Navan, Inc. NAVN
Navan is a global AI-powered business travel and expense platform. We leverage technology to reimagine business travel and deliver personalized experiences for users, efficiency and control for customers, and direct market access for suppliers—all powered by our proprietary AI framework, Navan Cognition.
We identified the challenges of legacy travel and expense management systems, and built Navan on the premise that to win, all players in the ecosystem - users, customers, and suppliers - must be integrated on one platform with AI at its core. Our platform was built from the ground up to connect distinct stakeholders, and unify traditionally disparate product features, through a single system that unlocks new efficiencies and experiences. By building true connectivity into the core of our cohesive offering, the Navan platform unlocks a smarter, more rewarding future for travel—one where everyone wins.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- United Kingdom
- Rest of World
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $435.8M | $315.8M | $217.4M |
| United Kingdom | $145.9M | $129.4M | $115.2M |
| Rest of World | $120.5M | $91.6M | $69.6M |
As the company reported it, from the “REVENUE - Revenue by Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $702.3M | $536.8M | $402.3M | — |
| Cost of revenue | $201.8M | $169.8M | $162.6M | — |
| Gross profit | $500.5M | $367.0M | $239.6M | — |
| R&D | $151.2M | $122.4M | $132.4M | — |
| SG&A | $203.4M | $133.6M | $133.0M | — |
| Total operating expenses | $697.3M | $474.7M | $486.0M | — |
| Operating income | -$196.9M | -$107.6M | -$246.3M | — |
| Interest expense | $51.3M | $76.0M | $63.3M | — |
| Pre-tax income | -$395.9M | -$171.5M | -$326.1M | — |
| Income tax | $2.1M | $9.6M | $5.4M | — |
| Net income | -$398.0M | -$181.1M | -$331.6M | — |
| EPS, basic | -4.07 | -4.00 | -7.44 | — |
| EPS, diluted | -4.07 | -4.00 | -7.44 | — |
| Shares, diluted (wtd. avg.) | 97.8M | 45.3M | 44.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $583.5M | $157.7M | $166.4M | $330.3M |
| Short-term investments | $157.0M | $0 | — | — |
| Receivables | $215.9M | $184.9M | — | — |
| Total current assets | $1.31B | $688.9M | — | — |
| Property, plant and equipment | $35.0M | $29.5M | — | — |
| Goodwill | $241.3M | $219.7M | $220.5M | — |
| Other intangibles | $19.3M | $55.6M | — | — |
| Total assets | $1.71B | $1.08B | — | — |
| Accounts payable | $65.9M | $42.8M | — | — |
| Total current liabilities | $320.9M | $446.0M | — | — |
| Long-term debt | $124.8M | $617.9M | — | — |
| Total liabilities | $500.7M | $969.7M | — | — |
| Retained earnings | -$2.02B | -$1.62B | — | — |
| Total equity | $1.21B | -$1.19B | -$1.08B | -$840.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $33.7M | -$50.4M | -$166.4M | — |
| Depreciation and amortisation | $60.2M | $24.9M | $26.9M | — |
| Stock-based compensation | $182.1M | $77.0M | $75.9M | — |
| Capital expenditure | $917.0K | $994.0K | $561.0K | — |
| Investing cash flow | -$203.0M | $44.9M | -$108.8M | — |
| Financing cash flow | $519.9M | $52.6M | $212.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-023250.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $402.3M | $536.8M | $702.3M |
| Gross profit | — | $239.6M | $367.0M | $500.5M |
| Net income | — | -$331.6M | -$181.1M | -$398.0M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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