Navan’s revenue rose 35% to $232,790 thousand in the three months ended July 31, 2026, from $171,952 thousand a year earlier, a result that exceeded analysts’ $220.46 million estimate for the second quarter of fiscal 2027. The growth reading was notable because total operating expenses increased even faster, rising 46% to $200,211 thousand, while Navan’s loss from operations widened. Shares fell 17% in extended trading after the results, according to Reuters via Investing.com.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Revenue | $232,790 thousand | $171,952 thousand | Revenue rose 35% | Three months ended July 31, 2026, compared with three months ended July 31, 2025 | September 9, 2026 | Navan investor relations |
| Revenue estimate | $232.8 million | $220.46 million estimate | Beat analysts’ estimates | Second quarter fiscal 2027 | September 9, 2026 | Reuters via Investing.com |
| Total operating expenses | $200,211 thousand | $137,294 thousand | Operating expenses increased 46% | Three months ended July 31, 2026, compared with three months ended July 31, 2025 | September 9, 2026 | Navan investor relations |
| Loss from operations | $(25,570) thousand | $(12,257) thousand | Loss from operations widened | Three months ended July 31, 2026, compared with three months ended July 31, 2025 | September 9, 2026 | Navan investor relations |
| Fiscal year 2027 total revenue outlook | $927 - $933 million | — | representing year-over-year growth of 32% at the midpoint | Fiscal year ending January 31, 2027 | September 9, 2026 | Navan investor relations |
Operating expenses outpaced Navan’s revenue growth
The company’s quarterly revenue and expense figures are reported in thousands in its September 9 earnings release. On that basis, revenue increased from $171,952 thousand to $232,790 thousand year over year, while total operating expenses rose from $137,294 thousand to $200,211 thousand.
The differing growth rates were reflected in the operating result. Loss from operations widened to $(25,570) thousand for the three months ended July 31, 2026, compared with $(12,257) thousand for the three months ended July 31, 2025.
Navan’s reported revenue of $232.8 million topped the $220.46 million analyst estimate cited by Reuters. But the extended-trading move showed that the revenue beat did not outweigh investor attention to the sharper increase in operating costs and the wider operating loss.
Corporate travel volume and AI adoption
Navan said total gross booking value (GBV) grew 45% to more than $3 billion in the quarter. The results also showed operating expenses increased 46%.
Navan also reported that more than 50% of AI calls ran on proprietary models and that its Ava AI support agent handled approximately 60% of customer interactions in Q2.
Navan raises fiscal 2027 revenue outlook
Navan said it increased its total revenue outlook for the fiscal year ending January 31, 2027, to $927 - $933 million, representing 32% year-over-year growth at the midpoint.
