Revenue growth accelerated to 35.4% YoY in Q2 2026 alongside a 910 basis point gross margin expansion to 74.1% since Q1 2024, yet the company reported an operating loss of -$27.6M, indicating a lack of operating leverage.
Navan, Inc. (NAVN) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 |
|---|
| Sales/Revenue | 825.87M | 702.26M | 536.84M | 402.26M |
| Revenue Growth % | 41.82% | 30.82% | 33.46% | - |
| Cost of Goods Sold | 226.56M | 201.79M | 194.4M | 187.99M |
| COGS % of Revenue | - | 28.73% | 36.21% | 46.73% |
| Gross Profit | 599.31M | 500.47M | 342.43M | 214.27M |
| Gross Margin % | 72.57% | 71.27% | 63.79% | 53.27% |
| Gross Profit Growth % | - | 46.15% | 59.81% | - |
| Operating Expenses | 813.74M | 697.35M | 450.07M | 460.61M |
| OpEx % of Revenue | - | 99.3% | 83.84% | 114.51% |
| Selling, General & Admin | 640.65M | 546.11M | 347.27M | 348.73M |
| SG&A % of Revenue | - | 77.76% | 64.69% | 86.69% |
| Research & Development | 173.09M | 151.24M | 102.8M | 111.88M |
| R&D % of Revenue | - | 21.54% | 19.15% | 27.81% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -214.43M | -196.88M | -107.64M | -246.34M |
| Operating Margin % | -25.96% | -28.03% | -20.05% | -61.24% |
| Operating Income Growth % | - | -82.91% | 56.31% | - |
| EBITDA | -154.77M | -136.63M | -82.75M | -219.48M |
| EBITDA Margin % | -18.74% | -19.46% | -15.41% | -54.56% |
| EBITDA Growth % | -100.58% | -65.11% | 62.3% | - |
| D&A (Non-Cash Add-back) | 59.66M | 60.25M | 24.89M | 26.86M |
| EBIT | -329.24M | -344.62M | -95.51M | -262.84M |
| Net Interest Income | -13.39M | -42.06M | -76M | -63.28M |
| Interest Income | 11.66M | 9.24M | 0 | 0 |
| Interest Expense | 25.05M | 51.3M | 76M | 63.28M |
| Other Income/Expense | -135.64M | -199.04M | -63.87M | -79.78M |
| Pretax Income | -350.07M | -395.92M | -171.51M | -326.12M |
| Pretax Margin % | -42.39% | -56.38% | -31.95% | -81.07% |
| Income Tax | -2.3M | 2.11M | 9.57M | 5.43M |
| Effective Tax Rate % | 0.66% | -0.53% | -5.58% | -1.66% |
| Net Income | -347.77M | -398.03M | -181.08M | -331.55M |
| Net Margin % | -42.11% | -56.68% | -33.73% | -82.42% |
| Net Income Growth % | -77.29% | -119.81% | 45.38% | - |
| Net Income (Continuing) | -347.77M | -398.03M | -181.08M | -331.55M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.36 | -4.07 | -0.73 | -1.34 |
| EPS Growth % | -532.74% | -457.53% | 45.52% | - |
| EPS (Basic) | - | -4.07 | -0.73 | -1.34 |
| Diluted Shares Outstanding | 256.37M | 97.8M | 248.22M | 248.22M |
| Basic Shares Outstanding | 256.37M | 97.8M | 248.22M | 248.22M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying NAVN stock.
For fiscal year 2025, Navan, Inc. (NAVN) reported total revenue of $702.3M. This represents a 74.6% increase compared to $402.3M in 2023.
Navan, Inc. (NAVN) reported a net loss of $398.0M for the fiscal year ending 2025.
Navan, Inc. (NAVN) reported an operating income of $-196.9M, resulting in an operating profit margin of -28.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Navan, Inc. (NAVN) generated $500.5M in gross profit for the year, representing a gross profit margin of 71.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Metrics are mathematically derived from official filings.
Revenue Acceleration Amidst a High-Growth Phase
Navan's top-line expansion is robust and appears to be accelerating, with reported year-over-year revenue growth reaching 35.4% in 2026Q2, a notable step up from 30.2% in the prior year's comparable quarter.
The acceleration from roughly 30% growth in early 2025 to 35-40% in early 2026 suggests strong product-market fit and successful customer acquisition in the enterprise travel and expense management space. This trajectory is particularly impressive given the company's scale, moving from $120.9M in quarterly revenue to $232.8M in just eight quarters, indicating the business is likely capturing meaningful market share from incumbents.
Gross Margin Expansion Below Sector Norms
Gross margins have expanded significantly from 65.0% in 2024Q1 to 74.1% in 2026Q2, yet they remain substantially below the near-100% gross margins characteristic of asset-light travel platform peers like Booking and Expedia.
This structural difference suggests Navan's cost of revenue includes meaningful direct costs, likely related to its integrated travel booking, expense processing, and ancillary services, which are not pure-play commission models. While the margin expansion is positive and indicates scaling benefits, the gap versus peers implies a fundamentally different and more complex cost structure that may cap ultimate profitability potential compared to pure intermediaries.
Operating Losses Amplified by Scale
Despite strong revenue growth and gross margin improvement, operating leverage is conspicuously absent, as the operating loss widened from -$31.0M in 2024Q1 to -$27.6M in 2026Q2 even as revenue nearly doubled.
SG&A expenses have ballooned from $80.7M to $153.0M over the same period, consuming over 65% of revenue and far outpacing the gross profit growth. This indicates that the company is heavily reinvesting in sales, marketing, and administrative infrastructure, prioritizing scale and market capture over near-term profitability, which may signal a long path to operating breakeven.
Net Losses Skewed by Significant Non-Cash Charges
Reported net income is heavily distorted by periodic, large stock-based compensation charges, with Q3 2025 showing a -$225.4M loss on a $194.9M revenue base, primarily due to $99.2M in SBC that quarter.
Excluding these non-cash items would still show operational losses, but the volatility in EPS driven by SBC timing (ranging from $0 to $99.2M quarterly) makes core earnings analysis challenging. Investors must adjust for these to assess true operational cash burn, as the statutory loss figures overstate the ongoing cash impact of the business model.
Unsustainable Cash Burn Amidst Intense Competition
The strongest challenge to the growth narrative is that Navan's path to profitability remains unclear, as the company burned through approximately $118.5M in cumulative operating losses over the last four reported quarters despite 35% revenue growth.
This cash consumption is funded by what appears to be a finite balance sheet, warranting investigation into remaining liquidity and runway. Furthermore, the high SG&A burden suggests intense competition for enterprise customers, where discounting or elevated sales commissions could be masking weaker underlying unit economics, making the current growth potentially less durable and more expensive to maintain than headline revenue figures imply.