Navan, Inc.NAVN
Navan, Inc. Revenue Disclosure
REVENUE
Disaggregation of Revenue
Revenue consists of the following (in thousands):
| Year Ended January 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
Usage-based revenue | $ | 640,396 | $ | 490,356 | $ | 371,728 | |||||||||||
Subscription revenue | 61,869 | 46,481 | 30,528 | ||||||||||||||
Total revenue | $ | 702,265 | $ | 536,837 | $ | 402,256 | |||||||||||
Usage-based revenue primarily represents fees from our platform customers earned on a per-booking transaction basis and fees from our travel supply and payment partners, which are generally earned on a per-transaction basis. Under our arrangements with certain travel supply partners, we earn additional fees when cumulative actual booking or transaction dollar volume exceeds specified contractual thresholds. Subscription revenue primarily represents revenue earned from subscriptions to our expense management platform.
The following table summarizes revenue by region based on the billing country of customers (in thousands, except percentages):
Year Ended January 31, | |||||||||||||||||||||||||||||||||||
2026 | 2025 | 2024 | |||||||||||||||||||||||||||||||||
Amount | Percentage of Revenue | Amount | Percentage of Revenue | Amount | Percentage of Revenue | ||||||||||||||||||||||||||||||
United States | $ | 435,828 | 62 | % | $ | 315,807 | 59 | % | $ | 217,427 | 54 | % | |||||||||||||||||||||||
United Kingdom | 145,936 | 21 | % | 129,412 | 24 | % | 115,234 | 29 | % | ||||||||||||||||||||||||||
Rest of World(1) | 120,501 | 17 | % | 91,618 | 17 | % | 69,595 | 17 | % | ||||||||||||||||||||||||||
Total revenue | $ | 702,265 | 100 | % | $ | 536,837 | 100 | % | $ | 402,256 | 100 | % | |||||||||||||||||||||||
________________
(1)No individual country within Rest of World comprises more than 10% of total revenue.
Unbilled Receivables
We receive payments from customers based on a billing schedule as established in our customer contracts. Accounts receivable are recorded when we have an unconditional right to consideration. In some arrangements, we have a right to consideration for our performance under the customer contract before invoicing the customer, resulting in an unbilled accounts receivable. We recognized unbilled accounts receivable of $72.3 million and $51.9 million, respectively, as of January 31, 2026 and 2025. Unbilled accounts receivable is recorded within accounts receivable, net on the accompanying consolidated balance sheets.
Contract Liabilities
Revenue is deferred when we have the right to invoice in advance of performance under a customer contract. The deferred revenue balance primarily consists of annual subscription payments. The current portion of deferred revenue represents the amounts that are expected to be recognized within one year of the balance sheet date. The non-current portion of deferred revenue represents amounts that are expected to be recognized more than one year from the balance sheet date. During the years ended
January 31, 2026 and 2025, revenue recognized from the deferred revenue balance at the beginning of the respective period was $31.4 million and $27.7 million.
Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. We do not disclose the value of remaining performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which variable consideration is allocated to an unsatisfied performance obligation. Our remaining performance obligations related to multi-year subscription contracts were $62.7 million as of January 31, 2026 of which we expect to recognize approximately 54% as revenue over the next 12 months, 32% as revenue over the subsequent 13 to 24 months, and the remainder thereafter.
Accounts Receivable and Allowance for Expected Credit Losses
The following table summarizes the allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):
| Year Ended January 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
Balance at beginning of period | $ | 5,135 | $ | 4,270 | 2,270 | ||||||||||||
Provision for expected credit losses | 5,888 | 3,764 | 4,488 | ||||||||||||||
| Amounts written off, recoveries and other adjustments | (4,561) | (2,899) | (2,488) | ||||||||||||||
Balance at end of period | $ | 6,462 | $ | 5,135 | 4,270 | ||||||||||||
Corporate Card Receivables and Allowance for Expected Credit Losses
The following table summarizes the corporate card receivables allowance for expected credit losses for the years ended January 31, 2026, 2025 and 2024 (in thousands):
| Year Ended January 31, | |||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||
Balance at beginning of period | $ | 380 | $ | 566 | $ | 595 | |||||||||||
Provision for expected credit losses | 3,196 | 2,296 | 3,332 | ||||||||||||||
| Amounts written off, recoveries and other adjustments | (1,077) | (2,482) | (3,361) | ||||||||||||||
Balance at end of period | $ | 2,499 | $ | 380 | $ | 566 | |||||||||||
Contract Acquisition Costs
During the years ended January 31, 2026 and 2025, we capitalized $24.0 million, and $23.7 million, respectively, of contract acquisition costs and recognized related amortization expense of $6.3 million and $5.6 million, respectively. During the year ended January 31, 2024, no contract acquisition costs were capitalized and we recognized amortization expense of $7.0 million. Amortization expense is included in sales and marketing expense in the consolidated statements of operations.
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About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.