Navan Q2 2026 Results and Outlook
Navan, Inc. (NASDAQ:NAVN) announced its second‑quarter fiscal 2026 results for the quarter ended July 31, 2026. Revenue was $232.8 million, representing a 35 % year‑over‑year increase and surpassing the analyst consensus estimate of $220.5 million. Adjusted earnings per share were $0.05, beating the consensus estimate of $0.04. Gross Booking Volume (GBV) grew 45 % YoY to $3.0 billion.
Adjusted income from operations rose to $17 million from $8 million in the comparable prior‑year quarter, more than doubling, and the adjusted operating margin expanded to 7 % from 5 %. Adjusted net income turned positive at $14 million, compared with an adjusted net loss of $8 million in the second quarter of fiscal 2026.
CEO and co‑founder Ariel Cohen said the quarter demonstrated “exceptional execution” and highlighted that new signed GBV in the SLG (small‑large‑group) business grew 60 % YoY on a trailing‑twelve‑month basis, reaching a record $4 billion.
Guidance for the upcoming quarter and fiscal year was also raised. For the third quarter, Navan projects revenue of $253 million to $255 million, implying approximately 30 % YoY growth; the midpoint of $254 million exceeds the analyst consensus of $248.3 million. The company expects third‑quarter adjusted operating income of $35.5 million to $36.5 million, corresponding to a 14 % adjusted operating margin at the midpoint.
For fiscal year 2027, Navan increased its revenue outlook to a range of $927 million to $933 million, with a midpoint of $930 million, above the consensus estimate of $911.3 million and reflecting 32 % YoY growth. The adjusted operating income outlook for FY 2027 was raised to $82 million‑$86 million.
Despite the earnings beat and raised guidance, Navan’s shares declined 11 % on the day of the announcement, indicating a negative market reaction to the results.