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Gap (GAP) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Aug 28, 2026 · Gap (GAP) Q2 FY27 earnings results →
Q2 FY27 Revenue down 2% year over year to $3.7B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.5%
Gap made $3.7B in Q2 FY27 (-2% Y/Y). Operating margin 18.5%, net earnings $501M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.7B in Q2 FY27, down 2% year over year and up 4% from the previous quarter.
Gross margin was 52.8%, up 11.6 points from Q2 FY26. Operating profit was $0.68B, a 18.5% margin (up 10.7 points year over year). Operating expenses grew 1% against a revenue fall of 2%. Net earnings were $0.50B, up 132% year over year. The effective tax rate was 26.3%.
Operating cash flow was $0.34B (down 25% year over year), 67% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.34B. Capital expenditures of $0.15B left free cash flow of $0.18B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Aug 28, 2026 | $3.7B | -2% | 18.5% | $501M | $337M |
| Q1 FY27 | 10-Q | May 29, 2026 | $3.5B | +1% | 12.7% | $339M | $213M |
| Q4 FY26 | 10-K | Mar 17, 2026 | $4.2B | +2% | 5.4% | $171M | $686M |
| Q3 FY26 | 10-Q | Nov 25, 2025 | $3.9B | +3% | 8.5% | $236M | $299M |
| Q2 FY26 | 10-Q | Aug 29, 2025 | $3.7B | +0.1% | 7.8% | $216M | $448M |
| Q1 FY26 | 10-Q | May 30, 2025 | $3.5B | +2% | 7.5% | $193M | −$140M |
| Q4 FY25 | 10-K | Mar 18, 2025 | $4.1B | -4% | 6.2% | $206M | $616M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Gap
The Gap, Inc. (Gap Inc., the "Company," "we," and "our") is a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Gap Inc. is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. As of January 31, 2026, we had Company-operated stores in the United States, Canada, Japan, and Taiwan. We also have franchise agreements to operate Old Navy, Gap, Banana Republic, and Athleta throughout Asia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores and websites that sell apparel and related products under our brand names.
In its own words, from its 10-K, filed Mar 17, 2026.
Gap against its Retail-Family Clothing Stores peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +5%. Operating margin: 18.5% against the peers' median 17.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GAP Gap | Q2 FY27 | $3.7B | -2% | 18.5% |
| TJX TJX Companies | Q2 FY27 | $15.2B | +5% | 13.3% |
| ROST Ross Stores | Q2 FY27 | $6.3B | +13% | 17.6% |
| URBN Urban Outfitters | Q2 FY27 | $1.7B | +10% | 17.4% |
| AEO American Eagle Outfitters | Q2 FY27 | $1.4B | +8% | 15.3% |
| ANF Abercrombie & Fitch | Q2 FY27 | $1.3B | +5% | 19.9% |
| BKE Buckle | Q2 FY27 | $320M | +5% | 17.4% |
| LE Lands'' End | Q2 FY27 | $269M | +5% | 3.0% |
| PLCE Childrens Place | Q2 FY27 | $242M | -19% | -5.4% |
Source: Gap 10-Q on SEC EDGAR · CIK 39911 · Retail-Family Clothing Stores
13F: who owns GAP and who is buying
More on GAP
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results