The Gap, Inc.
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.37B | $15.09B | $14.89B | $15.62B | $16.67B | $13.80B | $16.38B | $16.58B |
| Cost of Revenue | $9.10B | $8.86B | $9.11B | $10.26B | $10.03B | $9.10B | $10.25B | $10.26B |
| Gross Profit | $6.27B | $6.23B | $5.78B | $5.36B | $6.64B | $4.71B | $6.13B | $6.32B |
| Gross Margin | 40.8% | 41.3% | 38.8% | 34.3% | 39.8% | 34.1% | 37.4% | 38.1% |
| Operating Expenses | ||||||||
| Research & Development | $60.0M | $40.0M | $37.0M | $46.0M | $41.0M | $46.0M | $41.0M | $50.0M |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $1.12B | $1.11B | $560.0M | $-69.0M | $810.0M | $-862.0M | $574.0M | $1.36B |
| Operating Margin | 7.3% | 7.4% | 3.8% | -0.4% | 4.9% | -6.2% | 3.5% | 8.2% |
| Interest Expense | $93.0M | $87.0M | $90.0M | $88.0M | $167.0M | $192.0M | $76.0M | $73.0M |
| Pretax Income | $1.13B | $1.14B | $556.0M | $-139.0M | $323.0M | $-1.10B | $528.0M | $1.32B |
| Income Tax Expense | $316.0M | $293.0M | $54.0M | $63.0M | $67.0M | $-437.0M | $177.0M | $319.0M |
| Net Income | $816.0M | $844.0M | $502.0M | $-202.0M | $256.0M | $-665.0M | $351.0M | $1.00B |
| Net Margin | 5.3% | 5.6% | 3.4% | -1.3% | 1.5% | -4.8% | 2.1% | 6.0% |
| EPS (Basic) | $2.19 | $2.24 | $1.36 | $-0.55 | $0.68 | $-1.78 | $0.93 | $2.61 |
| EPS (Diluted) | $2.13 | $2.20 | $1.34 | $-0.55 | $0.67 | $-1.78 | $0.93 | $2.59 |
| Shares Outstanding (Basic) | 373.0M | 376.0M | 370.0M | 367.0M | 376.0M | 374.0M | 376.0M | 385.0M |
| Shares Outstanding (Diluted) | 384.0M | 384.0M | 376.0M | 367.0M | 383.0M | 374.0M | 378.0M | 388.0M |
| Dividends Per Share | $0.66 | $0.60 | $0.60 | $0.60 | $0.36 | $0.24 | $0.97 | $0.97 |