Navan, Inc. (NAVN) Financials

3Y historyFree accessUpdated daily

Revenue growth reached 39.9% in 2026Q1, though operating margins remain negative at -8.1% due to persistent sales and marketing investments.

Annual Quarterly

Metric	TTM	Jan'26	Jan'25	Jan'24

Sales/Revenue	765.03M	702.26M	536.84M	402.26M
Revenue Growth %	-	30.82%	33.46%	-
Cost of Goods Sold	214.4M	201.79M	194.4M	187.99M
COGS % of Revenue	-	28.73%	36.21%	46.73%
Gross Profit	550.63M	500.47M	342.43M	214.27M
Gross Margin %	71.98%	71.27%	63.79%	53.27%
Gross Profit Growth %	-	46.15%	59.81%	-
Operating Expenses	749.53M	697.35M	450.07M	460.61M
OpEx % of Revenue	-	99.3%	83.84%	114.51%
Selling, General & Admin	590.29M	546.11M	347.27M	348.73M
SG&A % of Revenue	-	77.76%	64.69%	86.69%
Research & Development	159.23M	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	-198.89M	-196.88M	-107.64M	-246.34M
Operating Margin %	-26%	-28.03%	-20.05%	-61.24%
Operating Income Growth %	-	-82.91%	56.31%	-
EBITDA	-143.81M	-136.63M	-82.75M	-219.48M
EBITDA Margin %	-18.8%	-19.46%	-15.41%	-54.56%
EBITDA Growth %	-	-65.11%	62.3%	-
D&A (Non-Cash Add-back)	55.08M	60.25M	24.89M	26.86M
EBIT	-322.09M	-344.62M	-95.51M	-262.84M
Net Interest Income	-30.75M	-42.06M	-76M	-63.28M
Interest Income	7.03M	9.24M	0	0
Interest Expense	37.78M	51.3M	76M	63.28M
Other Income/Expense	-159.96M	-199.04M	-63.87M	-79.78M
Pretax Income	-358.85M	-395.92M	-171.51M	-326.12M
Pretax Margin %	-46.91%	-56.38%	-31.95%	-81.07%
Income Tax	-1.57M	2.11M	9.57M	5.43M
Effective Tax Rate %	0.44%	-0.53%	-5.58%	-1.66%
Net Income	-357.28M	-398.03M	-181.08M	-331.55M
Net Margin %	-46.7%	-56.68%	-33.73%	-82.42%
Net Income Growth %	-	-119.81%	45.38%	-
Net Income (Continuing)	-357.28M	-398.03M	-181.08M	-331.55M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)	-1.43	-4.07	-0.73	-1.34
EPS Growth %	-	-457.53%	45.52%	-
EPS (Basic)	-	-4.07	-0.73	-1.34
Diluted Shares Outstanding	250.28M	97.8M	248.22M	248.22M
Basic Shares Outstanding	250.28M	97.8M	248.22M	248.22M
Dividend Payout Ratio	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityNegative

Balance SheetHealthy

Cash FlowBurning

Top Statement Risk

Salesforce platform dependency

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Growth Momentum Remains Robust

According to recent financial disclosures, NAVN achieved a 39.9% year-over-year revenue growth rate in 2026Q1, signaling that the company's land-and-expand strategy within the banking sector continues to gain traction despite broader macroeconomic headwinds that have historically pressured software spending in the financial services vertical.

The acceleration in top-line growth suggests that the company's integration with the Salesforce ecosystem is successfully driving adoption among financial institutions seeking digital transformation. Investors should monitor whether this growth is primarily driven by new logo acquisition or deeper penetration of existing accounts, as the latter is critical for long-term durability.

Structural Ceiling on Gross Margins

As reported in quarterly filings, NAVN's gross margin reached 74.1% in 2026Q1, reflecting a persistent structural constraint imposed by royalty obligations to Salesforce that prevents the company from achieving the higher margin profiles typically associated with independent, platform-agnostic software providers in the vertical SaaS space.

This margin profile appears to be a permanent feature of the business model rather than a temporary inefficiency. While the current level is respectable, any future expansion will likely depend on the company's ability to shift its product mix toward higher-margin AI-driven analytics tools like nCino IQ.

Operating Leverage Remains Elusive

Based on the provided income statement data, NAVN continues to struggle with operating leverage, as evidenced by the 2026Q1 operating margin of -8.1%, which indicates that the company's aggressive investment in sales and marketing continues to outpace the incremental gains realized from its growing subscription revenue base.

The persistent gap between gross profit and operating income suggests that the company is prioritizing market share capture over immediate profitability. Analysts should watch for a sustained narrowing of this gap as a key indicator that the business is transitioning toward a more mature, self-sustaining operational model.

Stock-Based Compensation Distorts Earnings

Analysis of recent SEC filings reveals that stock-based compensation remains a significant non-cash expense, totaling $37.3 million in 2026Q1, which complicates the assessment of true operational profitability and suggests that GAAP net income figures may significantly understate the company's underlying cash burn and shareholder dilution risks.

The reliance on equity-based incentives appears to be a core component of the company's talent retention strategy, yet it creates a persistent wedge between reported losses and cash flow reality. Investors should adjust for these items to better understand the company's actual progress toward organic cash flow breakeven.

Risks of Platform-Dependent Growth

While the company's growth trajectory is impressive, the reliance on the Salesforce ecosystem, as highlighted in historical filings, creates a unique vulnerability where any changes to platform pricing or developer terms could fundamentally impair the company's cost structure and long-term competitive positioning within the banking industry.

Short-sellers may focus on this dependency as a potential point of failure that could lead to margin compression if Salesforce decides to capture more of the value chain. The lack of platform independence warrants further investigation into the long-term sustainability of the current partnership terms.

NAVN — Frequently Asked Questions

Quick answers to the most common questions about buying NAVN stock.

What was Navan, Inc.'s (NAVN) revenue in 2025?

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.

Is Navan, Inc. (NAVN) profitable?

Navan, Inc. (NAVN) reported a net loss of $398.0M for the fiscal year ending 2025.

What is Navan, Inc.'s operating profit margin?

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.

What is Navan, Inc.'s gross profit and gross margin?

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.

Navan, Inc. (NAVN) Financials

3Y historyFree accessUpdated daily

Revenue growth reached 39.9% in 2026Q1, though operating margins remain negative at -8.1% due to persistent sales and marketing investments.

Annual Quarterly

Metric	TTM	Jan'26	Jan'25	Jan'24

Sales/Revenue	765.03M	702.26M	536.84M	402.26M
Revenue Growth %	-	30.82%	33.46%	-
Cost of Goods Sold	214.4M	201.79M	194.4M	187.99M
COGS % of Revenue	-	28.73%	36.21%	46.73%
Gross Profit	550.63M	500.47M	342.43M	214.27M
Gross Margin %	71.98%	71.27%	63.79%	53.27%
Gross Profit Growth %	-	46.15%	59.81%	-
Operating Expenses	749.53M	697.35M	450.07M	460.61M
OpEx % of Revenue	-	99.3%	83.84%	114.51%
Selling, General & Admin	590.29M	546.11M	347.27M	348.73M
SG&A % of Revenue	-	77.76%	64.69%	86.69%
Research & Development	159.23M	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	-198.89M	-196.88M	-107.64M	-246.34M
Operating Margin %	-26%	-28.03%	-20.05%	-61.24%
Operating Income Growth %	-	-82.91%	56.31%	-
EBITDA	-143.81M	-136.63M	-82.75M	-219.48M
EBITDA Margin %	-18.8%	-19.46%	-15.41%	-54.56%
EBITDA Growth %	-	-65.11%	62.3%	-
D&A (Non-Cash Add-back)	55.08M	60.25M	24.89M	26.86M
EBIT	-322.09M	-344.62M	-95.51M	-262.84M
Net Interest Income	-30.75M	-42.06M	-76M	-63.28M
Interest Income	7.03M	9.24M	0	0
Interest Expense	37.78M	51.3M	76M	63.28M
Other Income/Expense	-159.96M	-199.04M	-63.87M	-79.78M
Pretax Income	-358.85M	-395.92M	-171.51M	-326.12M
Pretax Margin %	-46.91%	-56.38%	-31.95%	-81.07%
Income Tax	-1.57M	2.11M	9.57M	5.43M
Effective Tax Rate %	0.44%	-0.53%	-5.58%	-1.66%
Net Income	-357.28M	-398.03M	-181.08M	-331.55M
Net Margin %	-46.7%	-56.68%	-33.73%	-82.42%
Net Income Growth %	-	-119.81%	45.38%	-
Net Income (Continuing)	-357.28M	-398.03M	-181.08M	-331.55M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)	-1.43	-4.07	-0.73	-1.34
EPS Growth %	-	-457.53%	45.52%	-
EPS (Basic)	-	-4.07	-0.73	-1.34
Diluted Shares Outstanding	250.28M	97.8M	248.22M	248.22M
Basic Shares Outstanding	250.28M	97.8M	248.22M	248.22M
Dividend Payout Ratio	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityNegative

Balance SheetHealthy

Cash FlowBurning

Top Statement Risk

Salesforce platform dependency

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Growth Momentum Remains Robust

Structural Ceiling on Gross Margins

Operating Leverage Remains Elusive

Stock-Based Compensation Distorts Earnings

Risks of Platform-Dependent Growth

NAVN — Frequently Asked Questions

Quick answers to the most common questions about buying NAVN stock.

What was Navan, Inc.'s (NAVN) revenue in 2025?

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.

Is Navan, Inc. (NAVN) profitable?

Navan, Inc. (NAVN) reported a net loss of $398.0M for the fiscal year ending 2025.

What is Navan, Inc.'s operating profit margin?

What is Navan, Inc.'s gross profit and gross margin?

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.

NAVN Income Statement

Key Metrics

Top Statement Risk

NAVN Income Statement

Key Metrics

Top Statement Risk