Navan, Inc. Q4 FY2026 earnings call

• NPS in Q4 at 47 (all-time high), CSAT at 96. 35% Q4 year-over-year revenue growth and non-GAAP operating profit. Signed net new GBV over 50% more than previous year's Q4. Turned free cash flow positive for first time, a year ahead of plan. Created Novant Cloud as best real-time travel infrastructure. Married human intelligence with artificial intelligence in agent orchestration platforms. Announced migration of Reed & McKay customers to AI platform. FY27 focus on high growth, scaling in all channels, accelerating innovation, investing in AI and new products, demonstrating financial discipline. Q4 GBV growth driven by go-to-market momentum and faster enterprise onboarding and ramps. Non-GAAP operating expenses down as percentage of revenue while investing in product innovation and go-to-market strategy.

Q4 revenue was $178 million, up 35% over year. GBV reached $2.3 billion, up 42% over year. Non-GAAP operating margin was breakeven, a remarkable 1,100 basis points improvement over last year. Ended the year with $741 million in cash in short-term investments against $125 million in debt. For FY27, expected revenue between $866 and $874 million (24% growth at midpoints) and non-GAAP operating profit between $58 and $62 million (7% margin at midpoint). Q1 FY2027 expected revenue between $204 and $206 million (30% growth) with non-GAAP operating profits in range of $4.5 to $5.5 million.

• For full year 2027, expect revenue between $866 and $874 million (24% growth at midpoints) and non-GAAP operating profit between $58 and $62 million (7% margin at midpoint). - For Q1 fiscal 2027, expect revenue between $204 and $206 million (30% growth) with non-GAAP operating profits in range of $4.5 to $5.5 million.

Q: Steve Enders with Citi asked about bookings momentum sustainability and impact of uncertainty.

A: Aurélien said new signed GBV is 50% growth, sees strong booking growth ahead. Michael said they win due to 15% median savings, quick booking, automated expenses, high NPS/CSAT, new AI capabilities, tailwinds in industry. Regarding uncertainty, very minimal impact from Middle East, forecast assumes typical disruption.

Q: Samad Samana with Jeffries asked about Reed and McKay transition benefit.

A: Ariel said customers want blend of agent and AI, Reed and McKay platform has different economics, core platform grew strongly, net revenue retention for core was 110%.

Q: Noam for Gabriela Borges with Goldman Sachs asked about expense control impact on payments strategy.

A: Aurelien said growing payment business, strong balance sheet helps grow it.

Q: Sidi Panagrahi with Mizuho asked about factors in fiscal 27 guidance.

A: Michael said strong corporate travel momentum, gaining share, SLG and PLG channels growing, prudent with guidance.

Q: Scott Berg with Needham asked about restaurant bookings economics and new premium offering.

A: Michael said restaurant is new, early days, not significant to 24% revenue guidance. New premium offering is Navant Pro, seamless experience with AI and human agents.

Q: Jed Kelly with Oppenheimer asked about NDC and corporate travel growth benefit.

A: Michael said Navon is leader in NDC, connects to airlines, provides good experience.

Q: Keith Weiss with Morgan Stanley asked about CFO joining and rule of 40.

A: Aurelien said not a software company, mission, addressable market, team, and profitability vision excited him. Rule of 40 is benchmark, not ceiling.

Q: Patrick Walravens with Citizens asked about RFPs and public status.

A: Michael said RFPs upmarket, public status gives transparency and confidence.

Q: Andrew Degaspary with BNP asked about sales rep ramp time.

A: Michael said ramp time varies by segment, SDRs ramp fast, enterprise reps take longer.

Q: Blair Abernethy with Rosenblatt Securities asked about expense management subscription business.

A: Michael said expense management is end-to-end solution, customers benefit from using suite, returning to growth post-IPO.

Q: Dan Jester with BMO Capital Markets asked about product attach.

A: Michael said travel is most attached, then Bleazure, travel payments, expense platform, VIP, meetings and events.

Q: Mark Schapel with Loop Capital asked about legacy displacement.

A: Michael said they win by saving money, quick booking, global support, tailwinds from industry turmoil.

Q: John Roberts with FT Partners asked about net revenue retention and product attach.

A: Aurelien said net revenue retention for 2026 was 107%, products attached in order of travel, Bleazure, travel payments, expense platform, VIP, meetings and events.