Navan (NAVN) Q4 2026 earnings summary

Executive summary

• Achieved 35% year-over-year revenue growth in Q4 and 31% for FY2026, reaching $702 million in revenue.

• Turned free cash flow positive for the first time, generating $15 million in FY2026, a year ahead of plan.

• Non-GAAP operating profit achieved in Q4, with 1,100 basis points margin expansion year-over-year and full-year non-GAAP operating margin at 5%.

• Launched Navan Edge, an AI-powered travel assistant targeting the unmanaged business travel market, and introduced a new AI Expense Agent.

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

Financial highlights

• Q4 revenue reached $178 million, up 35% year-over-year; FY2026 revenue was $702 million (+31% YoY).

• Q4 gross booking volume was $2.3 billion (+42% YoY); FY2026 GBV was $9.1 billion (+38% YoY).

• Q4 payment volume was $1.03 billion (+19% YoY); FY2026 payment volume was $4.1 billion (+13% YoY).

• Q4 GAAP gross margin was 71%; non-GAAP gross margin was 72%; full-year non-GAAP gross margin reached 73%.

• Ended FY2026 with $741 million in cash and $125 million in debt.

Outlook and guidance

• FY2027 revenue guidance: $866–$874 million (24% YoY growth at midpoint); non-GAAP operating profit: $58–$62 million (7% margin at midpoint).

• Q1 FY2027 revenue guidance: $204–$206 million (30% YoY growth); non-GAAP operating profit: $4.5–$5.5 million (2% margin at midpoint).

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