NYSE · Financial Statements

Gap, Inc. (The) (GAP) Financial Statements

$22.32 NYSE: GAP Market Cap $7.84B

Gap, Inc. (The) most recently reported annual revenue of $15.4B, net profit of $816.0M. Revenue grew at an average annual rate of 2.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Gap, Inc. (The): Revenue fell from $15.5B in 2016 to $15.4B in 2025, a change of -1.0% over 9 years; net profit was positive in 8 of 10 reported years; operating margin was broadly flat at about 7.3%; the most recent year shows net profit of $816.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$15.5B$15.9B$16.6B$16.4B$13.8B$16.7B$15.6B$14.9B$15.1B$15.4B
Operating Expenses$14.3B$14.4B$15.2B$15.8B$14.7B$15.9B$15.7B$14.3B$14.0B$14.3B
Operating Profit$1.2B$1.5B$1.4B$574.0M$-862.0M$810.0M$-69.0M$560.0M$1.1B$1.1B
Operating Margin7.7%9.3%8.2%3.5%-6.3%4.9%-0.4%3.8%7.4%7.3%
Other Income$-67.0M$-55.0M$-40.0M$-46.0M$-240.0M$-487.0M$-70.0M$-4.0M$25.0M$17.0M
Interest$75.0M$74.0M$73.0M$76.0M$192.0M$167.0M$88.0M$90.0M$87.0M$23.0M
Depreciation$593.0M$559.0M$578.0M$557.0M$507.0M$504.0M$540.0M$522.0M$500.0M$496.0M
Profit Before Tax$1.1B$1.4B$1.3B$528.0M$-1.1B$323.0M$-139.0M$556.0M$1.1B$1.1B
Tax$39.9M$40.5M$24.1M$33.5M$39.7M$20.7M$-45.3M$9.7M$25.8M$27.9M
Net Profit$676.0M$848.0M$1.0B$351.0M$-665.0M$256.0M$-202.0M$502.0M$844.0M$816.0M
EPS$1.69$2.14$2.59$0.93$-1.78$0.67$-0.55$1.34$2.20$2.14
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
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
Operating Expenses$3.5B$4.1B$3.2B$3.4B$3.5B$3.9B$3.2B$3.4B$3.6B$4.0B$3.1B$3.0B
Operating Profit$250.0M$214.0M$205.0M$293.0M$355.0M$259.0M$260.0M$292.0M$334.0M$229.0M$445.0M$676.0M
Operating Margin6.6%5.0%6.0%7.9%9.3%6.2%7.5%7.8%8.5%5.4%12.7%18.5%
Interest$28.0M$24.0M$21.0M$24.0M$23.0M$19.0M$23.0M$23.0M$23.0M$24.0M$22.0M$24.0M
Profit Before Tax$250.0M$218.0M$208.0M$296.0M$361.0M$272.0M$263.0M$296.0M$337.0M$236.0M$450.0M$680.0M
Tax$12.8M$15.1M$24.0M$30.4M$24.1M$24.3M$26.6M$27.0M$30.0M$27.5M$24.7M$26.3M
Net Profit$218.0M$185.0M$158.0M$206.0M$274.0M$206.0M$193.0M$216.0M$236.0M$171.0M$339.0M$501.0M
EPS$0.58$0.49$0.41$0.54$0.72$0.54$0.51$0.57$0.62$0.45$0.90$1.38

Over the 10 years reported for Gap, Inc. (The), borrowings increased from $1.3B in 2016 to $5.6B in 2025, cash stood at $2.6B in the latest year, shareholders' equity was $19.0M, current assets covered current liabilities 1.75 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$7.6B$8.0B$8.0B$13.7B$13.8B$12.8B$11.4B$11.0B$11.9B$12.6B
Current Assets$4.3B$4.6B$4.3B$4.5B$6.0B$5.2B$4.6B$4.4B$5.2B$5.8B
Cash$1.8B$1.8B$1.1B$1.4B$2.0B$877.0M$1.2B$1.9B$2.3B$2.6B
Inventory$1.8B$2.0B$2.1B$2.2B$2.5B$3.0B$2.4B$2.0B$2.1B$2.2B
Receivables$335.0M$282.0M$321.0M$393.0M$363.0M$399.0M$490.0M$325.0M$328.0M$316.0M
Fixed Assets$2.6B$2.8B$2.9B$8.5B$7.1B$6.7B$5.9B$5.7B$5.7B$6.0B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$41.0M$0$626.0M$307.0M$434.0M$25.0M$26.0M$32.0M$283.0M$386.0M
Other Assets$109.0M$109.0M$109.0M$109.0M$109.0M$207.0M$207.0M$207.0M$207.0M$207.0M
Total Liabilities$4.7B$4.8B$4.5B$10.4B$11.2B$10.0B$9.2B$8.4B$8.6B$8.8B
Current Liabilities$2.5B$2.5B$2.2B$3.2B$3.9B$4.1B$3.3B$3.1B$3.3B$3.3B
Borrowings$1.3B$1.2B$1.2B$7.7B$7.7B$6.3B$6.0B$5.4B$5.5B$5.6B
Other Liabilities$3.4B$3.6B$3.2B$2.7B$3.5B$3.8B$3.1B$3.0B$3.1B$3.2B
Equity$20.0M$19.0M$19.0M$19.0M$19.0M$19.0M$18.0M$19.0M$19.0M$19.0M
Reserves$2.9B$3.1B$3.6B$3.3B$2.6B$2.7B$2.2B$2.6B$3.3B$3.8B

For Gap, Inc. (The), operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $823.0M; free cash flow was positive in 8 of 10 years; financing activities used $197.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$1.7B$1.4B$1.4B$1.4B$237.0M$809.0M$607.0M$1.5B$1.5B$1.3B
Investing Cash Flow$-1.1B$-1.4B$-1.7B$-1.9B$-902.0M$-1.1B$-912.0M$-754.0M$-1.1B$-1.1B
Financing Cash Flow$11.0M$-303.0M$-376.0M$-196.0M$-48.0M$-199.0M$-124.0M$5.0M$-96.0M$-197.0M
Net Cash Flow$413.0M$2.0M$-379.0M$-39.0M$635.0M$-1.1B$371.0M$628.0M$464.0M$279.0M
Free Cash Flow$1.2B$649.0M$676.0M$366.0M$-155.0M$115.0M$-78.0M$1.1B$1.0B$823.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.15
EV / EBITDA6.79
FCF Yield13.10%
Quick Ratio1.11
Interest Coverage18.11
Return 1Y11.24%
Return 3Y146.42%
Return 5Y26.33%

Gap, Inc. (The) (GAP) financials — frequently asked questions

What is Gap, Inc. (The)'s annual revenue?

Gap, Inc. (The) (GAP) reported annual revenue of $15.4B in its most recent fiscal year.

What is Gap, Inc. (The)'s net profit?

Gap, Inc. (The) (GAP) reported net profit of $816.0M in its most recent fiscal year.

What is GAP EV/EBITDA?

Gap, Inc. (The)'s enterprise value to EBITDA (EV/EBITDA) ratio is 6.79.

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