Gap — May 29, 2025 release

• Capital expenditures were $83 million. • Distributed $131 million of cash to shareholders in the form of dividends and share repurchases during the first quarter of fiscal 2025 inclusive of: ◦ A first quarter dividend of $0.165 per share, totaling $61 million; and ◦ 4 million shares repurchased for $70 million, ending the first quarter of fiscal 2025 with 374 million shares outstanding. • The Company’s Board of Directors approved a second quarter fiscal 2025 dividend of $0.165 per share. Additional information regarding free cash flow, which is a non-GAAP financial measure, is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure for the applicable period. First Quarter Fiscal 2025 – Global Brand Results Comparable Sales First Quarter 2025 2024 Old Navy 3  % 3  % Gap 5  % 3  % Banana Republic —  % 1  % Athleta (8) % 5  % Gap Inc. 2  % 3  % Old Navy: • First quarter net sales of $2.0 billion were up 3% compared to last year. Comparable sales were up 3% marking the 9th consecutive quarter of market share gains for the brand. Old Navy's continued momentum underscores the brand's growing relevance with customers and continued rigor of execution. Gap: • First quarter net sales of $724 million were up 5% compared to last year. Comparable sales were up 5%. Gap continued to execute the brand reinvigoration playbook with clarity and co