After a pandemic-era pullback and widespread adoption of virtual meetings, business travel is staging an unexpected comeback. According to travel expense software provider Navan’s Q2 2025 Business Travel Index, corporate travel activity is up 15% year over year and 54% above the post-pandemic baseline established in Q1 2023. While overall TSA passenger volume declined by 1%, business travel, according to Navan, is not just recovering, it’s expanding.

The data suggests a shift not just in how much companies are traveling, but how and why they travel. While recent data from other sources have indicated companies are “travelscrimping”, Navan’s data suggests that group travel is tapering off. While individual travel is rising as well, according to Navan, this may indicate a growing trend to move away from team off-sites and conference travel and towards targeted one-on-one or small group meetings.

Flying solo and sector trends

Business travel is increasingly being shaped by individual, on-the-go itineraries. Taxi and rideshare transactions jumped 22% and black car usage and personal meals increased 10% year over year. In contrast, team events and meals declined by 0.1%. Employees are still hitting the road, but not for internal collaboration or group off-sites. They’re traveling alone, likely for external check-ins and one-on-one sales or client meetings.

The pattern points to a shift in how companies are allocating travel budgets. Rather than funding large internal gatherings, which saw a post-pandemic resurgence, organizations appear to be channeling resources into targeted, externally focused trips. The flat lining of team-related expenses alongside the rise in solo categories suggests a strategic tilt toward more cost efficient trips with purpose and ROI in mind.

The business travel index breaks out travel activity by industry, revealing where travel is viewed as essential and where it is not. Financial services saw the largest increase, up 31%, followed by media and entertainment (25%), real estate (19%) and professional services (18%). International hotel spend rose 17% year over year from Q2 2024, surpassing the 12% increase in domestic stays.

On the flip side, health care and life sciences reduced travel by 15%, while nonprofits and hospitality also cut back. The divide reflects differing operational realities. Some sectors rely heavily on in-person relationships to drive growth. Others are under pressure to do more with less or have adopted virtual tools more effectively.

Seasonality, scrutiny and the CFO lens

Seasonal factors also tell part of the story. The index shows business travel peaking in spring and again in September, coinciding with planning cycles, conferences and client engagements. Travel dips during the summer and holiday periods, as schools go into break and workers, including many CFOs, use vacation time.

This predictable cadence provides a chance for finance teams to plan. Budget owners can be encouraged to batch travel, avoid last-minute bookings and tie trip approvals to defined business milestones. The challenge for finance teams is less about eliminating travel and more about auditing its purpose and calculating ROI.

Business travel isn’t what it was pre-pandemic, and it is likely forever changed. The patterns, priorities and participants may be different, but the need for oversight is not. As business travel continues to evolve, finance teams have an opportunity to reshape it, not just to reflect where the business is going, but to ensure every trip has a purpose, a plan and a payoff.