Navan (NAVN) investor relations material

Executive summary

• Achieved record Q4 and FY results with 35% year-over-year Q4 revenue growth and full-year revenue of $702 million, up 31% year-over-year, alongside all-time high NPS of 47 and CSAT of 96.

• Turned free cash flow positive for the first time, a year ahead of plan, with $15 million in free cash flow and $34 million in cash flows from operating activities.

• Non-GAAP income from operations turned positive at $37 million (5% margin), a significant improvement from a $25 million loss in FY2025.

• Accelerated market share gains by displacing legacy players and leveraging AI-driven solutions, with significant enterprise customer wins and product launches including Navan Edge and a new AI Expense Agent.

• Integrated Reed & Mackay customers onto the AI platform, enhancing both VIP and AI-driven offerings, and rebranded premium offering as Navan Pro.

Financial highlights

• Q4 revenue reached $178 million, up 35% year-over-year; full-year revenue was $702 million, up 31% year-over-year.

• Gross booking volume for FY2026 was $9.1 billion, up 38% year-over-year; Q4 GBV was $2.3 billion, up 42% year-over-year.

• Non-GAAP gross profit rose to $511 million (37% YoY growth), with non-GAAP gross margin expanding to 73% from 69%.

• GAAP operating margin was negative 50% in Q4 due to a $36.2 million non-cash amortization charge from retiring the Reed & Mackay brand; full-year GAAP operating loss was $197 million.

• Ended the year with $741 million in cash and short-term investments and $125 million in debt.

Outlook and guidance

• FY 2027 revenue guidance: $866–$874 million (24% growth at midpoint); non-GAAP operating profit: $58–$62 million (7% margin at midpoint).

• Q1 FY 2027 revenue guidance: $204–$206 million (30% growth); non-GAAP operating profit: $4.5–$5.5 million (2% margin at midpoint).

• Bookings expected to grow slightly faster than revenue in FY 2027.

• Guidance assumes typical levels of travel disruption and incorporates prudent assumptions.