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How Navan (NAVN) makes money

Navan (NAVN) made $233M of revenue in the second quarter fiscal 2027 (Q2 FY27), +35% from a year earlier. Usage-based revenue brought in $211M (91%); Subscription revenue brought in $21.4M (9%).

Drawing the Sankey…

Navan revenue by segment, Q2 FY27Navan revenue by segment, Q2 FY27Usage-based revenue$211MSubscription revenue$21.4M
Navan: revenue by line, Q3 FY26 to Q2 FY27Navan: revenue by line, Q3 FY26 to Q2 FY27Usage-based revenueSubscription revenueUsage-based revenue: $211M latest$211MSubscription revenue: $21.4M latest$21.4MQ3 FY26Q4 FY26Q1 FY27Q2 FY27
The mix barely moved between Q3 FY26 and Q2 FY27.
Navan revenue by quarterNavan revenue by quarter$195MQ3 FY26$178MQ4 FY26$220MQ1 FY27$233MQ2 FY27
Navan: where each dollar of revenue goesNavan: where each dollar of revenue goesIncome tax1¢Operating cash flow11¢Free cash flow9¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Usage-based revenue$211M90.8%+5%+35%
Subscription revenue$21.4M9.2%+18%+39%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$233M100.0%
Income tax$2.8M1.2%
Operating cash flow$25.2M10.8%
Free cash flow$21.5M9.2%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$233M+35%
Q1 FY27$220M+40%
Q4 FY26$178M+35%
Q3 FY26$195M+29%

From Navan's 10-Q filed Sep 10, 2026 (on EDGAR).

Questions

How does Navan make money?

Navan (NAVN) made $233M of revenue in the second quarter fiscal 2027 (Q2 FY27), +35% from a year earlier. Usage-based revenue brought in $211M (91%); Subscription revenue brought in $21.4M (9%).

What is Navan's biggest business?

Usage-based revenue: $211M in the second quarter fiscal 2027, 91% of revenue, +35% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.