Navan, Inc. (NAVN) Q2 FY2027 earnings

Reported results

• Total revenue was $233 million, an increase of 35% year-over-year; usage revenue was $211 million, up 35% year-over-year; subscription revenue was $21 million, up 39% year-over-year.
• Gross Booking Volume grew 45% year-over-year to $3.0 billion in the quarter; Payment Volume grew 34% year-over-year to $1.3 billion.
• GAAP gross profit reached $172 million, representing 74% gross margin, compared to $125 million, or 73% gross margin in Q2 FY2026.
• GAAP loss from operations was $(26) million with GAAP operating margin of (11)%, compared to GAAP loss from operations of $(12) million with GAAP operating margin of (7)% in Q2 FY2026.
• Non-GAAP income from operations was $17 million with non-GAAP operating margin of 7%, compared to non-GAAP income from operations of $8 million with non-GAAP operating margin of 5% in Q2 FY2026.
• GAAP net loss was $(29) million compared to GAAP net loss of $(39) million in Q2 FY2026; non-GAAP net income was $14 million compared to non-GAAP net loss of $(8) million in Q2 FY2026.

Guidance

• Q3 FY2027 (ending October 31, 2026): Total revenue expected in the range of $253 - $255 million, representing year-over-year growth of 30% at the midpoint; non-GAAP income from operations of $35.5 - $36.5 million with non-GAAP operating margin of 14% at the midpoint.
• FY2027 (ending January 31, 2027): Total revenue in the range of $927 - $933 million, representing year-over-year growth of 32% at the midpoint; non-GAAP income from operations in the range of $82 - $86 million with non-GAAP operating margin of 9% at the midpoint.

Notes

New signed GBV in the SLG business reached a record $4.0 billion on a trailing-twelve-month basis, up 60% year-over-year. Company raised full-year FY2027 outlook. Non-GAAP measures exclude stock-based compensation-related charges, amortization of intangible assets, severance and executive transition costs, restructuring costs, amortization of debt discount and debt issuance costs, gain on sale of property and equipment, loss on fair value adjustments, SAFE debt issuance costs, and loss on extinguishment of debt, adjusted for income tax effects.

Price and volatility reaction

The stock moved -21.8% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved +55.1 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-09 (8-K, Item 2.02). Read the original filing on sec.gov.