GAP INC GAP
The Gap, Inc. (Gap Inc., the "Company," "we," and "our") is a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands.
Gap Inc. is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. As of January 31, 2026, we had Company-operated stores in the United States, Canada, Japan, and Taiwan. We also have franchise agreements to operate Old Navy, Gap, Banana Republic, and Athleta throughout Asia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores and websites that sell apparel and related products under our brand names. We also have licensing agreements with licensees to sell products using our brand names.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.37B | $15.09B | $14.89B | $15.62B | $16.67B | $13.80B | $16.38B | $16.58B | $15.86B | $15.52B |
| Cost of revenue | $9.10B | $8.86B | $9.11B | $10.26B | $10.03B | $9.10B | $10.25B | $10.26B | $9.79B | — |
| Gross profit | $6.27B | $6.23B | $5.78B | $5.36B | $6.64B | $4.71B | $6.13B | $6.32B | $6.07B | $5.64B |
| R&D | $60.0M | $40.0M | $37.0M | $46.0M | $41.0M | $46.0M | $41.0M | $50.0M | $51.0M | $46.0M |
| Total operating expenses | $5.15B | $5.12B | $5.21B | $5.43B | $5.83B | $5.57B | $5.56B | $4.96B | $4.59B | $4.45B |
| Operating income | $1.11B | $1.11B | $560.0M | -$69.0M | $810.0M | -$862.0M | $574.0M | $1.36B | $1.48B | $1.19B |
| Interest expense | $93.0M | $87.0M | $90.0M | $88.0M | $167.0M | $192.0M | $76.0M | $73.0M | $74.0M | $75.0M |
| Pre-tax income | $1.13B | $1.14B | $556.0M | -$139.0M | $323.0M | -$1.10B | $528.0M | $1.32B | $1.42B | $1.12B |
| Income tax | $316.0M | $293.0M | $54.0M | $63.0M | $67.0M | $437.0M | $177.0M | $319.0M | $576.0M | $448.0M |
| Net income | $816.0M | $844.0M | $502.0M | -$202.0M | $256.0M | -$665.0M | $351.0M | $1.00B | $848.0M | $676.0M |
| EPS, basic | 2.19 | 2.24 | 1.36 | -0.55 | 0.68 | -1.78 | 0.93 | 2.61 | 2.16 | 1.69 |
| EPS, diluted | 2.13 | 2.20 | 1.34 | -0.55 | 0.67 | -1.78 | 0.93 | 2.59 | 2.14 | 1.69 |
| Shares, diluted (wtd. avg.) | $384.0M | $384.0M | $376.0M | $367.0M | $383.0M | $374.0M | $378.0M | $388.0M | $396.0M | $400.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.62B | $2.33B | $1.87B | $1.27B | $902.0M | $2.02B | $1.38B | $1.42B | $1.80B | $1.80B |
| Short-term investments | $386.0M | $253.0M | $0 | — | $0 | $410.0M | $290.0M | $288.0M | $0 | — |
| Receivables | $316.0M | $301.0M | $289.0M | $340.0M | $399.0M | $363.0M | $316.0M | $321.0M | $282.0M | $335.0M |
| Total current assets | $5.78B | $5.20B | $4.39B | $4.62B | $5.17B | $6.01B | $4.52B | $4.25B | $4.57B | $4.32B |
| Property, plant and equipment | $2.51B | $2.50B | $2.57B | $2.69B | $3.04B | $2.84B | $3.12B | $2.91B | $2.81B | $2.62B |
| Goodwill | $207.0M | $207.0M | $207.0M | $207.0M | $207.0M | $109.0M | $109.0M | $109.0M | $109.0M | $109.0M |
| Other intangibles | $4.0M | $10.0M | $18.0M | $27.0M | $36.0M | $0 | — | — | — | — |
| Total assets | $12.63B | $11.88B | $11.04B | $11.39B | $12.76B | $13.77B | $13.68B | $8.05B | $7.99B | $7.61B |
| Accounts payable | $1.57B | $1.49B | $1.35B | $1.32B | $1.95B | $1.74B | $1.17B | $1.13B | $1.18B | $1.24B |
| Short-term debt | — | — | — | — | — | — | — | — | $0 | $65.0M |
| Total current liabilities | $3.30B | $3.26B | $3.10B | $3.26B | $4.08B | $3.88B | $3.21B | $2.17B | $2.46B | $2.45B |
| Long-term debt | $1.49B | $1.49B | $1.49B | $1.49B | $1.48B | $2.22B | $1.25B | $1.25B | $1.25B | $1.25B |
| Retained earnings | $3.61B | $3.04B | $2.42B | $2.14B | $2.62B | $2.50B | $3.26B | $3.48B | $3.08B | $2.75B |
| Total equity | $3.80B | $3.26B | $2.60B | $2.23B | $2.72B | $2.61B | $3.32B | $3.55B | $3.14B | $2.90B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.29B | $1.49B | $1.53B | $607.0M | $809.0M | $237.0M | $1.41B | $1.38B | $1.38B | $1.72B |
| Depreciation and amortisation | $490.0M | $492.0M | $513.0M | $531.0M | $502.0M | $505.0M | $554.0M | $575.0M | $556.0M | $590.0M |
| Stock-based compensation | $162.0M | $126.0M | $80.0M | $37.0M | $139.0M | $77.0M | $68.0M | $91.0M | $87.0M | $76.0M |
| Capital expenditure | $470.0M | $447.0M | $420.0M | $685.0M | $694.0M | $392.0M | $702.0M | $705.0M | $731.0M | $524.0M |
| Investing cash flow | -$600.0M | -$692.0M | -$334.0M | -$227.0M | -$446.0M | -$510.0M | -$894.0M | -$1.00B | -$666.0M | -$529.0M |
| Financing cash flow | -$419.0M | -$321.0M | -$567.0M | $6.0M | -$1.47B | $895.0M | -$560.0M | -$749.0M | -$731.0M | -$777.0M |
| Dividends paid | $247.0M | $225.0M | $222.0M | $220.0M | $226.0M | $0 | $364.0M | $373.0M | $361.0M | $367.0M |
| Buybacks | $155.0M | $75.0M | $0 | $123.0M | $201.0M | $0 | $200.0M | $398.0M | $315.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-018573.
Others in SIC 5651
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TJX | TJX COMPANIES INC /DE/ | $145.28B | 27.1x | 7.1% |
| ROST | ROSS STORES, INC. | $73.69B | 34.9x | 7.7% |
| URBN | URBAN OUTFITTERS INC | $6.93B | 16.0x | 11.1% |
| ANF | ABERCROMBIE & FITCH CO /DE/ | $6.35B | 14.3x | 6.4% |
| AEO | AMERICAN EAGLE OUTFITTERS INC | $2.91B | 16.0x | 4.1% |
| BKE | BUCKLE INC | $2.22B | 10.4x | 6.6% |
| LE | LANDS' END, INC. | $323.2M | 60.8x | -2.0% |
| PLCE | Childrens Place, Inc. | $62.5M | — | -12.8% |