Gap, Inc.
Financial Performance
Gap Revenue & Financials
Revenue
$15.4B (FY2025)
Market Cap
$7.3B
Net Income
$816M
Employees
79,000
What is Gap's revenue?
Gap had $15.4B in revenue for fiscal year 2025, up 1.9% from 2024. Net income was $816M.
- Latest revenue
- $15.4B (FY2025)
- Year-over-year
- +1.9%
- Growth rate (CAGR)
- -0.1% over 9 years
- Peak revenue
- $16.7B (FY2021)
- Years of data
- 10
- Employees
- 79,000
Financial Analysis
Gap's revenue has been roughly flat for a decade, between $13.8 billion (pandemic fiscal 2020) and $16.7 billion (fiscal 2021). Under Richard Dickson the story has shifted to profitability: net income rose from $502 million in fiscal 2023 to $844 million in fiscal 2024 and $816 million in fiscal 2025, when sales grew 1.9% to $15.37 billion and comparable sales rose 3%. In Q2 fiscal 2026 (ended August 1, 2026) net sales fell 2% to $3.7 billion, but reported net income was $501 million, boosted by the expected IEEPA tariff recovery; adjusted net income was $190 million. The company held $2.5 billion in cash and short-term investments and returned $726 million to shareholders in the first half of fiscal 2026. The Gap, Inc. is a major American clothing and accessories retailer, maintaining a market valuation generally exceeding $8 billion.
Revenue Trend Analysis
YoY Change
+1.9%
9-Year CAGR
-0.1%
Peak Year
2021
Trend
Mostly Growing
Gap, Inc. has 10 full fiscal year figures on this page, compounding at -0.1% annually over 9 years. The most recent year saw a 1.9% increase versus the prior year. Annual revenue peaked in fiscal year 2021 at $16.7B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
Click any row to see year details.
Gap, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Jan 31, 2026 | $1.3B | $470M | $12.6B | $3.8B | $823M | Form 10-K |
| FY2024ended Feb 1, 2025 | $1.5B | $447M | $11.9B | $3.3B | $1B | Form 10-K |
| FY2023ended Feb 3, 2024 | $1.5B | $420M | $11B | $2.6B | $1.1B | Form 10-K |
| FY2022ended Jan 28, 2023 | $607M | $685M | $11.4B | $2.2B | -$78M | Form 10-K |
| FY2021ended Jan 29, 2022 | $809M | $694M | $12.8B | $2.7B | $115M | Form 10-K |
| FY2020ended Jan 30, 2021 | $237M | $392M | $13.8B | $2.6B | -$155M | Form 10-K |
| FY2019ended Feb 1, 2020 | $1.4B | $702M | $13.7B | $3.3B | $709M | Form 10-K |
| FY2018ended Feb 2, 2019 | $1.4B | $705M | $8B | $3.6B | $676M | Form 10-K |
| FY2017ended Feb 3, 2018 | $1.4B | $731M | $8B | $3.1B | $649M | Form 10-K |
| FY2016ended Jan 28, 2017 | $1.7B | $524M | $7.6B | $2.9B | $1.2B | Form 10-K |
Keep researching Gap
Gap Revenue and Financial FAQ
What is The Gap, Inc.'s annual net sales volume and revenue breakdown?
Gap Inc. generates between $14.5 billion and $15.5+ billion in annual consolidated net sales. Revenue is distributed across Old Navy (approximately 54% to 56% of sales), Gap brand (22% to 24%), Banana Republic (12% to 14%), and Athleta (9% to 10%).
What are Gap Inc.'s gross margin and operating profit margin benchmarks?
Gap Inc. delivers gross profit margins typically between 38% and 41%, supported by supply chain deflation, lower air freight usage, and disciplined promotional discounting, resulting in operating profit margins expanding toward 6% to 8% under CEO Richard Dickson.
What is Gap Inc.'s free cash flow generation and balance sheet cash position?
Gap Inc. generates strong annual free cash flow exceeding $800 million to $1.1+ billion, maintaining over $1.5 billion to $2.0 billion in cash, cash equivalents, and available liquidity with a low-cost, well-laddered debt profile.
What is Gap Inc.'s dividend distribution and shareholder return policy?
Gap Inc. pays regular quarterly cash dividends, maintaining an unbroken track record of dividend payments for decades (yielding approximately 3% to 4%), backed by strong free cash flow conversion and disciplined capital reinvestment.
How has inventory optimization and supply chain rationalization improved working capital?
By reducing total SKU counts by 15% to 20%, shortening manufacturing lead times, and implementing automated inventory replenishment, Gap Inc. reduced overall inventory levels by over 15%, slashing costly clearance markdowns and boosting full-price sell-through.
What is Gap Inc.'s annual capital expenditure (capex) budget?
Gap Inc. invests approximately $450 million to $550 million annually in capital expenditures, prioritizing digital technology and e-commerce mobile app enhancements, supply chain automation, and strategic store fleet refreshes.
How do seasonal holiday shopping cycles affect Gap Inc.'s financial results?
Gap Inc. generates a substantial percentage of its annual revenue and operating profit during the fourth quarter (Q4) surrounding Black Friday, Cyber Monday, and holiday gift shopping, driven by Old Navy jammies and winter knitwear.
What return on invested capital (ROIC) does Gap Inc. achieve?
Through disciplined working capital management, rationalized store footprints, and improved gross margins, Gap Inc. achieves a Return on Invested Capital (ROIC) typically ranging between 12% and 16% across economic cycles.
Did Gap spin off Old Navy?
No, but they almost did. In 2019, because the Gap brand was losing massive amounts of money while Old Navy was printing billions, the board announced a massive plan to spin Old Navy off into a separate public company. However, in 2020, they abruptly canceled the split, realizing the combined supply chain was too deeply intertwined.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Gap Revenue & Financials." CorpDigest, https://corpdigest.com/company/gap/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Gap reported $15.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/gap/financials" target="_blank" rel="noopener">CorpDigest — Gap financials</a></div>Related Financial Audits
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