Sep 9, 2026 earnings call — AI-driven growth and BoomPop acquisition
Raised full-year revenue growth outlook to 32% year-over-year.
Revenue $0.2B (est $0.2B) · EPS $0.05 (est $0.04) · Next-quarter revenue outlook $0.3B–$0.3B
Key quotes
"Navan Cognition is the intelligence layer that orchestrates specialized AI agents, human experts, data, live inventory, policy, payments, and fulfillment."
"Our enterprise sales motion delivered another strong quarter, with SLG having their strongest sales quarter ever."
"This expands our capabilities in meeting and events, an enormous category that remains largely unmanaged and messy."
Analyst Q&A 11
RFP wins and deal timing
Q (Chris Quintero · Morgan Stanley): How are win rates progressing with rising RFP activity and how does that convert into revenue timing? Also, what drove subscription and payments revenue acceleration?
A: They said RFP volume is up and gives more at-bats, win rates and ASPs are increasing, and productivity per rep is improving. They said implementation takes about two months and then about a five-month ramp to full adoption, with large deals sometimes taking 6-9 months from RFP to signed contract. They also said payments growth accelerated because sales can now sell payments and expense after capital and warehouse changes, driving automated expense management.
"With those three things happening, that then translates to faster growth, which we show with bookings and revenue volume." — Michael Sindicich (PRESIDENT)
Meeting and events product strategy
Q (Patrick Walravens · Citizens): Why enter the meetings and events space, who will you disrupt, and how will BoomPop change the experience?
A: They said meetings and events are a large part of the market and antiquated today, and bringing it online with AI makes it faster and more transparent. They said BoomPop is proven to make this manual process AI-driven and that integrating it helps Navan become a one-stop shop for business travel needs.
"If we can bring that experience to become online, to become conversational, "Hey, I want to have an event for my sales team."" — Ariel Cohen (CEO)
Enterprise bookings and travel price inflation
Q (Samad Samana · Jefferies): How did enterprise bookings and pipeline look, and what was travel price inflation's impact in F2Q and assumptions for guidance?
A: They said RFP volume is a leading indicator and demand is very healthy across the enterprise segment, but they do not separate bookings by enterprise publicly. They said Q2 saw steady inflation consistent with their guidance assumptions and they assume that steady inflation for the rest of the year, noting most inflation impacts flights more than hotels and has less revenue impact.
"Our assumption for the Q2 guidance was that, the exit level is what we would see throughout the second quarter, and that's exactly what happened." — Aurélien Nolf
BoomPop savings and revenue yield
Q (Noah Naparstek · Goldman Sachs): Where does the cited 30% savings from BoomPop come from, and will meetings and events be higher-yielding long term?
A: They said BoomPop is fully AI conversational and sources hotels, catering, photographers and other services, using deep supplier relationships to get negotiated rates and pass discounts to customers. They said they do not break out yield by line but combining BoomPop with Navan creates upsell opportunities and attachments to customers.
"The bulk of the savings is going to come from the discounts, from the list pricing if you were to go and do it yourself and just sign up with a hotel and book those rooms," — Michael Sindicich (PRESIDENT)
Direct hotel connections and margins
Q (Steve Enders · Citi): What does the Hilton direct connection mean for hotel content and how did strong revenue not flow to bottom line?
A: They said direct supplier connections give better content, flexibility, accurate retailing, and faster servicing, not primarily to change yield but to give travelers best inventory and pricing. They said gross profit exceeded 75% for the first time, Ava handled 60% of Q2 resolutions improving costs, but higher commissions from strong SLG sales increased expenses and affected margins.
"It allows us to service these types of bookings really quickly, apply unused credits automatically, and just manage, cancel, change these types of bookings." — Michael Sindicich (PRESIDENT)
Gross margin path and direct connections
Q (Jed Kelly · Oppenheimer): Why did gross margin expansion moderate and what about other direct supplier conversations and yield effects?
A: They said gross margin expanded 200 basis points year-over-year and 1,000 basis points over the last couple years, and they plan to keep increasing AI agent resolution to improve margins while prioritizing NPS and CSAT. They said direct connections and richer content drive better merchandising and more bookings by providing better data, which can help revenue though data and customer experience drive the strategy more than yield alone.
"As a reminder, we expanded gross margin by 1,000 basis points over the last couple of years." — Aurélien Nolf
Sales headcount and M&A impact
Q (Jared Levine · TD Cowen): Where is sales headcount investment and how much will Smartrips and BoomPop affect FY27 guidance?
A: They said sales and marketing investments are growing roughly quarter-over-quarter and they expect to keep investing at this pace for the year, with commissions varying by quarter. They said Smartrips is immaterial top and bottom line in FY27 and BoomPop is low single-digit revenue impact and mid-single-digit impact to non-GAAP operating income in FY27, expecting BoomPop to be accretive in FY28.
"So for FY27, Smartrips is top and bottom line, very immaterial." — Aurélien Nolf
Reed & Mackay transition and Navan Edge adoption
Q (Blair Abernethy · Rosenblatt): How is Reed & Mackay transition progressing and who is using Navan MCP and Navan Edge?
A: They said VIP service is fully integrated for most Navan customers and bringing traditional Reed & Mackay customers onto the platform is a multi-year program with rising satisfaction scores. They said Navan Edge is their fastest-growing product with high NPS and repeat usage from individual business travelers, and trends are very positive.
"Edge is the fastest-growing product that we have ever launched in Navan." — Ariel Cohen (CEO)
Consolidation and win rates
Q (Siti Panigrahi · Mizuho): With legacy vendor consolidation, how is the pipeline and win rate trending and how do you capture that market?
A: They said consolidation is a big tailwind and RFP volume has tripled since H1 of last year versus H1 of this year, which is a leading indicator as RFPs often come from enterprise customers transitioning from legacy providers. They view this disruption as driving more interest in Navan's modern AI-based platform.
"A leading indicator is what Ariel talked about earlier, where RFP volume has tripled since H1 of last year versus H1 of this year." — Michael Sindicich (PRESIDENT)
Economics of large vs smaller customers
Q (Nafeesa Gupta · BofA): How do long-term economics compare between larger global enterprises and smaller customers across attach, retention, yields, and costs?
A: They said overall dynamics are steady across segments and they see no shift in pricing or yield by segment. They said enterprise customers have different profiles: enterprises bring significant volume, stickiness, upsell and attachment opportunities, and growth margins are similar but built differently, often with more trip fees versus supplier commissions.
"At the end of the day, the growth margins look very similar, but the way we construct those growth margin is a little bit different." — Aurélien Nolf
Future tuck-in M&A
Q (Ian Black · Needham & Company): Will you do more tuck-in deals and where could M&A help?
A: They said they are always looking for acquisitions that expand product lines to upsell and attach products, like BoomPop and Smartrips, but the bar is high and they focus on companies that bring capabilities they cannot build quickly themselves. They said M&A is a tool to accelerate their vision, not an end goal.
"The bar for M&A is very high, right? We really look at companies that can bring things that we do not have internally or that we think will take a long time for us to build by ourselves." — Aurélien Nolf