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Navan (NAVN) investor relations material
Navan Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Dec, 2025
Executive summary
Q3 marked the first earnings call as a public company, highlighted by a successful IPO raising $713.3 million and strong business momentum, with revenue up 29% year-over-year to $195 million.
AI-driven platform enhancements and major enterprise wins, including Visa, Frasers Group, and Axel Springer, fueled growth.
Customer satisfaction reached 97% with an NPS of 45, far exceeding industry averages.
CFO Amy Butte will depart in January 2026, with Anne Giviskos stepping in as Interim CFO and a seamless transition plan in place.
Net loss widened to $225.4 million for the quarter, primarily due to significant stock-based compensation expenses related to the IPO and increased operating expenses.
Financial highlights
Q3 revenue: $195 million, up 29% year-over-year; usage revenue $180 million (+29%), subscription revenue $15 million (+26%).
Gross Booking Volume reached $2.6 billion, up 40% year-over-year; Payment Volume up 12% to $1.1 billion.
GAAP gross profit: $138 million (71% margin); Non-GAAP gross profit: $144 million (74% margin).
Non-GAAP operating margin reached 13%, an 870 basis point improvement year-over-year; Non-GAAP income from operations: $25 million.
Free cash flow was -$11.4 million, a 30% improvement year-over-year.
Outlook and guidance
Q4 revenue guidance raised to $161–$163 million, representing 23% year-over-year growth at midpoint.
Full-year FY2026 revenue guidance: $685–$687 million, up 28% year-over-year at midpoint.
Q4 non-GAAP operating margin expected at -9%; full-year FY2026 non-GAAP operating margin at 3%.
Free cash flow positive expected for full fiscal year 2027.
Guidance reflects seasonality, with Q4 expected to be lower in volume and margin than Q3.
Explain the GAAP vs. Non-GAAP operating margin gap
What is the ROI for Navan customers?
Reconcile Q3 strength with Q4 revenue outlook
How does CFO transition affect FY27 FCF goal?
Navan Edge's expected revenue contribution timeline?
Factors impacting usage yield sustainability?
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Q4 202630 Mar, 2026
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