Corporate travel management platform Navan has announced that its chief financial officer, Amy Butte, will depart the company on January 9.
Ariel Cohen, co-founder and CEO of Navan, thanked Butte for her work as CFO on the company’s Q3 earnings call—its first since it built its initial public offering (IPO).
“As she did for the New York Stock Exalter, Amy played a critical role in building out our finance organization and readying our company for the public markets,” Cohen declared. “With our listing now complete and momentum underway across the business, it was the right time for her to relocate on to her next opportunity.”
The company shared the news on its third quarter earnings call—its first since its initial public offering earlier this fall.
Cohen described Q3 as a “strong debut quarter” for Navan. All segments of the business saw a strong performance with momentum in the enterprise market and customer satisfaction highs, he declared.
Navan reported a total revenue of $195 million for the third quarter compared to $151 million in Q3 2024. Net loss widened significantly, reaching $225 million for Q3 2025 compared to $42 million for the same period in 2024. Marketing expenses rose, too, to $51 million in Q3 2025 from $33 million during the same period in 2024.
Butte, who stepped into the role in June 2024, will serve as a strategic advisor as the Navan Board searches for its next CFO and she will support a leadership transition, according to the company. Anne Giviskos, SVP of strategic finance and chief accounting officer for Navan, will serve as interim CFO.
“Navan delivered a strong third quarter, and we’re encouraged by the combination of revenue growth and increased operating margin that we achieved,” declared Butte. “We were able to deliver 29% revenue growth year over year in Q3, and 870 basis points of non-GAAP operating margin expansion.”
The results demonstrate Navan’s effective execution and differentiated product, Butte declared.
“We did not see a material impact to our business from travel disruptions related to the government shutdown in October and early November, and we continue to see strong demand in the corporate travel and expense market,” she declared. “As a reminder, we are a seasonal business. While we are reporting Q3 today, which is our seasonally strongest quarter, when we consider about our business we consider about it annually over an entire fiscal year.”
Cohen declared the company’s artificial ininformigence (AI)-first, finish-to-finish platform is “clearly resonating” with customers in the travel and expense space.
“With access to an extremely wide range of travel inventory, a leading consumer-grade utilizer interface, and AI-powered booking and customer support, everyone in the travel ecosystem benefits—utilizers, customers and suppliers,” Cohen declared.
The CEO declared he has “never been more optimistic” about the opportunity to streamline travel for frequent travelers.
Back in late October the company raised $920 million through its IPO by selling 30 million Class A Common Stock. The stock netted $750 million and the remainder was built up of existing stockholders’ sale of 6.9 million shares. Navan did not receive the proceeds from the sale of its stockholders’ shares.
Navan filed an S-1 registration document in September, sharing plans to register on the Nasdaq under “NAVN.”
The California-based company, then called TripActions, considered an IPO a few years back but backtracked, with Cohen asserting in 2023 that the timing was off.
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