The Gap, Inc. (GAP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 213M | 985M | 299M | 448M | -140M | 616M | 291M | 549M | 30M | 700M | 304M | 513M | 15M | 719M | 95M | 155M | -362M | 127M | -110M | 452M |
| Operating CF Margin % | 6.09% | 23.25% | 7.58% | 12.03% | -4.04% | 14.85% | 7.6% | 14.76% | 0.89% | 16.29% | 8.07% | 14.46% | 0.46% | 16.95% | 2.35% | 4.02% | -10.41% | 2.81% | -2.79% | 10.73% |
| Operating CF Growth % | 252.14% | 59.9% | 2.75% | -18.4% | -566.67% | -12% | -4.28% | 7.02% | 100% | -2.64% | 220% | 230.97% | 104.14% | 466.14% | 186.36% | -65.71% | -206.47% | 178.4% | -122.63% | -47.01% |
| Net Income | 339M | 407M | 236M | 216M | 193M | 206M | 274M | 206M | 158M | 185M | 218M | 117M | -18M | -273M | 282M | -49M | -162M | -16M | -152M | 258M |
| Depreciation & Amortization | 128M | 253M | 125M | 122M | 121M | 129M | 124M | 123M | 124M | 128M | 127M | 130M | 137M | 138M | 140M | 132M | 130M | 132M | 128M | 124M |
| Stock-Based Compensation | 7M | 44M | 37M | 34M | 37M | 41M | 27M | 31M | 27M | 16M | 20M | 21M | 23M | 9M | 22M | 5M | 1M | 42M | 25M | 36M |
| Deferred Taxes | 19M | 8M | 22M | 54M | 8M | 10M | 25M | -9M | 1M | -37M | -32M | 0 | 5M | 10M | 43M | -10M | -1M | -33M | -56M | 10M |
| Other Non-Cash Items | -26M | -312M | -196M | 5M | -1M | 0 | -3M | 1M | -2M | -2M | 9M | 4M | -19M | 18M | -64M | 37M | 2M | 15M | 335M | 10M |
| Working Capital Changes | -254M | 585M | 75M | 17M | -498M | 230M | -156M | 197M | -278M | 410M | -38M | 241M | -113M | 817M | -328M | 40M | -332M | -13M | -390M | 14M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 112M | 257M | -172M | -196M | -18M | 256M | -226M | -156M | 38M | 388M | -165M | 77M | 83M | 632M | 62M | 26M | -166M | -305M | -444M | 87M |
| Change in Payables | -291M | 34M | -114M | 340M | -203M | -19M | 1M | 307M | -152M | -91M | 29M | 206M | -102M | -37M | -211M | 44M | -336M | 305M | 49M | 37M |
| Cash from Investing | -149M | -436M | -163M | -91M | -73M | -116M | -151M | -134M | -291M | -131M | -91M | -82M | -30M | -108M | -46M | -178M | 105M | 62M | -291M | -56M |
| Capital Expenditures | -135M | -289M | -146M | -98M | -83M | -117M | -148M | -89M | -93M | -132M | -89M | -82M | -117M | -108M | -171M | -178M | -228M | -208M | -217M | -145M |
| CapEx % of Revenue | 3.86% | 6.82% | 3.7% | 2.63% | 2.4% | 2.82% | 3.87% | 2.39% | 2.74% | 3.07% | 2.36% | 2.31% | 3.57% | 2.55% | 4.23% | 4.61% | 6.56% | 4.6% | 5.5% | 3.44% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 11M | 0 | 0 | 0 | 0 | 0 | -135M | -49M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 1M | 0 | 0 | 76M | 0 | 125M | 0 | 333M | -5M | 0 | 0 |
| Cash from Financing | -519M | -127M | -66M | -139M | -153M | -128M | -69M | -47M | -77M | -51M | -207M | -251M | -58M | -54M | -62M | -111M | 233M | -113M | -1.18B | -85M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150M | -200M | 0 | 0 | 0 | 0 | 350M | 0 | -1.06B | 0 |
| Equity Issued (Net) | -394M | 4M | 6M | -82M | -70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | -57M | -54M | -73M | -66M | -55M |
| Dividends Paid | -63M | -62M | -62M | -62M | -61M | -56M | -57M | -56M | -56M | -56M | -55M | -56M | -55M | -54M | -55M | -55M | -56M | -44M | -45M | -46M |
| Share Repurchases | -401M | -3M | 0 | -82M | -70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | -57M | -54M | -73M | -73M | -55M |
| Other Financing | -62M | -69M | -10M | 5M | -22M | -72M | -12M | 9M | -21M | 5M | -2M | 5M | -3M | 0 | 5M | 1M | -7M | 4M | -2M | 16M |
| Net Change in Cash | -455M | 422M | 68M | 218M | -361M | 367M | 69M | 368M | -340M | 522M | 1M | 180M | -75M | 567M | -29M | -136M | -31M | 73M | -1.58B | 311M |
| Free Cash Flow | 78M | 696M | 153M | 350M | -223M | 499M | 143M | 460M | -63M | 568M | 215M | 431M | -102M | 611M | -76M | -23M | -590M | -81M | -327M | 307M |
| FCF Margin % | 2.23% | 16.43% | 3.88% | 9.4% | -6.44% | 12.03% | 3.73% | 12.37% | -1.86% | 13.22% | 5.71% | 12.15% | -3.11% | 14.4% | -1.88% | -0.6% | -16.97% | -1.79% | -8.29% | 7.29% |
| FCF Growth % | 134.98% | 39.48% | 6.99% | -23.91% | -253.97% | -12.15% | -33.49% | 6.73% | 38.24% | -7.04% | 382.89% | 1973.91% | 82.71% | 854.32% | 76.76% | -107.49% | -373.15% | 69.55% | -180.54% | -59.97% |
| FCF per Share | 0.21 | 1.81 | 0.40 | 0.92 | -0.58 | 1.30 | 0.37 | 1.20 | -0.16 | 1.51 | 0.57 | 1.16 | -0.28 | 1.67 | -0.21 | -0.06 | -1.59 | -0.21 | -0.87 | 0.80 |
| FCF Conversion (FCF/Net Income) | 0.63x | 5.76x | 1.27x | 2.07x | -0.73x | 2.99x | 1.06x | 2.67x | 0.19x | 3.78x | 1.39x | 4.38x | -0.83x | -2.63x | 0.34x | -3.16x | 2.23x | -7.94x | 0.72x | 1.75x |
| Interest Paid | 0 | 0 | 0 | 1M | 31M | 2M | 30M | 0 | 31M | 2M | 32M | 5M | 35M | 6M | 32M | 6M | 32M | 2M | 76M | 100M |
| Taxes Paid | 0 | 0 | 0 | 131M | 11M | 64M | 76M | 58M | 39M | 0 | 0 | 0 | 46M | 0 | 0 | 0 | 0 | 34M | 34M | 127M |