GAP

MKT CAP:$9B

The Gap, Inc.

Market Cap

$9B

Consumer Cyclical·Apparel - Retail·🇺🇸 United States·NYSE

Consumer Cyc.·Apparel - Retail·🇺🇸·NYSE

Stock Price

$25.21+$0.02 (+0.08%)

Apr 23, 2026

Company Details

The Gap, Inc. operates as an apparel retail company. The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Its products include denim, ...

CEO

Richard Dickson

IPO Date

Mar 17, 1980

Website

www.gapinc.com

Key Metrics TTM

Revenue

$15.3B

+0.3% YoY

Net Income

$851M

EPS (Diluted)

$2.24

Free Cash Flow

$779M

Revenue / Share

$40.21

Gross Margin

41.0%

Operating Margin

7.5%

Net Margin

5.6%

FCF Margin

5.1%

P/S

0.6x

P/E

10.9x

Earnings Reports

FY 2025

Mar 17, 2026

$15.4B+1.9%EPS $2.14

Q3 2025

Nov 25, 2025

$3.9B+3.0%EPS $0.62

Q2 2025

Aug 29, 2025

$3.7B+0.1%EPS $0.57

Q1 2025

May 30, 2025

$3.5B+2.2%EPS $0.51

FY 2024

Feb 1, 2025

$15.1B+1.3%EPS $2.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$4.5B	$1.5B	$8M
Q1 22	$3.5B	$1.1B	-$197M
Q2 22	$3.9B	$1.3B	-$28M
Q3 22	$4.0B	$1.5B	$186M
Q4 22	$4.2B	$1.4B	-$30M
Q1 23	$3.3B	$1.2B	-$10M
Q2 23	$3.5B	$1.3B	$106M
Q3 23	$3.8B	$1.6B	$250M
Q4 23	$4.3B	$1.7B	$214M
Q1 24	$3.4B	$1.4B	$205M
Q2 24	$3.7B	$1.6B	$293M
Q3 24	$3.8B	$1.6B	$355M
Q4 24	$4.1B	$1.6B	$259M
Q1 25	$3.5B	$1.4B	$260M
Q2 25	$3.7B	$1.5B	$292M
Q3 25	$3.9B	$1.7B	$334M

Valuation

Quarter	P/S	P/E
Q4 21	0.4x	26.0x
Q1 22	0.3x	—
Q2 22	0.2x	—
Q3 22	0.3x	74.8x
Q4 22	0.3x	—
Q1 23	0.2x	—
Q2 23	0.3x	35.4x
Q3 23	0.3x	107.0x
Q4 23	0.5x	14.4x
Q1 24	0.6x	12.3x
Q2 24	0.6x	10.9x
Q3 24	0.5x	10.0x
Q4 24	0.6x	10.3x
Q1 25	0.6x	9.7x
Q2 25	0.5x	8.2x
Q3 25	0.6x	10.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$127M	-$81M
Q1 22	-$362M	-$590M
Q2 22	$155M	-$23M
Q3 22	$95M	-$76M
Q4 22	$719M	$611M
Q1 23	$15M	-$102M
Q2 23	$513M	$431M
Q3 23	$304M	$215M
Q4 23	$700M	$568M
Q1 24	$30M	-$63M
Q2 24	$549M	$460M
Q3 24	$291M	$143M
Q4 24	$616M	$499M
Q1 25	-$140M	-$223M
Q2 25	$448M	$350M
Q3 25	$299M	$153M

Capital Expenditures

Quarter	CapEx
Q4 21	$208M
Q1 22	$228M
Q2 22	$178M
Q3 22	$171M
Q4 22	$108M
Q1 23	$117M
Q2 23	$82M
Q3 23	$89M
Q4 23	$132M
Q1 24	$93M
Q2 24	$89M
Q3 24	$148M
Q4 24	$117M
Q1 25	$83M
Q2 25	$98M
Q3 25	$146M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+2.3%	+5.3%
Q1 22	-12.9%	-2.1%
Q2 22	-8.4%	+2.2%
Q3 22	+2.4%	+1.7%
Q4 22	-6.2%	-5.4%
Q1 23	-5.8%	-10.6%
Q2 23	-8.0%	-11.4%
Q3 23	-6.7%	-8.7%
Q4 23	+1.3%	-4.4%
Q1 24	+3.4%	-3.1%
Q2 24	+4.8%	-0.4%
Q3 24	+1.6%	-1.2%
Q4 24	-3.5%	-4.8%
Q1 25	+2.2%	+0.6%
Q2 25	+0.1%	+0.2%
Q3 25	+3.0%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$42M	0.9%
Q1 22	$1M	0.0%
Q2 22	$5M	0.1%
Q3 22	$22M	0.5%
Q4 22	$9M	0.2%
Q1 23	$23M	0.7%
Q2 23	$21M	0.6%
Q3 23	$20M	0.5%
Q4 23	$16M	0.4%
Q1 24	$27M	0.8%
Q2 24	$31M	0.8%
Q3 24	$27M	0.7%
Q4 24	$41M	1.0%
Q1 25	$37M	1.1%
Q2 25	$34M	0.9%
Q3 25	$37M	0.9%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$845M	$0	$845M
Q2 22	$708M	$0	$708M
Q3 22	$679M	$0	$679M
Q4 22	$1.2B	$0	$1.2B
Q1 23	$1.2B	$0	$1.2B
Q2 23	$1.4B	$0	$1.4B
Q3 23	$1.4B	$0	$1.4B
Q4 23	$1.9B	$1M	$1.9B
Q1 24	$1.5B	$199M	$1.7B
Q2 24	$1.9B	$246M	$2.1B
Q3 24	$2.0B	$250M	$2.2B
Q4 24	$2.3B	$253M	$2.6B
Q1 25	$2.0B	$244M	$2.2B
Q2 25	$2.2B	$238M	$2.4B
Q3 25	$2.3B	$255M	$2.5B
Q4 25	$2.6B	$386M	$3.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	383M	+1.9%	+0.3%
Q1 22	370M	-3.4%	-3.9%
Q2 22	367M	-0.8%	-4.9%
Q3 22	366M	-0.3%	-2.7%
Q4 22	366M	0.0%	-4.4%
Q1 23	367M	+0.3%	-0.8%
Q2 23	371M	+1.1%	+1.1%
Q3 23	375M	+1.1%	+2.5%
Q4 23	376M	+0.3%	+2.7%
Q1 24	383M	+1.9%	+4.4%
Q2 24	383M	0.0%	+3.2%
Q3 24	383M	0.0%	+2.1%
Q4 24	384M	+0.3%	+2.1%
Q1 25	382M	-0.5%	-0.3%
Q2 25	379M	-0.8%	-1.0%
Q3 25	380M	+0.3%	-0.8%

Shares Outstanding