Fast Retailing vs Gap: Revenue, Profit and Business Model
Fast Retailing reported ~$20.5B of revenue in FY2026 and ~$2.9B of net income. Gap reported $15.4B of revenue in FY2025 and $816M of net income.
Latest financial snapshot
Fast Retailing
- Latest revenue
- ~$20.5B (FY2026)
- Net income
- ~$2.9B
- Net margin
- 13.9%
- Revenue growth
- +7.5% a year, FY2021–FY2026
Gap
- Latest revenue
- $15.4B (FY2025)
- Net income
- $816M
- Net margin
- 5.3%
- Revenue growth
- -0.1% a year, FY2016–FY2025
Financial summary
Fast Retailing
Fast Retailing has compounded revenue from ~$14.3 billion (JPY 2.13 trillion) in FY2021 to ~$22.8 billion (JPY 3.40 trillion) in FY2025, with profit attributable to owners rising from ~$1.14 billion (JPY 169.8 billion) to ~$2.9 billion (JPY 433.0 billion). FY2026 is running faster: in the nine months to May 31, 2026, revenue rose 17.1% to ~$20.5 billion (JPY 3.0651 trillion), business profit rose 33.6% to ~$3.97 billion (JPY 592.7 billion) and operating profit rose 36.2% to ~$4.12 billion (JPY 614.4 billion). In July 2026 the company raised full-year guidance to ~$26.6 billion (JPY 3.97 trillion) in revenue, ~$4.89 billion (JPY 730 billion) in operating profit and ~$3.35 billion (JPY 500 billion) in net profit. UNIQLO International is the growth driver; Global Brands is shrinking while Theory is restructured.
Gap
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.
Revenue and profit by year
Fast Retailing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$20.5B | ~$2.9B | 13.9% | -9.9% | Source |
| FY2025 | ~$22.8B | ~$2.9B | 12.7% | +9.6% | Source |
| FY2024 | ~$20.8B | ~$2.5B | 12.0% | +12.2% | Source |
| FY2023 | ~$18.5B | ~$2B | 10.7% | +20.2% | Source |
| FY2022 | ~$15.4B | ~$1.8B | 11.9% | +7.9% | Source |
| FY2021 | ~$14.3B | ~$1.1B | 8.0% | — | Source |
Gap
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.4B | $816M | 5.3% | +1.9% | Source |
| FY2024 | $15.1B | $844M | 5.6% | +1.3% | Source |
| FY2023 | $14.9B | $502M | 3.4% | -4.7% | Source |
| FY2022 | $15.6B | -$202M | -1.3% | -6.3% | Source |
| FY2021 | $16.7B | $256M | 1.5% | +20.8% | Source |
| FY2020 | $13.8B | -$665M | -4.8% | -15.8% | Source |
| FY2019 | $16.4B | $351M | 2.1% | -1.2% | Source |
| FY2018 | $16.6B | $1B | 6.0% | +4.6% | Source |
| FY2017 | $15.9B | $848M | 5.3% | +2.2% | Source |
| FY2016 | $15.5B | $676M | 4.4% | — | Source |
Where the revenue comes from
Fast Retailing
- UNIQLO International56.2%
Stores and e-commerce outside Japan, led by Greater China, Southeast Asia, Europe, and North America.
- UNIQLO Japan30.2%
Domestic Japanese UNIQLO stores and digital sales, still a major profit and operating-knowledge base.
- GU9.7%
Lower-priced fashion apparel that gives the group a second growth format alongside UNIQLO.
- Global Brands3.9%
Smaller portfolio brands including Theory and related labels.
Gap
- Old Navy
Largest brand
Old Navy is the value-family apparel engine, selling basics, seasonal apparel, and kids clothing through stores and digital channels.
- Gap Brand
Core heritage brand
Gap sells denim, casualwear, logo products, and wardrobe basics through stores, e-commerce, outlets, and franchise partners.
- Banana Republic
Premium apparel brand
Banana Republic targets more premium workwear and travel-inspired casual apparel at higher average selling prices.
- Athleta
Activewear brand
Athleta sells women's performance apparel, activewear, and lifestyle products in a category shaped by technical fabrics and brand community.
Business model and strategy
Fast Retailing
How it makes money
Fast Retailing runs a SPA (specialty store retailer of private-label apparel) model. It controls product planning, fabric development, merchandising, inventory and retail, while outsourcing almost all production to partner factories in China, Vietnam, Bangladesh, Indonesia, India and elsewhere.
Growth strategy
Growth is focused on UNIQLO International. In the nine months to May 2026, overseas UNIQLO revenue rose 25.9% to ~$12.3 billion (JPY 1.834 trillion) and business profit rose 45.4% to ~$2.31 billion (JPY 345.3 billion), with double-digit revenue and profit growth in South Korea, Southeast Asia/India/Australia, North America and Europe.
Competitive advantage
Fast Retailing's edge comes from three things competitors find hard to copy together: long-term fabric development with Toray Industries behind HEATTECH, AIRism and Ultra Light Down; very large production runs of a small number of core items, which lower unit costs; and global store execution that turns flagships into brand media.
Gap
How it makes money
Gap Inc. makes money by designing private-label apparel and accessories in-house, sourcing production from third-party factories, and selling the products directly to consumers through company-operated stores and its own websites and apps. Online sales were about 35% of net sales in the second quarter of fiscal 2026.
Growth strategy
Dickson's strategy, launched after he became CEO in August 2023, focuses on 'brand reinvigoration': sharper brand identities, culture-driven marketing, and tighter operational discipline.
Competitive advantage
Gap's advantages are scale and brand recognition. It calls itself the largest specialty apparel company in the US, and Old Navy's volume gives it purchasing leverage in sourcing.
Questions about Fast Retailing vs Gap
Which company has higher revenue — Fast Retailing Co., Ltd. or Gap, Inc.?
Fast Retailing Co., Ltd. reported ~$20.5B (FY2026), while Gap, Inc. reported $15.4B (FY2025). By last reported revenue, Fast Retailing Co., Ltd. is the larger business, with Gap, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Fast Retailing Co., Ltd. vs Gap, Inc.?
Fast Retailing Co., Ltd.'s market capitalisation stands at $138.9B, while Gap, Inc.'s is $7.3B. Fast Retailing Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Gap, Inc..
Which is more financially efficient — Fast Retailing Co., Ltd. or Gap, Inc.?
Fast Retailing Co., Ltd. generates $187k / employee in revenue per employee, while Gap, Inc. generates $195k / employee. Gap, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Fast Retailing Co., Ltd. and Gap, Inc. make money?
Fast Retailing Co., Ltd. and Gap, Inc. generate revenue in fundamentally different ways. Fast Retailing Co., Ltd.: Fast Retailing runs a SPA (specialty store retailer of private-label apparel) model. Gap, Inc.: Gap Inc.
Which company is valued higher relative to revenue — Fast Retailing Co., Ltd. or Gap, Inc.?
On a price-to-sales (P/S) basis, Fast Retailing Co., Ltd. trades at 6.8x P/S and Gap, Inc. at 0.5x P/S. Fast Retailing Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Gap, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fast Retailing Co., Ltd. bigger than Gap, Inc.?
By last reported revenue, Fast Retailing Co., Ltd. (~$20.5B (FY2026)) is the larger company compared to Gap, Inc. ($15.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fast Retailing vs Gap overview