Why Is Navan Stock Gaining Friday?

Navan, Inc. (NASDAQ:NAVN) stock climbed Friday as investors positioned ahead of the company’s upcoming quarterly earnings.

The move reflects expectations that steady business travel demand, expanding expense-management subscriptions, and early traction in its AI-driven platform could support near-term revenue momentum.

Navan will report its third-quarter fiscal 2026 financial results after the U.S. financial markets close on Monday, December 15, 2025.

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Analyst’s Take

Rosenblatt analyst Blair Abernethy maintained a Buy rating on the stock, with a price forecast of $30.

Abernethy said he expects a steady third quarter for the cloud-based travel platform, with slight upside possible.

He said usage revenue should rise 20% year over year on booking-driven transaction activity.

The analyst also expects subscription revenue to grow faster as expense tools gain traction.

Abernethy said his model calls for total revenue around $181.4 million, roughly matching consensus.

He said year-over-year growth should cool from the prior quarter but remain solid. The analyst expects a 6.3% non-GAAP operating margin and a non-GAAP loss per share of 49 cents.

At this stage, Abernethy said usage revenue should account for about 92% of quarterly sales, with subscriptions near 8%.

The analyst also models non-GAAP operating income near $11.4 million and an adjusted net loss of $25.2 million. Abernethy said he expects usage yield near 7%, slightly below the prior quarter’s level.

He pointed to Navan’s Business Travel Index showing 20% growth in business travel activity.

Abernethy said government and financial services drove the biggest increases in travel spending.

Abernethy said he will also be watching for incremental enterprise customer wins, including adoption by large, global organizations.

He highlighted UK-based retailer Frasers Group, which operates more than 1,500 locations, as a recent example after selecting Navan as its global partner for travel and expense management.

On the product front, Abernethy said he is tracking early traction for Navan Cognition, a platform announced in June that enables enterprises to build and deploy advanced AI agent teams.

Abernethy added that the October IPO boosted flexibility and should leave net cash near $600 million.

NAVN Price Action: Navan shares were up 3.12% at $14.35 at the time of publication on Friday, according to Benzinga Pro data.

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