What move does the options market price into Navan's report?

Implied ±16.7%, either direction · provisional.

How often does Navan move more than the options market prices?

3 of the last 4 reports moved at least as far as the implied move.

NAVNNasdaqServices-Prepackaged Software

Navan, Inc. (NAVN) earnings date, market-implied expected move, and options open interest by expiry

25.05

−0.33 · −1.30%

Regular session13:28 ET

Open25.30Volume2.4MMkt cap$6.7BEPS-2.10

Day24.92 – 25.3034%52-wk8.11 – 30.8874%

NAVN

Navan, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±16.7%implied · straddle

21.1529.61

spot 25.38exp Dec 18ATM strike 25ATM straddle 4.98IV 70%

Nov 2 closeprovisional

Expected move

Inputs

Next report

Dec 14

after close · in 41 days

est.Q3 FY27

Calendar

Next report

Last report

−21.75%

vs ±14.1% implied · ×1.54

shaded = implied · ▲▼ = realized

Sep 9 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+2.21%

shares held · 10 largest managers

13F · Jun 30 '26126d lag

208 managers

Top fund weight

0.07%

NAVN weight · IWM

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Navan (NAVN) is expected to report on Dec 14 after close (estimated date).

Implied vs realized

4 reports

3 of 4≥ implied

avg implied: ±16.3%
avg realized: ±21.3%

Q3 FY26Dec 15 '25confirmed±11.0%▼−11.86%×1.08

Q1 FY27Mar 25 '26confirmed±21.6%▲+43.28%×2.00

Jun 10 '26Jun 10 '26confirmed±18.4%▲+8.43%×0.46

Q2 FY27Sep 9 '26confirmed±14.1%▼−21.75%×1.54

quarterimplied−45%0+45%realized×

Q2 FY27±14.1%▼−21.75%×1.54

Jun '26±18.4%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 16 close

0.44OI · 3 expiries · Oct 16 closeP/C open interest · Jan 15 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

578+6%Nov 2017d1.45399+21%1.45

report · Dec 14 · after close · est.

3,003+1%Jan 1573d6,814+1%

644—Apr 16164d0.096,993—0.09

ExpiryPutsCallsP/C

Nov 2017d578+6%399+21%1.45

report · Dec 14 · after close · est.

Jan 1573d3,003+1%6,814+1%0.44

Apr 16164d644—

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±16.7%

Funds 3

IWM±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY27

−12.51%as filednet margin · revenue +5.70% QoQ · +35.38% YoY

Revenue$233M+5.70%

Gross profit$172M74.09%+5.77%

Operating income−$26M−10.98%−41.20%

Pre-tax income−$26M−33.39%

Net income−$29M−12.51%−41.99%

Cost of revenue$60M+5.50%

Operating expenses$198M+9.31%

Tax$3M+253.24%

Other expense−$714,000+55.24%

Source: SEC filings · standardized · QE Jul 31 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 2 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 13:15 ET

Intraday

Event sensitivity

PPI ×1.84· ±6.8% vs ±3.7% · 10 releases

eventrelease day|move|up · n×base

PPIproducer prices±6.8%3 of 10×1.84

NFPjobs report±4.4%4 of 10×1.21

FOMCrate decision±3.7%5 of 7×1.01

CPIconsumer prices±2.3%6 of 10×0.62

CPROFcorporate profits±2.2%4 of 7×0.59

PCEpersonal income & outlays±2.0%7 of 10×0.55

GDPgross domestic product±1.6%7 of 10×0.43

Bar = avg |move| to ±7% · tick = ±3.7% avg day · ×base = |move| ÷ ±3.7% · min 6 releases

Earnings history

EPS -0.11 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY27	Sep 9 '26 · confirmed	-0.11	—
Q1 FY27	Mar 25 '26 · confirmed	-0.08	—
Q3 FY26	Dec 15 '25 · confirmed	-4.58	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod