Navan touted the benefits of its recent artificial intelligence (AI) developments as it announced $702 million in revenue in fourth-quarter and full-year fiscal 2026 earnings, up 31% year over year.
Q4 revenue for the corporate travel platform increased 35% to $178 million year over year. The company, which turned free cash flow positive for the first time, also reported a 42% increase in gross booking volume to $2.3 billion in Q4.
In prepared remarks, Ariel Cohen, co-founder and CEO of Navan said the company was displacing legacy players because of its user experience, savings and AI. Earlier this month it released Navan Edge, an AI travel assistant for the $56 billion unmanaged travel market.
He went on to describe Edge as a "generational shift in how business travel is managed." The technology is currently available for booking U.S. hotels but will expand to cover full-trip booking including flights and restaurant reservations.
"This is the biggest and most important product development in Navan’s history," Cohen said.
Jake Fuller, managing director of investment bank BTIG, said Navan had exceeded expectations in a challenging market. He said that corporate travel is a mature but large market with significant growth opportunity "in the fragmented SME (small to medium enterprise) space and with a trend towards managed solutions."
He also highlighted the company's positioning as a "tech-forward disruptor gaining share vs. legacy TMC."
In his remarks, Cohen also spoke about using AI not just to keep up but "pull away" from others in the space.
"More and more, we are moving away from expensive, generic frontier models. We are now deploying proprietary, self-trained models that are specifically built for travel and expense. By training our own models on our own data, our AI costs are a fraction compared to frontier models, the outputs are more accurate and some of them are already more than ten times faster," he said.
Other recent developments include a conversational AI agent to book flights and hotels and an AI-powered expense agent.
Navan made its debut on the public markets in October 2025.