The Gap Income Statement

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

Millions USD. Fiscal year is Mar - Feb.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Feb '25 Feb 1, 2025	Feb '24 Feb 3, 2024	Jan '23 Jan 28, 2023	Jan '22 Jan 29, 2022	Jan '21 Jan 30, 2021	2020 - 2016
Revenue	15,086	14,889	15,616	16,670	13,800	Upgrade
Revenue Growth (YoY)	1.32%	-4.66%	-6.32%	20.80%	-15.77%	Upgrade
Cost of Revenue	7,605	7,848	10,257	10,033	9,095	Upgrade
Gross Profit	7,481	7,041	5,359	6,637	4,705	Upgrade
Selling, General & Admin	6,326	6,397	5,377	5,718	4,937	Upgrade
Research & Development	40	37	46	41	46	Upgrade
Operating Expenses	6,366	6,434	5,423	5,759	4,983	Upgrade
Operating Income	1,115	607	-64	878	-278	Upgrade
Interest Expense	-87	-90	-88	-167	-192	Upgrade
Interest & Investment Income	112	86	18	5	10	Upgrade
Currency Exchange Gain (Loss)	-2	2	-2	-	8	Upgrade
EBT Excluding Unusual Items	1,138	605	-136	716	-452	Upgrade
Merger & Restructuring Charges	-	-89	-	-	-	Upgrade
Gain (Loss) on Sale of Assets	-	47	48	-59	-35	Upgrade
Asset Writedown	-1	-7	-51	-9	-557	Upgrade
Other Unusual Items	-	-	-	-325	-58	Upgrade
Pretax Income	1,137	556	-139	323	-1,102	Upgrade
Income Tax Expense	293	54	63	67	-437	Upgrade
Net Income	844	502	-202	256	-665	Upgrade
Net Income to Common	844	502	-202	256	-665	Upgrade
Net Income Growth	68.13%	-	-	-	-	Upgrade
Shares Outstanding (Basic)	376	370	367	376	374	Upgrade
Shares Outstanding (Diluted)	384	376	367	383	374	Upgrade
Shares Change (YoY)	2.13%	2.45%	-4.18%	2.41%	-1.06%	Upgrade
EPS (Basic)	2.24	1.36	-0.55	0.68	-1.78	Upgrade
EPS (Diluted)	2.20	1.34	-0.55	0.67	-1.78	Upgrade
EPS Growth	64.18%	-	-	-	-	Upgrade
Free Cash Flow	1,039	1,112	-78	115	-155	Upgrade
Free Cash Flow Per Share	2.71	2.96	-0.21	0.30	-0.41	Upgrade
Dividend Per Share	0.600	0.600	0.600	0.360	0.242	Upgrade
Dividend Growth	-	-	66.67%	48.45%	-75.00%	Upgrade
Gross Margin	49.59%	47.29%	34.32%	39.81%	34.09%	Upgrade
Operating Margin	7.39%	4.08%	-0.41%	5.27%	-2.01%	Upgrade
Profit Margin	5.59%	3.37%	-1.29%	1.54%	-4.82%	Upgrade
Free Cash Flow Margin	6.89%	7.47%	-0.50%	0.69%	-1.12%	Upgrade
EBITDA	1,615	1,129	476	1,382	229	Upgrade
EBITDA Margin	10.71%	7.58%	3.05%	8.29%	1.66%	Upgrade
D&A For EBITDA	500	522	540	504	507	Upgrade
EBIT	1,115	607	-64	878	-278	Upgrade
EBIT Margin	7.39%	4.08%	-0.41%	5.27%	-2.01%	Upgrade
Effective Tax Rate	25.77%	9.71%	-	20.74%	-	Upgrade
Advertising Expenses	780	882	1,039	1,115	816	Upgrade

Updated Mar 18, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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