The Gap, Inc. (GAP)

The Gap Income Statement

Financials in millions USD. Fiscal year is March - February.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	May 3, 2025	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Revenue	15,161	15,086	14,889	15,616	16,670	13,800
Revenue Growth (YoY)	1.07%	1.32%	-4.66%	-6.32%	20.80%	-15.77%
Cost of Revenue	8,883	8,859	9,114	10,257	10,033	9,095
Gross Profit	6,278	6,227	5,775	5,359	6,637	4,705
Selling, General & Admin	5,068	5,072	5,131	5,377	5,718	4,937
Research & Development	40	40	37	46	41	46
Operating Expenses	5,108	5,112	5,168	5,423	5,759	4,983
Operating Income	1,170	1,115	607	-64	878	-278
Interest Expense	-89	-87	-90	-88	-167	-192
Interest & Investment Income	114	112	86	18	5	10
Currency Exchange Gain (Loss)	-2	-2	2	-2	-	8
EBT Excluding Unusual Items	1,193	1,138	605	-136	716	-452
Merger & Restructuring Charges	-	-	-89	-	-	-
Gain (Loss) on Sale of Assets	-	-	47	48	-59	-35
Asset Writedown	-1	-1	-7	-51	-9	-557
Other Unusual Items	-	-	-	-	-325	-58
Pretax Income	1,192	1,137	556	-139	323	-1,102
Income Tax Expense	313	293	54	63	67	-437
Net Income	879	844	502	-202	256	-665
Net Income to Common	879	844	502	-202	256	-665
Net Income Growth	29.65%	68.13%	-	-	-	-
Shares Outstanding (Basic)	376	376	370	367	376	374
Shares Outstanding (Diluted)	384	384	376	367	383	374
Shares Change (YoY)	0.99%	2.13%	2.45%	-4.18%	2.41%	-1.06%
EPS (Basic)	2.34	2.24	1.36	-0.55	0.68	-1.78
EPS (Diluted)	2.30	2.20	1.34	-0.55	0.67	-1.78
EPS Growth	28.67%	64.18%	-	-	-	-
Free Cash Flow	879	1,039	1,112	-78	115	-155
Free Cash Flow Per Share	2.29	2.71	2.96	-0.21	0.30	-0.41
Dividend Per Share	0.615	0.600	0.600	0.600	0.360	0.242
Dividend Growth	2.50%	-	-	66.67%	48.45%	-75.00%
Gross Margin	41.41%	41.28%	38.79%	34.32%	39.81%	34.09%
Operating Margin	7.72%	7.39%	4.08%	-0.41%	5.27%	-2.01%
Profit Margin	5.80%	5.59%	3.37%	-1.29%	1.54%	-4.82%
Free Cash Flow Margin	5.80%	6.89%	7.47%	-0.50%	0.69%	-1.12%
EBITDA	1,667	1,615	1,129	476	1,382	229
EBITDA Margin	11.00%	10.71%	7.58%	3.05%	8.29%	1.66%
D&A For EBITDA	497	500	522	540	504	507
EBIT	1,170	1,115	607	-64	878	-278
EBIT Margin	7.72%	7.39%	4.08%	-0.41%	5.27%	-2.01%
Effective Tax Rate	26.26%	25.77%	9.71%	-	20.74%	-
Advertising Expenses	-	780	882	1,039	1,115	816

Updated May 29, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q