FirmAtlas
Company handbook · GAP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
GAP · CIK 39911 · LATEST FILING: 10-Q AUG '26 · FILED AUG 28, 2026
GAP, INC
$23.12
−0.34 (−1.45%)
Close, Oct 16, 2026 · 52-week $18–29
Gap Inc. sells clothing, accessories and personal care products under four brands: Old Navy, Gap, Banana Republic and Athleta.
Business
- CustomersConsumers; its own stores in the U.S., Canada, Japan and Taiwan and its websites, plus franchise stores elsewhere
- Cash useFY24–FY25: capex $917M · dividends $472M · buybacks $230M
Reinvested 33% of operating cash flow · returned 38% of free cash flow
Last fiscal year
GAP, INC reported revenue of $15.4B for the year ended Jan 31, 2026 (FY25), up 1.9% from FY24. Net income was $816M, operating cash flow $1.3B and free cash flow $823M. Source: 10-K filed Mar 17, 2026.
Market cap
$8.6B
P/E
6.9
EV/EBITDA
4.4x
P/B
2.2
Div yield
2.98%
ROIC
36.5%
Revenue 1Y
1.9%/yr
EPS 1Y
−3.2%/yr
Shares 1Y
−0.5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORichard Dickson
HQSan Francisco, CA
AuditorDeloitte & Touche LLP
Employees79,000
Year endsFebruary
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−1.3%
0.9%
24.3%
12.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.6B deployed
Capex
$917M
56.6%
Dividends
$472M
29.2%
Buybacks
$230M
14.2%
Operating cash flow over the period: $2.8B. Total debt changed by +$2M. R&D of $100M is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
15,086
15,366+1.9%
15,326
YoY
+1.9%
Gross profit
6,227
6,268+0.7%
6,630
Gross margin
41.3%
40.8%−0.5 pp
—
Operating income
1,112
1,115+0.3%
1,684
Operating margin
7.4%
7.3%−0.1 pp
—
EBITDA
1,612
1,611−0.1%
—
EBITDA margin
10.7%
10.5%−0.2 pp
—
Interest expense
87
93+6.9%
—
Interest coverage
18.53x
17.32x−1.21x
—
Net income
844
816−3.3%
1,247
YoY
−3.3%
Net margin
5.6%
5.3%−0.3 pp
—
EPS (diluted, $)
2.20
2.13−3.2%
3.36
YoY
−3.2%
Balance sheet
Total assets
11,885
12,632+6.3%
12,856
Cash & short-term investments
2,618
3,030+15.7%
—
Accounts receivable
301
316+5.0%
—
Net PP&E
2,496
2,507+0.4%
—
Other assets
6,470
6,779+4.8%
—
Total liabilities
8,621
8,831+2.4%
8,905
Accounts payable
1,488
1,567+5.3%
—
Total debt
1,490
1,492+0.1%
1,493
Other liabilities
5,643
5,772+2.3%
—
Shareholders’ equity
3,264
3,801+16.5%
3,951
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,486
1,293−13.0%
1,535
Net income
844
816−3.3%
—
Depreciation & amortization
500
496−0.8%
—
Stock-based compensation
126
162+28.6%
—
Working capital & other
16
(181)−1231.2%
—
Cash from investing
(692)
(600)n/m
—
Capex
(447)
(470)n/m
—
PP&E sold
7
0−100.0%
—
Investments bought
(409)
(419)n/m
—
Investments sold / matured
162
289+78.4%
—
Other investing
(5)
0n/m
—
Cash from financing
(321)
(419)n/m
—
Dividends
(225)
(247)n/m
—
Buybacks
(75)
(155)n/m
—
Other financing
(21)
(17)n/m
—
Net change in cash
464
279−39.9%
—
Free cash flow (OCF − capex)
1,039
823−20.8%
957
Where the cash went
Operating cash flow
1,486
1,293−13.0%
1,535
Reinvested in the business
447
470+5.1%
—
% of operating cash flow
30.1%
36.3%
Capex
447
470+5.1%
578
R&D (memo, already in costs)
40
60+50.0%
—
Free cash flow
1,039
823−20.8%
957
YoY
−20.8%
Returned to shareholders
300
402+34.0%
—
% of free cash flow
28.9%
48.8%
Dividends
225
247+9.8%
—
Buybacks
75
155+106.7%
—
Change in total debt
—
2
—
Cash left over
—
423
—
FCF conversion (FCF ÷ net income)
123.1%
100.9%−22.2 pp
—
Owner earnings
—
906
—
Owner earnings margin
—
5.9%
—
Buyback yield
0.8%
1.5%+0.7 pp
—
Returns & ratios
ROIC (all capital)
38.6%
36.5%−2.1 pp
—
ROIC (operating)
63.1%
62.7%−0.4 pp
—
Net debt / EBITDA
−0.70x
−0.95x−0.25x
—
Debt / equity
0.46x
0.39x−0.06x
—
Cash conversion cycle (days)
−54
−55−1 d
—
ROE
25.9%
21.5%−4.4 pp
—
ROA
7.1%
6.5%−0.6 pp
—
ROCE
12.9%
11.9%−0.9 pp
—
NOPAT
825
804−2.6%
—
Invested capital (operating)
1,309
1,256−4.0%
—
Invested capital (all)
2,136
2,263+5.9%
—
Reinvestment rate
—
−6.6%
—
Debtor days
7
8+0 d
—
Days payable
61
63+2 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
3,942
4,236
3,497
3,651
vs year-ago quarter
Gross profit
1,670
1,614
1,417
1,929
Gross margin
42.4%
38.1%
40.5%
52.8%
Operating income
334
229
445
676
Net income
236
171
339
501
vs year-ago quarter
Net margin
6.0%
4.0%
9.7%
13.7%
EPS (diluted, $)
0.62
0.46
0.90
1.38
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
12,370
12,632
12,137
12,856
Cash & equivalents
2,290
3,030
2,189
2,130
Total debt
1,491
1,492
1,492
1,493
Shareholders’ equity
3,647
3,801
3,655
3,951
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
299
686
213
337
Capex
146
143
135
154
Free cash flow
153
543
78
183
vs year-ago quarter