What is The Gap, Inc.'s earnings per share (EPS)?

The Gap, Inc. (GAP) reported diluted earnings per share of $2.13 for fiscal year 2025. This represents a -3.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

The Gap, Inc. (GAP) Financials

GAP

FY2025 annual

Revenue $15.4B +1.9% YoY

Net Income $816.0M -3.3% YoY

EPS (Diluted) $2.13 -3.2% YoY

Free Cash Flow $823.0M -20.8% YoY

Market Cap $8.2B as of Oct 10, 2026

Price / Sales 0.5x on $15.4B revenue, FY2025

Price / Earnings 10.0x on $816.0M net income, FY2025

Price / Book 2.1x on $4.0B equity, Q3 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2027, ended Aug 1, 2026 Reported Aug 28, 2026 Currency USD FYE January

Newest figures come from the 10-Q for Q3 FY2027, filed Aug 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GAP SEC filings page.

The Gap, Inc. (GAP) reported $15.4B in revenue for fiscal year 2025, up 1.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GAP FY2025 2026-10-03

The business is earning more from largely flat sales, while cash generation still funds reinvestment and steadily strengthens the balance sheet.

FY2025 operating cash flow of $1.29B exceeded net income of $816M, an earnings-to-cash relationship that supports the quality of reported profit. Free cash flow was $823M in FY2025 versus $1.04B in FY2024, so reinvestment absorbed a larger share of internally generated cash.

With FY2025 revenue at $15.37B versus $16.67B in FY2021, the business is operating below its earlier sales scale. Even so, operating margin reached 7.3% versus 4.9%, showing the improvement came from converting sales more efficiently rather than simply selling more.

Debt-to-equity fell from 0.7x in FY2022 to 0.4x in FY2025, indicating a less debt-dependent capital structure. Because long-term debt remained about $1.5B while equity rose, retained earnings—not debt repayment—did most of the strengthening.

Financial Health Signals

Financial Health Score 58/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of The Gap, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

The Gap, Inc. has an operating margin of 7.3%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is down from 7.4% the prior year.

Growth

The Gap, Inc.'s revenue grew a modest 1.9% year-over-year to $15.4B. This slow but positive growth earns a score of 36/100.

Leverage

The Gap, Inc. carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

The Gap, Inc.'s current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

The Gap, Inc. has a free cash flow margin of 5.4%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

The Gap, Inc.'s ROE of 21.5% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 25.9% the prior year.

Altman Z-Score Grey Zone

2.70

The Gap, Inc. scores 2.70, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

The Gap, Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.58x

For every $1 of reported earnings, The Gap, Inc. generates $1.58 in operating cash flow ($1.3B OCF vs $816.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

11.99x

The Gap, Inc. earns $11.99 in operating income for every $1 of interest expense ($1.1B vs $93.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.7B

YoY-2.0%

QoQ+4.4%

5Y CAGR-3.8%

10Y CAGR-0.5%

The Gap, Inc. generated $3.7B in revenue in Q3 2027. This represents a decrease of 2.0% from the same quarter a year earlier. Against the prior quarter it is up 4.4%.

EBITDA

$807.0M

YoY+94.9%

QoQ+40.8%

5Y CAGR+25.4%

The Gap, Inc.'s EBITDA was $807.0M in Q3 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 94.9% from the same quarter a year earlier. Against the prior quarter it is up 40.8%.

Net Income

$501.0M

YoY+131.9%

QoQ+47.8%

5Y CAGR+16.4%

10Y CAGR+7.3%

The Gap, Inc. reported $501.0M in net income in Q3 2027. This represents an increase of 131.9% from the same quarter a year earlier. Against the prior quarter it is up 47.8%.

EPS (Diluted)

$1.38

YoY+142.1%

QoQ+53.3%

5Y CAGR+17.0%

10Y CAGR+8.5%

The Gap, Inc. earned $1.38 per diluted share (EPS) in Q3 2027. This represents an increase of 142.1% from the same quarter a year earlier. Against the prior quarter it is up 53.3%.

Cash & Balance Sheet

Free Cash Flow

$183.0M

YoY-47.7%

QoQ+134.6%

The Gap, Inc. generated $183.0M in free cash flow in Q3 2027, representing cash available after capex. This represents a decrease of 47.7% from the same quarter a year earlier. Against the prior quarter it is up 134.6%.

Cash & Debt

$2.1B

YoY-4.1%

QoQ-2.7%

5Y CAGR+1.1%

10Y CAGR+7.3%

The Gap, Inc. held $2.1B in cash against $1.5B in long-term debt as of Q3 2027.

Dividends Per Share

$0.17

YoY+6.1%

QoQ0.0%

The Gap, Inc. paid $0.17 per share in dividends in Q3 2027. This represents an increase of 6.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

351M

YoY-5.3%

QoQ-2.4%

5Y CAGR-1.3%

10Y CAGR-1.3%

The Gap, Inc. had 351M shares outstanding in Q3 2027. This represents a decrease of 5.3% from the same quarter a year earlier. Against the prior quarter it is down 2.4%.

Margins & Returns

Gross Margin

52.8%

YoY+11.6pp

QoQ+12.3pp

5Y change+15.1pp

10Y change+15.5pp

The Gap, Inc.'s gross margin was 52.8% in Q3 2027, indicating the percentage of revenue retained after direct costs. This is up 11.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.3 percentage points.

Operating Margin

18.5%

YoY+10.7pp

QoQ+5.8pp

5Y change+15.5pp

The Gap, Inc.'s operating margin was 18.5% in Q3 2027, reflecting core business profitability. This is up 10.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.8 percentage points.

Net Margin

13.7%

YoY+7.9pp

QoQ+4.0pp

5Y change+8.4pp

10Y change+7.3pp

The Gap, Inc.'s net profit margin was 13.7% in Q3 2027, showing the share of revenue converted to profit. This is up 7.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.0 percentage points.

Return on Equity

12.7%

YoY+6.4pp

QoQ+3.4pp

5Y change+3.7pp

10Y change+3.2pp

The Gap, Inc.'s ROE was 12.7% in Q3 2027, measuring profit generated per dollar of shareholder equity. This is up 6.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.4 percentage points.

Capital Allocation

Share Buybacks

$200.0M

YoY+143.9%

QoQ-50.1%

10Y CAGR0.0%

The Gap, Inc. spent $200.0M on share buybacks in Q3 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 143.9% from the same quarter a year earlier. Against the prior quarter it is down 50.1%.

Capital Expenditures

$154.0M

YoY+57.1%

QoQ+14.1%

5Y CAGR+8.2%

10Y CAGR-2.8%

The Gap, Inc. invested $154.0M in capex in Q3 2027, funding long-term assets and infrastructure. This represents an increase of 57.1% from the same quarter a year earlier. Against the prior quarter it is up 14.1%.

R&D Spending

Not reported for Q3 2027.

GAP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GAP quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$15.4B+1.9%	$15.1B+1.3%	$14.9B-4.7%	$15.6B-6.3%	$16.7B+20.8%	$13.8B-15.8%	$16.4B-1.2%	$16.6B+4.6%	$15.9B+2.2%	$15.5B-1.8%	$15.8B-3.9%	$16.4B+1.8%	$16.1B+3.2%	$15.7B+7.6%	$14.5B
Cost of Revenue	$9.1B+2.7%	$8.9B-2.8%	$9.1B-11.1%	$10.3B+2.2%	$10.0B+10.3%	$9.1B-11.3%	$10.3B-0.1%	$10.3B+4.8%	$9.8B	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$6.3B+0.7%	$6.2B+7.8%	$5.8B+7.8%	$5.4B-19.3%	$6.6B+41.1%	$4.7B-23.3%	$6.1B-3.0%	$6.3B+4.2%	$6.1B+7.6%	$5.6B-1.4%	$5.7B-9.0%	$6.3B-0.1%	$6.3B+2.0%	$6.2B+17.0%	$5.3B
R&D Expenses	$60.0M+50.0%	$40.0M+8.1%	$37.0M-19.6%	$46.0M+12.2%	$41.0M-10.9%	$46.0M+12.2%	$41.0M-18.0%	$50.0M-2.0%	$51.0M+10.9%	$46.0M	N/A	N/A	N/A	N/A	N/A
Operating Income	$1.1B+0.3%	$1.1B+98.6%	$560.0M+911.6%	-$69.0M-108.5%	$810.0M+194.0%	-$862.0M-250.2%	$574.0M-57.9%	$1.4B-7.9%	$1.5B+24.2%	$1.2B-21.9%	$1.5B-26.8%	$2.1B-3.1%	$2.1B+10.7%	$1.9B+35.0%	$1.4B
EBITDA	$1.6B-0.1%	$1.6B+49.0%	$1.1B+129.7%	$471.0M-64.2%	$1.3B+470.1%	-$355.0M-131.4%	$1.1B-41.7%	$1.9B-4.8%	$2.0B+14.2%	$1.8B-15.7%	$2.1B-20.1%	$2.6B-1.4%	$2.7B+7.4%	$2.5B+23.2%	$2.0B
Interest Expense	$93.0M+6.9%	$87.0M-3.3%	$90.0M+2.3%	$88.0M-47.3%	$167.0M-13.0%	$192.0M+152.6%	$76.0M+4.1%	$73.0M-1.4%	$74.0M-1.3%	$75.0M+27.1%	$59.0M-21.3%	$75.0M+23.0%	$61.0M-29.9%	$87.0M+17.6%	$74.0M
Income Tax	$316.0M+7.8%	$293.0M+442.6%	$54.0M-14.3%	$63.0M-6.0%	$67.0M+115.3%	-$437.0M-346.9%	$177.0M-44.5%	$319.0M-44.6%	$576.0M+28.6%	$448.0M-18.7%	$551.0M-26.6%	$751.0M-7.6%	$813.0M+12.0%	$726.0M+35.4%	$536.0M
Net Income	$816.0M-3.3%	$844.0M+68.1%	$502.0M+348.5%	-$202.0M-178.9%	$256.0M+138.5%	-$665.0M-289.5%	$351.0M-65.0%	$1.0B+18.3%	$848.0M+25.4%	$676.0M-26.5%	$920.0M-27.1%	$1.3B-1.4%	$1.3B+12.8%	$1.1B+36.3%	$833.0M
EPS (Basic)	$2.19-2.2%	$2.24+64.7%	$1.36+347.3%	-$0.55-180.9%	$0.68+138.2%	-$1.78-291.4%	$0.93-64.4%	$2.61+20.8%	$2.16+27.8%	$1.69-24.6%	$2.24-22.8%	$2.90+4.3%	$2.78+18.3%	$2.35+49.7%	$1.57
EPS (Diluted)	$2.13-3.2%	$2.20+64.2%	$1.34+343.6%	-$0.55-182.1%	$0.67+137.6%	-$1.78-291.4%	$0.93-64.1%	$2.59+21.0%	$2.14+26.6%	$1.69-24.2%	$2.23-22.3%	$2.87+4.7%	$2.74+17.6%	$2.33+49.4%	$1.56
Diluted Shares (Avg)	384M0.0%	384M+2.1%	376M+2.5%	367M-4.2%	383M+2.4%	374M-1.1%	378M-2.6%	388M-2.0%	396M-1.0%	400M-3.1%	413M-6.1%	440M-5.8%	467M-4.3%	488M-8.4%	533M

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Revenue	$3.7B-2.0%	$3.5B+1.0%	$3.9B+3.0%	$3.7B+0.1%	$3.5B+2.2%	$4.1B-2.7%	$3.8B	$3.7B-1.2%
Cost of Revenue	$1.7B-21.3%	$2.1B+3.2%	$2.3B+3.6%	$2.2B+2.4%	$2.0B+1.2%	$2.5B-6.8%	$2.2B	$2.1B-3.3%
Gross Profit	$1.9B+25.6%	$1.4B-2.1%	$1.7B+2.1%	$1.5B-3.0%	$1.4B+3.7%	$1.6B+4.8%	$1.6B	$1.6B+1.7%
Operating Income	$676.0M+131.5%	$445.0M+71.2%	$334.0M-5.9%	$292.0M-0.3%	$260.0M+26.8%	$204.0M+20500.0%	$355.0M	$293.0M+17.2%
EBITDA	$807.0M+94.9%	$573.0M+50.4%	$459.0M-4.2%	$414.0M-0.5%	$381.0M+15.8%	$336.0M+140.0%	$479.0M	$416.0M+10.3%
Interest Expense	$24.0M+4.3%	$22.0M-4.3%	$23.0M0.0%	$23.0M-4.2%	$23.0M+9.5%	$17.0M-34.6%	$23.0M	$24.0M-14.3%
Income Tax	$179.0M+123.8%	$111.0M+58.6%	$101.0M+16.1%	$80.0M-11.1%	$70.0M+40.0%	$46.0M+342.1%	$87.0M	$90.0M+181.3%
Net Income	$501.0M+131.9%	$339.0M+75.6%	$236.0M-13.9%	$216.0M+4.9%	$193.0M+22.2%	$171.0M+1800.0%	$274.0M	$206.0M-5.5%
EPS (Basic)	$1.41+143.1%	$0.92+80.4%	$0.63-13.7%	$0.58+5.5%	$0.51+21.4%	$0.54+8.0%	$0.73	$0.55-6.8%
EPS (Diluted)	$1.38+142.1%	$0.90+76.5%	$0.62-13.9%	$0.57+5.6%	$0.51+24.4%	$0.53	$0.72	$0.54-6.9%
Diluted Shares (Avg)	362M-4.5%	378M-1.0%	380M-0.8%	379M-1.0%	382M-0.3%	N/A	383M	383M+2.1%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.

GAP Balance Sheet

GAP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$12.6B+6.3%	$11.9B+7.6%	$11.0B-3.0%	$11.4B-10.8%	$12.8B-7.3%	$13.8B+0.7%	$13.7B+69.9%	$8.0B+0.8%	$8.0B+5.0%	$7.6B+1.8%	$7.5B-2.8%	$7.7B-2.0%	$7.8B+5.1%	$7.5B+0.6%	$7.4B
Current Assets	$5.8B+11.0%	$5.2B+18.4%	$4.4B-4.8%	$4.6B-10.6%	$5.2B-14.0%	$6.0B+33.0%	$4.5B+6.2%	$4.3B-6.9%	$4.6B+5.9%	$4.3B+8.3%	$4.0B-7.7%	$4.3B-2.6%	$4.4B+7.2%	$4.1B-4.1%	$4.3B
Cash & Equivalents	$2.6B+12.0%	$2.3B+24.7%	$1.9B+54.2%	$1.2B+38.5%	$877.0M-55.9%	$2.0B+45.7%	$1.4B+26.2%	$1.1B-39.4%	$1.8B0.0%	$1.8B+30.1%	$1.4B-9.6%	$1.5B+0.3%	$1.5B+3.4%	$1.5B-22.5%	$1.9B
Short-Term Investments	$386.0M+52.6%	$253.0M	$0	$0	$0-100.0%	$410.0M+41.4%	$290.0M+0.7%	$288.0M	$0	$0	$0	$0	$0-100.0%	$50.0M	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.6B
Accounts Receivable	$316.0M+5.0%	$301.0M+4.2%	$289.0M-15.0%	$340.0M-14.8%	$399.0M+9.9%	$363.0M+14.9%	$316.0M-1.6%	$321.0M+13.8%	$282.0M-15.8%	$335.0M+18.8%	$282.0M+2.5%	$275.0M-40.5%	$462.0M+39.6%	$331.0M+11.4%	$297.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$207.0M0.0%	$207.0M0.0%	$207.0M0.0%	$207.0M0.0%	$207.0M+89.9%	$109.0M0.0%	$109.0M0.0%	$109.0M0.0%	$109.0M0.0%	$109.0M-39.4%	$180.0M0.0%	$180.0M0.0%	$180.0M-2.2%	$184.0M+85.9%	$99.0M
Total Liabilities	$8.8B+2.4%	$8.6B+2.0%	$8.4B-7.7%	$9.2B-8.8%	$10.0B-10.0%	$11.2B+7.6%	$10.4B+130.5%	$4.5B-7.2%	$4.8B+3.0%	$4.7B-4.5%	$4.9B+4.7%	$4.7B-1.7%	$4.8B+4.6%	$4.6B-1.9%	$4.7B
Current Liabilities	$3.3B+1.4%	$3.3B+5.2%	$3.1B-4.9%	$3.3B-20.1%	$4.1B+5.0%	$3.9B+21.0%	$3.2B+47.6%	$2.2B-11.7%	$2.5B+0.3%	$2.5B-3.2%	$2.5B+13.5%	$2.2B-8.6%	$2.4B+4.3%	$2.3B+10.2%	$2.1B
Non-Current Liabilities	$5.5B+3.1%	$5.4B+0.2%	$5.4B-9.2%	$5.9B-1.1%	$6.0B-18.0%	$7.3B+1.6%	$7.2B+208.1%	$2.3B-2.6%	$2.4B+5.8%	$2.3B-5.9%	$2.4B-3.2%	$2.5B+5.6%	$2.3B+4.9%	$2.2B-12.1%	$2.5B
Long-Term Debt	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B-33.0%	$2.2B+77.4%	$1.2B0.0%	$1.2B0.0%	$1.2B+0.1%	$1.2B-4.7%	$1.3B-1.7%	$1.3B-2.7%	$1.4B+9.9%	$1.2B-22.4%	$1.6B
Total Equity	$3.8B+16.5%	$3.3B+25.8%	$2.6B+16.2%	$2.2B-18.0%	$2.7B+4.1%	$2.6B-21.2%	$3.3B-6.7%	$3.6B+13.0%	$3.1B+8.3%	$2.9B+14.1%	$2.5B-14.7%	$3.0B-2.6%	$3.1B+5.8%	$2.9B+5.0%	$2.8B
Retained Earnings	$3.6B+18.7%	$3.0B+25.6%	$2.4B+13.1%	$2.1B-18.4%	$2.6B+4.8%	$2.5B-23.2%	$3.3B-6.4%	$3.5B+13.0%	$3.1B+12.1%	$2.7B+12.7%	$2.4B-12.8%	$2.8B-80.3%	$14.2B+7.2%	$13.3B+7.2%	$12.4B

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Total Assets	$12.9B+5.8%	$12.1B+4.9%	$12.4B+4.4%	$12.1B+5.5%	$11.6B+6.0%	$11.9B+7.6%	$11.9B	$11.5B+4.1%
Current Assets	$5.9B+9.2%	$5.2B+7.3%	$5.6B+9.9%	$5.4B+11.8%	$4.9B+16.4%	$5.2B+18.4%	$5.1B	$4.8B+9.9%
Cash & Equivalents	$2.1B-4.1%	$2.2B+9.4%	$2.3B+14.9%	$2.2B+15.5%	$2.0B+29.0%	$2.3B+24.7%	$2.0B	$1.9B+40.6%
Short-Term Investments	$382.0M+60.5%	$399.0M+63.5%	$255.0M+2.0%	$238.0M-3.3%	$244.0M+22.6%	$253.0M	$250.0M	$246.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	$301.0M+4.2%	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	$207.0M0.0%	N/A	N/A
Total Liabilities	$8.9B+2.2%	$8.5B+2.9%	$8.7B+0.1%	$8.7B+1.2%	$8.2B+0.5%	$8.6B+2.0%	$8.7B	$8.6B+0.2%
Current Liabilities	$3.2B+0.8%	$2.9B+1.6%	$3.3B-1.4%	$3.2B-0.8%	$2.9B+1.7%	$3.3B+5.2%	$3.3B	$3.2B+2.7%
Non-Current Liabilities	$5.7B+3.0%	$5.6B+3.5%	$5.4B+0.9%	$5.5B+2.5%	$5.4B-0.1%	$5.4B+0.2%	$5.4B	$5.4B-1.3%
Long-Term Debt	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B+0.1%	$1.5B	$1.5B+0.1%
Total Equity	$4.0B+15.1%	$3.7B+10.1%	$3.6B+16.3%	$3.4B+18.3%	$3.3B+22.7%	$3.3B+25.8%	$3.1B	$2.9B+17.9%
Retained Earnings	$3.9B+16.9%	$3.6B+13.6%	$3.5B+21.1%	$3.3B+24.4%	$3.2B+25.7%	$3.0B+25.6%	$2.9B	$2.7B+16.6%

Not reported in any period shown, so not listed: Inventory.

GAP Cash Flow Statement

GAP quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.3B-13.0%	$1.5B-3.0%	$1.5B+152.4%	$607.0M-25.0%	$809.0M+241.4%	$237.0M-83.2%	$1.4B+2.2%	$1.4B+0.1%	$1.4B-19.7%	$1.7B+7.8%	$1.6B-25.1%	$2.1B+24.9%	$1.7B-11.9%	$1.9B+42.0%	$1.4B
Depreciation & Amortization	$496.0M-0.8%	$500.0M-4.2%	$522.0M-3.3%	$540.0M+7.1%	$504.0M-0.6%	$507.0M-9.0%	$557.0M-3.6%	$578.0M+3.4%	$559.0M-5.7%	$593.0M+0.2%	$592.0M+5.0%	$564.0M+5.2%	$536.0M-4.1%	$559.0M-5.6%	$592.0M
Stock-Based Compensation	$162.0M+28.6%	$126.0M+57.5%	$80.0M+116.2%	$37.0M-73.4%	$139.0M+80.5%	$77.0M+13.2%	$68.0M-25.3%	$91.0M+4.6%	$87.0M+14.5%	$76.0M0.0%	$76.0M-24.0%	$100.0M-13.8%	$116.0M+2.7%	$113.0M+94.8%	$58.0M
Capital Expenditures	$470.0M+5.1%	$447.0M+6.4%	$420.0M-38.7%	$685.0M-1.3%	$694.0M+77.0%	$392.0M-44.2%	$702.0M-0.4%	$705.0M-3.6%	$731.0M+39.5%	$524.0M-27.8%	$726.0M+1.7%	$714.0M+6.6%	$670.0M+1.7%	$659.0M+20.3%	$548.0M
Free Cash Flow	$823.0M-20.8%	$1.0B-6.6%	$1.1B+1525.6%	-$78.0M-167.8%	$115.0M+174.2%	-$155.0M-121.9%	$709.0M+4.9%	$676.0M+4.2%	$649.0M-45.7%	$1.2B+37.7%	$868.0M-38.7%	$1.4B+36.7%	$1.0B-19.0%	$1.3B+56.7%	$815.0M
Investing Cash Flow	-$600.0M+13.3%	-$692.0M-107.2%	-$334.0M-47.1%	-$227.0M+49.1%	-$446.0M+12.5%	-$510.0M+43.0%	-$894.0M+10.7%	-$1.0B-50.3%	-$666.0M-25.9%	-$529.0M+27.5%	-$730.0M-22.5%	-$596.0M+4.5%	-$624.0M+26.1%	-$844.0M-85.9%	-$454.0M
Financing Cash Flow	-$419.0M-30.5%	-$321.0M+43.4%	-$567.0M-9550.0%	$6.0M+100.4%	-$1.5B-264.4%	$895.0M+259.8%	-$560.0M+25.2%	-$749.0M-2.5%	-$731.0M+5.9%	-$777.0M+21.5%	-$990.0M+34.3%	-$1.5B-50.1%	-$1.0B+32.2%	-$1.5B-146.0%	-$602.0M
Dividends Paid	$247.0M+9.8%	$225.0M+1.4%	$222.0M+0.9%	$220.0M-2.7%	$226.0M	$0-100.0%	$364.0M-2.4%	$373.0M+3.3%	$361.0M-1.6%	$367.0M-2.7%	$377.0M-1.6%	$383.0M+19.3%	$321.0M+33.8%	$240.0M+1.7%	$236.0M
Share Buybacks	$155.0M+106.7%	$75.0M	$0-100.0%	$123.0M-38.8%	$201.0M	$0-100.0%	$200.0M-49.7%	$398.0M+26.3%	$315.0M	$0-100.0%	$1.0B-13.9%	$1.2B+20.4%	$979.0M-5.0%	$1.0B-50.8%	$2.1B

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Operating Cash Flow	$337.0M-24.8%	$213.0M+252.1%	$299.0M+2.7%	$448.0M-18.4%	-$140.0M-566.7%	$616.0M-12.0%	$291.0M	$549.0M+80.6%
Depreciation & Amortization	$131.0M+7.4%	$128.0M+5.8%	$125.0M+0.8%	$122.0M-0.8%	$121.0M-2.4%	$129.0M+0.8%	$124.0M	$123.0M-3.1%
Stock-Based Compensation	N/A	$40.0M+8.1%	N/A	N/A	$37.0M+37.0%	N/A	N/A	N/A
Capital Expenditures	$154.0M+57.1%	$135.0M+62.7%	$146.0M-1.4%	$98.0M+10.1%	$83.0M-10.8%	$117.0M-11.4%	$148.0M	$89.0M0.0%
Free Cash Flow	$183.0M-47.7%	$78.0M+135.0%	$153.0M+7.0%	$350.0M-23.9%	-$223.0M-254.0%	$499.0M-12.1%	$143.0M	$460.0M+114.0%
Investing Cash Flow	-$136.0M-49.5%	-$149.0M-104.1%	-$163.0M-7.9%	-$91.0M+32.1%	-$73.0M+74.9%	-$116.0M+11.5%	-$151.0M	-$134.0M-47.3%
Financing Cash Flow	-$258.0M-85.6%	-$519.0M-239.2%	-$66.0M+4.3%	-$139.0M-195.7%	-$153.0M-98.7%	-$128.0M-151.0%	-$69.0M	-$47.0M+77.3%
Dividends Paid	$62.0M0.0%	$63.0M+3.3%	$62.0M+8.8%	$62.0M+10.7%	$61.0M+8.9%	$56.0M0.0%	$57.0M	$56.0M+1.8%
Share Buybacks	$200.0M+143.9%	$401.0M+472.9%	$0	$82.0M	$70.0M	$75.0M	$0	$0

GAP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

GAP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	40.8%-0.5pp	41.3%+2.5pp	38.8%+4.5pp	34.3%-5.5pp	39.8%+5.7pp	34.1%-3.4pp	37.4%-0.7pp	38.1%-0.1pp	38.3%+1.9pp	36.4%+0.1pp	36.2%-2.1pp	38.3%-0.7pp	39.0%-0.5pp	39.4%+3.2pp	36.3%
Operating Margin	7.3%-0.1pp	7.4%+3.6pp	3.8%+4.2pp	-0.4%-5.3pp	4.9%+11.1pp	-6.3%-9.8pp	3.5%-4.7pp	8.2%-1.1pp	9.3%+1.7pp	7.7%-2.0pp	9.7%-3.0pp	12.7%-0.6pp	13.3%+0.9pp	12.4%+2.5pp	9.9%
Net Margin	5.3%-0.3pp	5.6%+2.2pp	3.4%+4.7pp	-1.3%-2.8pp	1.5%+6.4pp	-4.8%-7.0pp	2.1%-3.9pp	6.0%+0.7pp	5.3%+1.0pp	4.4%-1.5pp	5.8%-1.9pp	7.7%-0.3pp	7.9%+0.7pp	7.2%+1.5pp	5.7%
Return on Equity	21.5%-4.4pp	25.9%+6.5pp	19.3%+28.4pp	-9.0%-18.4pp	9.4%+34.8pp	-25.4%-36.0pp	10.6%-17.6pp	28.2%+1.3pp	27.0%+3.7pp	23.3%-12.9pp	36.1%-6.2pp	42.3%+0.5pp	41.8%+2.6pp	39.2%+9.0pp	30.2%
Return on Assets	6.5%-0.6pp	7.1%+2.5pp	4.5%+6.3pp	-1.8%-3.8pp	2.0%+6.8pp	-4.8%-7.4pp	2.6%-9.9pp	12.5%+1.9pp	10.6%+1.7pp	8.9%-3.4pp	12.3%-4.1pp	16.4%+0.1pp	16.3%+1.1pp	15.2%+4.0pp	11.2%
Current Ratio	1.75+0.2x	1.60+0.2x	1.420.0x	1.42+0.2x	1.27-0.3x	1.55+0.1x	1.41-0.5x	1.96+0.1x	1.86+0.1x	1.76+0.2x	1.57-0.4x	1.93+0.1x	1.810.0x	1.76-0.3x	2.02
Debt-to-Equity	0.39-0.1x	0.46-0.1x	0.57-0.1x	0.67+0.1x	0.55-0.3x	0.85+0.5x	0.380.0x	0.350.0x	0.400.0x	0.43-0.1x	0.51+0.1x	0.450.0x	0.450.0x	0.43-0.2x	0.58
Asset Turnover	1.22-0.1x	1.27-0.1x	1.350.0x	1.37+0.1x	1.31+0.3x	1.00-0.2x	1.20-0.9x	2.06+0.1x	1.98-0.1x	2.04-0.1x	2.110.0x	2.14+0.1x	2.060.0x	2.10+0.1x	1.96
FCF Margin	5.4%-1.5pp	6.9%-0.6pp	7.5%+8.0pp	-0.5%-1.2pp	0.7%+1.8pp	-1.1%-5.5pp	4.3%+0.2pp	4.1%0.0pp	4.1%-3.6pp	7.7%+2.2pp	5.5%-3.1pp	8.6%+2.2pp	6.4%-1.8pp	8.2%+2.6pp	5.6%

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Gross Margin	52.8%+11.6pp	40.5%-1.3pp	42.4%-0.3pp	41.2%-1.3pp	41.8%+0.6pp	38.3%+2.7pp	42.7%	42.5%+1.2pp
Operating Margin	18.5%+10.7pp	12.7%+5.2pp	8.5%-0.8pp	7.8%0.0pp	7.5%+1.5pp	5.0%+5.0pp	9.3%	7.9%+1.2pp
Net Margin	13.7%+7.9pp	9.7%+4.1pp	6.0%-1.2pp	5.8%+0.3pp	5.6%+0.9pp	4.2%+4.0pp	7.2%	5.5%-0.3pp
Return on Equity	12.7%+6.4pp	9.3%+3.5pp	6.5%-2.3pp	6.3%-0.8pp	5.8%0.0pp	5.2%+4.9pp	8.7%	7.1%-1.8pp
Return on Assets	3.9%+2.1pp	2.8%+1.1pp	1.9%-0.4pp	1.8%0.0pp	1.7%+0.2pp	1.4%+1.4pp	2.3%	1.8%-0.2pp
Current Ratio	1.82+0.1x	1.81+0.1x	1.72+0.2x	1.68+0.2x	1.71+0.2x	1.60+0.2x	1.54	1.49+0.1x
Debt-to-Equity	0.38-0.1x	0.410.0x	0.41-0.1x	0.43-0.1x	0.45-0.1x	0.46-0.1x	0.47	0.51-0.1x
Asset Turnover	0.280.0x	0.290.0x	0.320.0x	0.310.0x	0.300.0x	0.340.0x	0.32	0.320.0x
FCF Margin	5.0%-4.4pp	2.2%+8.7pp	3.9%+0.2pp	9.4%-3.0pp	-6.4%-4.6pp	12.3%-1.3pp	3.7%	12.4%+6.7pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
The Gap, Inc. GAP	FY2025	$15.4B	$816.0M	5.3%	$8.2B	58/100
Urban Outfitters Inc URBN	FY2026	$6.2B	$464.9M	7.5%	$7.0B	59/100
Boot Barn Holdings, Inc. BOOT	FY2026	$2.3B	$225.9M	10.0%	$3.6B	66/100
Abercrombie & Fitch Co. ANF	FY2025	$5.3B	$506.9M	9.6%	$6.0B	60/100
American Eagle Outfitters AEO	FY2025	$5.5B	$186.0M	3.4%	$3.0B	56/100
Victorias Secret & Co. VSCO	FY2026	$6.6B	$161.0M	2.5%	$4.3B	43/100

Where The Gap, Inc. Ranks

Frequently Asked Questions

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

The Gap, Inc. (GAP) reported $15.4B in total revenue for fiscal year 2025. This represents a 1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is The Gap, Inc.'s revenue growing?

The Gap, Inc. (GAP) revenue grew by 1.9% year-over-year, from $15.1B to $15.4B in fiscal year 2025.

Is The Gap, Inc. profitable?

Yes, The Gap, Inc. (GAP) reported a net income of $816.0M in fiscal year 2025, with a net profit margin of 5.3%.

What is The Gap, Inc.'s EBITDA?

The Gap, Inc. (GAP) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does The Gap, Inc. have?

As of fiscal year 2025, The Gap, Inc. (GAP) had $2.6B in cash and equivalents against $1.5B in long-term debt.

What is The Gap, Inc.'s gross margin?

The Gap, Inc. (GAP) had a gross margin of 40.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is The Gap, Inc.'s operating margin?

The Gap, Inc. (GAP) had an operating margin of 7.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

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

The Gap, Inc. (GAP) had a net profit margin of 5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does The Gap, Inc. pay dividends?

Yes, The Gap, Inc. (GAP) paid $0.66 per share in dividends during fiscal year 2025.

What is The Gap, Inc.'s return on equity (ROE)?

The Gap, Inc. (GAP) has a return on equity of 21.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is The Gap, Inc.'s free cash flow?

The Gap, Inc. (GAP) generated $823.0M in free cash flow during fiscal year 2025. This represents a -20.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is The Gap, Inc.'s operating cash flow?

The Gap, Inc. (GAP) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are The Gap, Inc.'s total assets?

The Gap, Inc. (GAP) had $12.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are The Gap, Inc.'s capital expenditures?

The Gap, Inc. (GAP) invested $470.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does The Gap, Inc. spend on research and development?

The Gap, Inc. (GAP) invested $60.0M in research and development during fiscal year 2025.

Does The Gap, Inc. buy back shares?

Yes, The Gap, Inc. (GAP) spent $155.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does The Gap, Inc. have outstanding?

The Gap, Inc. (GAP) had 373M shares outstanding as of fiscal year 2025.

What is The Gap, Inc.'s current ratio?

The Gap, Inc. (GAP) had a current ratio of 1.75 as of fiscal year 2025, which is generally considered healthy.

What is The Gap, Inc.'s debt-to-equity ratio?

The Gap, Inc. (GAP) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is The Gap, Inc.'s return on assets (ROA)?

The Gap, Inc. (GAP) had a return on assets of 6.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is The Gap, Inc.'s P/E ratio?

The Gap, Inc. (GAP) trades at 10.0x earnings, its market capitalization divided by net income of $816.0M net income, FY2025. The market capitalization is $8.2B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is The Gap, Inc.'s price-to-sales ratio?

The Gap, Inc. (GAP) trades at 0.5x sales, its market capitalization divided by revenue of $15.4B revenue, FY2025. The market capitalization is $8.2B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is The Gap, Inc.'s Altman Z-Score?

The Gap, Inc. (GAP) has an Altman Z-Score of 2.70, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is The Gap, Inc.'s Piotroski F-Score?

The Gap, Inc. (GAP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are The Gap, Inc.'s earnings high quality?

The Gap, Inc. (GAP) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can The Gap, Inc. cover its interest payments?

The Gap, Inc. (GAP) has an interest coverage ratio of 11.99x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is The Gap, Inc.?

The Gap, Inc. (GAP) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.