Navan reported a 13.8 percent increase year over year in business travel activity in the fourth quarter of 2025, well above the rate of increase for travel in general, based on the company's Business Travel Benchmark index.
The index—drawn from analysis spending and volume for air, hotel and expense transaction on Navan's platform—reached a peak in October even amid the U.S. government shutdown, according to Navan. The 13.8 percent rate of increase compared with a 1.2 percent growth in travel data from the U.S. Transportation Security Administration.
That gap "shows that businesses are strategically investing in what works—getting their people in front of customers and colleagues," Navan interim CFO Anne Giviskos said in a statement.
Navan reported travel activity was up across most industries on its platform, with the biggest increases in the government and public sector (including state and local governments, public universities and contractors), hospitality and travel and professional services industries, all of which saw average air and hotel spending and volume increase at a rate greater than 30 percent year over year. Air and hotel spending and volume on Navan's platform declined for two industries during the quarter: healthcare and life sciences (down 3.9 percent) and nonprofit organizations (down 9.2 percent).
The index was down 7.3 percent compared with the third quarter of 2025, which Navan said reflected the typical seasonal slowdown for the fourth quarter. For full-year 2025, the index increased 16.1 percent year over year.