Short answer
Navan, Inc. (NAVN) filed its Q4 2025 10-Q quarterly report on Dec 15, 2025 for the quarter ended Oct 31, 2025. Quarterly revenue was $524M with net income of −$325M.
Q4 2025 key financials · XBRL
- Revenue
- $524M
- Net income
- −$325M
- Operating margin
- -20.5%
- Gross margin
- 71.5%
- EPS (diluted)
- −$6.94
Source: XBRL data from the Navan, Inc. (NAVN) Q4 2025 10-Q on SEC EDGAR. USD.
Navan, Inc. Q4 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $194.9M, up 29% YoY from $151.1M
- Gross margin 71% vs 71% YoY
- Usage-based revenue $179.9M, up 29%; subscription revenue $15.0M, up 26%
- Operating loss $79.2M, with operating margin negative 41% vs negative 12% YoY
- GBV $2.6B, up 40%; payment volume $1.1B, up 12%
- IPO net proceeds $713.3M; quarterly net loss $225.4M including $97.5M debt-extinguishment loss
- Near-term headwinds: travel seasonality, economic or political uncertainty, and increased sales and marketing investment
Risk Factors
- No quarter-specific additions identified; provided text contains standard carried-forward risks without comparison to the prior 10-K
- Macroeconomic risk: tariffs, inflation, interest rates, currency fluctuation, and recession may reduce corporate travel and T&E budgets
- Regulatory risk: changing travel regulations, visa policies, immigration rules, and sustainability requirements could disrupt global travel volumes
- Operational risk: AI virtual-agent hallucinations or inaccurate actions could increase support costs and damage customer retention
- Financial risk: net losses of $325.3 million and accumulated deficit of $1,942.4 million as of October 31, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
Other Navan, Inc. quarterly reports
Ask about this quarter
Compare quarters, check guidance or see what insiders and funds did around the report.