Loading financials from SEC filings…
Apparel retail · Consumer Cyclical · Fiscal year ends Feb 1
GAP reported revenue of $15.4B in the fiscal year ended Jan 2026, up 1.9% from the year before. Operating income was $1.1B, an operating margin of 7.3%, and net income was $816M. Operating cash flow of $1.3B less capital expenditure of $470M left free cash flow of $823M. It held more cash than debt (net cash $1.1B).
Ranks among the 9 apparel retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 16,670 | 15,616 | 14,889 | 15,086 | 15,366 |
| Cost of revenue | 10,033 | 10,257 | 9,114 | 8,859 | 9,098 |
| Gross profit | 6,637 | 5,359 | 5,775 | 6,227 | 6,268 |
| Research & development | 41.0 | 46.0 | 37.0 | 40.0 | 60.0 |
| Operating income | 810 | −69.0 | 560 | 1,112 | 1,115 |
| Interest expense | 167 | 88.0 | 90.0 | 87.0 | 93.0 |
| Pre-tax income | 323 | −139 | 556 | 1,137 | 1,132 |
| Income tax | 67.0 | 63.0 | 54.0 | 293 | 316 |
| Net income | 256 | −202 | 502 | 844 | 816 |
| Diluted EPS | 0.67 | −0.55 | 1.34 | 2.20 | 2.13 |
| Diluted shares | 383 | 367 | 376 | 384 | 384 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 877 | 1,215 | 1,873 | 2,335 | 2,616 |
| Receivables | 399 | 340 | 289 | 301 | 316 |
| Inventory | 3,018 | 2,389 | 1,995 | 2,067 | 2,207 |
| Current assets | 5,165 | 4,617 | 4,395 | 5,203 | 5,777 |
| Net PP&E | 3,037 | 2,688 | 2,566 | 2,496 | 2,507 |
| Goodwill | 207 | 207 | 207 | 207 | 207 |
| Total assets | 12,761 | 11,386 | 11,044 | 11,885 | 12,632 |
| Payables | 1,951 | 1,320 | 1,349 | 1,488 | 1,567 |
| Deferred revenue | 345 | 354 | 337 | 273 | 272 |
| Current liabilities | 4,077 | 3,256 | 3,096 | 3,256 | 3,300 |
| Long-term debt | 1,484 | 1,486 | 1,488 | 1,490 | 1,492 |
| Total liabilities | 10,039 | 9,153 | 8,449 | 8,621 | 8,831 |
| Shareholders' equity | 2,722 | 2,233 | 2,595 | 3,264 | 3,801 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 809 | 607 | 1,532 | 1,486 | 1,293 |
| Capital expenditure | 694 | 685 | 420 | 447 | 470 |
| Free cash flow | 115 | −78.0 | 1,112 | 1,039 | 823 |
| Depreciation & amortisation | 504 | 540 | 522 | 500 | 496 |
| Stock-based compensation | 139 | 37.0 | 80.0 | 126 | 162 |
| Acquisitions | 135 | 0.0 | 0.0 | – | – |
| Share buybacks | 201 | 123 | 0.0 | 75.0 | 155 |
| Dividends paid | 226 | 220 | 222 | 225 | 247 |
| Dividend per share | 0.36 | 0.60 | 0.60 | 0.60 | 0.66 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.3% | −4.7% | 1.3% | 1.9% |
| Operating income growth (YoY) | – | −108.5% | – | 98.6% | 0.3% |
| EPS growth (YoY) | – | −182.1% | – | 64.2% | −3.2% |
| Gross margin | 39.8% | 34.3% | 38.8% | 41.3% | 40.8% |
| Operating margin | 4.9% | −0.4% | 3.8% | 7.4% | 7.3% |
| Net margin | 1.5% | −1.3% | 3.4% | 5.6% | 5.3% |
| Return on equityBlank when equity is negative | 9.4% | −9.0% | 19.3% | 25.9% | 21.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.3% | −0.8% | 7.0% | 12.9% | 11.9% |
| Free cash flow margin | 0.7% | −0.5% | 7.5% | 6.9% | 5.4% |
| Cash conversion (CFO ÷ net income) | 3.16x | −3.00x | 3.05x | 1.76x | 1.58x |
| Receivable days | 9 | 8 | 7 | 7 | 8 |
| Inventory days | 110 | 85 | 80 | 85 | 89 |
| Payable days | 71 | 47 | 54 | 61 | 63 |
| Interest cover | 4.85x | −0.78x | 6.22x | 12.8x | 12.0x |
| Debt ÷ equity | 0.55x | 0.67x | 0.57x | 0.46x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 607 | 271 | −385 | −845 | −1,124 |
| Current ratio | 1.27x | 1.42x | 1.42x | 1.60x | 1.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.