Revenue reached $233 million and gross booking volume hit $3.0 billion as the travel-management platform expanded enterprise adoption, AI tools and direct supplier connections.
Navan reported $233 million in second-quarter fiscal 2027 revenue as gross booking volume reached $3.0 billion.
- Navan’s second-quarter fiscal 2027 revenue rose 35% year over year to $233 million, while gross booking volume increased 45% to $3.0 billion.
- New signed gross booking volume in Navan’s sales-led growth business reached a record $4.0 billion over the trailing 12 months, up 60% year over year.
- The company reported $17 million in non-GAAP operating income and $21.5 million in free cash flow, although its GAAP operating loss widened to about $26 million.
- Navan raised its fiscal 2027 revenue outlook to $927 million-$933 million while continuing to expand enterprise accounts, AI capabilities, NDC connectivity and meetings-and-events services.
(NEWS) PALO ALTO, California, United States, 2026-Sep-10 — /Travel PR News/ — Corporate travel spending moving through Navan accelerated sharply in the company’s second fiscal quarter, with gross booking volume reaching $3.0 billion and revenue rising 35% year over year to $233 million. The combination of higher platform volume, new enterprise customers and a widening technology footprint led the company to raise its full-year fiscal 2027 revenue and operating-income outlook.
In results released September 9, Navan said gross booking volume increased 45% from the year-earlier quarter, while payment volume rose 34% to $1.3 billion. Usage revenue reached $211 million, up 35%, and subscription revenue increased 39% to $21 million for the quarter ended July 31, 2026.
Booking growth outpaces revenue as enterprise pipeline expands
One of the more significant indicators for the managed-travel market was Navan’s new signed gross booking volume in its sales-led growth business. That measure reached a record $4.0 billion over the trailing 12 months, 60% higher than a year earlier. Navan defines new signed GBV as the estimated annual travel spend available from newly acquired customers once they are fully launched and ramped, making it a forward-looking indicator rather than recognized quarterly booking volume.
The company has been adding large multinational travel programs across several sectors. Recent customer announcements include Cummins, which selected Navan to support travel for a workforce spanning more than 60 countries; Enbridge; Evotec; Insight Enterprises; and Viessmann Generations Group. Those deployments illustrate Navan’s effort to win complex global programs by combining booking, payments, expense management and automated policy controls on one platform.
Ariel Cohen, Navan’s co-founder and chief executive, said the quarter reflected what management sees as durable demand for face-to-face business interaction as well as stronger new-business momentum. Chief Financial Officer Aurélien Nolf pointed to new customers, ramping cohorts and expansion within the existing customer base as contributors to the 45% increase in booking volume.
Profitability picture improves on non-GAAP measures
The quarter also showed a mixed but improving profitability profile. GAAP gross profit rose to $172 million from $125 million a year earlier, lifting gross margin to 74% from 73%. Navan’s GAAP operating loss widened to approximately $26 million from $12 million, with the operating margin moving to negative 11% from negative 7%.
On the company’s non-GAAP measures, however, income from operations increased to $17 million from $8 million and the non-GAAP operating margin improved to 7% from 5%. GAAP net loss narrowed to $29 million from $39 million, while non-GAAP net income was $14 million versus an $8 million non-GAAP loss a year earlier. Free cash flow was positive at $21.5 million, compared with negative $4.1 million in the prior-year quarter.
AI and direct supplier connectivity move closer to the travel workflow
Beyond the financial figures, Navan used the quarter to extend the role of artificial intelligence in both customer service and travel-program administration. More than half of AI calls on its platform now run on proprietary Navan models, up from 30% reported on the previous quarter’s earnings call, while the company said its Ava AI support agent handled about 60% of customer interactions during Q2.
In July, Navan also launched a Model Context Protocol integration for travel and expense management. The initial read-only implementation allows administrators and finance teams to query spend, booking and policy data through compatible AI interfaces using natural language, while Navan has described future write-access functions such as approving expenses and updating travel policies as part of the longer-term roadmap.
Supplier connectivity is advancing in parallel. Navan and Hilton are co-developing a direct hotel-TMC connection intended to provide real-time access to Hilton availability, rates and property content. On the air side, Navan recently upgraded its Singapore Airlines NDC access to a direct connection; its quarterly update also cited a new direct NDC connection with ITA Airways and integrations with Caledonian Sleeper and Virtuo.
The company is extending the traveller-facing side of that strategy as well. An integration between Navan Edge and OpenTable brings restaurant discovery and reservations into Navan’s AI travel assistant, expanding a trip workflow that already covers flights, hotels and loyalty-related functions.
Acquisitions widen the addressable corporate travel ecosystem
Geographic and product expansion are also playing a larger role. Navan’s acquisition of Brazilian travel management company Smartrips deepens its presence in Latin America and is intended to bring more Brazil-based corporate travel activity directly onto the Navan platform.
Separately, Navan announced on the same day as its quarterly results that it had acquired BoomPop, an AI-powered meetings and events platform. The deal is designed to broaden Navan’s offering beyond transient business travel into venue sourcing, room blocks, contracts, payments and larger corporate gatherings, bringing another category of in-person business activity into the same travel-and-expense ecosystem.
Full-year guidance moves higher
For the fiscal third quarter ending October 31, Navan expects revenue of $253 million to $255 million, equivalent to about 30% year-over-year growth at the midpoint. It is forecasting non-GAAP operating income of $35.5 million to $36.5 million and a non-GAAP operating margin of approximately 14% at the midpoint.
For the full fiscal year ending January 31, 2027, the company raised its revenue outlook to $927 million-$933 million, representing about 32% growth at the midpoint. It also increased its expected non-GAAP operating income range to $82 million-$86 million while maintaining a 9% non-GAAP operating-margin target at the midpoint. Navan notes that its non-GAAP measures are supplemental and are not substitutes for results prepared under generally accepted accounting principles.
The quarterly numbers and accompanying strategic moves place Navan’s next stage of growth squarely at the intersection of corporate travel demand, enterprise consolidation and automation. Additional financial materials are available through the company’s Investor Relations site, while the September 9 earnings webcast provides management’s discussion of the quarter and outlook.
