Navan (NAVN) investor relations material

Executive summary

• Achieved record Q4 and FY results with Q4 revenue up 35% YoY to $178M and FY revenue up 31% to $702M, alongside all-time high NPS of 47 and CSAT of 96.

• Turned free cash flow positive for the first time, a year ahead of plan, with $15M in free cash flow and $34M in operating cash flows.

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

• Launched Navan Edge and new AI-driven offerings, targeting the $57B unmanaged travel market and enhancing VIP and expense automation services.

• Integrated Reed & Mackay customers onto the AI platform, enhancing premium and AI-driven services.

Financial highlights

• Q4 revenue reached $178M (+35% YoY); FY revenue was $702M (+31% YoY); GBV was $2.3B in Q4 (+42% YoY) and $9.1B for FY (+38% YoY).

• Non-GAAP gross profit rose to $511M (37% YoY growth), with non-GAAP gross margin at 73%; GAAP gross profit was $500M (71% margin).

• Non-GAAP operating margin improved to 5% for the year and was breakeven in Q4; GAAP operating margin was -50% in Q4 due to a $36.2M non-cash amortization charge.

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

• Payment business grew 19% YoY in Q4; payment volume reached $4.1B for FY (+13% YoY).

Outlook and guidance

• FY 2027 revenue guidance: $866M–$874M (24% growth at midpoint); non-GAAP operating profit: $58M–$62M (7% margin at midpoint).

• Q1 FY 2027 revenue guidance: $204M–$206M (30% growth); non-GAAP operating profit: $4.5M–$5.5M (2% margin at midpoint).

• Guidance assumes typical levels of travel disruption and continued strong corporate travel demand.