GAP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GAP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15,516	15,855	16,580	16,383	13,800	16,670	15,616	14,889	15,086	15,366
Cost of revenue		9,789	10,258	10,250	9,095	10,033	10,257	9,114	8,859	9,098
Gross profit	5,640	6,066	6,322	6,133	4,705	6,637	5,359	5,775	6,227	6,268
Research and development	46	51	50	41	46	41	46	37	40	60
Operating expenses	4,449	4,587	4,960	5,559	5,567	5,827	5,428	5,215	5,115	5,153
Operating income	1,191	1,479	1,362	574	-862	810	-69	560	1,112	1,115
Interest expense	75	74	73	76	192	167	88	90	87	93
Interest income	8	19	33	30	10	5	18	86	112	110
Pre-tax income	1,124	1,424	1,322	528	-1,102	323	-139	556	1,137	1,132
Income tax	448	576	319	177	-437	67	63	54	293	316
Net income	676	848	1,003	351	-665	256	-202	502	844	816
EBITDA	1,784	2,038	1,940	1,131	-355	1,314	471	1,082	1,612	1,611
EPS, basic	1.69	2.16	2.61	0.93	-1.78	0.68	-0.55	1.36	2.24	2.19
EPS, diluted	1.69	2.14	2.59	0.93	-1.78	0.67	-0.55	1.34	2.20	2.13
Shares, basic (weighted)	399	393	385	376	374	376	367	370	376	373
Shares, diluted (weighted)	400	396	388	378	374	383	367	376	384	384
Dividend per share	0.92	0.92	0.97	0.97	0.24	0.36	0.60	0.60	0.60	0.66

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,783	1,783	1,081	1,364	1,988	877	1,215	1,873	2,335	2,616
Short-term investments		0	288	290	410	0		0	253	386
Receivables	335	282	321	316	363	399	340	289	301	316
Inventory	1,830	1,997	2,131	2,156	2,451	3,018	2,389	1,995	2,067	2,207
Other current assets	702	788	751	706	1,159	1,270	1,013	527	548	568
Total current assets	4,315	4,568	4,251	4,516	6,008	5,165	4,617	4,395	5,203	5,777
Property, plant and equipment	2,616	2,805	2,912	3,122	2,841	3,037	2,688	2,566	2,496	2,507
Lease right-of-use assets			0	5,402	4,217	3,675	3,173	3,115	3,240	3,443
Goodwill	109	109	109	109	109	207	207	207	207	207
Intangible assets					0	36	27	18	10	4
Other non-current assets	679	616	886	639	703	884	908	968	946	905
Total assets	7,610	7,989	8,049	13,679	13,769	12,761	11,386	11,044	11,885	12,632
Accounts payable	1,243	1,181	1,126	1,174	1,743	1,951	1,320	1,349	1,488	1,567
Accrued liabilities	1,113	1,270	1,024	1,067	1,276	1,367	1,219	1,108	1,083	1,044
Deferred revenue						345	354	337	273	272
Short-term debt	65	0	6	0	0
Total current liabilities	2,453	2,461	2,174	3,209	3,884	4,077	3,256	3,096	3,256	3,300
Long-term debt	1,248	1,249	1,249	1,249	2,216	1,484	1,486	1,488	1,490	1,492
Lease liabilities			0	5,508	4,617	4,033	3,517	3,353	3,353	3,485
Other non-current liabilities	174	182	167	139	153	165	152	165	151	144
Total liabilities	4,706	4,845	4,496	10,363	11,155	10,039	9,153	8,449	8,621	8,831
Total debt	1,313	1,249	1,249	1,249	2,216	1,484	1,486	1,488	1,490	1,492
Paid-in capital	81	8	0	0	85	43	27	113	146	136
Retained earnings	2,749	3,081	3,481	3,257	2,501	2,622	2,140	2,420	3,039	3,608
Other comprehensive income	54	36	53	40	9	38	48	43	60	38
Shareholders' equity	2,904	3,144	3,553	3,316	2,614	2,722	2,233	2,595	3,264	3,801
Total equity	2,904	3,144	3,553	3,316	2,614	2,722	2,233	2,595	3,264	3,801
Total liabilities and equity	7,610	7,989	8,049	13,679	13,769	12,761	11,386	11,044	11,885	12,632
Shares outstanding	399	389	378	371	374	371	366	372	374	372

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	676	848	1,003	351	-665	256	-202	502	844	816
Depreciation and amortization	593	559	578	557	507	504	540	522	500	496
Stock-based compensation	76	87	91	68	77	139	37	80	126	162
Deferred income tax	-54	61	65	-81	-137	-61	42	-64	27	69
Change in payables	146	-90	-78	66	564	186	-540	42	137	57
Cash from operations	1,719	1,380	1,381	1,411	237	809	607	1,532	1,486	1,293
Capital expenditures	-524	-731	-705	-702	-392	-694	-685	-420	-447	-470
Acquisitions		0	0	-69	0	-135	0	0
Purchases of investments	0	0	-464	-293	-508	-753	0	0	-409	-419
Sales and maturities of investments	0	0	177	293	388	1,162	0	0	162	289
Cash from investing	-529	-666	-1,001	-894	-510	-446	-227	-334	-692	-600
Debt issued			0	0	2,250	1,500	0	0
Debt repaid	-21		0	0	-1,307	-2,546	0	0
Share buybacks	0	-315	-398	-200	0	-201	-123	0	-75	-155
Dividends paid	-367	-361	-373	-364	0	-226	-220	-222	-225	-247
Cash from financing	-777	-731	-749	-560	895	-1,471	6	-567	-321	-419
Exchange rate effect	0	19	-10	4	13	-6	-15	-3	-9	5
Net change in cash	413	2	-379	-39	635	-1,114	371	628	464	279
Free cash flow	1,195	649	676	709	-155	115	-78	1,112	1,039	823
Interest paid	82	76	76	76	145	180	76	74	63	63
Income taxes paid	488	570	143	176	20	215	-388	49	237	235

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $21.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.3%	Gross profit / revenue.
Operating margin	11.0%	Operating income / revenue.
EBITDA margin	14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	8.1%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.0%	Cash from operations / revenue.
Effective tax rate	26.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.7%	Net income / average total assets.
Return on invested capital (ROIC)	36.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	3.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-0.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	50.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-3.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-3.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-13.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-20.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	22.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.77x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.6%	Total debt / total assets.
Liabilities / assets	69.3%	Total liabilities / total assets.
Net debt	-$992.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.1x	Operating income / interest expense.
Working capital	$2.65B	Current assets - current liabilities.
Tangible book value	$3.95B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.19x	Revenue / average total assets.
Fixed asset turnover	6.00x	Revenue / average property, plant and equipment.
Inventory turnover	3.79x	Cost of revenue / average inventory.
Days inventory	96 days	365 x average inventory / cost of revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
FCF conversion	76.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	37.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$42.34	Revenue / diluted weighted shares.
FCF per share	$2.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.24	Cash from operations / diluted weighted shares.
Book value per share	$11.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.26	Tangible book value / shares outstanding.
Cash per share	$7.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	63.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.85B	Share price x shares outstanding.
Enterprise value	$6.86B	Market cap + total debt - cash - short-term investments.
P/E	6.30x	Market cap / net income. Only when net income is positive.
P/S	0.51x	Market cap / revenue.
P/B	1.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.99x	Market cap / tangible book value, when positive.
P/FCF	8.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.12x	Market cap / cash from operations, when positive.
EV/Sales	0.45x	Enterprise value / revenue.
EV/EBIT	4.08x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.13x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.17x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.2%	Free cash flow / market cap.
Earnings yield	15.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	10.9%	(Dividends paid + share buybacks) / market cap.

What was GAP INC's revenue in fiscal 2025?

GAP INC reported revenue of $15.37B for fiscal 2025, 1.9% higher than the year before.

Was GAP INC profitable in fiscal 2025?

Yes. Net income was $816.0M, a net margin of 5.3%.

How much free cash flow did GAP INC generate in fiscal 2025?

Cash from operations of $1.29B minus capital expenditures of $470.0M left free cash flow of $823.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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