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GAP Inc (GAP) stock

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NYSE: GAP NYSE Apparel Retail Next results ~November 19, 2026

C+ Fundamentals grade

GAP Inc is a US-listed company in the apparel retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$47

Cash-flow model

Base case. Range ~$36–$61 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 109% above it.

Price used: $22.22, November 2, 2026

GAP Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter GAP files

Where GAP stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $15.3bn, up 1.1% on a year earlier, slower than 1.6% a quarter earlier. That puts it 794 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 6.2% from 5.1% a year earlier. Operating margin widened to 11.0% from 7.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 6 financial-health checks. Our cash-flow model value is $40.11 a share, against a share price of $23.45. At that price, our model says the market is pricing in cash flow shrinking about 7.7% a year for five years, slower than the -1.7% a year revenue growth it has delivered.

Source: 10-Q filed August 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

GAP Inc's trailing-twelve-month revenue grew 1.1% year on year, with a free-cash-flow margin of 6.2%. Where it lags: stock pay as % of revenue of 1.1% ranks 22 of 26 apparel retail companies we cover.

Our discounted-cash-flow model values the business at ~$47 per share in the base case (~$36–$61 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 24.4% while net income grew 40.3%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $22.22 is 109% below our value per share of $47.
  • Margins widening. Operating margin is up 3.3 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.0% in a year, so each share owns more of the business.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.1 against the S&P 500.
  • Insiders selling. 11 insiders sold $84M of stock over the past 365 days and none bought (21% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 77% of net income over the last 12 months.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.1% ranks 22 of 26 apparel retail companies we cover (median 0.7%).
  • Heavily shorted. 12.7% of the shares available to trade are sold short (4.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q2

Filed August 28, 2026
Earnings per share
$0.52 against an average estimate of $0.48: beat by 7.9%
Revenue
$3.65bn, down 2.0% on a year earlier
Share reaction
+11.0% in the first session after the results on August 27, 2026, against +0.4% for the S&P 500
Guidance given
net sales growth 1% to 1.5% (Full Year Fiscal 2026); adjusted operating margin 7.4% to 7.6% (Full Year Fiscal 2026)
Next report
November 19, 2026; average EPS estimate $0.78

GAP's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-0.2%
  • 1 month-0.6%
  • This year-10.6%
  • 1 year+0.2%
  • 5 years+10.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.3B
Operating margin
11.0%
Net margin
8.1%
EPS (TTM, diluted)
$3.29

Growth

Revenue growth
+1.1%
Change in growth rate
−0.5 pts
Share count change
−1.0%

Cash

Free cash flow (TTM)
$957M
FCF margin
6.2%
Stock pay % of revenue
1.1%

Earnings

Last results
August 27, 2026
Next results (est.)
November 23, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Partnership
  6. Leadership
  7. Announcement
  8. Results
  9. Guidance
  10. Announcement
  11. Dividend
  12. Results
  13. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

GAP Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 11.9% a year for five years.That is slower than the -1.7% a year revenue growth GAP has delivered.

  • Priced in-11.9%
  • Last 12 months1.1%
  • 3 years a year0.5%
  • 5 years a year-1.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($21.99, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$47
Price used
$21.99close November 3, 2026
Implied change
▲ +111%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of GAP Inc's free cash flow after stock-based pay with after-tax interest added back ($912M, FY2027 Q2 TTM), growing 2.7% and 2.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$36–~$61 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of GAP Inc's free cash flow after stock-based pay ( $912M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value GAP Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$47 ~$36–$61 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$37 ~$30–$46 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$15–$25 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$21 ~$18–$24 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$34 ~$19–$47 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare GAP Inc with Apparel Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −14%
  • Last year's free-cash-flow margin change, if it persists ▲ +20%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $40$54$72$95$125$165
8.5% $32$41$54$71$93$121
10% $26$34$44$56$73$94

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$16.99$16.14$23.75$19.14$14.02$16.31$14.65$11.55$18.27$22.80$27.32$22.22
Market value$7.0bn$6.5bn$9.4bn$7.4bn$5.3bn$6.1bn$5.6bn$4.2bn$6.9bn$8.8bn$10.5bn$8.4bn
+ Net debt (− = net cash)−$1.4bn−$1.8bn−$1.8bn−$1.1bn−$1.4bn−$2.0bn−$877m−$1.2bn−$1.9bn−$2.3bn−$2.6bn−$610m
Enterprise value$5.6bn$4.7bn$7.6bn$6.3bn$3.9bn$4.1bn$4.7bn$3.0bn$5.0bn$6.4bn$7.9bn$7.8bn
Multiples
Price / sales 0.4x0.4x0.6x0.4x0.3x0.4x0.3x0.3x0.5x0.6x0.7x0.5x
Price / earnings 7.6x9.6x11.1x7.4x15.1x—21.9x—13.7x10.4x12.9x6.7x
Price / free cash flow 8.1x5.4x14.5x11.0x7.5x—48.8x—6.2x8.4x12.7x8.8x
EV / EBITDA 2.7x2.6x3.7x3.3x3.5x—3.6x6.4x4.6x4.0x4.9x3.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard GAP's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.7% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 38.0%, moving by 2.9 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.0%; its worst year was -8.5%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 9 of 10 years, at a median 4.7% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.4% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, after the close. Analysts expect revenue of $4.0bn and EPS of $0.78 (range $0.73 to $0.83) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.39 +12% $15.5bn +1%
Next $2.61 +9% $16.0bn +3%

Next year's EPS estimate has moved +0.3% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 16 analysts raised GAP Inc's forecast and 2 cut it.

Consensus EPS forecast GAP Inc, last 90 days
$2.30 $2.40 $2.50 $2.60 $2.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.37 Current fiscal year, 60 days ago: $2.38 Current fiscal year, 30 days ago: $2.41 Current fiscal year, 7 days ago: $2.40 Current fiscal year, Now: $2.39 $2.39 Next fiscal year, 90 days ago: $2.61 Next fiscal year, 60 days ago: $2.60 Next fiscal year, 30 days ago: $2.64 Next fiscal year, 7 days ago: $2.62 Next fiscal year, Now: $2.61 $2.61

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.37$2.61
60 days ago $2.38$2.60
30 days ago $2.41$2.64
7 days ago $2.40$2.62
Now $2.39$2.61

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.48 $0.52 +7.9%
Apr 2026 $0.38 $0.38 −1.1%
Jan 2026 $0.46 $0.45 −1.5%
Oct 2025 $0.59 $0.62 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • Net sales Full Year Fiscal 2026 1% growth to 1.5% growth
    “Net sales Up 1% to 1.5% year-over-year Up 1% to 2% year-over-year $15.4 billion” source
  • Net sales Third Quarter Fiscal 2026 1.5% growth to 2.5% growth
    “Net sales Up 1.5% to 2.5% year-over-year $3.9 billion” source
  • Adjusted diluted earnings per share Full Year Fiscal 2026 $2.35 to $2.45 Non-GAAP Raised
    “Adjusted diluted earnings per share Approximately $2.35 to $2.45 Approximately $2.30 to $2.40 $2.13” source
  • full year diluted earnings per share full year $3.77 to $3.87 GAAP Raised
    “On a reported basis, the Company now expects full year diluted earnings per share to be approximately $3.77 to $3.87.” source
  • Adjusted operating margin Full Year Fiscal 2026 7.4% to 7.6% Non-GAAP
    “Adjusted operating margin About 7.4% to 7.6% About 7.3% to 7.5% 7.3%” source
  • Gross margin Third Quarter Fiscal 2026 25 to 75
    “Gross margin Up about 25 to 75 basis points 42.4%” source
Show 4 more items
  • Adjusted interest, net Full Year Fiscal 2026 about $20m Non-GAAP
    “Adjusted interest, net Approximately $20 million Approximately $25 million $17 million” source
  • Adjusted effective tax rate Full Year Fiscal 2026 25% to 26% Non-GAAP
    “Adjusted effective tax rate Approximately 25% to 26% Approximately 25% 27.9%” source
  • Diluted weighted average share count Full Year Fiscal 2026 about 367m
    “Diluted weighted average share count Approximately 367 million Approximately 375 million 384 million” source
  • Capital expenditures Full Year Fiscal 2026 about $650m
    “Capital expenditures Approximately $650 million Approximately $650 million $470 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows GAP Inc's revenue by +2.7% next year and +2.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.9%, weight 56%) , management guidance (+3.0%, weight 19%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy836%
Hold1464%
Sell00%

Monthly trend

  1. Oct 202671422
  2. Sep 202671321
  3. Aug 202671220
  4. Jul 202629920

Counts of recommendations published by analysts covering GAP Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.7%
of tradable shares
Days to cover
3.97
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
67%
of shares
Held by insiders
36.0%
of shares
Employees
79,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +0.2%

$22.18 on October 31, 2025 to $22.22

ThenNowEffect
Revenue (last 12 months) $15.2bn $15.3bn +1.1%
Net margin 5.9% 8.1% +38.8%
P/E multiple 9.5x 6.7x −29.3%
Share count 383m 379m +1.1%

Biggest factor: p/e multiple.

Last 3 years +72.8%

$12.86 on November 3, 2023 to $22.22

ThenNowEffect
Revenue (last 12 months) $15.1bn $15.3bn +1.5%
Net margin 0.7% 8.1% +1038.1%
P/E multiple 43.7x 6.7x −84.6%
Share count 367m 379m −3.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GAP−11%−33%+97%+16%+12%−11%
Industry peers (median)+70%−43%+5%+9%+6%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GAP67%33%58%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GAP−56%−55%−51%−33%−34%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from January 22, 2018 to April 2, 2020. Getting back needed a 493% gain, reached on April 9, 2021, 372 days after the low.

Price behaviour

52-week range
$18.21 – $28.45
From 52-week high
−21.9%
vs 50-day average
+0.7%
vs 200-day average
−2.4%
Volatility (1 year)
46%
Beta vs S&P 500
1.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±14.6%
After a week
8 up, 4 down
typical move ±15.4%
After a month
6 up, 6 down
typical move ±15.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 27, 2026 +11.0% +0.4% +5.5% +8.5%
May 28, 2026 −12.1% +0.8% −10.4% −22.1%
March 5, 2026 −16.1% −1.9% −16.6% −8.6%
November 20, 2025 +6.3% −0.5% +15.3% +15.6%
August 28, 2025 −1.3% −0.2% +6.7% −4.3%
May 29, 2025 −21.0% +0.3% −23.6% −22.8%
March 6, 2025 +16.7% −1.2% +4.6% −3.6%
November 21, 2024 +20.6% +0.8% +17.6% +16.4%
August 29, 2024 0.0% +1.0% −10.8% −1.7%
May 30, 2024 +33.8% +0.2% +19.0% +7.5%
March 7, 2024 +9.8% +0.4% +20.7% +23.2%
November 16, 2023 +26.9% +0.2% +34.0% +49.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How GAP Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.26× the last 60 days’ realised volatility .
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

GAP Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) GAP Inc
$14.8B $15B $15.2B $15.4B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $14.8B Revenue (TTM), FY24 Q4: $14.9B Revenue (TTM), FY25 Q1: $15B Revenue (TTM), FY25 Q2: $15.2B Revenue (TTM), FY25 Q3: $15.2B Revenue (TTM), FY25 Q4: $15.1B Revenue (TTM), FY26 Q1: $15.2B Revenue (TTM), FY26 Q2: $15.2B Revenue (TTM), FY26 Q3: $15.3B Revenue (TTM), FY26 Q4: $15.4B Revenue (TTM), FY27 Q1: $15.4B Revenue (TTM), FY27 Q2: $15.3B $15.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $14.8B
FY24 Q4 $14.9B
FY25 Q1 $15B
FY25 Q2 $15.2B
FY25 Q3 $15.2B
FY25 Q4 $15.1B
FY26 Q1 $15.2B
FY26 Q2 $15.2B
FY26 Q3 $15.3B
FY26 Q4 $15.4B
FY27 Q1 $15.4B
FY27 Q2 $15.3B
Revenue growth, TTM YoY GAP Inc
-10% -5% 0% 5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -6.7% Revenue growth, TTM YoY, FY24 Q4: -4.7% Revenue growth, TTM YoY, FY25 Q1: -2.7% Revenue growth, TTM YoY, FY25 Q2: 0.4% Revenue growth, TTM YoY, FY25 Q3: 2.7% Revenue growth, TTM YoY, FY25 Q4: 1.3% Revenue growth, TTM YoY, FY26 Q1: 1.1% Revenue growth, TTM YoY, FY26 Q2: -0.0% Revenue growth, TTM YoY, FY26 Q3: 0.3% Revenue growth, TTM YoY, FY26 Q4: 1.9% Revenue growth, TTM YoY, FY27 Q1: 1.6% Revenue growth, TTM YoY, FY27 Q2: 1.1% 1.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -6.7%
FY24 Q4 -4.7%
FY25 Q1 -2.7%
FY25 Q2 0.4%
FY25 Q3 2.7%
FY25 Q4 1.3%
FY26 Q1 1.1%
FY26 Q2 -0.0%
FY26 Q3 0.3%
FY26 Q4 1.9%
FY27 Q1 1.6%
FY27 Q2 1.1%
Operating margin (TTM) GAP Inc
0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 2.1% Operating margin (TTM), FY24 Q4: 3.8% Operating margin (TTM), FY25 Q1: 5.2% Operating margin (TTM), FY25 Q2: 6.3% Operating margin (TTM), FY25 Q3: 7.0% Operating margin (TTM), FY25 Q4: 7.4% Operating margin (TTM), FY26 Q1: 7.7% Operating margin (TTM), FY26 Q2: 7.7% Operating margin (TTM), FY26 Q3: 7.5% Operating margin (TTM), FY26 Q4: 7.3% Operating margin (TTM), FY27 Q1: 8.4% Operating margin (TTM), FY27 Q2: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 2.1%
FY24 Q4 3.8%
FY25 Q1 5.2%
FY25 Q2 6.3%
FY25 Q3 7.0%
FY25 Q4 7.4%
FY26 Q1 7.7%
FY26 Q2 7.7%
FY26 Q3 7.5%
FY26 Q4 7.3%
FY27 Q1 8.4%
FY27 Q2 11.0%
FCF margin (TTM) GAP Inc
5% 6% 7% 8% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 7.8% FCF margin (TTM), FY24 Q4: 7.5% FCF margin (TTM), FY25 Q1: 7.7% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 7.3% FCF margin (TTM), FY25 Q4: 6.9% FCF margin (TTM), FY26 Q1: 5.8% FCF margin (TTM), FY26 Q2: 5.1% FCF margin (TTM), FY26 Q3: 5.1% FCF margin (TTM), FY26 Q4: 5.4% FCF margin (TTM), FY27 Q1: 7.3% FCF margin (TTM), FY27 Q2: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 7.8%
FY24 Q4 7.5%
FY25 Q1 7.7%
FY25 Q2 7.8%
FY25 Q3 7.3%
FY25 Q4 6.9%
FY26 Q1 5.8%
FY26 Q2 5.1%
FY26 Q3 5.1%
FY26 Q4 5.4%
FY27 Q1 7.3%
FY27 Q2 6.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar GAP took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15.4B
  2. Cost of revenue $9.1B · 59.2%
  3. Gross profit $6.3B · 40.8%
  4. Other operating costs $5.1B · 33.1%
  5. Operating income $1.1B · 7.3%
  6. Income tax $316M · 2.1%
  7. Net income $816M · 5.3%

Shares of revenue. Source: GAP's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 14.2 14.7 14.5 15.7 16.1 16.4 15.8 15.5 15.9 16.6 16.4 13.8 16.7 15.6 14.9 15.1 15.4 15.3
Gross profit 5.7 5.9 5.3 6.2 6.3 6.3 5.7 5.6 6.1 6.3 6.1 4.7 6.6 5.4 5.8 6.2 6.3 6.6
EBITDA 2.5 2.6 2.0 2.5 2.7 2.6 2.1 1.8 2.0 1.9 1.1 −0.4 1.3 0.5 1.1 1.6 1.6 2.2
Operating income 1.8 2.0 1.4 1.9 2.1 2.1 1.5 1.2 1.5 1.4 0.6 −0.9 0.8 −0.1 0.6 1.1 1.1 1.7
Net income 1.1 1.2 0.8 1.1 1.3 1.3 0.9 0.7 0.8 1.0 0.4 −0.7 0.3 −0.2 0.5 0.8 0.8 1.2
Diluted EPS $1.58 $1.88 $1.56 $2.33 $2.74 $2.87 $2.23 $1.69 $2.14 $2.59 $0.93 −$1.78 $0.67 −$0.55 $1.34 $2.20 $2.13 $3.29
Growth (year on year)
Revenue −2.3% +3.3% −0.8% +7.6% +3.2% +1.8% −3.9% −1.8% +2.2% +4.6% −1.2% −15.8% +20.8% −6.3% −4.7% +1.3% +1.9% +1.1%
EBITDA +12.2% +5.9% −22.4% +23.2% +7.4% −1.4% −20.1% −15.7% +14.2% −4.8% −41.7% −131.4% — −64.2% +129.7% +49.0% −0.1% +32.1%
Operating income +17.2% +8.4% −26.9% +35.0% +10.7% −3.1% −26.8% −21.9% +24.2% −7.9% −57.9% −250.2% — −108.5% — +98.6% +0.3% +44.4%
Net income +14.0% +9.3% −30.8% +36.3% +12.8% −1.4% −27.1% −26.5% +25.4% +18.3% −65.0% −289.5% — — — +68.1% −3.3% +40.3%
Diluted EPS +17.9% +19.0% −17.0% +49.4% +17.6% +4.7% −22.3% −24.2% +26.6% +21.0% −64.1% −291.4% — — — +64.2% −3.2% +41.8%
Margins
Gross margin 40.3% 40.2% 36.2% 39.4% 39.0% 38.3% 36.2% 36.3% 38.3% 38.1% 37.4% 34.1% 39.8% 34.3% 38.8% 41.3% 40.8% 43.3%
EBITDA margin 17.4% 17.8% 14.0% 16.0% 16.6% 16.1% 13.4% 11.5% 12.9% 11.7% 6.9% −2.6% 7.9% 3.0% 7.3% 10.7% 10.5% 14.3%
Operating margin 12.8% 13.4% 9.9% 12.4% 13.3% 12.7% 9.6% 7.7% 9.3% 8.2% 3.5% −6.2% 4.9% −0.4% 3.8% 7.4% 7.3% 11.0%
Net margin 7.8% 8.2% 5.7% 7.3% 7.9% 7.7% 5.8% 4.4% 5.3% 6.0% 2.1% −4.8% 1.5% −1.3% 3.4% 5.6% 5.3% 8.1%
Free-cash-flow margin 11.2% 8.1% 5.6% 8.2% 6.4% 8.6% 5.5% 7.7% 4.1% 4.1% 4.3% −1.1% 0.7% −0.5% 7.5% 6.9% 5.4% 6.2%
Cash flow
Cash from operations 1.9 1.7 1.4 1.9 1.7 2.1 1.6 1.7 1.4 1.4 1.4 0.2 0.8 0.6 1.5 1.5 1.3 1.5
Capital spending 0.3 0.6 0.5 0.7 0.7 0.7 0.7 0.5 0.7 0.7 0.7 0.4 0.7 0.7 0.4 0.4 0.5 0.6
Free cash flow 1.6 1.2 0.8 1.3 1.0 1.4 0.9 1.2 0.6 0.7 0.7 −0.2 0.1 −0.1 1.1 1.0 0.8 1.0
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.2 0.2
Free cash flow after stock pay 1.5 1.1 0.8 1.2 0.9 1.3 0.8 1.1 0.6 0.6 0.6 −0.2 −0.0 −0.1 1.0 0.9 0.7 0.8
Balance sheet
Cash 2.3 1.6 1.9 1.5 1.5 1.5 1.4 1.8 1.8 1.1 1.4 2.0 0.9 1.2 1.9 2.3 2.6 2.1
Total debt — — — — — — — — — — — — — — — — — 1.5
Net debt (negative = net cash) −2.3 −1.6 −1.9 −1.5 −1.5 −1.5 −1.4 −1.8 −1.8 −1.1 −1.4 −2.0 −0.9 −1.2 −1.9 −2.3 −2.6 −0.6
Diluted shares 699m 641m 533m 488m 467m 440m 413m 400m 396m 388m 378m 374m 383m 367m 376m 384m 384m 379m
Returned to shareholders
Dividends 0.2 0.3 0.2 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.0 0.2 0.2 0.2 0.2 0.2 0.2
Buybacks 0.5 2.0 2.1 1.0 1.0 1.2 1.0 0.0 0.3 0.4 0.2 0.0 0.2 0.1 0.0 0.1 0.2 0.6
Total returned 0.8 2.2 2.3 1.3 1.3 1.6 1.4 0.4 0.7 0.8 0.6 0.0 0.4 0.3 0.2 0.3 0.4 0.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 6 checks passed · August 1, 2026
What it owns · $12.9bn
Short-term assets $5.9bnLonger-term assets $7.0bn
What it owes, and who funded it · $7.2bn
Short-term liabilities $3.2bnShareholders' equity $4.0bn
  • Short-term assets cover short-term liabilities $5.9bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $2.1bn of cash against $1.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 38% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 38% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.5bn of operating cash flow against $1.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.7bn against $93m of interest.

From GAP Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$604M
Dividends (TTM)
$249M
Returned to shareholders
89%
of free cash flow
Buybacks, last 3 fiscal years
$230M
Diluted share count
−1.0%
year over year
Total shareholder yield
10.9%
dividends 3.2% + buybacks 7.7% of market value
Dividend payout ratio
20%
of net income paid out
Days sales outstanding
8 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in apparel retail
Last 12 months unless stated GAP BURL ROST VSXY URBN AEO Median
Revenue, last 12 months $15.3bn $12.2bn $24.5bn $6.9bn $6.5bn $5.7bn $1.1bn
Revenue growth, last 12 months 1.1% 10.9% 14.0% 10.3% 11.0% 9.2% 4.2%
Revenue growth, 3-year average 0.5% 10.3% 8.5% 3.8% 9.4% 4.6% 0.9%
Revenue growth, latest quarter −2.0% 11.0% 13.3% 10.4% 10.4% 7.5% 4.4%
Gross margin 43.3% 44.6% 29.7% 39.6% 37.5% 40.5% 40.1%
Operating margin 11.0% — 13.7% 7.9% 11.3% 7.8% 2.0%
Operating margin, 3-year average 8.3% — — 5.6% 9.4% 6.2% 0.2%
Net margin 8.1% 5.8% 10.8% 5.5% 8.8% 5.9% 1.5%
Cash from operations / revenue 10.0% 11.6% 14.9% 11.0% 11.1% 10.4% 4.9%
Free-cash-flow margin 6.2% 3.4% 11.4% 8.0% 4.6% 6.0% 2.9%
Free-cash-flow margin, 3-year average 6.4% 1.4% 9.0% 5.0% 5.3% 4.8% 1.7%
Stock pay / revenue 1.1% 1.0% 0.8% 0.8% 0.5% 0.7% 0.7%
Change in share count −1.0% −0.4% −1.8% 4.0% −3.9% −5.7% −0.3%

Median of all 28 companies we cover in apparel retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

28 apparel retail companies
Measure Company Peer median Rank
Revenue growth Growth 1.1% 4.7% 18 of 28
Change in growth rate Growth -0.5pp -0.2pp 18 of 28
Gross margin Profitability 43.3% 40.5% 12 of 26
Operating margin Profitability 11.0% 1.9% 6 of 25
Net margin Profitability 8.1% 1.7% 8 of 28
Free-cash-flow margin Cash generation 6.2% 3.0% 8 of 28
Stock pay as % of revenue Cash generation 1.1% 0.7% 22 of 26
Long-term debt as % of assets Balance sheet 11.6% 11.6% 7 of 13
Change in share count Balance sheet -1.0% -0.3% 11 of 27
Days sales outstanding Balance sheet 8 days 6 days 8 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$4.1B
Institutions reporting
483
Shares held vs prior quarter
▼ 4.0%
Positions opened / closed
79 / 89

Top buyers and sellers, Q2 2026: 226 institutions bought and 275 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+4.5M shares) and the biggest seller DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main (−14.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $429M 23.0M 10.4% ▲ 4.4%
Dimensional Fund Advisors LP $302M 16.2M 7.3% ▲ 13.6%
AQR Capital Management LLC $267M 14.7M 6.5% ▲ 27.1%
Vanguard Portfolio Management LLC $221M 11.8M 5.3% ▲ 2.0%
Vanguard Capital Management LLC $197M 10.5M 4.8% ▼ 1.4%
Arrowstreet Capital, Limited Partnership $170M 9.1M 4.1% ▲ 100.1%
State Street Corp $145M 7.8M 3.5% ▲ 1.1%
Victory Capital Management Inc $115M 6.1M 2.8% ▲ 12.8%
FMR LLC $82.6M 4.4M 2.0% ▼ 36.2%
Goldman Sachs Group Inc $82.4M 4.4M 2.0% ▲ 217.2%
Geode Capital Management, LLC $77.4M 4.1M 1.9% ▼ 1.0%
LSV Asset Management $76.3M 4.1M 1.8% ▲ 16.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not GAP Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $84.3M 32 trades by 11 insiders · 21% under pre-set plans
Net ▼ $84.3M net selling
Insider Date Trade Shares Price Value
Gruber Julie Chief Legal&Compliance Officer October 6, 2026 Sell pre-set plan 27,538 $23.56 $648,680
Fisher William Sydney Director October 6, 2026 Sell 500,000 $23.89 $11.9M
Fisher William Sydney Director October 5, 2026 Sell 433,656 $23.35 $10.1M
Fisher William Sydney Director September 30, 2026 Sell 66,344 $23.06 $1.5M
Gruber Julie Chief Legal&Compliance Officer April 17, 2026 Sell pre-set plan 5,302 $27.00 $143,154
Chan Eric Kayen Chief Business & Strat Officer April 10, 2026 Sell 936 $26.15 $24,472
Chan Eric Kayen Chief Business & Strat Officer April 10, 2026 Sell 12,441 $26.19 $325,830
Fisher John J 10% owner April 8, 2026 Sell 300,000 $25.40 $7.6M
Thompson Amanda J Chief People Officer April 6, 2026 Sell 23,212 $25.14 $583,550
Thompson Amanda J Chief People Officer April 6, 2026 Sell 1,788 $25.14 $44,950
Gilligan Sarah Chief Sup Chn & Transform Ofcr March 23, 2026 Sell pre-set plan 69,912 $25.00 $1.7M
Barbeito Horacio President & CEO, Old Navy March 20, 2026 Sell pre-set plan 113,684 $24.01 $2.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of GAP Inc shares.

  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 13, 2026, filed September 1, 2026
  • Andrew R. Garbarino(R-NY 2):Sale (full), $1,001 - $15,000, traded August 21, 2025, filed August 21, 2025
  • Andrew R. Garbarino(R-NY 2):Purchase, $1,001 - $15,000, traded October 1, 2021, filed November 3, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 23, 2026 estimated from the company's past filing pattern, not announced

  • August 27, 2026
  • May 28, 2026
  • March 5, 2026
  • November 20, 2025
  • August 28, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on GAP Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

GAP Inc in brief

What does GAP Inc do?
GAP Inc is a US-listed company in the apparel retail industry. Its financial year ends in January.
What is GAP Inc's stock ticker?
GAP Inc trades under the ticker GAP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is GAP Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, GAP Inc reported revenue of $15.3B, 1.1% higher than a year earlier, according to its SEC filings.
What is GAP Inc's free cash flow?
GAP Inc's free-cash-flow margin is 6.2% of revenue over the trailing twelve months, ranking 8 of the 28 apparel retail companies we cover.
What is GAP Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of GAP Inc's free cash flow after stock-based pay gives ~$47 per share in the base case, and ~$36–$61 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are GAP Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is GAP Inc buying back stock, and does it pay a dividend?
GAP Inc spent $604M on share repurchases over the trailing twelve months, and its diluted share count fell 1.0% over the year.
What is GAP Inc's market cap?
On November 2, 2026, GAP Inc's market capitalisation was about $8.4B, with a price-to-earnings ratio of 6.7 and net debt of -$610M. Market figures come from third-party market data and may be delayed.
Does GAP Inc pay a dividend?
Yes: GAP Inc paid $249M in dividends over the trailing twelve months, a dividend yield of 3.19% and a payout ratio of 20.0%.
How much debt does GAP Inc have?
GAP Inc's debt-to-equity ratio is 37.8%, from its latest balance sheet (54.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are GAP Inc's competitors?
In our Apparel Retail peer group, the companies closest to GAP Inc are Burlington Stores, Inc., Ross Stores, Victoria's Secret & Co., Urban Outfitters Inc and American Eagle Outfitters Inc. The side-by-side comparison below sets their revenue, margins and growth against GAP Inc's.
Are insiders buying or selling GAP Inc stock?
Over the last 12 months, GAP Inc's directors and officers reported 0 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is GAP Inc's next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — GAP Inc announces its own schedule.