Navan executives said they are seeing a surge in request for proposal activity as they reported significant growth in revenue and gross booking volume in the fourth quarter of their fiscal year.
Total revenue for Navan's fourth quarter, which ended Jan. 31, was $178 million, up 35 percent compared with the fourth quarter of the 2025 fiscal year. Gross booking volume in the fourth quarter increased 42 percent year over year to $2.3 billion, and subscription revenue grew 29 percent year over year to $17 million.
In an earnings call on Wednesday, Navan president Michael Sindicich said the company has seen RFP volumes "increasing hundreds of percent," noting that Navan is benefiting from industry "turmoil," including consolidation.
"There's a lot of consolidation in the space, and we've seen that consistently over the last couple of years," Sindicich said. "We're steady, we're growing fast, and we have happy customers."
Navan projects its total revenue in the first quarter of the 2027 fiscal year, which runs through April 30, will increase about 30 percent year over year to the range of $204 million to $206 million. For the full 2027 fiscal year, Navan forecast revenue growth of 24 percent year over year.
Navan CEO and co-founder Ariel Cohen said Navan's business had not seen an impact from current geopolitical tensions. The Iran War, for example, is causing "very minimal impact," as the company has a "very, very low volume exposed to the Middle East," said Navan CFO Aurélien Nolf, who joined the company this month.
"We keep seeing the corporate travel business to be a very strong category," Nolf said in the earnings call. "We believe that the combination of a very strong industry, very strong dynamic and the momentum we have in our business right now is going to help us growth the business very significantly in 2027."
Navan, which because a public company last fall, reported a net loss of $73 million in the fourth quarter, compared with a net loss of $47 million in the fourth quarter of the 2025 fiscal year. For the full year, Navan's net loss was $398 million, compared with a net loss of $181 million in the 2025 fiscal year.
Nolf said Navan had a $36.2 million non-cash amortization charge in the fourth quarter related to its decision to retire the Reed & Mackay brand for new sales, moving the brand under a unified Navan brand. Navan's non-GAAP operating margin, which excluded that effect, was "breakeven," Nolf said.
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