The Gap, Inc. (GAP) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 3.5B | 4.24B | 3.94B | 3.73B | 3.46B | 4.15B | 3.83B | 3.72B | 3.39B | 4.3B | 3.77B | 3.55B | 3.28B | 4.24B | 4.04B | 3.86B | 3.48B | 4.53B | 3.94B | 4.21B |
| Revenue Growth % | 0.98% | 2.1% | 2.95% | 0.13% | 2.21% | -3.47% | 1.65% | 4.85% | 3.42% | 1.3% | -6.73% | -8.01% | -5.78% | -6.23% | 2.43% | -8.41% | -12.88% | 2.28% | -1.28% | 28.58% |
| Cost of Goods Sold | 2.08B | 2.62B | 2.27B | 2.19B | 2.02B | 2.54B | 2.19B | 2.14B | 1.99B | 2.63B | 2.21B | 2.21B | 2.06B | 2.82B | 2.53B | 2.53B | 2.38B | 3B | 2.28B | 2.39B |
| COGS % of Revenue | 59.48% | 61.9% | 57.64% | 58.77% | 58.19% | 61.15% | 57.3% | 57.45% | 58.77% | 61.1% | 58.69% | 62.43% | 62.94% | 66.44% | 62.64% | 65.52% | 68.48% | 66.34% | 57.87% | 56.71% |
| Gross Profit | 1.42B | 1.61B | 1.67B | 1.54B | 1.45B | 1.61B | 1.64B | 1.58B | 1.4B | 1.67B | 1.56B | 1.33B | 1.21B | 1.42B | 1.51B | 1.33B | 1.1B | 1.52B | 1.66B | 1.82B |
| Gross Margin % | 40.52% | 38.1% | 42.36% | 41.23% | 41.81% | 38.85% | 42.7% | 42.55% | 41.23% | 38.9% | 41.31% | 37.57% | 37.06% | 33.56% | 37.36% | 34.48% | 31.52% | 33.66% | 42.13% | 43.29% |
| Gross Profit Growth % | -2.14% | 0.12% | 2.14% | -2.97% | 3.65% | -3.59% | 5.08% | 18.75% | 15.07% | 17.42% | 3.11% | 0.23% | 10.77% | -6.5% | -9.15% | -27.04% | -32.76% | -8.69% | 2.53% | 58.66% |
| Operating Expenses | 972M | 1.39B | 1.34B | 1.24B | 1.19B | 1.35B | 1.28B | 1.29B | 1.19B | 1.46B | 1.31B | 1.23B | 1.22B | 1.45B | 1.32B | 1.36B | 1.29B | 1.51B | 1.51B | 1.41B |
| OpEx % of Revenue | 27.8% | 32.7% | 33.89% | 33.4% | 34.31% | 32.61% | 33.43% | 34.68% | 35.18% | 33.92% | 34.67% | 34.58% | 37.36% | 34.27% | 32.76% | 35.21% | 37.19% | 33.48% | 38.25% | 33.58% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 445M | 229M | 334M | 292M | 260M | 259M | 355M | 293M | 205M | 214M | 250M | 106M | -10M | -30M | 186M | -28M | -197M | 8M | 153M | 409M |
| Operating Margin % | 12.73% | 5.41% | 8.47% | 7.84% | 7.51% | 6.24% | 9.27% | 7.88% | 6.05% | 4.98% | 6.64% | 2.99% | -0.31% | -0.71% | 4.61% | -0.73% | -5.67% | 0.18% | 3.88% | 9.71% |
| Operating Income Growth % | 71.15% | -11.58% | -5.92% | -0.34% | 26.83% | 21.03% | 42% | 176.42% | 2150% | 813.33% | 34.41% | 478.57% | 94.92% | -475% | 21.57% | -106.85% | -182.08% | -94.03% | -12.57% | 460.27% |
| EBITDA | 573M | 357M | 459M | 414M | 381M | 388M | 479M | 416M | 329M | 342M | 377M | 236M | 127M | 108M | 326M | 104M | -67M | 140M | 281M | 533M |
| EBITDA Margin % | 16.39% | 8.43% | 11.64% | 11.11% | 11% | 9.35% | 12.51% | 11.18% | 9.71% | 7.96% | 10.01% | 6.65% | 3.88% | 2.55% | 8.07% | 2.7% | -1.93% | 3.09% | 7.13% | 12.66% |
| EBITDA Growth % | 50.39% | -7.99% | -4.18% | -0.48% | 15.81% | 13.45% | 27.06% | 76.27% | 159.06% | 216.67% | 15.64% | 126.92% | 289.55% | -22.86% | 16.01% | -80.49% | -118.61% | -46.15% | -6.33% | 167.84% |
| D&A (Non-Cash Add-back) | 128M | 128M | 125M | 122M | 121M | 129M | 124M | 123M | 124M | 128M | 127M | 130M | 137M | 138M | 140M | 132M | 130M | 132M | 128M | 124M |
| EBIT | 445M | 229M | 337M | 319M | 286M | 279M | 384M | 320M | 229M | 242M | 278M | 123M | 3M | -18M | 190M | -27M | -196M | 10M | -171M | 410M |
| Net Interest Income | 5M | 7M | 3M | 4M | 3M | 13M | 6M | 3M | 3M | 4M | 0 | 2M | -10M | -13M | -18M | -20M | -19M | -16M | -43M | -50M |
| Interest Income | 5M | 7M | 3M | 27M | 26M | 32M | 29M | 27M | 24M | 28M | 28M | 17M | 13M | 12M | 4M | 1M | 1M | 2M | 1M | 1M |
| Interest Expense | 0 | 0 | 0 | 23M | 23M | 19M | 23M | 24M | 21M | 24M | 28M | 15M | 23M | 25M | 22M | 21M | 20M | 18M | 44M | 51M |
| Other Income/Expense | 5M | 7M | 3M | 4M | 3M | 13M | 6M | 3M | 3M | 4M | 0 | 2M | -10M | -13M | -18M | -20M | -19M | -16M | -368M | -50M |
| Pretax Income | 450M | 236M | 337M | 296M | 263M | 272M | 361M | 296M | 208M | 218M | 250M | 108M | -20M | -43M | 168M | -48M | -216M | -8M | -215M | 359M |
| Pretax Margin % | 12.87% | 5.57% | 8.55% | 7.95% | 7.59% | 6.56% | 9.43% | 7.96% | 6.14% | 5.07% | 6.64% | 3.04% | -0.61% | -1.01% | 4.16% | -1.24% | -6.21% | -0.18% | -5.45% | 8.53% |
| Income Tax | 111M | 65M | 101M | 80M | 70M | 66M | 87M | 90M | 50M | 33M | 32M | -9M | -2M | 230M | -114M | 1M | -54M | 8M | -63M | 101M |
| Effective Tax Rate % | 24.67% | 27.54% | 29.97% | 27.03% | 26.62% | 24.26% | 24.1% | 30.41% | 24.04% | 15.14% | 12.8% | -8.33% | 10% | -534.88% | -67.86% | -2.08% | 25% | -100% | 29.3% | 28.13% |
| Net Income | 339M | 171M | 236M | 216M | 193M | 206M | 274M | 206M | 158M | 185M | 218M | 117M | -18M | -273M | 282M | -49M | -162M | -16M | -152M | 258M |
| Net Margin % | 9.69% | 4.04% | 5.99% | 5.8% | 5.57% | 4.97% | 7.16% | 5.54% | 4.66% | 4.3% | 5.79% | 3.3% | -0.55% | -6.43% | 6.98% | -1.27% | -4.66% | -0.35% | -3.85% | 6.13% |
| Net Income Growth % | 75.65% | -16.99% | -13.87% | 4.85% | 22.15% | 11.35% | 25.69% | 76.07% | 977.78% | 167.77% | -22.7% | 338.78% | 88.89% | -1606.25% | 285.53% | -118.99% | -197.59% | -106.84% | -260% | 516.13% |
| Net Income (Continuing) | 339M | 171M | 236M | 216M | 193M | 206M | 274M | 206M | 158M | 185M | 218M | 117M | -18M | -273M | 282M | -49M | -162M | -16M | -152M | 258M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.90 | 0.45 | 0.62 | 0.57 | 0.51 | 0.54 | 0.72 | 0.54 | 0.41 | 0.49 | 0.58 | 0.32 | -0.05 | -0.75 | 0.77 | -0.13 | -0.44 | -0.04 | -0.40 | 0.67 |
| EPS Growth % | 76.47% | -16.67% | -13.89% | 5.56% | 24.39% | 10.2% | 24.14% | 68.75% | 920% | 165.33% | -24.68% | 346.15% | 88.64% | -1648.25% | 292.5% | -119.4% | -202.33% | -107.03% | -260% | 494.12% |
| EPS (Basic) | 0.92 | 0.46 | 0.63 | 0.58 | 0.51 | 0.53 | 0.73 | 0.55 | 0.42 | 0.50 | 0.59 | 0.32 | -0.05 | -0.75 | 0.77 | -0.13 | -0.44 | -0.04 | -0.40 | 0.68 |
| Diluted Shares Outstanding | 378M | 384M | 380M | 379M | 382M | 384M | 383M | 383M | 383M | 376M | 375M | 371M | 367M | 366M | 366M | 367M | 370M | 383M | 376M | 386M |
| Basic Shares Outstanding | 367M | 373M | 372M | 373M | 375M | 377M | 377M | 376M | 374M | 372M | 371M | 369M | 360M | 366M | 365M | 367M | 368.18M | 376M | 376M | 378M |
| Dividend Payout Ratio | 18.58% | 36.26% | 26.27% | 28.7% | 31.61% | 27.18% | 20.8% | 27.18% | 35.44% | 30.27% | 25.23% | 47.86% | - | - | 19.5% | - | - | - | - | 17.83% |