Navan sees Q3 revenue growth decelerating to 30% even as full-year outlook raised

Navan

09/09/2026 21:24

Overview
AI-powered travel platform's fiscal Q2 revenue grew 35% yr/yr to $233 mln
Company posted non-GAAP net income, reversing a non-GAAP net loss a year earlier
Navan raised full-year 2027 revenue outlook and completed two acquisitions to expand platform

Outlook
Raises FY2027 revenue outlook to $927-$933 million but Q3 guidance implies growth slowing to 30% from 35% in Q2
Company expects Q3 revenue of $253-$255 mln, up 30% year-over-year at midpoint
Navan sees FY 2027 non-GAAP income from operations of $82-$86 mln, operating margin 9%

Result Drivers
GROSS BOOKING VOLUME - Total GBV rose 45% yr/yr to over $3 bln, driven by new customers, ramping cohorts, and expansion of installed base
ENTERPRISE CUSTOMER GROWTH - Navan cited continued momentum in the enterprise market, adding clients such as Cummins, Enbridge, and Ingersoll Rand
AI PLATFORM ADOPTION - Over 50% of AI calls now run on Navan's proprietary models, with its AI support agent handling about 60% of customer interactions

Company press release: ID:nBw9PPVBda

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$232.79 mln
 
Q2 Loss Per Share
 
$0.11
 
Q2 Net Loss
 
$29.12 mln
 
Q2 Gross Profit
 
$172.47 mln
 
Q2 Income from Operations
 
-$25.57 mln
 
Q2 Operating Expenses
 
$200.21 mln
 
Q2 Pretax Loss
 
$26.28 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy"
Wall Street's median 12-month price target for Navan, Inc. is $30.00, about 12.6% above its September 8 closing price of $26.64

Reuters Recommended Reads
Sept 9 - Navan raises fiscal 2027 forecast on strong corporate travel demand, customer growth
Sept 8 - Customer engagement platform Braze Q2 revenue beats estimates on customer growth
Sept 8 - ServiceTitan Q2 revenue growth decelerates despite Max rollout gains

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)