NYSE : GAP
The Gap, Inc. — Financial statements
Consumer Discretionary · Apparel Retail · United States
Last price 22.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.84B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
The Gap, Inc. (GAP) reported revenue of 15.33B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 15.33B | 15.37B | 15.09B | 14.89B | 15.62B | 16.67B |
| Cost of Revenue | 9.11B | 9.10B | 8.86B | 9.11B | 10.26B | 10.03B |
| Gross Profit | 6.21B | 6.27B | 6.23B | 5.78B | 5.36B | 6.64B |
| Selling, General & Admin | 5.20B | 5.11B | 5.07B | 5.18B | 5.38B | 5.72B |
| Research & Development | 60.00M | 60.00M | 40.00M | 37.00M | 46.00M | 41.00M |
| Operating Expenses | 5.26B | 5.17B | 5.11B | 5.22B | 5.42B | 5.76B |
| Operating Income | 956.00M | 1.10B | 1.11B | 558.00M | -64.00M | 878.00M |
| Interest Expense | -93.00M | -93.00M | -87.00M | -90.00M | -88.00M | -167.00M |
| Interest & Investment Income | 112.00M | 110.00M | 112.00M | 86.00M | 18.00M | 5.00M |
| Currency Exchange Gain (Loss) | 48.00M | 12.00M | -2.00M | 2.00M | -2.00M | |
| EBT Excluding Unusual Items | 1.02B | 1.13B | 1.14B | 556.00M | -136.00M | 716.00M |
| Gain (Loss) on Sale of Assets | 48.00M | -59.00M | ||||
| Asset Writedown | -51.00M | -9.00M | ||||
| Other Unusual Items | 417.00M | -325.00M | ||||
| Pretax Income | 1.70B | 1.13B | 1.14B | 556.00M | -139.00M | 323.00M |
| Income Tax Expense | 456.00M | 316.00M | 293.00M | 54.00M | 63.00M | 67.00M |
| Net Income | 1.25B | 816.00M | 844.00M | 502.00M | -202.00M | 256.00M |
| Net Income to Common | 1.25B | 816.00M | 844.00M | 502.00M | -202.00M | 256.00M |
| Shares Outstanding (Basic) | 366.50M | 373.00M | 376.00M | 370.00M | 367.00M | 376.00M |
| Shares Outstanding (Diluted) | 379.00M | 384.00M | 384.00M | 376.00M | 367.00M | 383.00M |
| EPS (Basic) | 3.40 | 2.19 | 2.24 | 1.36 | -0.55 | 0.68 |
| EPS (Diluted) | 3.29 | 2.13 | 2.20 | 1.34 | -0.55 | 0.67 |
| Free Cash Flow | 957.00M | 823.00M | 1.04B | 1.11B | -78.00M | 115.00M |
| Free Cash Flow Per Share | 2.52 | 2.14 | 2.71 | 2.96 | -0.21 | 0.30 |
| Dividend Per Share | 0.68 | 0.66 | 0.60 | 0.60 | 0.60 | 0.36 |
| Gross Margin | 40.54% | 40.79% | 41.28% | 38.79% | 34.32% | 39.81% |
| Operating Margin | 6.24% | 7.18% | 7.38% | 3.75% | -0.41% | 5.27% |
| Profit Margin | 8.14% | 5.31% | 5.59% | 3.37% | -1.29% | 1.54% |
| Free Cash Flow Margin | 6.24% | 5.36% | 6.89% | 7.47% | -0.50% | 0.69% |
| EBITDA | 1.47B | 1.60B | 1.61B | 1.08B | 476.00M | 1.38B |
| EBITDA Margin | 9.58% | 10.41% | 10.70% | 7.25% | 3.05% | 8.29% |
| D&A For EBITDA | 512.00M | 496.00M | 500.00M | 522.00M | 540.00M | 504.00M |
| EBIT | 956.00M | 1.10B | 1.11B | 558.00M | -64.00M | 878.00M |
| EBIT Margin | 6.24% | 7.18% | 7.38% | 3.75% | -0.41% | 5.27% |
| Effective Tax Rate | 26.78% | 27.91% | 25.77% | 9.71% | 20.74% | |
| Advertising Expenses | 778.00M | 780.00M | 882.00M | 1.04B | 1.11B |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.10B | 2.62B | 2.33B | 1.87B | 1.22B | 877.00M |
| Short-Term Investments | 382.00M | 386.00M | 253.00M | |||
| Cash & Short-Term Investments | 2.48B | 3.00B | 2.59B | 1.87B | 1.22B | 877.00M |
| Receivables | 316.00M | 301.00M | 289.00M | 340.00M | 399.00M | |
| Inventory | 2.30B | 2.21B | 2.07B | 2.00B | 2.39B | 3.02B |
| Prepaid Expenses | 31.00M | 106.00M | 110.00M | |||
| Restricted Cash | 32.00M | |||||
| Other Current Assets | 1.09B | 252.00M | 247.00M | 207.00M | 535.00M | 761.00M |
| Total Current Assets | 5.87B | 5.78B | 5.20B | 4.39B | 4.62B | 5.17B |
| Property, Plant & Equipment | 6.11B | 5.95B | 5.74B | 5.68B | 5.86B | 6.71B |
| Goodwill | 207.00M | 207.00M | 207.00M | 207.00M | 207.00M | |
| Other Intangible Assets | 63.00M | 69.00M | 72.00M | 81.00M | 90.00M | |
| Other Long-Term Assets | 874.00M | 635.00M | 670.00M | 689.00M | 620.00M | 587.00M |
| Total Assets | 12.86B | 12.63B | 11.88B | 11.04B | 11.39B | 12.76B |
| Accounts Payable | 1.70B | 1.57B | 1.49B | 1.35B | 1.32B | 1.95B |
| Accrued Expenses | 867.00M | 432.00M | 518.00M | 434.00M | 309.00M | 560.00M |
| Current Portion of Leases | 618.00M | 634.00M | 632.00M | 600.00M | 667.00M | 734.00M |
| Current Income Taxes Payable | 38.00M | 55.00M | 53.00M | 39.00M | 50.00M | 25.00M |
| Current Unearned Revenue | 272.00M | 273.00M | 337.00M | 354.00M | 345.00M | |
| Other Current Liabilities | 2.00M | 340.00M | 292.00M | 337.00M | 556.00M | 462.00M |
| Total Current Liabilities | 3.22B | 3.30B | 3.26B | 3.10B | 3.26B | 4.08B |
| Long-Term Debt | 1.49B | 1.49B | 1.49B | 1.49B | 1.84B | 1.48B |
| Long-Term Leases | 3.61B | 3.48B | 3.35B | 3.35B | 3.52B | 4.03B |
| Other Long-Term Liabilities | 582.00M | 554.00M | 522.00M | 512.00M | 544.00M | 445.00M |
| Total Liabilities | 8.90B | 8.83B | 8.62B | 8.45B | 9.15B | 10.04B |
| Common Stock | 18.00M | 19.00M | 19.00M | 19.00M | 18.00M | 19.00M |
| Additional Paid-In Capital | 136.00M | 146.00M | 113.00M | 27.00M | 43.00M | |
| Retained Earnings | 3.89B | 3.61B | 3.04B | 2.42B | 2.14B | 2.62B |
| Comprehensive Income & Other | 45.00M | 38.00M | 60.00M | 43.00M | 48.00M | 38.00M |
| Shareholders' Equity | 3.95B | 3.80B | 3.26B | 2.60B | 2.23B | 2.72B |
| Total Liabilities & Equity | 12.86B | 12.63B | 11.88B | 11.04B | 11.39B | 12.76B |
| Total Debt | 5.72B | 5.61B | 5.47B | 5.44B | 6.02B | 6.25B |
| Net Cash (Debt) | -3.23B | -2.61B | -2.89B | -3.57B | -4.80B | -5.37B |
| Net Cash Per Share | -8.54 | -6.79 | -7.52 | -9.49 | -13.09 | -14.03 |
| Filing Date Shares Outstanding | 351.27M | 372.56M | 374.90M | 373.51M | 366.21M | 369.78M |
| Total Common Shares Outstanding | 351.00M | 372.00M | 374.00M | 372.00M | 366.00M | 371.00M |
| Working Capital | 2.65B | 2.48B | 1.95B | 1.30B | 1.36B | 1.09B |
| Book Value Per Share | 11.26 | 10.22 | 8.73 | 6.98 | 6.10 | 7.34 |
| Tangible Book Value | 3.95B | 3.53B | 2.99B | 2.32B | 1.95B | 2.42B |
| Tangible Book Value Per Share | 11.26 | 9.49 | 7.99 | 6.23 | 5.31 | 6.54 |
| Land | 1.25B | 1.15B | 1.14B | 1.10B | 1.42B | |
| Machinery | 2.92B | 2.82B | 2.81B | 2.83B | 2.79B | |
| Construction In Progress | 101.00M | 169.00M | 177.00M | 177.00M | 344.00M | |
| Leasehold Improvements | 2.21B | 2.18B | 2.20B | 2.27B | 2.49B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.25B | 816.00M | 844.00M | 502.00M | -202.00M | 256.00M |
| Depreciation & Amortization | 512.00M | 496.00M | 500.00M | 522.00M | 540.00M | 504.00M |
| Other Amortization | 6.00M | 14.00M | ||||
| Loss (Gain) From Sale of Assets | -48.00M | 59.00M | ||||
| Asset Writedown & Restructuring Costs | 51.00M | 9.00M | ||||
| Stock-Based Compensation | 176.00M | 162.00M | 126.00M | 80.00M | 37.00M | 139.00M |
| Other Operating Activities | 54.00M | 70.00M | 23.00M | -72.00M | 26.00M | 295.00M |
| Change in Inventory | -12.00M | -129.00M | -88.00M | 383.00M | 554.00M | -593.00M |
| Change in Accounts Payable | 36.00M | 57.00M | 137.00M | 42.00M | -540.00M | 186.00M |
| Change in Income Taxes | 91.00M | 33.00M | 46.00M | 75.00M | 417.00M | -85.00M |
| Change in Other Net Operating Assets | -569.00M | -212.00M | -102.00M | -234.00M | 25.00M | |
| Operating Cash Flow | 1.53B | 1.29B | 1.49B | 1.53B | 607.00M | 809.00M |
| Capital Expenditures | -578.00M | -470.00M | -447.00M | -420.00M | -685.00M | -694.00M |
| Sale of Property, Plant & Equipment | 7.00M | 76.00M | 458.00M | |||
| Cash Acquisitions | -135.00M | |||||
| Divestitures | 9.00M | -21.00M | ||||
| Investment in Securities | -143.00M | -130.00M | -247.00M | 409.00M | ||
| Other Investing Activities | -5.00M | 1.00M | -5.00M | |||
| Investing Cash Flow | -721.00M | -600.00M | -692.00M | -334.00M | -227.00M | -446.00M |
| Long-Term Debt Issued | 350.00M | 1.50B | ||||
| Long-Term Debt Repaid | -350.00M | -2.55B | ||||
| Net Debt Issued (Repaid) | -350.00M | 350.00M | -1.05B | |||
| Issuance of Common Stock | 25.00M | 25.00M | 32.00M | 27.00M | 27.00M | 54.00M |
| Repurchase of Common Stock | -680.00M | -197.00M | -125.00M | -20.00M | -143.00M | -237.00M |
| Common Dividends Paid | -249.00M | -247.00M | -225.00M | -222.00M | -220.00M | -226.00M |
| Other Financing Activities | -3.00M | -2.00M | -8.00M | -16.00M | ||
| Financing Cash Flow | -904.00M | -419.00M | -321.00M | -567.00M | 6.00M | -1.47B |
| Foreign Exchange Rate Adjustments | -2.00M | 5.00M | -9.00M | -3.00M | -15.00M | -6.00M |
| Net Cash Flow | -92.00M | 279.00M | 464.00M | 628.00M | 371.00M | -1.11B |
| Free Cash Flow | 957.00M | 823.00M | 1.04B | 1.11B | -78.00M | 115.00M |
| Free Cash Flow Margin | 6.24% | 5.36% | 6.89% | 7.47% | -0.50% | 0.69% |
| Free Cash Flow Per Share | 2.52 | 2.14 | 2.71 | 2.96 | -0.21 | 0.30 |
| Levered Free Cash Flow | 246.38M | 701.25M | 855.88M | 1.26B | -65.00M | 19.38M |
| Unlevered Free Cash Flow | 304.50M | 759.38M | 910.25M | 1.32B | -16.00M | 109.75M |
| Cash Interest Paid | 64.00M | 63.00M | 63.00M | 74.00M | 76.00M | 180.00M |
| Cash Income Tax Paid | 326.00M | 235.00M | 237.00M | 49.00M | -388.00M | 215.00M |
| Change in Working Capital | -454.00M | -251.00M | -7.00M | 500.00M | 197.00M | -467.00M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.81B | 10.41B | 9.08B | 7.35B | 4.82B | 6.64B |
| Enterprise Value | 11.04B | 13.41B | 12.32B | 11.54B | 10.34B | 11.95B |
| Last Close Price | 22.32 | 27.32 | 22.80 | 18.27 | 11.55 | 14.65 |
| PE Ratio | 6.74 | 12.75 | 10.76 | 14.63 | 25.92 | |
| Forward PE | 8.79 | 12.49 | 11.34 | 16.10 | 186.52 | 13.12 |
| PS Ratio | 0.51 | 0.68 | 0.60 | 0.49 | 0.31 | 0.40 |
| PB Ratio | 1.98 | 2.74 | 2.78 | 2.83 | 2.16 | 2.44 |
| P/TBV Ratio | 1.96 | 2.95 | 3.04 | 3.17 | 2.48 | 2.74 |
| P/FCF Ratio | 8.11 | 12.64 | 8.74 | 6.61 | 57.70 | |
| P/OCF Ratio | 5.05 | 8.05 | 6.11 | 4.79 | 7.94 | 8.20 |
| PEG Ratio | 1.56 | 0.24 | 0.33 | 14.19 | 0.40 | |
| EV/Sales Ratio | 0.72 | 0.87 | 0.82 | 0.78 | 0.66 | 0.72 |
| EV/EBITDA Ratio | 7.49 | 8.38 | 7.64 | 10.69 | 21.72 | 8.65 |
| EV/EBIT Ratio | 11.50 | 12.15 | 11.06 | 20.69 | 13.61 | |
| EV/FCF Ratio | 11.49 | 16.29 | 11.86 | 10.38 | 103.93 | |
| Debt / Equity Ratio | 1.45 | 1.48 | 1.68 | 2.10 | 2.70 | 2.30 |
| Debt / EBITDA Ratio | 2.11 | 1.97 | 1.91 | 2.32 | 3.45 | 2.27 |
| Debt / FCF Ratio | 5.98 | 6.82 | 5.27 | 4.89 | 54.36 | |
| Net Debt / Equity Ratio | 0.82 | 0.69 | 0.88 | 1.38 | 2.15 | 1.97 |
| Net Debt / EBITDA Ratio | 2.20 | 1.63 | 1.79 | 3.30 | 10.10 | 3.89 |
| Net Debt / FCF Ratio | 3.38 | 3.17 | 2.78 | 3.21 | -61.60 | 46.73 |
| Asset Turnover | 1.23 | 1.25 | 1.32 | 1.33 | 1.29 | 1.26 |
| Inventory Turnover | 3.97 | 4.26 | 4.36 | 4.16 | 3.79 | 3.67 |
| Quick Ratio | 0.77 | 1.00 | 0.89 | 0.70 | 0.48 | 0.31 |
| Current Ratio | 1.82 | 1.75 | 1.60 | 1.42 | 1.42 | 1.27 |
| Return on Equity (ROE) | 33.78% | 23.10% | 28.81% | 20.79% | -8.15% | 9.59% |
| Return on Assets (ROA) | 4.78% | 5.62% | 6.07% | 3.11% | -0.33% | 4.14% |
| Return on Invested Capital (ROIC) | 10.06% | 12.66% | 13.43% | 7.63% | -0.85% | 8.71% |
| Return on Capital Employed (ROCE) | 9.90% | 11.80% | 12.90% | 7.00% | -0.80% | 10.10% |
| Earnings Yield | 14.83% | 7.84% | 9.30% | 6.83% | -4.19% | 3.86% |
| FCF Yield | 12.34% | 7.91% | 11.45% | 15.14% | -1.62% | 1.73% |
| Dividend Yield | 3.15% | 2.36% | 2.47% | 3.04% | 4.56% | 2.01% |
| Payout Ratio | 21.25% | 30.27% | 26.66% | 44.22% | 88.28% | |
| Buyback Yield / Dilution | 1.04% | 0.80% | -2.13% | -2.45% | 4.18% | -2.41% |
| Total Shareholder Return | 4.21% | 3.16% | 0.34% | 0.59% | 8.73% | -0.39% |