- Business travel rose 13.8 percent year-over-year in Q4, Navan reported.
- Air and hotel spend in the government and public sector rose 36.1 percent.
- The benchmark peaked in October 2025 despite the U.S. government shutdown.
BUSINESS TRAVEL INCREASED 13.8 percent year-over-year in the fourth quarter of 2025, exceeding the 1.2 percent growth reported by Transportation Security Administration travel data for the same period, according to Navan, a business travel, payments and expense management platform. For all of 2025, business travel rose 16.1 percent, compared with 0.1 percent growth recorded by the TSA.
Navan’s “Navan Business Travel Benchmark” peaked in October 2025 during the fall conference season despite the U.S. government shutdown. Business travel typically slows in the fourth quarter as people take time off for the holidays, leading to a 7.3 percent quarter-over-quarter decline from the third quarter.
“This quarter’s Navan Business Travel Benchmark confirms that nothing replaces the power of being in the room together,” said Anne Giviskos, Navan’s interim chief financial officer. “The gap between Navan’s 13.8 percent growth in the fourth quarter and the nearly flat 1.2 percent increase in TSA air travel data shows that businesses are strategically investing in what works—getting their people in front of customers and colleagues. This isn’t about spending more; it’s about investing smarter in the human connections essential for building a resilient business.”
Air and hotel spend in the government and public sector—including federal, state and local agencies, public universities and government contractors—rose 36.1 percent in the fourth quarter, the report said. Hospitality and travel grew 33.3 percent and energy and utilities 21.2 percent. Getting around remained the largest spend category, with growth of 21.6 percent in public transport, tolls and parking and 19.1 percent in taxi and rideshare.
The Nasdaq economics team backtested and validated the Navan BTB using its expertise in index construction and economic modeling.
Phil Mackintosh, Nasdaq’s chief economist, said business travel is an indicator of corporate growth, revenue and overall economic activity.
“We are pleased to support Navan by verifying the methodology applied in data analysis and their expertise in identifying trends that provide insights into business travel for organizations across regions and industries,” he said.
Spend growth outpaced volume growth, signaling a focus on ROI, the report said. Domestic volume grew 7.9 percent, while spend rose 17.8 percent, reflecting a choice to invest more per trip and accelerating growth in relationship-building categories. From the third to fourth quarter, growth in team events and meals rose from 2.7 percent to 4.6 percent and client entertainment shifted from -0.8 percent to 2.7 percent, showing a focus on maximizing in-person connections.
An October poll by the Global Business Travel Association found that confidence among global industry professionals is rising as companies adjust their business travel strategies. However, concerns remain about expected declines in business trip volume, spending and revenue in 2025.
