The Gap, Inc.

GPS

Financial Statements

Income Statement (Annual)

Amounts in millions

2025

2/1/2025

Revenue

15,086

Cost of Revenue

8,859

Gross Profit

6,227

Gross Margin

41.3%

Operating Income

1,112

Operating Margin

7.4%

Net Income

844

Net Margin

5.6%

EPS (Basic)

$2.24

EPS (Diluted)

$2.20

EBITDA

1,724

EBITDA Margin

11.4%

2024

2/3/2024

Revenue

14,889

Cost of Revenue

9,114

Gross Profit

5,775

Gross Margin

38.8%

Operating Income

622

Operating Margin

4.2%

Net Income

502

Net Margin

3.4%

EPS (Basic)

$1.36

EPS (Diluted)

$1.34

EBITDA

1,133

EBITDA Margin

7.6%

2023

1/28/2023

Revenue

15,616

Cost of Revenue

10,257

Gross Profit

5,359

Gross Margin

34.3%

Operating Income

-69

Operating Margin

-0.4%

Net Income

-202

Net Margin

-1.3%

EPS (Basic)

$-0.55

EPS (Diluted)

$-0.55

EBITDA

489

EBITDA Margin

3.1%

2022

1/29/2022

Revenue

16,670

Cost of Revenue

10,033

Gross Profit

6,637

Gross Margin

39.8%

Operating Income

810

Operating Margin

4.9%

Net Income

256

Net Margin

1.5%

EPS (Basic)

$0.68

EPS (Diluted)

$0.67

EBITDA

994

EBITDA Margin

6.0%

2021

1/30/2021

Revenue

13,800

Cost of Revenue

9,095

Gross Profit

4,705

Gross Margin

34.1%

Operating Income

-862

Operating Margin

-6.2%

Net Income

-665

Net Margin

-4.8%

EPS (Basic)

$-1.78

EPS (Diluted)

$-1.78

EBITDA

-403

EBITDA Margin

-2.9%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2025	2024	2023	2022	2021
Revenue	15,086	14,889	15,616	16,670	13,800
Cost of Revenue	8,859	9,114	10,257	10,033	9,095
Gross Profit	6,227	5,775	5,359	6,637	4,705
Gross Margin	41.3%	38.8%	34.3%	39.8%	34.1%
Operating Income	1,112	622	-69	810	-862
Operating Margin	7.4%	4.2%	-0.4%	4.9%	-6.2%
Net Income	844	502	-202	256	-665
Net Margin	5.6%	3.4%	-1.3%	1.5%	-4.8%
EPS (Basic)	$2.24	$1.36	$-0.55	$0.68	$-1.78
EPS (Diluted)	$2.20	$1.34	$-0.55	$0.67	$-1.78
EBITDA	1,724	1,133	489	994	-403
EBITDA Margin	11.4%	7.6%	3.1%	6.0%	-2.9%