Gap Inc

GAP: XNYS (USA)

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Gap Earnings: In Line Despite Some Challenges; 2026 Outlook Is Reasonable; Shares Slightly Cheap

David Swartz

Mar 6, 2026

Led by a 7% increase from its namesake brand (25% of sales) and 3% from Old Navy (54%), Gap had 3% same-store sales growth in 2025's fourth quarter. Its gross and operating margins both fell 80 basis points to 38.1% and 5.4%, respectively, due to a 2-percentage-point increase in net tariff cost.

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Gap Inc

Gap Earnings: In Line Despite Some Challenges; 2026 Outlook Is Reasonable; Shares Slightly Cheap

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