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Navan (NAVN) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 10, 2026 · Navan (NAVN) Q2 FY27 earnings results →

Q2 FY27 Revenue up 35% year over year to $233M · 13¢ of every $1 of revenue lost · operating margin -11.0%

Navan made $233M in Q2 FY27 (+35% Y/Y): Usage-based revenue $211M, Subscription revenue $21.4M. Operating margin -11.0%, net loss $29.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 10, 2026.

Revenue$233M
Year over year+35%
Operating margin-11.0%
Net earnings−$29.1M
Operating cash flow$25.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $232.8M in Q2 FY27, up 35% year over year and up 6% from the previous quarter. Usage-based revenue was the largest line at 91% of revenue. Usage-based revenue added $54.8M year over year (up 35%), 90% of the total change.

Gross margin was 74.1%, up 1.4 points from a year earlier. Operating costs exceeded revenue by $25.6M, an operating margin of -11.0%. Operating expenses grew 44% against revenue growth of 35%. The quarter ended with a net loss of $29.1M, wider than the previous quarter's $20.5M loss.

Operating cash flow was $25.2M (up 10709% year over year). Non-cash charges added back $5.9M of depreciation and amortization and $41.9M of share-based compensation. Working capital and other items added $6.5M. After capitalized software development costs, net ($3.7M), free cash flow as the company reports it was $21.5M.

Quarterly history

Navan revenue by quarterNavan revenue by quarter$195MQ3 FY26$178MQ4 FY26$220MQ1 FY27$233MQ2 FY27
Navan net earnings by quarterNavan net earnings by quarter−$225MQ3 FY26−$72.8MQ4 FY26−$20.5MQ1 FY27−$29.1MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 10, 2026$233M+35%-11.0%−$29.1M$25.2M
Q1 FY2710-QJun 11, 2026$220M+40%-8.2%−$20.5M−$6.8M
Q4 FY2610-KApr 2, 2026$178M+35%-50.3%−$72.8M$35.0M
Q3 FY2610-QDec 15, 2025$195M+29%-40.6%−$225M−$6.1M

Charts

Navan: revenue growth, year over year and quarter over quarterNavan: revenue growth, year over year and quarter over quarterY/YQ/Q+29%Q3 FY26+35%-9%Q4 FY26+40%+24%Q1 FY27+35%+6%Q2 FY27
Latest (Q2 FY27): Y/Y +35%, Q/Q +6%.
Navan: where the cash came from (+) and went (−), TTM to Q2 FY27Navan: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$715MCash drawn (+) / kept (−)−$433MOther investing−$214MNet borrowing (+) / repaid (−)−$191MShares issued$95.4MOperating cash flow$47.3MTaxes on employees’ shares−$18.1MCapital spending−$1.8MExchange rates$171K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Navan: profit against cash, quarter by quarterNavan: profit against cash, quarter by quarterNet incomeOperating cash flow−$41.9MQ3 FY25−$46.7M−$8.9MQ4 FY25−$61.3M$4.6MQ1 FY26−$38.6M$233KQ2 FY26−$225M−$6.1MQ3 FY26−$72.8M$35.0MQ4 FY26−$20.5M−$6.8MQ1 FY27−$29.1M$25.2MQ2 FY27
Latest (Q2 FY27): Net income −$29.1M, Operating cash flow $25.2M.
Navan: diluted shares by fiscal year (split-adjusted)Navan: diluted shares by fiscal year (split-adjusted)89MFY2491MFY2598MFY26
+9.7% since FY24: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY26.
Navan in its industry: growth against margin (192 companies, SIC 7372)Navan in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYNAVN (+35%, -11%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Navan

Navan is a global AI-powered business travel and expense platform. We leverage technology to reimagine business travel and deliver personalized experiences for users, efficiency and control for customers, and direct market access for suppliers—all powered by our proprietary AI framework, Navan Cognition. We identified the challenges of legacy travel and expense management systems, and built Navan on the premise that to win, all players in the ecosystem - users, customers, and suppliers - must be integrated on one platform with AI at its core. Our platform was built from the ground up to connect distinct stakeholders, and unify traditionally disparate product features, through a single system that unlocks new efficiencies and experiences.

In its own words, from its 10-K, filed Apr 2, 2026.

Navan against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +19%. Operating margin: -11.0% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
NAVN NavanQ2 FY27$233M+35%-11.0%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Navan 10-Q on SEC EDGAR · CIK 1639723 · Services-Prepackaged Software

Guidance and outlook

Navan Revenue: guidance against what was reportedNavan Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY26$178MFY26$702MFY27Q1 FY27$220MQ2 FY27$233MQ3 FY27
Met or beat 4 of 4 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns NAVN and who is buying

Largest holders of NAVN (13F)Largest holders of NAVN (13F)Lightspeed Management Company, L.…$954MAH Capital Management, L.L.C.$645MCosmic Management, LLC$163MBlackRock$153MNapean Trading & Investment Co (S…$134MBIT Capital GmbH$119MMillennium Management LLC$98.3MVanguard Portfolio Management LLC$91.0MCapital International Investors$82.3MWellington Management Group LLP$74.9M
Funds' net buying of NAVN by quarter (13F)Funds' net buying of NAVN by quarter (13F)$2.4B2025-12−$11.8M2026-03$401M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NAVN

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results

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中文版：Navan（NAVN）财报

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