Gap Inc. (GAP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.49	$1.38	+181.6%	—	$3.7B	—
Q1 27	$0.38	$0.38	0.0%	—	$3.5B	—
Q4 26	$0.46	$0.45	-2.2%	—	$4.2B	—
Q3 26	$0.59	$0.62	+5.1%	—	$3.9B	—
Q2 26	$0.55	$0.57	+3.6%	—	$3.7B	—
Q1 26	$0.45	$0.51	+13.3%	—	$3.5B	—
Q4 25	$0.37	$0.54	+45.9%	—	$4.1B	—
Q3 25	$0.58	$0.72	+24.1%	—	$3.8B	—
Q2 25	$0.4	$0.54	+35.0%	—	$3.7B	—
Q1 25	$0.18	$0.41	+127.8%	—	$3.4B	—
Q4 24	$0.28	$0.49	+75.0%	—	$4.3B	—
Q3 24	$0.2	$0.59	+195.0%	—	$3.8B	—
Q2 24	$0.1	$0.34	+240.0%	—	$3.5B	—
Q1 24	-$0.16	$0.01	+106.3%	—	$3.3B	—
Q4 23	-$0.46	-$0.75	-63.0%	—	$4.2B	—
Q3 23	—	$0.77	—	—	$4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.19	—	—	$15.4B	—
FY25	—	$2.24	—	—	$15.1B	—
FY24	—	$1.36	—	—	$14.9B	—
FY23	—	-$0.55	—	—	$15.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$15.5B	$15.9B	$16.6B	$16.4B	$13.8B	$16.7B	$15.6B	$14.9B	$15.1B	$15.4B
YoY change	-1.78%	+2.18%	+4.57%	-1.19%	-15.8%	+20.8%	-6.32%	-4.66%	+1.32%	+1.86%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	15.5B	15.9B	16.6B	16.4B	13.8B	16.7B	15.6B	14.9B	15.1B	15.4B
Cost of revenue	9.9B	9.8B	10.3B	10.3B	9.1B	10B	10.3B	9.1B	8.9B	9.1B
Gross profit	5.6B	6.1B	6.3B	6.1B	4.7B	6.6B	5.4B	5.8B	6.2B	6.3B
Gross margin	36.3%	38.3%	38.1%	37.4%	34.1%	39.8%	34.3%	38.8%	41.3%	40.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	4.4B	4.6B	5B	5.6B	—	—	—	—	—	—
Operating income	1.2B	1.5B	1.4B	574M	-862M	810M	-69M	560M	1.1B	1.1B
Operating margin	7.68%	9.33%	8.21%	3.5%	-6.25%	4.86%	-0.44%	3.76%	7.37%	7.26%
Non-operating income, net	—	—	—	—	-58M	-325M	—	—	—	—
Pretax income	1.1B	1.4B	1.3B	528M	-1.1B	323M	-139M	556M	1.1B	1.1B
Income tax	448M	576M	319M	177M	-437M	67M	63M	54M	293M	316M
Net income	676M	848M	1B	351M	-665M	256M	-202M	502M	844M	816M
Net margin	4.36%	5.35%	6.05%	2.14%	-4.82%	1.54%	-1.29%	3.37%	5.59%	5.31%
EBITDA	1.8B	2.1B	2B	1.2B	-345M	1.3B	489M	1.2B	1.7B	1.7B
EPS	1.69	2.16	2.61	0.93	-1.78	0.68	-0.55	1.36	2.24	2.19
Diluted EPS	1.69	2.14	2.59	0.93	-1.78	0.67	-0.55	1.34	2.2	2.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	3.8B	4.3B	3.4B	3.7B	3.8B	4.1B	3.5B	3.7B	3.9B	4.2B	3.5B	3.7B
Cost of revenue	2.2B	2.6B	2B	2.1B	2.2B	2.5B	2B	2.2B	2.3B	2.6B	2.1B	1.7B
Gross profit	1.6B	1.7B	1.4B	1.6B	1.6B	1.6B	1.4B	1.5B	1.7B	1.6B	1.4B	1.9B
Gross margin	41.3%	38.9%	41.2%	42.6%	42.7%	38.9%	41.8%	41.2%	42.4%	38.1%	40.5%	52.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	250M	214M	205M	293M	355M	259M	260M	292M	334M	229M	445M	676M
Operating margin	6.64%	4.98%	6.05%	7.88%	9.27%	6.24%	7.51%	7.84%	8.47%	5.41%	12.7%	18.5%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	250M	218M	208M	296M	361M	272M	263M	296M	337M	236M	450M	680M
Income tax	32M	33M	50M	90M	87M	66M	70M	80M	101M	65M	111M	179M
Net income	218M	185M	158M	206M	274M	206M	193M	216M	236M	171M	339M	501M
Net margin	5.79%	4.3%	4.66%	5.54%	7.16%	4.97%	5.57%	5.8%	5.99%	4.04%	9.69%	13.7%
EBITDA	405M	370M	353M	443M	508M	420M	407M	441M	485M	388M	600M	835M
EPS	0.59	0.5	0.42	0.55	0.73	0.55	0.51	0.58	0.63	0.46	0.92	1.41
Diluted EPS	0.58	0.49	0.41	0.54	0.72	0.54	0.51	0.57	0.62	0.45	0.9	1.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	9.2B	13.1B	9.8B	6.5B	7.6B	6.8B	5B	6.9B	9.1B	10.4B	8.1B
Enterprise value	8.7B	12.5B	9.7B	12.6B	12.8B	12.2B	9.8B	10.5B	11.9B	13B	10.9B
Shares outstanding	399M	393M	385M	376M	374M	376M	367M	370M	376M	373M	373M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	13.6	15.4	9.77	18.7	—	26.5	—	13.8	10.7	12.8	6.57
P/S	0.59	0.82	0.59	0.4	0.55	0.41	0.32	0.46	0.6	0.68	0.5
P/B	3.16	4.16	2.76	1.97	2.9	2.5	2.23	2.66	2.77	2.75	1.94
EV/EBITDA	4.87	6.09	4.9	10.8	-37.2	9.23	20	8.98	6.92	7.58	7.42
EV/Sales	0.56	0.79	0.58	0.77	0.93	0.73	0.63	0.7	0.79	0.85	0.71
Earnings yield	7.36%	6.49%	10.2%	5.36%	—	3.77%	—	7.26%	9.33%	7.82%	15.2%
FCF yield	13%	4.97%	6.9%	5.59%	-2.05%	1.69%	-1.57%	16.1%	11.5%	7.89%	3.06%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	36.3%	38.3%	38.1%	37.4%	34.1%	39.8%	34.3%	38.8%	41.3%	40.8%	52.8%
Operating margin	7.68%	9.33%	8.21%	3.5%	-6.25%	4.86%	-0.44%	3.76%	7.37%	7.26%	6.71%
Net margin	4.36%	5.35%	6.05%	2.14%	-4.82%	1.54%	-1.29%	3.37%	5.59%	5.31%	8.14%
ROE	23.3%	27%	28.2%	10.6%	-25.4%	9.4%	-9.05%	19.3%	25.9%	21.5%	33.8%
ROA	8.88%	10.6%	12.5%	2.57%	-4.83%	2.01%	-1.77%	4.55%	7.1%	6.46%	4.78%
ROIC	29.4%	33.7%	30.1%	4.09%	-10.9%	7.93%	-0.98%	8.2%	13.4%	12.5%	17.2%
Return on tangible assets	9.39%	11.2%	13.1%	2.66%	-4.95%	2.1%	-1.87%	4.79%	7.43%	6.74%	9.7%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.76	1.86	1.96	1.41	1.55	1.27	1.42	1.42	1.6	1.75	1.82
Quick ratio	1.01	1.04	0.98	0.74	0.92	0.53	0.68	0.78	0.96	1.08	1.11
Debt / equity	0.45	0.4	0.35	2.32	2.93	2.3	2.7	2.1	1.68	1.48	1.45
Debt / assets	0.17	0.16	0.16	0.56	0.56	0.49	0.53	0.49	0.46	0.44	0.44
Net debt / EBITDA	-0.26	-0.26	-0.06	5.19	-15.3	4.07	9.83	3.05	1.67	1.52	1.4
Interest coverage	16	20.2	19.1	7.95	-4.74	2.93	-0.58	7.18	14.1	13.2	19.3
Effective tax rate	39.9%	40.4%	24.1%	33.5%	0%	20.7%	0%	9.71%	25.8%	27.9%	26.8%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	38.9	40.3	43.1	43.6	36.9	44.3	42.6	40.2	40.1	41.2	41.8
EPS (basic)	1.69	2.16	2.61	0.93	-1.78	0.68	-0.55	1.36	2.24	2.19	2.19
EPS (diluted)	1.69	2.14	2.59	0.93	-1.78	0.67	-0.55	1.34	2.2	2.13	3.32
Book value per share	7.28	8	9.23	8.82	6.99	7.24	6.08	7.01	8.68	10.2	11.3
FCF per share	2.99	1.65	1.76	0.97	-0.41	0.31	-0.21	3.01	2.76	2.21	2.64
Cash per share	4.47	4.54	3.56	4.4	6.41	2.33	3.31	5.06	6.88	8.05	7.07
Capex per share	1.31	1.69	1.83	2.19	1.05	1.85	0.62	0.93	1.17	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	3.38%	4.19%	4.25%	5.04%	2.84%	4.16%	1.45%	2.31%	2.92%	—	—
Capex / operating cash flow	36.2%	48.9%	47.8%	82.6%	-653.3%	210.9%	52.8%	23.2%	30.1%	—	—
Payout ratio	54.3%	42.6%	37.2%	103.7%	0%	88.3%	-108.9%	44.2%	26.7%	30.3%	20.5%
Dividend yield	3.99%	2.76%	3.81%	5.56%	0%	3.33%	4.42%	3.21%	2.49%	2.37%	3.05%

Yield

3.05%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.175

ex-dividend Jul 8, 2026

Payout ratio

20%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 8, 2026	$0.175
Apr 8, 2026	$0.175
Jan 7, 2026	$0.165
Oct 8, 2025	$0.165
Jul 9, 2025	$0.165
Apr 9, 2025	$0.165
Jan 8, 2025	$0.15
Oct 9, 2024	$0.15

Split history

Date	Ratio
Jun 22, 1999	3:2
Dec 1, 1998	3:2

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$3.8B	$4.3B	$3.4B	$3.7B	$3.8B	$4.1B	$3.5B	$3.7B	$3.9B	$4.2B	$3.5B	$3.7B
YoY change	-6.73%	+1.3%	+3.42%	+4.85%	+1.65%	-3.47%	+2.21%	+0.13%	+2.95%	+2.1%	+0.98%	-1.99%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.8B	1.8B	1.4B	1.7B	2.4B	877M	1.2B	1.9B	2.6B	3B
Receivables	335M	282M	321M	316M	363M	399M	340M	289M	301M	316M
Inventory	1.8B	2B	2.1B	2.2B	2.5B	3B	2.4B	2B	2.1B	2.2B
Total current assets	4.3B	4.6B	4.3B	4.5B	6B	5.2B	4.6B	4.4B	5.2B	5.8B
Property, plant & equipment	2.6B	2.8B	2.9B	8.5B	7.1B	6.7B	5.9B	5.7B	5.7B	6B
Goodwill & intangibles	408M	408M	402M	460M	340M	594M	576M	558M	532M	532M
Total assets	7.6B	8B	8B	13.7B	13.8B	12.8B	11.4B	11B	11.9B	12.6B
Accounts payable	1.2B	1.2B	1.1B	1.2B	1.7B	2B	1.3B	1.3B	1.5B	1.6B
Short-term debt	65M	—	—	920M	831M	734M	667M	600M	632M	634M
Total current liabilities	2.5B	2.5B	2.2B	3.2B	3.9B	4.1B	3.3B	3.1B	3.3B	3.3B
Long-term debt	1.2B	1.2B	1.2B	6.8B	6.8B	5.5B	5.4B	4.8B	4.8B	5B
Total liabilities	4.7B	4.8B	4.5B	10.4B	11.2B	10B	9.2B	8.4B	8.6B	8.8B
Shareholders' equity	2.9B	3.1B	3.6B	3.3B	2.6B	2.7B	2.2B	2.6B	3.3B	3.8B
Total debt	1.3B	1.2B	1.2B	7.7B	7.7B	6.3B	6B	5.4B	5.5B	5.6B
Net debt	-470M	-534M	168M	6.3B	5.7B	5.4B	4.8B	3.6B	3.1B	3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	1.4B	1.9B	1.7B	2.1B	2.2B	2.6B	2.2B	2.4B	2.5B	3B	2.6B	2.5B
Receivables	—	289M	—	—	—	301M	—	—	—	316M	—	—
Inventory	2.4B	2B	2B	2.1B	2.3B	2.1B	2.1B	2.3B	2.5B	2.2B	2.1B	2.3B
Total current assets	4.4B	4.4B	4.2B	4.8B	5.1B	5.2B	4.9B	5.4B	5.6B	5.8B	5.2B	5.9B
Property, plant & equipment	5.8B	5.7B	5.7B	5.7B	5.8B	5.7B	5.7B	5.9B	5.9B	6B	6B	6.1B
Goodwill & intangibles	—	558M	—	—	—	532M	—	—	—	532M	—	—
Total assets	11.1B	11B	10.9B	11.5B	11.9B	11.9B	11.6B	12.1B	12.4B	12.6B	12.1B	12.9B
Accounts payable	1.4B	1.3B	1.2B	1.5B	1.5B	1.5B	1.3B	1.7B	1.5B	1.6B	1.3B	1.7B
Short-term debt	604M	600M	624M	613M	617M	632M	633M	631M	629M	634M	631M	618M
Total current liabilities	3.1B	3.1B	2.8B	3.2B	3.3B	3.3B	2.9B	3.2B	3.3B	3.3B	2.9B	3.2B
Long-term debt	4.9B	4.8B	4.9B	4.8B	4.8B	4.8B	4.9B	5B	4.9B	5B	5B	5.1B
Total liabilities	8.6B	8.4B	8.2B	8.6B	8.7B	8.6B	8.2B	8.7B	8.7B	8.8B	8.5B	8.9B
Shareholders' equity	2.5B	2.6B	2.7B	2.9B	3.1B	3.3B	3.3B	3.4B	3.6B	3.8B	3.7B	4B
Total debt	5.5B	5.4B	5.5B	5.5B	5.5B	5.5B	5.5B	5.6B	5.5B	5.6B	5.6B	5.7B
Net debt	4.2B	3.6B	4B	3.6B	3.5B	3.1B	3.5B	3.4B	3.3B	3B	3.5B	3.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	676M	848M	1B	351M	-665M	256M	-202M	502M	844M	816M
Depreciation & amortization	593M	559M	578M	557M	507M	504M	540M	522M	500M	496M
Stock-based compensation	76M	87M	91M	68M	77M	139M	37M	80M	126M	162M
Change in working capital	226M	-144M	-190M	114M	146M	-554M	23M	413M	-28M	-194M
Operating cash flow	1.4B	1.4B	1.5B	999M	-60M	329M	430M	1.5B	1.5B	1.3B
Capital expenditure	-524M	-665M	-705M	-825M	-392M	-694M	-227M	-344M	-440M	—
Investing cash flow	-529M	-666M	-1B	-894M	-510M	-446M	-227M	-334M	-692M	-130M
Dividends paid	-367M	-361M	-373M	-364M	0	-226M	-220M	-222M	-225M	-247M
Share repurchases	0	-315M	-398M	-200M	0	-201M	-123M	0	-75M	-155M
Financing cash flow	-1.2B	-761M	-795M	-585M	873M	-1.5B	-21M	-944M	-353M	-444M
Net change in cash	-288M	-68M	-320M	-480M	303M	-1.6B	182M	207M	419M	719M
Free cash flow	1.2B	649M	676M	366M	-155M	115M	-78M	1.1B	1B	823M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	218M	185M	158M	206M	274M	206M	193M	216M	236M	171M	339M	501M
Depreciation & amortization	127M	128M	124M	123M	124M	129M	121M	122M	125M	128M	128M	131M
Stock-based compensation	20M	16M	27M	31M	27M	41M	37M	34M	37M	54M	40M	—
Change in working capital	-148M	362M	-133M	79M	-262M	288M	-282M	90M	-317M	351M	-217M	-321M
Operating cash flow	194M	647M	175M	431M	185M	673M	76M	448M	299M	686M	213M	337M
Capital expenditure	-89M	-132M	-93M	-89M	-148M	-110M	-83M	—	—	—	—	—
Investing cash flow	-91M	-132M	-291M	-134M	-151M	-111M	-73M	7M	-17M	-130M	-14M	18M
Dividends paid	-55M	-56M	-56M	-56M	-57M	-56M	-61M	-62M	-62M	-62M	-63M	-62M
Share repurchases	0	0	—	—	—	—	-70M	-82M	0	-3M	-401M	-200M
Financing cash flow	-212M	-60M	-87M	-58M	-75M	-58M	-159M	-145M	-72M	-68M	-526M	-263M
Net change in cash	-109M	455M	-203M	239M	-41M	504M	-156M	310M	210M	488M	-327M	92M
Free cash flow	215M	568M	-63M	460M	143M	499M	-223M	350M	153M	543M	78M	183M

Gap Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement