Navan (NAVN) Q3: Widening EPS Loss Undercuts Bullish High-Growth Narrative

Navan (NAVN) has just posted its Q3 2026 numbers, with revenue of about $194.9 million and a basic EPS loss of roughly $4.58 per share, while trailing 12 month revenue sits at around $656.3 million against a TTM EPS of about negative $7.99. The company has seen quarterly revenue move from roughly $126.9 million in Q2 2025 to $151.1 million in Q3 2025 and then to $194.9 million in Q3 2026, alongside basic EPS sliding from about negative $1.02 to negative $0.92 and then to negative $4.58 over the same periods. This sets up a clear tension between scaling revenue and deepening losses. For investors, that mix of top line momentum and widening per share losses puts the spotlight firmly on when, and how, margins can realistically start to turn.

See our full analysis for Navan.

With the headline numbers on the table, the next step is to line them up against the dominant market narratives around Navan, testing where the growth story still holds and where the latest margin pressures start to push back.

Curious how numbers become stories that shape markets? Explore Community Narratives

Revenue Growth Now 30.5 percent Year Over Year

• Trailing 12 month revenue reached about $656.3 million in Q3 2026, up from roughly $402.3 million a year earlier, a 30.5 percent year over year increase, with forward projections pointing to around 20.05 percent annual growth.
• What stands out for the bullish view is that this top line climb comes even as the business remains loss making, so the case that scaling will eventually matter hinges on figures like:
  • trailing 12 month revenue stepping up from approximately $536.8 million in Q4 2025 to $656.3 million in Q3 2026 while trailing EPS stayed negative at about negative $7.99
  • quarterly revenue rising from about $126.9 million in Q2 2025 to $194.9 million in Q3 2026, reinforcing the idea that demand is growing even though profitability has not followed yet

Losses Widen To About 225 Million Dollars

• Net income excluding extra items deteriorated to roughly negative $225.4 million in Q3 2026, versus about negative $49.9 million in both Q1 and Q2 2026 and around negative $41.9 million in Q3 2025, and on a trailing 12 month basis losses deepened from roughly negative $331.6 million to negative $371.9 million over the past year.
• Bears point to this pattern as evidence that growth is not yet translating into better margins, and the numbers give them material support, because:
  • quarterly basic EPS stayed negative across every period listed and moved from about negative $0.92 in Q3 2025 to roughly negative $4.58 in Q3 2026 while revenue rose
  • trailing 12 month basic EPS remained significantly below zero, at about negative $7.99 in Q3 2026 compared with roughly negative $7.44 in Q4 2024, so the business has not shown a shift toward profitability in the provided data

Premium Valuation With Mixed Signals

• At a share price near $12.90 and a price to sales ratio of about 4.9 times, Navan trades well above the US hospitality industry average of roughly 1.7 times and peer average of about 2.2 times, and also above a DCF fair value estimate of about $11.09, while analysts are collectively implying upside toward an approximate $25.08 price target, which is around 94.4 percent above the current level.
• For a bullish narrative, the tension is that strong revenue growth is paired with a valuation premium and ongoing losses, so the upside case leans heavily on forward expectations that are not yet visible in the EPS line, as shown by:
  • trailing 12 month revenue expanding 30.5 percent year over year even as trailing net income excluding extra items stayed around negative $371.9 million
  • the stock already sitting above the DCF fair value while still being framed as having significant upside by analyst targets, which assumes that future revenue growth around 20.05 percent annually will eventually justify both the premium multiple and the current loss profile

📊 Read the full Navan Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Navan's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Navan is growing revenue quickly but remains deeply loss making, with widening net losses, negative EPS trends and a premium valuation that still hinges on unproven future margins.

If you want stronger fundamentals backing your next idea, use our stable growth stocks screener (2087 results) to quickly focus on businesses already delivering consistent, sustainable revenue and earnings progress.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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