Slide 1: Q2 Fiscal 2027 Investor Presentation
Q2 Fiscal 2027 Investor Presentation
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer This presentation contains “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the anticipated total revenue of Navan, Inc. (the “Companyˮ or “Navanˮ), its non-GAAP income
Slide 3: Q2 FY'27 by the numbers
Q2 FYʼ27 Q2 FYʼ27 Q2 FYʼ27 Q2 FYʼ27 Revenue Non-GAAP Gross Booking Payment Operating Margin Volume GBV Volume Q2 FY’27 $233M 7% $3.0B $1.3B by the 35% YoY Growth 45% YoY Growth 34% YoY Growth numbers Average Time to Q2 FYʼ27 Average NPS Q2 FYʼ27 Average CSAT Estimated Total Addressable Book Market
Slide 4: Q2 FY'27 Highlights
Q2 FY’27 Highlights Raised FY27 Outlook, Again: Raised FY27 revenue guidance to $927$933 million, representing 32% growth at the midpoint, up from 30% prior, and raised non-GAAP operating income guidance to $82$86 million. Record new signed GBV TTM new signed GBV in the SLG business reached a r
Slide 5: Q2 FY 2027: KPIs
Q2 FY 2027: KPIs 50% 29% 34% 50% 45% 12% $3.1 45% 19% 40% 40% 10% $3.0 42% 42% 37% 37% $2.6 $2.3 $2.1 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 GBV $B Payment Volume $M % YoY Growth % YoY Growth |5
Slide 6: Q2 FY 2027: Rapid Growth and Margin Expansion Advancing Together
Q2 FY 2027: Rapid Growth and Margin Expansion Advancing Together 35% 40% 75% 29% 75% 29% 35% 74% 73% 72% Revenue $M Non-GAAP Gross Profit $M % Non-GAAP Margin* % YoY Growth |6 Note: Refer to Financials & Reconciliations section for a reconciliation of non-GAAP to GAAP metrics for the periods p
Slide 7: Structural Margin Expansion Outpaces Seasonality
Structural Margin Expansion Outpaces Seasonality Understanding Seasonality of Our Operating Margin Consistent Margin Improvement Non-GAAP Income Loss from Operations $M LTM Non-GAAP Operating Margin 8% 8% 5% 3% 1% $25 $24 2% 5% $17 11% $8 $6 22% $3 $6 $14 $1 FY25 FY26 FY27 FY25 FY26
Slide 8: Q2 Fiscal 2027 Financial Summary (GAAP)
Q2 Fiscal 2027 Financial Summary (GAAP) Summary Income Statement $M Q2 FY27 Q2 FY26 YoY Change Usage Revenue $211 $157 35% Subscription Revenue 21 15 39% Total Revenue $233 $172 35% Cost of Goods Sold 60 47 Gross Profit $172 $125 38% Gross Margin 74% 73% 1% Research & Development $47 $33 Sales &
Slide 9: Q2 Fiscal 2027 Financial Summary (Non-GAAP)
Q2 Fiscal 2027 Financial Summary (Non-GAAP) Summary Income Statement $M Q2 FY27 Q2 FY26 YoY Change Usage Revenue $211 $157 35% Subscription Revenue 21 15 39% Total Revenue $233 $172 35% Cost of Goods Sold 58 46 Gross Profit $175 $126 39% Gross Margin 75% 73% 2% Research & Development $31 $26 Sale
Slide 10: Guidance: Raising the Full Year. Again.
Guidance: Raising the Full Year. Again. YoY % Q3 FYʼ27 Guidance YoY % Change Fiscal 2027 Guidance Change Total Revenue Total Revenue $253 $255 30%¹ $927 $933 32%¹ $M $M Non-GAAP Non-GAAP Income from $35.5 $36.5 42%¹ Income from $82 $86 125%¹ Operations $M Operations $M Non-GAAP Non-G
Slide 11: Investment Overview
Investment Overview | 11
Slide 12: Navan's Mission
Navanʼs Mission Make travel easy for every traveler by being the best travel agency on the planet | 12
Slide 13: A Win-Win-Win Solution
A Win-Win-Win Solution Users Customers Suppliers Delightful, Time 15% Median Access to High-Value Saving Experience Travel Savings1 Customer Base ● Highly personalized ● Increased user adoption ● Flexible retailing and brand Centralized platform for user control ● ● Real-time visibility into spend
Slide 14: Delivering on Our Mission
Delivering on Our Mission Large Scale (all figures FY26 High Customer Satisfaction Huge Market >12,500 >12M 96% Customers1 Trips⁴ CSAT2 $185B Estimated TAM3 $9.1B $702M 45 GBV⁴ Revenue⁴ 38% YoY Growth 31% YoY Growth NPS2 1 Active customer defined as customer with 6 or more transactions on our platf
Slide 15: Navan's Infrastructure
UI Applications Layer Agents to All Ava, Navan Classic, Navan Edge, Navan Expense TravelClaw, Navan Anywhere Orchestration Layer: Navan Cognition Orchestrating Navanʼs AI Agents and Human Agents to Make Travel Easy Navan’s AI Navan Agents Layers Infrastructure Products and Services as Collaborative,
Slide 16: Acquisition of BoomPop Advances Navan's End-to-End Platform Strategy
Acquisition of BoomPop Advances Navan’s End-to-End Platform Strategy Together, Navan and BoomPop will unite travel, expense, meetings and events on one platform. Meetings & events represent 30% of corporate travel spend, with 52% still unmanaged. BoomPop is the industry recognized1 AI-native event
Slide 17: Navan Edge: Our AI Advantages Power the Next Generation of Travel Booking and Experience
Navan Edge: Our AI Advantages Power the Next Generation of Travel Booking and Experience | 17
Slide 18: Multiple Profitability Growth Levers
Multiple Profitability Growth Levers Upsell, Gross Margin S&M G&A Disciplined + + + + Attach Expansion Efficiency Leverage R&D Upsell: VIP, AI reducing Growing momentum, Fixed R&D investment Meetings & Events cost-to-serve and productivity. infrastructure driving high costs spread velocity product A
Slide 19: Leadership
Leadership Ariel Cohen Ilan Twig Aurélien Nolf Michael Sindicich Nina Herold Ofer Ben-David Hilary Phillips CEO & Co-Founder CTO & Co-Founder Chief Financial Officer President CEO, Reed & Mackay, Chief Operating Chief of Staff to CEO A Navan Company Officer Grant McGrail Howard Baik Yoad Shraybom Yu
Slide 20: Financials & Reconciliations
Financials & Reconciliations | 20
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Revenue $132.8 $151.1 $132.0 $157.5 $172.0 $194.9 $177.9 $220.2 $232.8 GAAP loss from operations 24.4 19.5 32.8 15.9 12.3 79.2 89.5 18.1 25.6 Ad
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LTM figures in millions, except %ʼs) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 LTM Revenue $462.4 $503.2 $536.8 $573.4 $612.5 $656.3 $702.3 $765.0 $825.8 LTM GAAP loss from operations 183.8 141.8 107.6 92.6 80.4 140.2 196.9
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Revenue $172.0 $194.9 $177.9 $220.2 $232.8 GAAP gross profit 125.0 137.9 125.8 163.1 172.5 Add: Stock-based compensation expense-related charges 1.1 6.6 1.7 1.8 2.4 Add: Amortization of intangib
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Trailing Twelve Months (in millions) Q2 FY26 Q2 FY27 Net cash provided by (used in) operating activities $16.6 $47.3 Less: Capitalized software development costs 15.6 19.8 Net capital expenditures 0.6 0.9 Free cash flow $32.8 $28.3 Net cash provided by (used
Slide 25: GAAP to Non-GAAP Reconciliation (1/2)
GAAP to Non-GAAP Reconciliation (1/2) (in millions, except percentages) Q2 FY26 Q2 FY27 Revenue $172.0 $232.8 GAAP Cost of goods sold $46.9 $60.3 Subtract: Stock-based compensation expense-related charges 1.1 2.4 Subtract: Amortization of intangible assets 0.0 - Subtract: Restructuring & other c
Slide 26: GAAP to Non-GAAP Reconciliation (2/2)
GAAP to Non-GAAP Reconciliation (2/2) (in millions, except percentages) Q2 FY26 Q2 FY27 GAAP Sales and marketing $68.5 $104.6 Subtract: Stock-based compensation expense-related charges 4.6 13.3 Subtract: Amortization of intangible assets 1.3 0.7 Subtract: Restructuring & other costs - 0.1