NYSE$GAP
Gap, Inc. · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Gap delivered solid Q2 2025 results with positive comparable sales and strong brand momentum across Old Navy, Gap, and Banana Republic.
Gap Inc. maintained flat sales YoY at $3.73B, while achieving its sixth straight quarter of positive comparable sales and exceeding profit expectations. Online sales grew and key brands performed well, though Athleta continued to face challenges.
- Net sales were $3.73B, flat YoY, with online sales up 3% and representing 34% of total sales.
- Comparable sales grew 1%, led by Old Navy (+2%), Gap (+4%), and Banana Republic (+4%).
- EPS rose to $0.57, a 6% increase YoY, with net income at $216M.
- Gap ended the quarter with 2,486 company-operated stores and 29.7M square feet.
Headline financials
Revenue & EPS history
Gap · Revenue · Quarterly
$3.73B
Revenue by segment
Gap · $4.04B total across 5 segments · Q3 2023
- Old Navy Global$2.14B+1.5%52.9%
- Gap Global$1.04B+0.2%25.8%
- Banana Republic Global$517M+7.9%12.8%
- Athleta Global$340M+6.3%8.4%
- Other$4M—0.1%
Forward guidance
Gap reaffirmed its FY25 outlook, projecting low single-digit net sales growth and margin pressures from tariffs in Q3.
Tailwinds
- FY25 net sales expected to grow 1%–2%
- Operating margin outlook reaffirmed at 6.7%–7.0%
- Gap brand achieved 7th consecutive quarter of positive comps
- Strong performance from Old Navy and Banana Republic
- Technology investments to support long-term growth
Headwinds
- Q3 gross margin expected to deleverage by 150–170 bps
- Athleta comparable sales declined 9%, sales down 11% YoY
- Inventory up 9% YoY due to tariffs and accelerated receipts
- Q3 operating expenses expected to slightly deleverage
- Tariff impacts estimated at 200 bps for Q3 gross margin
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
+1.4%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+0.5%
Avg return
30 days after
55%
37 / 67 earnings
Positive
+33.8%
Q1 2024
Best reaction
-25.5%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | -14.5% | -13.5% | -9.5% | |
| Q3 2025 | +7.4% | +19.4% | +21.5% | |
| Q2 2025 | +1.7% | +4.2% | +1.4% | |
| Q1 2025 | -19.8% | -24.8% | -21.6% | |
| Q4 2024 | +18.6% | +8.0% | -1.8% | |
| Q3 2024 | +18.3% | +17.1% | +16.9% | |
| Q2 2024 | +0.0% | +1.8% | -4.5% | |
| Q1 2024 | +33.8% | +24.1% | +10.3% | |
| Q4 2023 | +9.8% | +19.2% | +27.2% | |
| Q3 2023 | +26.9% | +34.3% | +51.5% | |
| Q2 2023 | +5.9% | +15.0% | +3.0% | |
| Q1 2023 | +9.6% | +10.5% | +14.2% | |
| Q4 2022 | -9.1% | -16.6% | -21.8% | |
| Q3 2022 | +13.5% | +21.8% | +7.6% | |
| Q2 2022 | -0.9% | -2.4% | -14.5% | |
| Q1 2022 | +8.9% | +3.6% | -11.2% | |
| Q4 2021 | -2.2% | -0.8% | -7.2% | |
| Q3 2021 | -25.5% | -27.6% | -27.8% | |
| Q2 2021 | -3.5% | -2.7% | -13.0% | |
| Q1 2021 | -1.7% | -2.6% | -0.1% | |
| Q4 2020 | +6.1% | +12.6% | +16.3% | |
| Q3 2020 | -17.1% | -16.5% | -21.6% | |
| Q2 2020 | +3.0% | +4.3% | -4.3% | |
| Q1 2020 | +3.0% | +4.4% | +2.8% | |
| Q4 2019 | -1.5% | -23.9% | -17.1% | |
| Q3 2019 | +4.1% | +4.5% | +8.0% | |
| Q2 2019 | -0.2% | -8.1% | +1.4% | |
| Q1 2019 | -10.3% | -9.1% | -13.7% | |
| Q4 2018 | +16.4% | +7.3% | +3.2% | |
| Q3 2018 | +1.5% | +2.2% | -1.5% | |
| Q2 2018 | -7.9% | -4.7% | -13.7% | |
| Q1 2018 | -12.0% | -11.5% | +4.4% | |
| Q4 2017 | +8.2% | +9.5% | -1.2% | |
| Q3 2017 | +9.3% | +10.4% | +24.8% | |
| Q2 2017 | +0.4% | +1.7% | +24.0% | |
| Q1 2017 | -5.4% | -5.2% | -2.8% | |
| Q4 2016 | -0.7% | -0.2% | -6.4% | |
| Q3 2016 | +2.8% | +12.8% | +2.9% | |
| Q2 2016 | +5.6% | +6.0% | -8.2% | |
| Q1 2016 | +5.4% | — | — | |
| Q4 2015 | -0.2% | — | — | |
| Q3 2015 | +6.3% | — | — | |
| Q2 2015 | -5.6% | — | — | |
| Q1 2015 | -1.7% | — | — | |
| Q4 2014 | +3.3% | — | — | |
| Q3 2014 | -2.7% | — | — | |
| Q2 2014 | +5.4% | — | — | |
| Q1 2014 | +1.4% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q3 2013 | +0.2% | — | — | |
| Q1 2013 | -1.0% | — | — | |
| Q4 2012 | +4.2% | — | — | |
| Q3 2012 | -0.1% | — | — | |
| Q2 2012 | +4.0% | — | — | |
| Q1 2012 | -5.1% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q3 2011 | +0.5% | — | — | |
| Q2 2011 | +0.8% | — | — | |
| Q1 2010 | +2.3% | — | — | |
| Q1 2011 | +3.9% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q4 2008 | -0.7% | — | — | |
| Q3 2009 | -3.3% | — | — | |
| Q3 2010 | -3.3% | — | — | |
| Q2 2009 | +0.3% | — | — | |
| Q2 2010 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — |
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