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Gap cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$183M in Q2 FY27 · $957M over twelve months

Operating cash flow$337M
Capital spending−$154M
Free cash flow+$183M
Cash / net income0.7×

Analysis

In Q2 FY27, Gap generated $337M of operating cash flow and spent $154M on capital projects, leaving free cash flow of $183M.

Over the twelve months to Aug 1, 2026, operating cash flow was $1.5B; the largest uses were buybacks ($604M), capital spending ($578M), dividends ($249M); besides operations, cash came from shares issued ($25.0M); the cash balance fell by $92.0M.

Operating cash flow was $337M against net income of $501M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$491M, payables +$407M, depreciation & amortization +$131M.

Free cash flow

Gap: free cash flow by quarterGap: free cash flow by quarter$143MQ3 FY25$499MQ4 FY25−$223MQ1 FY26$350MQ2 FY26$153MQ3 FY26$543MQ4 FY26$78.0MQ1 FY27$183MQ2 FY27
Operating cash flow less capital spending.
Gap: operating cash flow against capital spendingGap: operating cash flow against capital spendingOperating cash flowCapital spending$291M$148MQ3 FY25$616M$117MQ4 FY25−$140M$83.0MQ1 FY26$448M$98.0MQ2 FY26$299M$146MQ3 FY26$686M$143MQ4 FY26$213M$135MQ1 FY27$337M$154MQ2 FY27
Latest (Q2 FY27): Operating cash flow $337M, Capital spending $154M.

Capital allocation, year by year

Gap: where the cash came from (up) and went (down), by fiscal yearGap: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $809MFY22: Net borrowing −$1.0BFY22: Shares issued $54.0MFY22: Asset sales −$21.0MFY22: Capital spending −$694MFY22: Acquisitions −$135MFY22: Buybacks −$201MFY22: Dividends −$226M$863MFY22FY23: Operating cash flow $607MFY23: Net borrowing $350MFY23: Shares issued $27.0MFY23: Asset sales $458MFY23: Capital spending −$685MFY23: Buybacks −$123MFY23: Dividends −$220M$1.4BFY23FY24: Operating cash flow $1.5BFY24: Net borrowing −$350MFY24: Shares issued $27.0MFY24: Asset sales $85.0MFY24: Capital spending −$420MFY24: Dividends −$222M$1.6BFY24FY25: Operating cash flow $1.5BFY25: Shares issued $32.0MFY25: Asset sales $7.0MFY25: Capital spending −$447MFY25: Buybacks −$75.0MFY25: Dividends −$225M$1.5BFY25FY26: Operating cash flow $1.3BFY26: Shares issued $25.0MFY26: Capital spending −$470MFY26: Buybacks −$155MFY26: Dividends −$247M$1.3BFY26
Over these 5 years operating cash flow totalled $5.7B; the largest uses were capital spending ($2.7B) and net borrowing ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$1.5B
Net cash$992M

Gap funds itself: free cash flow was $957M over the last twelve months, and $2.5B of cash and investments stands against $1.5B of debt.

Where the cash came from and went

Gap: sources (+) and uses (−) of cash, Q2 FY27Gap: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$337MBuybacks−$200MCapital spending−$154MDividends−$62.0MCash drawn (+) / kept (−)$59.0MOther investing$18.0MShares issued$5.0MExchange rates−$2.0MTaxes on employees’ shares−$1.0M
Gap: sources (+) and uses (−) of cash, TTM to Q2 FY27Gap: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.5BBuybacks−$604MCapital spending−$578MDividends−$249MOther investing−$143MCash drawn (+) / kept (−)$92.0MTaxes on employees’ shares−$76.0MShares issued$25.0MExchange rates−$2.0M

From profit to cash

Gap: net income to operating cash flow, Q2 FY27Gap: net income to operating cash flow, Q2 FY27Net income$501MDepreciation & amortization$131MStock-based pay$45.0MDeferred taxes$34.0MOther non-cash−$5.0MPayables$407MAccrued liabilities−$24.0MPrepaid and other assets−$491MIncome taxes payable−$50.0MOperating cash flow$337M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$337M−$154M−$200M−$62.0M$5.0M$59.0M$183M
Q1 FY27$213M−$135M−$401M−$63.0M$7.0M$455M$78.0M
Q4 FY26$686M−$143M−$3.0M−$62.0M$7.0M−$354M$543M
Q3 FY26$299M−$146M—−$62.0M$6.0M−$68.0M$153M
Q2 FY26$448M−$98.0M−$82.0M−$62.0M$6.0M−$218M$350M
Q1 FY26−$140M−$83.0M−$70.0M−$61.0M$6.0M$361M−$223M
Q4 FY25$616M−$117M−$75.0M−$56.0M$5.0M−$367M$499M
Q3 FY25$291M−$148M—−$57.0M$6.0M−$69.0M$143M

Gap: income statement and cash flow

Gap, Q2 FY27: revenue $3.7B (-2% year over year), operating margin 18.5%. The chart follows the revenue to costs, profit and cash.

Gap: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.