SCHEDULE 13G 0001602573 XXXXXXXX LIVE Class A Common Stock, par value $0.00000625 per share 12/31/2025 0001639723 NAVAN, INC. 639193101 3045 Park Boulevard Palo Alto CA 94306 Rule 13d-1(d) Lightspeed Venture Partners X, L.P. b E9 0.00 23365502.00 0.00 23365502.00 23365502.00 10.0 PN Lightspeed Affiliates X, L.P. b E9 0.00 192885.00 0.00 192885.00 192885.00 0.1 PN Lightspeed General Partner X, L.P. b E9 0.00 23558387.00 0.00 23558387.00 23558387.00 10.1 PN Lightspeed Ultimate General Partner X, Ltd. b E9 0.00 23558387.00 0.00 23558387.00 23558387.00 10.1 OO Lightspeed Opportunity Fund, L.P. b E9 0.00 4780989.00 0.00 4780989.00 4780989.00 2.0 PN Lightspeed General Partner Opportunity Fund, L.P. b E9 0.00 4780989.00 0.00 4780989.00 4780989.00 2.0 PN Lightspeed Ultimate General Partner Opportunity Fund, Ltd. b E9 0.00 4780989.00 0.00 4780989.00 4780989.00 2.0 OO Lightspeed Strategic Partners I L.P. b E9 0.00 587965.00 0.00 587965.00 587965.00 0.3 PN Lightspeed Strategic Partners General Partner I L.P. b E9 0.00 587965.00 0.00 587965.00 587965.00 0.3 PN Lightspeed Strategic Partners Ultimate General Partner I L.L.C. b E9 0.00 587965.00 0.00 587965.00 587965.00 0.3 OO Lightspeed Venture Partners Select II, L.P. b E9 0.00 14859595.00 0.00 14859595.00 14859595.00 6.4 PN Lightspeed General Partner Select II, L.P. b E9 0.00 14859595.00 0.00 14859595.00 14859595.00 6.4 PN Lightspeed Ultimate General Partner Select II, Ltd. b E9 0.00 14859595.00 0.00 14859595.00 14859595.00 6.4 OO Lightspeed Venture Partners Select III, L.P. b E9 0.00 6134518.00 0.00 6134518.00 6134518.00 2.6 PN Lightspeed General Partner Select III, L.P. b E9 0.00 6134518.00 0.00 6134518.00 6134518.00 2.6 PN Lightspeed Ultimate General Partner Select III, Ltd. b E9 0.00 6134518.00 0.00 6134518.00 6134518.00 2.6 OO NAVAN, INC. 3045 Park Boulevard, Palo Alto, CA, 94306. The names of the persons filing this report (collectively, the "Reporting Persons") are: Lightspeed Venture Partners X, L.P. ("Lightspeed X") Lightspeed Affiliates X, L.P. ("Lightspeed Affiliates X") Lightspeed General Partner X, L.P. ("LGP X") Lightspeed Ultimate General Partner X, Ltd. ("LUGP X") Lightspeed Opportunity Fund, L.P. ("Opportunity") Lightspeed General Partner Opportunity Fund, L.P. ("LGP Opportunity") Lightspeed Ultimate General Partner Opportunity Fund, Ltd. ("LUGP Opportunity") Lightspeed Strategic Partners I L.P. ("Strategic") Lightspeed Strategic Partners General Partner I L.P. ("LGP Strategic") Lightspeed Strategic Partners Ultimate General Partner I L.L.C. ("LUGP Strategic") Lightspeed Venture Partners Select II, L.P. ("Lightspeed Select II") Lightspeed General Partner Select II, L.P. ("LGP Select II") Lightspeed Ultimate General Partner Select II, Ltd. ("LUGP Select II") Lightspeed Venture Partners Select III, L.P. ("Lightspeed Select III") Lightspeed General Partner Select III, L.P. ("LGP Select III") Lightspeed Ultimate General Partner Select III, Ltd. ("LUGP Select III") The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G. c/o Lightspeed Venture Partners 2200 Sand Hill Road Menlo Park, CA 94025 Lightspeed X Cayman Islands Lightspeed Affiliates X Cayman Islands LGP X Cayman Islands LUGP X Cayman Islands Opportunity Cayman Islands LGP Opportunity Cayman Islands LUGP Opportunity Cayman Islands Strategic Cayman Islands LGP Strategic Cayman Islands LUGP Strategic Cayman Islands Lightspeed Select II Cayman Islands LGP Select II Cayman Islands LUGP Select II Cayman Islands Lightspeed Select III Cayman Islands LGP Select III Cayman Islands LUGP Select III Cayman Islands Y Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. The Reporting Persons' ownership of the Issuer's securities includes (i) 23,365,502 shares of Class A common stock directly held by Lightspeed X; (ii) 192,885 shares of Class A common stock directly held by Affiliates X; (iii) 4,780,989 shares of Class A common stock directly held by Opportunity; (iv) 587,965 shares of Class A common stock directly held by Strategic; (v) 14,859,595 shares of Class A common stock directly held by Lightspeed Select II; and (vi) 6,134,518 shares of Class A common stock directly held by Lightspeed Select III. Collectively, the Reporting Persons beneficially own an aggregate of 49,921,454 shares of Class A common stock. LUGP X serves as the sole general partner of LGP X, which serves as the sole general partner of each of Lightspeed X and Affiliates X. LUGP Opportunity serves as the sole general partner of LGP Opportunity, which serves as the sole general partner of Opportunity. LUGP Strategic serves as the sole general partner of LGP Strategic, which serves as the sole general partner of Strategic. LUGP Select II serves as the sole general partner of LGP Select II, which serves as the sole general partner of Lightspeed Select II. LUGP Select III serves as the sole general partner of LGP Select III, which serves as the sole general partner of Lightspeed Select III. Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the shares of Class A common stock of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Collectively, the Reporting Persons beneficially own 21.4% of the common stock of the Issuer. The foregoing percentages are based upon 233,339,369 shares of Class A common stock outstanding as of December 8, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on December 15, 2025. Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of December 31, 2025 and is incorporated by reference. Y Y Y Y Y Y Exhibit 99.1 Joint Filing Agreement Lightspeed Venture Partners X, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Affiliates X, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed General Partner X, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Ultimate General Partner X, Ltd. /s/ Ravi Mhatre 02/17/2026 Lightspeed Opportunity Fund, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed General Partner Opportunity Fund, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Ultimate General Partner Opportunity Fund, Ltd. /s/ Ravi Mhatre 02/17/2026 Lightspeed Strategic Partners I L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Strategic Partners General Partner I L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Strategic Partners Ultimate General Partner I L.L.C. /s/ Ravi Mhatre 02/17/2026 Lightspeed Venture Partners Select II, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed General Partner Select II, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Ultimate General Partner Select II, Ltd. /s/ Ravi Mhatre 02/17/2026 Lightspeed Venture Partners Select III, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed General Partner Select III, L.P. /s/ Ravi Mhatre 02/17/2026 Lightspeed Ultimate General Partner Select III, Ltd. /s/ Ravi Mhatre 02/17/2026 Note 1: By Lightspeed General Partner X, L.P., its General Partner, By Lightspeed Ultimate General Partner X, Ltd., its General Partner, By Ravi Mhatre, Director Note 2: By Lightspeed General Partner Opportunity Fund, L.P., its General Partner, By Lightspeed Ultimate General Partner Opportunity Fund, Ltd., its General Partner, By Ravi Mhatre, Director Note 3: By Lightspeed Strategic Partners General Partner I L.P., its General Partner, Lightspeed Strategic Partners Ultimate General Partner I L.L.C., its General Partner, By Ravi Mhatre, Director Note 4: By Lightspeed General Partner Select II, L.P., its General Partner, By Lightspeed Ultimate General Partner Select II, Ltd., its General Partner, By Ravi Mhatre, Director Note 5: By Lightspeed General Partner Select III, L.P., its General Partner, By Lightspeed Ultimate General Partner Select III, Ltd., its General Partner, By Ravi Mhatre, Director