Navan (NAVN) investor relations material

Executive summary

• Fourth quarter revenue grew 35% year-over-year to $178 million, with full-year revenue up 31% to $702 million, driven by strong growth in both usage and subscription streams.

• Achieved first full year of positive cash flows from operating activities and free cash flow, reaching this milestone a year ahead of target.

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

• Accelerated displacement of legacy players, driven by superior user experience, AI capabilities, and cost savings.

• Significant enterprise customer wins and product launches, including Navan Edge and a new AI Expense Agent.

Financial highlights

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

• Gross Booking Value (GBV) was $2.3 billion in Q4 (+42% YoY); full-year GBV was $9.1 billion (+38% YoY).

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

• Non-GAAP operating margin improved to 5% for the year; Q4 non-GAAP operating margin was breakeven.

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

Outlook and guidance

• FY27 revenue guidance: $866–$874 million (24% YoY growth at midpoint).

• FY27 non-GAAP income from operations: $58–$62 million (7% margin at midpoint).

• Q1 FY27 revenue guidance: $204–$206 million (30% YoY growth), with non-GAAP operating profit of $4.5–$5.5 million (2% margin at midpoint).

• Guidance assumes typical levels of travel disruption and continued strong industry and company momentum.