Navan (NAVN) Q3 2026 Financial Results Summary
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Navan, Inc. (NAVN) Q3 2026 Financial Results Summary
On December 15, 2025, Navan, Inc. (NASDAQ: NAVN) reported its financial results for the third quarter of the fiscal year 2026, ending October 31, 2025. Below is a detailed summary of the company’s financial performance and highlights during this period.
Financial Highlights
- Total Revenue: $195 million, a 29% increase year-over-year.
- Usage Revenue: $180 million, growing 29% year-over-year.
- Subscription Revenue: $15 million, representing a 26% increase year-over-year.
- Gross Booking Volume (GBV): Grew to $2.6 billion, reflecting a 40% rise year-over-year.
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Payment Volume: Increased to $1.1 billion, marking a 12% growth year-over-year.
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Gross Profit:
- GAAP gross profit reached $138 million, maintaining a gross margin of 71%, consistent compared to the third quarter of fiscal year 2025.
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Non-GAAP gross profit was $144 million, with a non-GAAP gross margin of 74%, up from 72% in the same quarter last year.
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Operating Income (Loss):
- GAAP loss from operations amounted to ($79 million), compared to a loss of ($19 million) in Q3 FY2025.
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Non-GAAP income from operations was $25 million, up from $6 million year-over-year, showcasing an increase in non-GAAP operating margin to 13%, from 4% last year.
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Net Income (Loss):
- GAAP net loss reported at ($225 million), compared to a net loss of ($42 million) in the third quarter of FY2025.
- Non-GAAP net income was $9 million, a significant improvement from a non-GAAP net loss of ($14 million) for the same period last year.
Recent Business Highlights
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Enterprise Momentum: Successfully closed major deals, including the second-largest European contract in company history with a CAC40 company, and partnerships with Frasers Group and Axel Springer.
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Customer Impact: A Forrester Total Economic Impact™ study indicated notable improvements for customers utilizing Navan, such as:
- 16% reduction in annual travel spend.
- 70% less time spent on booking travel for employees.
- An average travel booking time of just 5 minutes.
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A 376% ROI over three years with Navan.
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Product Innovations:
- Launched a new guided multi-city flight itinerary shopping flow, enhancing pricing through Navan Fare Choice.
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Upgraded AI model that deflects 54% of customer interactions as of November 2025.
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NDC Leadership: Successfully integrated Emirates NDC and advanced Qantas NDC to a direct connection with updated industry standards.
Leadership Changes
- Navan announced that Amy Butte will step down as Chief Financial Officer effective January 9, 2026. She will aid in the transition and will remain a strategic advisor during the search for her replacement. Anne Giviskos, currently SVP of Strategic Finance, will serve as Interim CFO.
Financial Outlook
For the fourth quarter of fiscal year 2026, Navan anticipates:
– Total Revenue: Expected between $161 – $163 million, indicating expected year-over-year growth of 23% at the midpoint.
– Non-GAAP Loss from Operations: Between ($15.5 million) and ($14.5 million), with an anticipated non-GAAP operating margin of (-9%) at the midpoint.
For the full fiscal year 2026, the expectations are:
– Total Revenue: Estimated between $685 – $687 million, reflecting year-over-year growth of 28% at the midpoint.
– Non-GAAP Income from Operations: Forecast at $21 – $22 million, aligning with a non-GAAP operating margin of 3%.
Dividends and Share Repurchase
- Dividends: There was no declaration of a quarterly dividend as per the report.
- Share Repurchase: No share repurchase programs were mentioned in the financial summary.
Navan’s performance in Q3 FY2026 demonstrates strong revenue growth and significant improvements in operational efficiency, reflecting a robust recovery and position within the corporate travel sector. The leadership transition and strategic insights shared by the company suggest a focus on driving further innovation and market expansion in the coming quarters.
| 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 | 49,258,348 | 45,324,084 | 46,884,867 | 45,210,172 |
| Assets | As of October 31, 2025 | As of January 31, 2025 |
|---|---|---|
| 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 | 2 | 1 |
| 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 |