Navan Achieves Twenty-Nine Percent Revenue Growth in Q3, Transforming Business Travel with AI and Revolutionizing Global Tourism Efficiency

Published on December 16, 2025

Navan has reported a stellar third-quarter performance for fiscal year 2026, marking a strong debut as a public company. The company saw notable growth across its business segments, particularly in the enterprise market, while achieving record customer satisfaction ratings. This strong quarter highlights the increasing success of Navan’s AI-powered platform in the rapidly evolving business travel and expense market, where the demand for smarter, more efficient travel solutions continues to grow.

A Promising Start in the Public Market

Navan’s CEO and co-founder, Ariel Cohen, expressed his satisfaction with the company’s strong start as a public entity. He emphasized that the company’s AI-driven platform, which offers users a comprehensive range of travel inventory and intuitive customer support, has been pivotal to its growth. Cohen also highlighted that the platform’s appeal across the travel ecosystem benefits all stakeholders—users, customers, and suppliers alike. This continued success demonstrates the dedication of the Navan team, whose expertise in product development, customer success, and marketing has played a key role in achieving these results.

Navan also achieved new highs in customer satisfaction, reporting a customer satisfaction (CSAT) score of 97% and a net promoter score (NPS) of 45. These figures underscore Navan’s strong position within the competitive business travel sector and its commitment to delivering a seamless, user-friendly experience.

Impressive Financial Performance and Growth

Navan’s third-quarter financial results demonstrated impressive growth and operational efficiency. Total revenue reached $195 million, representing a 29% year-over-year increase. Both the usage and subscription revenue streams contributed to this growth, with usage revenue climbing to $180 million (a 29% increase) and subscription revenue growing by 26% to $15 million. The company also saw substantial growth in Gross Booking Volume (GBV), which increased by 40% to reach $2.6 billion.

The company’s gross profit for the quarter stood at $138 million, reflecting a strong 71% gross margin, in line with the previous year’s performance. Non-GAAP gross profit was even higher, at $144 million, with a non-GAAP gross margin of 74%, a marked improvement from the same period last year. These results are a clear indication of Navan’s strong market position and its ability to generate revenue while maintaining high operational efficiency.

Despite reporting a GAAP loss from operations of $79 million, compared to a loss of $19 million in the third quarter of the previous year, Navan posted a non-GAAP income from operations of $25 million. The company’s non-GAAP operating margin for the quarter was 13%, a significant improvement over the 4% margin achieved in Q3 of the previous year.

Enterprise Market Growth and Strategic Partnerships

Navan has made significant progress in the enterprise market, securing key deals that further solidify its standing in the corporate travel and expense sector. Among the most notable achievements was the company’s second-largest European deal in its history with a CAC40 company. Navan has also closed deals with Frasers Group and Axel Springer, reinforcing its strong presence in the global business travel market.

In addition to these successes, Navan’s platform has proven to be an essential tool for businesses looking to streamline their travel and expense processes. According to a Total Economic Impact™ study released by Forrester, businesses using Navan’s platform save an average of 16% on travel spending annually, reduce time spent on travel bookings by 70%, and see a 376% return on investment (ROI) over three years. These findings highlight the effectiveness of Navan’s platform in driving cost savings, improving efficiency, and enhancing employee productivity—factors that are particularly important for businesses looking to optimize their travel management.

Focus on Technological Advancements and Innovation

Navan’s commitment to technological innovation continues to be a driving force behind its success. In Q3, the company made significant strides in enhancing its AI-powered Ava model, which now includes more advanced reasoning capabilities for frequently asked questions (FAQs) and general travel knowledge. This upgrade has enabled Ava to deflect over 54% of all customer interactions in November 2025, improving the overall customer experience and providing faster resolutions to inquiries.

In addition, Navan has maintained its leadership in the New Distribution Capability (NDC) space. The company launched Emirates NDC and upgraded Qantas NDC to direct connect, ensuring that it remains at the forefront of the evolving travel distribution landscape. These advancements position Navan as a key player in the airline distribution and corporate travel sectors.

Leadership Transition and CFO Announcement

Navan also announced a leadership transition in its finance department. Amy Butte, the company’s Chief Financial Officer, will be stepping down effective January 9, 2026, though she will remain with the company as a strategic advisor during the transition period. Anne Giviskos, the current Senior Vice President of Strategic Finance and Chief Accounting Officer, will assume the role of Interim CFO.

Navan’s CEO, Ariel Cohen, expressed his gratitude to Amy Butte for her leadership during a pivotal period in the company’s history, particularly in overseeing the company’s IPO process. Cohen noted that Butte’s contributions were crucial in preparing the company for the public markets. He also expressed confidence in Anne Giviskos’s ability to lead the company through this transition.

Financial Outlook for the Upcoming Quarters

Looking ahead, Navan is optimistic about its performance in the fourth quarter of fiscal year 2026. The company projects total revenue in the range of $161 million to $163 million, which represents year-over-year growth of 23%. Navan expects a non-GAAP operating loss of approximately $15.5 million to $14.5 million for the quarter, with a non-GAAP operating margin of -9%.

For the fiscal year 2026, Navan anticipates total revenue in the range of $685 million to $687 million, reflecting year-over-year growth of 28%. The company expects non-GAAP income from operations of $21 million to $22 million, with a non-GAAP operating margin of 3%.

Conclusion

Navan’s third-quarter results underscore the company’s strong position in the business travel and expense sector. With impressive financial growth, technological advancements, and a growing enterprise market, Navan is well-positioned to continue its upward trajectory. As the company continues to lead with its AI-first platform, the outlook for the coming quarters remains promising, with a continued focus on delivering value to customers and driving growth in the corporate travel market.