Navan lifts annual forecasts as corporate demand holds firm, shares rise (updated)

Navan

10/06/2026 21:10

Navan posts surprise Q1 adjusted profit
Gross booking volume jumps 50% 
Lifts annual revenue, operating profit forecasts 
Adds CFO comments in paragraphs 4,6; compares with estimates throughout
By Shivansh Tiwary
June 10 (Reuters) - Navan NAVN.O raised its full-year forecasts for revenue and operating income on Wednesday, citing strong business travel demand and growth in its enterprise customer base, sending shares of the company up 19% in extended trading.
The company also reported a surprise adjusted profit for the first quarter while gross booking volume, a closely watched demand metric, jumped 50% to $3.1 billion.
The corporate travel and expense management platform generates the bulk of its revenue from large companies, including customers in artificial intelligence and technology, manufacturing and healthcare.
"We see enterprise customers very focused on in-person interactions between their team members and their customers," Navan CFO Aurélien Nolf told Reuters on Wednesday.
Business travel demand has remained resilient, fueled in part by the AI boom and increased spending from technology firms, as companies continue to prioritize in-person meetings, conferences and client visits.
"We have a very large share of the big AI firms as customers, and those companies are booming and booking a lot with Navan," Nolf added.
Navan is also benefiting from corporate travel tied to the World Cup, with hotel and flight booking volumes up 295% from a year earlier in Canada and 46% across U.S. venues.
It now expects revenue of $907 million to $913 million for fiscal 2027, up from its prior forecasts of $866 million to $874 million. 
The company also increased its adjusted operating profit outlook for the year to $76 million to $80 million from its earlier expectation of $58 million to $62 million.
It reported an adjusted profit of 8 cents per share for the quarter ended April 30. Analysts on an average expected a 1 cent per share loss, according to data compiled by LSEG. 
First-quarter revenue grew about 40% to $220.2 million, beating analysts' estimates of $205.3 million.

 (Reporting by Shivansh Tiwary in Bengaluru; Editing by Joyjeet Das)
 ((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192; X: @Shivansh_19_;))