information presented under GAAP. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

A reconciliation of Navan’s historical non-GAAP financial measures presented in this press release to their most directly comparable GAAP measures has been provided in the financial statement tables included herein, and investors are encouraged to review the reconciliations.

Key Business Metrics:

We monitor and review a number of metrics, including the following key business metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that these key business metrics provide meaningful supplemental information in assessing our operating performance.

Gross Booking Volume (GBV)

We define GBV as the total amount paid for valid bookings on our platform, measured on a booked basis and inclusive of total price, taxes, and fees, and adjusted for cancellations and refunds. We generate GBV through hotel, flight, car, and rail bookings, along with usage of our Meetings and Events, VIP, and Bleisure offerings by our customers. We expand GBV by growing our customer base, managing more business travel spend on our platform, and introducing new offerings to address different types of business travel.

Payment Volume

We define payment volume as the aggregate dollar amount of spend through Navan issued cards, settled for a given period and net of any chargebacks, cancellations, or refunds. Our payment volume grows as we increase adoption and usage of our Corporate Payments offering, where we support and issue our own cards.

Forward-Looking Statements:

This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navan’s anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP operating margin for the fiscal quarter and year ending January 31, 2026, the size of Navan’s market opportunity, market trends, and the company’s business strategy and plans. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Navan’s limited operating history; the growth rate of the markets in which Navan competes; Navan’s ability to effectively manage and sustain its growth; Navan’s ability to compete with existing competitors and new market entrants; Navan’s ability to attract new and retain existing customers, or to renew and expand its relationships with current customers; adverse changes in relationships with third parties on which Navan depends; Navan’s ability to utilize AI successfully in its current and future products; disruptions or other business interruptions that affect the availability of Navan’s platform, including cybersecurity incidents; and general global market, political, economic, and business conditions, including those related to global macroeconomic conditions, actual or perceived instability in the banking sector, supply chain disruptions, a potential recession, inflation, interest rate volatility, and geopolitical uncertainty, including ongoing conflicts around the world. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements contained herein are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Navan’s prospectus dated October 29, 2025 filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended, on October 31, 2025, as they may be updated by Navan’s subsequent filings with the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.

About Navan, Inc.:

Navan is the leading all-in-one business travel, payments, and expense management solution that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on. See how Navan customers benefit and learn more at navan.com.

NAVAN, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

Revenue

194,934

151,118

524,347

404,845

Cost of revenue

57,080

44,522

149,663

127,067

Gross profit

137,854

106,596

374,684

277,778

Operating expenses

Research and development

51,195

33,000

115,955

90,784

Sales and marketing

94,949

58,086

225,325

161,616

General and administrative

70,946

34,968

140,791

100,206

Total operating expenses

217,090

126,054

482,071

352,606

Loss from operations

(79,236

)

(19,458

)

(107,387

)

(74,828

)

Interest expense

(15,539

)

(19,658

)

(47,510

)

(57,509

)

Other income (expense), net

(544

)

1,022

6,155

2,975

Loss on extinguishment of debt

(97,450

)

—

(117,978

)

—

Gain (loss) on fair value adjustments

(29,155

)

1,381

(47,041

)

4,401

Loss before income tax expense

(221,924

)

(36,713

)

(313,761

)

(124,961

)

Income tax expense

3,465

5,169

11,508

9,465

Net loss

(225,389

)

(41,882

)

(325,269

)

(134,426

)

Net loss per share attributable to common stockholders:

Basic and diluted net loss per share

(4.58

)

(0.92

)

(6.94

)

(2.97

)

Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders

49,258,348

45,324,084

46,884,867

45,210,172

NAVAN, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

As of

October 31, 2025

January 31, 2025

Assets

Current assets:

Cash and cash equivalents

809,080

157,672

Restricted cash, current

81,469

148,157

Accounts receivable, net

220,038

184,856

Corporate card receivables, net

200,323

157,755

Contract acquisition costs, current

7,389

4,784

Prepaid expenses and other current assets

60,061

35,628

Total current assets

1,378,360

688,852

Restricted cash, non-current

4,705

4,766

Contract acquisition costs, non-current

22,715

16,185

Operating lease right-of-use assets

41,624

48,006

Property, equipment, and software, net

32,735

29,538

Intangible assets, net

54,599

55,633

Goodwill

232,883

219,728

Other non-current assets

25,036

21,246

Total assets

1,792,657

1,083,954

Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

Current liabilities:

Accounts payable

62,325

42,829

Accrued expenses and other current liabilities

194,814

136,798

Notes payable, current

1,329

175,913

Trade loan facility

—

45,000

Operating lease liabilities, current

10,174

11,389

Deferred revenue, current

38,457

34,097

Total current liabilities

307,099

446,026

Operating lease liabilities, non-current

37,476

43,098

Convertible notes

—

182,394

Embedded derivative liability

—

59,820

ABL facility

37,000

—

Warehouse credit facility

168,174

214,238

Notes payable, non-current

130

394

Deferred revenue, non-current

—

813

Other non-current liabilities

23,957

22,949

Total liabilities

573,836

969,732

Redeemable convertible preferred stock

—

1,301,121

Stockholders’ equity (deficit)

Preferred stock

—

Class A common stock

Class B common stock

—

Additional paid-in capital

3,177,712

467,835

Accumulated deficit

(1,942,382

)

(1,617,113

)

Accumulated other comprehensive loss

(16,511

)

(37,622

)

Total stockholders’ equity (deficit)

1,218,821

(1,186,899

)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

1,792,657

1,083,954

NAVAN, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

Cash flows from operating activities:

Net loss

(225,389

)

(41,882

)

(325,269

)

(134,426

)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation, net of amounts capitalized

99,182

24,574

135,091

59,487

Non-cash interest expense

8,179

11,765

25,813

35,817

Deferred income taxes

(165

)

397

(536

)

Depreciation and amortization

5,916

6,005

18,125

18,832

Amortization of contract acquisition costs

1,631

960

4,172

3,676

Provision for doubtful accounts

2,248

1,531

6,633

4,439

Loss (gain) on fair value adjustments

29,155

(1,381

)

47,041

(4,401

)

Debt issuance costs expensed related to SAFEs

—

2,913

—

Loss on extinguishment of debt

97,450

—

117,978

—

Other

164

180

(163

)

202

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable

(31,326

)

(25,858

)

(32,844

)

(26,287

)

Prepaid expenses and other current assets

(7,363

)

(3,814

)

(22,290

)

(14,015

)

Contract acquisition costs

(4,060

)

(5,935

)

(13,307

)

(16,648

)

Other non-current assets

(1,655

)

(701

)

(797

)

(689

)

Accounts payable

3,793

10,599

6,726

31,096

Accrued expenses and other current liabilities

17,825

13,346

24,669

(2,461

)

Deferred revenue

(2,325

)

(2,404

)

3,533

1,196

Operating lease right-of-use asset and operating lease liabilities, net

(379

)

(12

)

(475

)

2,491

Other non-current liabilities

812

757

743

759

Net cash used in operating activities

(6,095

)

(12,435

)

(1,311

)

(41,468

)

Cash flows from investing activities:

Capitalized software development costs

(4,865

)

(3,700

)

(13,072

)

(11,567

)

Purchases of property and equipment

(401

)

(200

)

(589

)

(774

)

Proceeds from sale of subsidiary, net of cash sold

—

(354

)

—

Decrease (increase) in corporate card receivables

(33,227

)

(19,266

)

(35,533

)

19,126

Cash consideration for business acquisition, net of cash acquired

—

(3,879

)

Net cash provided by (used in) investing activities

(38,493

)

(23,166

)

(49,548

)

2,906

Cash flows from financing activities:

Proceeds from stock option exercises

17,528

746

23,682

3,023

Proceeds from borrowings of debt

24,965

33,082

215,932

84,800

Proceeds from issuance of SAFEs

—

155,000

—

Payments of borrowings of debt

(134,349

)

(6,080

)

(468,124

)

(8,350

)

Payments for debt issuance costs

—

(1,477

)

(10,985

)

(1,512

)

Payments of deferred offering costs

(3,410

)

—

(4,165

)

—

Payment of deferred consideration in business combinations

—

(275

)

Proceeds from issuance of common stock in IPO, net of underwriting costs

713,302

—

713,302

—

Taxes collected from selling shareholders stock option exercises

14,281

—

14,281

—

Payment of tax withholdings on settlement of RSUs

(8,333

)

—

(8,333

)

—

Proceeds from exercise of warrants

—

Net cash provided by financing activities

624,019

26,271

630,625

77,686

Effect of exchange rate changes on cash, cash equivalents and restricted cash

285

(117

)

4,893

(616

)

Net increase (decrease) in cash, cash equivalents and restricted cash

579,716

(9,447

)

584,659

38,508

Cash, cash equivalents and restricted cash, beginning of period

315,538

315,337

310,595

267,382

Cash, cash equivalents and restricted cash, end of period

895,254

305,890

895,254

305,890

Non-GAAP Gross Profit and Non-GAAP Gross Margin

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

(dollars in thousands)

GAAP gross profit

137,854

106,596

374,684

277,778

GAAP gross margin

Stock-based compensation-related charges

6,632

1,683

8,742

3,525

Amortization of intangible assets

—

192

Non-GAAP gross profit

144,486

108,343

383,511

281,495

Non-GAAP gross margin

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

(dollars in thousands)

GAAP loss from operations

(79,236

)

(19,458

)

(107,387

)

(74,828

)

GAAP operating margin

(41

(13

(20

(18

Stock-based compensation expense-related charges

103,363

24,576

139,960

59,868

Amortization of intangible assets

1,289

1,348

3,919

3,941

Non-GAAP income (loss) from operations

25,416

6,466

36,492

(11,019

)

Non-GAAP operating margin

Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

(in thousands, except share and per share amounts)

GAAP net loss

(225,389

)

(41,882

)

(325,269

)

(134,426

)

Stock-based compensation expense-related charges

103,363

24,576

139,960

59,868

Amortization of intangible assets

1,289

1,348

3,919

3,941

Amortization of debt discount and debt issuance costs

1,600

2,735

4,584

10,245

Loss (gain) on fair value adjustments

29,155

(1,381

)

47,041

(4,401

)

SAFE debt issuance costs expensed

—

2,913

—

Loss on extinguishment of debt

97,450

—

117,978

—

Non-GAAP provision for income taxes

1,731

682

3,298

1,438

Non-GAAP net income (loss)

9,199

(13,922

)

(5,576

)

(63,335

)

GAAP net loss per share attributable to common stockholders, basic and diluted

(4.58

)

(0.92

)

(6.94

)

(2.97

)

Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic and diluted

49,258,348

45,324,084

46,884,867

45,210,172

Non-GAAP net income (loss) per share attributable to common stockholders, basic

0.19

(0.31

)

(0.12

)

(1.40

)

Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, basic

49,258,348

45,324,084

46,884,867

45,210,172

Non-GAAP net income (loss) per share attributable to common stockholders, diluted

0.14

(0.31

)

(0.12

)

(1.40

)

Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic

49,258,348

45,324,084

46,884,867

45,210,172

Add: Effect of potentially dilutive common stock equivalents

18,503,077

—

Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, diluted

67,761,425

45,324,084

46,884,867

45,210,172

Free Cash Flow

Three Months Ended October 31,

Nine Months Ended October 31,

2025

2024

2025

2024

(in thousands)

Net cash used in operating activities

(6,095

)

(12,435

)

(1,311

)

(41,468

)

Less: Capitalized software development costs

(4,865

)

(3,700

)

(13,072

)

(11,567

)

Less: Purchases of property and equipment

(401

)

(200

)

(589

)

(774

)

Free cash flow

(11,361

)

(16,335

)

(14,972

)

(53,809

)