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Navan vs Q2 Holdings: NAVN and QTWO compared
Navan is the larger company: $233M of revenue in its latest quarter (Q2 FY27) against $226M for Q2 Holdings (Q3 2026). Navan is growing faster (+35% against +12% a year earlier). Q2 Holdings is more profitable, with an operating margin of 15.0% against -11.0%.
Where the money goes: NAVN and QTWO
Navan (NAVN) · Q2 FY27
Navan, Q2 FY27: revenue $233M (+35% year over year), operating margin -11.0%, net loss $29.1M, operating cash flow $25.2M. The chart follows the revenue to costs, profit and cash.
Q2 Holdings (QTWO) · Q3 2026
Q2 Holdings, Q3 2026: revenue $226M (+12% year over year), operating margin 15.0%, net earnings $33.2M, operating cash flow $64.7M. The chart follows the revenue to costs, profit and cash.
| Navan (NAVN) | Q2 Holdings (QTWO) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $233M | $226M |
| Revenue growth, Y/Y | +35% | +12% |
| Gross margin | — | 59.7% |
| Operating margin | -11.0% | 15.0% |
| Net earnings | −$29.1M | $33.2M |
| Net margin | -12.5% | 14.7% |
| Operating cash flow | $25.2M | $64.7M |
| Free cash flow | $21.5M | $62.6M |
| Market value | — | $4.4B |
| P/E | — | 40.8× |
| Analysts’ mean target | — | $79.57 |
Where the revenue comes from
Navan
- Usage-based revenue: $211M (91%)
- Subscription revenue: $21.4M (9%)
Q2 Holdings
- Subscription: $188M (83%)
- Services and Other: $19.6M (9%)
- Transactional: $18.1M (8%)
Questions
Which is bigger, Navan or Q2 Holdings?
Navan is the larger company: $233M of revenue in its latest quarter (Q2 FY27) against $226M for Q2 Holdings (Q3 2026).
Is Navan or Q2 Holdings growing faster?
Navan is growing faster (+35% against +12% a year earlier).
Which is more profitable, Navan or Q2 Holdings?
Q2 Holdings is more profitable, with an operating margin of 15.0% against -11.0%.
More: Navan earnings · how Navan makes money · Q2 Holdings earnings · how Q2 Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 10, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.