Navan (NAVN) Q3 2026 earnings summary

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.