Navan CFO to Step Down After IPO Push

Navan, the corporate travel, payments, and expense management platform, released its first earnings report as a publicly traded company, also announcing that Chief Financial Officer Amy Butte will depart in January 2026, having guided the company through its IPO.

How was Q3 for Navan?

For the quarter ended October 31, 2025, Navan generated $195 million in revenue, up from approximately $151 million a year earlier, with gross booking volume rising 40 percent year over year to about $2.6 billion. The company also saw growth in both usage and subscription revenue. 

Despite the strong topline performance, Navan reported a net loss of $225 million, driven in part by one-time charges and elevated expenses tied to its expansion and public listing. 

CEO Ariel Cohen framed the results to as a strong start for the company in public markets, pointing to robust customer satisfaction and enterprise momentum across its AI-enabled travel and expense platform. 

Then why the CEO is leaving?

Navan confirmed that CFO Amy Butte will step down on January 9, 2026, after helping to prepare the company for public markets and deliver its first earnings report as a Nasdaq-listed company. Butte, who joined Navan in mid-2024 ahead of the IPO, will remain on as a strategic advisor during the transition while the company searches for a permanent successor; Anne Giviskos, SVP of Strategic Finance and Chief Accounting Officer, will serve as interim CFO. 

In comments quoted by the company, both Navan’s leadership and Butte herself described the transition as a natural milestone: having completed the IPO and the finance team build-out, she is moving on to pursue her next opportunity while supporting a smooth handover. 

This type of transition — where a CFO exits after navigating a company through an IPO — is pretty common in tech and growth-stage companies, as different skill sets are often required once public reporting and investor relations become routine.

What’s Navan’s current market position

Navan — formerly TripActions — has evolved from a corporate travel booking provider into a full all-in-one travel, payments, and expense management platform. It completed its IPO and began trading on the Nasdaq under ticker NAVN in late October 2025, raising significant capital, but it also faced some challenges in reflecting the challenging climate for tech IPOs. 

The company’s growth strategy includes expanding enterprise customer wins, deepening AI capabilities, and launching new products to simplify complex business travel workflows. In addition, Navan’s Business Travel Index data released earlier in 2025 showed that corporate travel activity was growing faster than broader US travel trends — a positive sign for its core market. 

Read our explainer to learn why Navan going public is such a big deal.