Navan Business Travel Index: Findings from Q3 2025

When we launched the Navan Business Travel Index (BTI) in July, it was proof of what we had been hearing from our customers and the business world at large: Companies were traveling more. 

Now we’ve published the second edition of the Navan BTI — our quarterly report measuring business travel activity, compiled from Navan data using a proprietary methodology and validated by Nasdaq. 

The main finding: YoY business travel activity in Q3 2025 increased by double digits — far exceeding the 0.6% YoY growth seen in TSA travel data during the same period.

Growth was exceptionally strong in international expenses, but the data showed that growth occurred across every metric: international and domestic travel volume, as well as corresponding spend across air, hotels, and expenses.

Get the latest numbers: Download the Navan BTI for Q3 2025.

Who’s Spending — and How?

The Navan BTI not only measures overall growth; it also includes more granular data, such as which industries are traveling the most and what they’re spending money on. 

In Q3, almost all of the 13 industries tracked by the Navan BTI saw a YoY increase in air and hotel spend and volume. Financial Services, for example, experienced the second-largest increase, at 24.3%, followed closely by Media & Entertainment, at 24.2%. Just two industries experienced declines.

What are companies spending on? The three biggest increases in the expense category were: Taxi & Rideshare; Public Transport, Tolls & Parking; and Black Cars. While only one category saw a decline, it was a notable one. 

Of course, business travel is seasonal, and while activity traditionally slows at the end of the year, Q3 typically represents the year’s busiest three-month period. Increases like those we saw in Q3 2025 are a strong sign that companies continue to value the powerful impact business travel can have on company growth.

Read the entire report: Download the Navan BTI for Q3 2025.