Navan, Inc.
navan.comWhat Do They Do?
Sells business travel booking, corporate payment, and expense management services to companies and organizations.
10-K for FY2026, filed Apr 2, 2026Navan is a global AI-powered business travel and expense platform. We leverage technology to reimagine business travel and deliver…View ↗
We built Navan as a solution to provide travelers a seamless user experience in a historically highly fragmented industry. Our global…View ↗
Travel: Our flagship online booking application that enables travelers to book flights, hotels, trains, and rental cars through a single…View ↗
Customers. We define a customer as a company or organization that contracts with us to provide its dedicated users with access to our…View ↗
How Do They Make Money?
Companies pay per booking or transaction for travel and on-demand travel services, and pay annual subscription fees for expense management. Travel suppliers and payment partners also pay fees or commissions per transaction; some travel suppliers pay additional fees after booking-volume thresholds are exceeded.
10-K for FY2026, filed Apr 2, 2026We generate revenue on a usage or subscription basis from the following:View ↗
Customers: Our customers include companies and organizations that contract with us to provide their employees (our users) with access to…View ↗
We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, when a customer obtains control of promised…View ↗
Our primary performance obligation is to provide platform customers with continuous access to our cloud-based travel and expense management…View ↗
Our primary performance obligation to our travel supply partners is to connect them to user bookings made on our cloud-based travel…View ↗
Our primary obligation to our payment partners is to connect them with user transaction volume on our physical and virtual corporate cards.…View ↗
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10-K for FY2026, filed Apr 2, 2026
FY2026 revenue by product or service ↗
$702.3M
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10-K for FY2026, filed Apr 2, 2026
$702.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Usage-based revenue
Usage-based
10-K for FY2026, filed Apr 2, 2026 |
91% |
Usage-based revenue, FY2026
$640.4M Sources
|
Usage-based |
|
Subscription revenue
Recurring
10-K for FY2026, filed Apr 2, 2026 |
8.8% |
Subscription revenue, FY2026
$61.9M Sources
|
Recurring |
Who Are Their Customers?
Companies and organizations from small businesses to global enterprises use the platform for employee travel and expenses. Smaller customers can sign up through the website with little sales support; larger businesses are typically served by sales teams and account managers.
10-K for FY2026, filed Apr 2, 2026Customers. We define a customer as a company or organization that contracts with us to provide its dedicated users with access to our…View ↗
We serve a broad and diverse customer base with customers ranging from enterprise businesses to middle-market to small and medium-sized…View ↗
Our sales-led and product-led go-to-market strategies are targeted towards prospective customers who oftentimes do not have an existing…View ↗
For prospective customers with existing travel and expense management solutions, we deploy both inside and field sales professionals around…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $398M in FY2026, but brought in more cash than it spent: $32.8M of free cash flow.
10-K for FY2026, filed Apr 2, 2026
−$196.9MView ↗
10-K for FY2026, filed Apr 2, 2026
−$398MView ↗
10-K for FY2026, filed Apr 2, 2026
$32.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2027, filed Sep 10, 2026
−$29.1MView ↗
- ▼ −25% (Loss)
- vs −$38.6M in Q2 FY2026
10-Q for Q2 FY2027, filed Sep 10, 2026
Open tableView ↗
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Sep 9, 2026
Acquired Smartrips and BoomPop and raised fiscal 2027 outlook
Smartrips expands Navan’s Latin American presence; BoomPop adds a meetings and events platform. Navan also increased its full-year outlook.
Sources
8-K, filed Sep 9, 2026
For the fiscal year 2027 (ending January 31, 2027), Navan increased its total revenue and non-GAAP operating outlook and reaffirmed its…View ↗
Growing.
Revenue grew 75% in 2 years, from $402.3M in FY2024 to $702.3M in FY2026, about 32% a year.
10-K for FY2026, filed Apr 2, 2026
Who Do They Compete With?
Competes with BCD Travel, Global Business Travel Group, SAP Concur, Expensify, Oracle, SAP, Brex, and Ramp
10-K for FY2026, filed Apr 2, 2026The travel industry is highly competitive and fragmented. We currently compete, and will continue to compete, with a variety of travel and…View ↗
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