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Gap

GAP NYSE Apparel Retail Financials FY2016–FY2025

Gap's revenue rose 1.9% to $15.4 billion in fiscal 2025. Its operating margin was 7.3%, down from 7.4% a year earlier. Free cash flow was $823 million, down 20.8%. It paid out $402 million in dividends and buybacks, 49% of free cash flow.

Last close · Oct 23, 2026

$22.32

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$15.4B
1.9% vs prior year
Operating margin Operating income as a share of revenue.
7.3%
0.1 pts
Net income Profit after all expenses, interest and tax.
$816M
3.3%
Free cash flow Cash from operations minus capital spending.
$823M
20.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
36.1%
1.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
6.7x
On $3.34 EPS (TTM)

What Gap does

Gap Inc. sells apparel, accessories and personal care products for men, women and children under four brands: Old Navy, Gap, Banana Republic and Athleta. Old Navy is its value-priced brand and Athleta focuses on performance clothing for women and girls. It sells in its own stores and on its websites, and uses services such as buy online and pick up in store.

The company ended its 2025 fiscal year with 2,474 stores that it operates itself, in the United States, Canada, Japan and Taiwan, and about 1,000 franchise stores. Franchise partners run stores and websites under its brand names in Asia, Europe, Latin America, the Middle East and Africa. It also licenses its brand names to other companies. Each brand has a private label and a co-branded credit card from a third-party lender, and the company shares in the revenue. Customers earn rewards across all brands through its loyalty program, Encore.

It buys from about 200 vendors whose factories are in about 30 countries, nearly all outside North America. About 27 percent of its fiscal 2025 purchases came from factories in Vietnam and about 21 percent from Indonesia. Sales peak around the end-of-year holidays.

Legal name
GAP, INC
Fiscal year ends
January 31, 2026
Latest annual report
10-K · Mar 17, 2026
Accession · CIK
0001628280-26-018573
0000039911

Revenue and margins

Gap had $15.4B of revenue in fiscal 2025, up 1.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 2.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $823M in fiscal 2025, 5.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Gap returned $402M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Gap yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.5B and divides by 384.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 6.7x · peers 21.2x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Gap can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $877M$1.2B$1.9B$2.6B$3.0B
Debt incl. finance leases $1.5B$1.5B$1.5B$1.5B$1.5B
Net debt / EBITDA 0.5x0.6x−0.4x−0.7x−0.9x
Debt / equity 0.6x0.7x0.6x0.5x0.4x
Interest coverage 4.9x−0.8x6.2x12.8x12.0x
Current ratio 1.3x1.4x1.4x1.6x1.8x
Quick ratio 0.5x0.7x0.8x1.0x1.1x
Total assets $12.8B$11.4B$11.0B$11.9B$12.6B
Total liabilities $10.0B$9.2B$8.4B$8.6B$8.8B
Shareholders' equity $2.7B$2.2B$2.6B$3.3B$3.8B
Net debt (− = net cash) $607M$271M−$385M−$1.1B−$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$37.9M

9 insiders

Of sales under plans

15%

$5.7M

DateInsiderTradeSharesPriceValueFiling
Oct 6, 2026 Julie GruberChief Legal&Compliance Officer Sold plan 27,538 $23.56 $0.6M Form 4
Oct 6, 2026 William Sydney FisherDirector, 10% owner Sold 500,000 $23.89 $11.9M Form 4
Oct 5, 2026 William Sydney FisherDirector, 10% owner Sold 433,656 $23.35 $10.1M Form 4
Sep 30, 2026 William Sydney FisherDirector, 10% owner Sold 66,344 $23.06 $1.5M Form 4
Apr 17, 2026 Julie GruberChief Legal&Compliance Officer Sold plan 5,302 $27.00 $0.1M Form 4
Apr 10, 2026 Eric Kayen ChanChief Business & Strat Officer Sold 13,377 $26.19 $0.4M Form 4
Apr 8, 2026 John J Fisher10% owner Sold 300,000 $25.40 $7.6M Form 4
Apr 6, 2026 Amanda J ThompsonChief People Officer Sold 25,000 $25.14 $0.6M Form 4
Mar 23, 2026 Sarah GilliganChief Sup Chn & Transform Ofcr Sold plan 69,912 $25.00 $1.7M Form 4
Mar 20, 2026 Horacio BarbeitoPresident & CEO, Old Navy Sold plan 113,684 $24.01 $2.7M Form 4
Mar 19, 2026 Katrina O'ConnellChief Financial Officer Sold plan 8,486 $23.74 $0.2M Form 4
Mar 19, 2026 Mark BreitbardPresident & CEO, Gap Brand Sold plan 8,486 $23.73 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 98 / 96 / 9
Accruals ratio −9.2%−5.6%−3.9%
Altman Z'' 2.152.933.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Gap GAP $8.1B 1.9% 7.3% 5.4% 36.1% 6.7x 6
Burlington Stores BURL $15.8B 8.8% — 1.5% 28.1% 22.3x 7 Compare →
Ross Stores ROST $73.2B 7.7% 11.9% 9.7% 67.0% 27.8x 6 Compare →
Victoria's Secret VSXY $7.6B 5.2% 4.1% 4.8% 17.7% 20.2x 6 Compare →
Urban Outfitters URBN $7.5B 11.1% 9.8% 5.1% 23.7% 13.5x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $15.5B $15.9B $16.6B $16.4B $13.8B $16.7B $15.6B $14.9B $15.1B $15.4B
Gross profit $5.6B $6.1B $6.3B $6.1B $4.7B $6.6B $5.4B $5.8B $6.2B $6.3B
Research and development $46.0M $51.0M $50.0M $41.0M $46.0M $41.0M $46.0M $37.0M $40.0M $60.0M
Operating income $1.2B $1.5B $1.4B $574M −$862M $810M −$69.0M $560M $1.1B $1.1B
Interest expense $75.0M $74.0M $73.0M $76.0M $192M $167M $88.0M $90.0M $87.0M $93.0M
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 $67.0M $63.0M $54.0M $293M $316M
Net income $676M $848M $1.0B $351M −$665M $256M −$202M $502M $844M $816M
Diluted EPS $1.69 $2.14 $2.59 $0.93 −$1.78 $0.67 −$0.55 $1.34 $2.20 $2.13
Diluted shares 0.40B 0.40B 0.39B 0.38B 0.37B 0.38B 0.37B 0.38B 0.38B 0.38B
Cash flow
Cash from operations $1.7B $1.4B $1.4B $1.4B $237M $809M $607M $1.5B $1.5B $1.3B
Capital expenditure $524M $731M $705M $702M $392M $694M $685M $420M $447M $470M
Free cash flow $1.2B $649M $676M $709M −$155M $115M −$78.0M $1.1B $1.0B $823M
Depreciation and amortization $593M $559M $578M $557M $507M $504M $540M $522M $500M $496M
Stock-based compensation $76.0M $87.0M $91.0M $68.0M $77.0M $139M $37.0M $80.0M $126M $162M
Acquisitions $0.0M $0.0M $0.0M $69.0M $0.0M $135M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $315M $398M $200M $0.0M $201M $123M $0.0M $75.0M $155M
Dividends paid $367M $361M $373M $364M $0.0M $226M $220M $222M $225M $247M
Dividends and buybacks $367M $676M $771M $564M $0.0M $427M $343M $222M $300M $402M
Balance sheet
Cash and short-term investments $1.8B $1.8B $1.4B $1.7B $2.4B $877M $1.2B $1.9B $2.6B $3.0B
Total debt $1.3B $1.2B $1.3B $1.3B $2.2B $1.5B $1.5B $1.5B $1.5B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.3B $4.6B $4.3B $4.5B $6.0B $5.2B $4.6B $4.4B $5.2B $5.8B
Current liabilities $2.5B $2.5B $2.2B $3.2B $3.9B $4.1B $3.3B $3.1B $3.3B $3.3B
Inventory $1.8B $2.0B $2.1B $2.2B $2.5B $3.0B $2.4B $2.0B $2.1B $2.2B
Property and equipment, net $2.6B $2.8B $2.9B $3.1B $2.8B $3.0B $2.7B $2.6B $2.5B $2.5B
Total assets $7.6B $8.0B $8.0B $13.7B $13.8B $12.8B $11.4B $11.0B $11.9B $12.6B
Total liabilities $4.7B $4.8B $4.5B $10.4B $11.2B $10.0B $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
Margins
Gross margin 36.4% 38.3% 38.1% 37.4% 34.1% 39.8% 34.3% 38.8% 41.3% 40.8%
Operating margin 7.7% 9.3% 8.2% 3.5% −6.3% 4.9% −0.4% 3.8% 7.4% 7.3%
EBITDA margin 11.5% 12.9% 11.7% 6.9% −2.6% 7.9% 3.0% 7.3% 10.7% 10.5%
Net margin 4.4% 5.4% 6.1% 2.1% −4.8% 1.5% −1.3% 3.4% 5.6% 5.3%
FCF margin 7.7% 4.1% 4.1% 4.3% −1.1% 0.7% −0.5% 7.5% 6.9% 5.4%
Returns
Return on capital 26.7% 34.8% 34.2% 12.0% −25.5% 22.3% −1.9% 21.5% 37.7% 36.1%
Return on capital employed 23.6% 27.7% 23.9% 7.0% −8.5% 8.7% −0.8% 7.0% 13.4% 12.4%
Return on equity 24.8% 28.0% 30.0% 10.2% −22.4% 9.6% −8.2% 20.8% 28.8% 23.1%
Return on assets 9.0% 10.9% 12.5% 3.2% −4.9% 1.9% −1.7% 4.5% 7.4% 6.7%
Growth
Revenue growth −1.8% 2.2% 4.6% −1.2% −15.8% 20.8% −6.3% −4.7% 1.3% 1.9%
Net income growth −26.5% 25.4% 18.3% −65.0% −289.5% — −178.9% — 68.1% −3.3%
EPS growth −24.2% 26.6% 21.0% −64.1% −291.4% — −182.1% — 64.2% −3.2%
FCF growth 37.7% −45.7% 4.2% 4.9% −121.9% — −167.8% — −6.6% −20.8%
Share count change −3.2% −1.0% −2.0% −2.6% −1.1% 2.4% −4.2% 2.5% 2.1% 0.0%
Financial health
Net debt / EBITDA −0.3x −0.3x −0.1x −0.4x — 0.5x 0.6x −0.4x −0.7x −0.9x
Debt / equity 0.5x 0.4x 0.4x 0.4x 0.9x 0.6x 0.7x 0.6x 0.5x 0.4x
Interest coverage 15.9x 20.0x 18.7x 7.6x −4.5x 4.9x −0.8x 6.2x 12.8x 12.0x
Current ratio 1.8x 1.9x 2.0x 1.4x 1.6x 1.3x 1.4x 1.4x 1.6x 1.8x
Quick ratio 1.0x 1.0x 1.0x 0.7x 0.9x 0.5x 0.7x 0.8x 1.0x 1.1x
Capital allocation
Capex / revenue 3.4% 4.6% 4.3% 4.3% 2.8% 4.2% 4.4% 2.8% 3.0% 3.1%
Stock comp / revenue 0.5% 0.6% 0.6% 0.4% 0.6% 0.8% 0.2% 0.5% 0.8% 1.1%
Payouts / FCF 30.7% 104.2% 114.1% 79.6% — 371.3% — 20.0% 28.9% 48.9%
Quality scores
Piotroski F-score 8.0 9.0 7.0 5.0 4.0 7.0 5.0 7.0 8.0 6.0
Altman Z'' 4.5 4.9 5.1 2.0 1.4 1.9 1.6 2.2 2.9 3.3
Accruals ratio −13.8% −6.8% −4.7% −9.8% −6.6% −4.2% −6.7% −9.2% −5.6% −3.9%

Source: SEC EDGAR XBRL filings (CIK 0000039911). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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