Gap — Nov 20, 2025 release

Year-to-date free cash flow , defined as net cash from operating activities less purchases of property and equipment, was $280 million. • Ending inventory of $2.5 billion was up 5% compared to last year primarily as a result of higher cost due to tariffs. • Year-to-date capital expenditures were $327 million. • Paid a third quarter dividend of $0.165 per share, totaling $62 million. The Company’s Board of Directors approved a fourth 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. Third Quarter Fiscal 2025 – Global Brand Results Comparable Sales: Q3 2025 Q3 2024 Old Navy 6  % —  % Gap 7  % 3  % Banana Republic 4  % (1) % Athleta (11) % 5  % Gap Inc. 5  % 1  % Old Navy: • Third quarter net sales of $2.3 billion were up 5% compared to last year. Comparable sales were up 6%. Old Navy is winning in strategic categories like denim, active, and kids and baby, while executing culturally relevant partnerships. Gap: • Third quarter net sales of $951 million were up 6% compared to last year. Comparable sales were up 7% achieving positive comparable sales for the 8th consecutive quarter. Gap's outstanding execution and relentless repetition of the reinvigoration playbook continues to drive momentum as the brand progressively builds on its prior successes. Banana Republic: • Third quarter ne