The Gap (GAP) financial statements
The Gap reported revenue of $15.4B in fiscal 2026, down 0.1% a year over 9 years.
Net income was $816M and the operating margin 7.3%, against 7.7% in 2017.
Free cash flow was $823M, and the company returned $247M in dividends and $155M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from The Gap's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.5B | $15.9B | $16.6B | $16.4B | $13.8B | $16.7B | $15.6B | $14.9B | $15.1B | $15.4B |
| Cost of revenue | — | $9.8B | $10.3B | $10.2B | $9.1B | $10.0B | $10.3B | $9.1B | $8.9B | $9.1B |
| Gross profit | $5.6B | $6.1B | $6.3B | $6.1B | $4.7B | $6.6B | $5.4B | $5.8B | $6.2B | $6.3B |
| Research and development | $46M | $51M | $50M | $41M | $46M | $41M | $46M | $37M | $40M | $60M |
| Operating income | $1.2B | $1.5B | $1.4B | $574M | -$862M | $810M | -$69M | $560M | $1.1B | $1.1B |
| Interest expense | $75M | $74M | $73M | $76M | $192M | $167M | $88M | $90M | $87M | $93M |
| Pre-tax income | $1.1B | $1.4B | $1.3B | $528M | -$1.1B | $323M | -$139M | $556M | $1.1B | $1.1B |
| Income tax | $448M | $576M | $319M | $177M | -$437M | $67M | $63M | $54M | $293M | $316M |
| Net income | $676M | $848M | $1.0B | $351M | -$665M | $256M | -$202M | $502M | $844M | $816M |
| EPS (diluted) | $1.69 | $2.14 | $2.59 | $0.93 | -$1.78 | $0.67 | -$0.55 | $1.34 | $2.20 | $2.13 |
| Diluted shares | 400M | 396M | 388M | 378M | 374M | 383M | 367M | 376M | 384M | 384M |
| Gross margin | 36.3% | 38.3% | 38.1% | 37.4% | 34.1% | 39.8% | 34.3% | 38.8% | 41.3% | 40.8% |
| Operating margin | 7.7% | 9.3% | 8.2% | 3.5% | -6.2% | 4.9% | -0.4% | 3.8% | 7.4% | 7.3% |
| Net margin | 4.4% | 5.3% | 6.0% | 2.1% | -4.8% | 1.5% | -1.3% | 3.4% | 5.6% | 5.3% |
Balance sheet
Fiscal years, from The Gap's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.8B | $1.4B | $1.7B | $2.4B | $877M | $1.2B | $1.9B | $2.6B | $3.0B |
| Receivables | $335M | $282M | $321M | $316M | $363M | $399M | $340M | $289M | $301M | $316M |
| Total current assets | $4.3B | $4.6B | $4.3B | $4.5B | $6.0B | $5.2B | $4.6B | $4.4B | $5.2B | $5.8B |
| Property, plant and equipment | $2.6B | $2.8B | $2.9B | $3.1B | $2.8B | $3.0B | $2.7B | $2.6B | $2.5B | $2.5B |
| Goodwill | $109M | $109M | $109M | $109M | $109M | $207M | $207M | $207M | $207M | $207M |
| Total assets | $7.6B | $8.0B | $8.0B | $13.7B | $13.8B | $12.8B | $11.4B | $11.0B | $11.9B | $12.6B |
| Total current liabilities | $2.5B | $2.5B | $2.2B | $3.2B | $3.9B | $4.1B | $3.3B | $3.1B | $3.3B | $3.3B |
| Long-term debt | $1.2B | $1.2B | $1.2B | $1.2B | $2.2B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities | $4.7B | $4.8B | $4.5B | $10.4B | $11.2B | $10.0B | $9.2B | $8.4B | $8.6B | $8.8B |
| Shareholders' equity | $2.9B | $3.1B | $3.6B | $3.3B | $2.6B | $2.7B | $2.2B | $2.6B | $3.3B | $3.8B |
| Net debt | -$470M | -$534M | $168M | -$115M | $228M | $607M | $271M | -$385M | -$845M | -$1.1B |
Cash flow
Fiscal years, from The Gap's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.4B | $1.4B | $1.4B | $237M | $809M | $607M | $1.5B | $1.5B | $1.3B |
| Capital spending | $524M | $731M | $705M | $702M | $392M | $694M | $685M | $420M | $447M | $470M |
| Free cash flow | $1.2B | $649M | $676M | $709M | -$155M | $115M | -$78M | $1.1B | $1.0B | $823M |
| Stock-based compensation | $76M | $87M | $91M | $68M | $77M | $139M | $37M | $80M | $126M | $162M |
| Dividends paid | $367M | $361M | $373M | $364M | $0 | $226M | $220M | $222M | $225M | $247M |
| Share buybacks (net) | $0 | -$315M | -$398M | -$200M | $0 | -$201M | -$123M | $0 | -$75M | -$155M |
| Net borrowing | -$21M | — | $0 | $0 | $943M | -$1.0B | $0 | $0 | — | — |
| Free cash flow margin | 7.7% | 4.1% | 4.1% | 4.3% | -1.1% | 0.7% | -0.5% | 7.5% | 6.9% | 5.4% |
| Dividends per share | $0.92 | $0.91 | $0.96 | $0.96 | — | $0.59 | $0.60 | $0.59 | $0.59 | $0.64 |
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Open GAP in InvestinglyQuestions
What was The Gap's revenue in 2026?
$15.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does The Gap generate?
$823M in fiscal 2026 (operating cash flow minus capital spending).
From The Gap's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.