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Guidance history, every release

Gap (GAP) · 8 releases, Nov 21, 2024 to Aug 27, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Nov 21, 2024 FY25 Q3	Mar 6, 2025 FY25 Q4	May 29, 2025 FY26 Q1	Aug 28, 2025 FY26 Q2	Nov 20, 2025 FY26 Q3	Mar 5, 2026 FY26 Q4	May 28, 2026 FY27 Q1	Aug 27, 2026 FY27 Q2
For FY2026
Adjusted operating expense (% of net sales)	—	—	—	—	—	New“About flat year-over-year”	Reiterated“About flat year-over-year”	Reiterated“About flat year-over-year”
Adjusted operating expense (% of net sales)	—	—	—	—	—	New“About 35%”	—	—
Net sales	—	—	—	—	—	—	—	New“Up 1.5% to 2.5% year-over-year”
Net sales	—	—	—	—	—	New“Up 2% to 3% year-over-year”	Lowered“Up 1% to 2% year-over-year”	—
Net sales	—	—	—	—	—	—	New“Flat to down 1% year-over-year”	—
Net sales	—	—	—	—	—	New“Up 1% to 2% year-over-year”	—	—
Net sales outlook	—	—	—	—	—	—	—	New“up 1% to 1.5%”
Operating expense (% of net sales)	—	—	—	—	—	—	New“Deleverage approximately 110 basis points to 120 basis points”	—
Gap brand comparable sales	—	—	—	—	—	—	—	New“high-single to low double-digit range”
Old Navy comparable sales	—	—	—	—	—	—	—	New“flat to down 1%”
Adjusted diluted earnings per share	—	—	—	—	—	New“Approximately $2.20 to $2.35”	Raised“Approximately $2.30 to $2.40”	Raised“Approximately $2.35 to $2.45”
Adjusted gross margin	—	—	—	—	—	—	—	New“Up slightly year-over-year”
Adjusted operating margin	—	—	—	—	—	New“About 7.3% to 7.5%”	Reiterated“About 7.3% to 7.5%”	Raised“About 7.4% to 7.6%”
Benefit to full-year gross margin and operating margin	—	—	—	—	—	—	—	New“approximately 10 basis points”
Benefit to gross margin and operating margin from tariff relief	—	—	—	—	—	—	New“approximately 50 basis points”	—
Diluted earnings per share	—	—	—	—	—	—	—	New“approximately $3.77 to $3.87”
Diluted earnings per share (reported basis)	—	—	—	—	—	—	New“approximately $2.83 to $2.93”	—
Gross margin	—	—	—	—	—	—	—	New“Up about 25 to 75 basis points”
Gross margin	—	—	—	—	—	New“Flat to up slightly year-over-year”	Reiterated“Flat to up slightly year-over-year”	—
Gross margin	—	—	—	—	—	—	New“Flat to down 50 basis points”	—
Gross margin	—	—	—	—	—	New“Down approximately 150bps to 200bps including an estimated 200 bps of net tariff impact”	—	—
Net tariff relief to full-year gross profit and operating income	—	—	—	—	—	—	—	New“approximately $15 million”
Net tariff relief to gross profit and operating income	—	—	—	—	—	—	New“approximately $80 million”	—
Adjusted effective tax rate	—	—	—	—	—	—	—	New“Approximately 25% to 26%”
Adjusted interest, net	—	—	—	—	—	—	—	New“Approximately $20 million”
Capital expenditures	—	—	—	—	—	New“Approximately $650 million”	Reiterated“Approximately $650 million”	Reiterated“Approximately $650 million”
Charitable donation	—	—	—	—	—	New“$50 million”	—	—
Diluted weighted average share count	—	—	—	—	—	—	New“Approximately 375 million”	Lowered“Approximately 367 million”
Dividend per share	—	—	—	—	—	—	New“$0.175 per share”	—
Dividend per share	—	—	—	—	—	New“$0.175”	—	—
Effective tax rate	—	—	—	—	—	New“Approximately 27%”	Lowered“Approximately 25%”	—
Fiscal 2026 dividend	—	—	—	—	—	—	—	New“$0.175 per share”
Fiscal 2026 dividend	—	—	—	—	—	—	New“$0.175 per share”	—
Fiscal year 2026 dividend	—	—	—	—	—	New“$0.175 per share”	—	—
Net gain from legal settlement	—	—	—	—	—	New“$313 million”	—	—
Net interest income	—	—	—	—	—	New“Approximately $10 million to $15 million”	Raised“Approximately $25 million”	—
Net store closures	—	—	—	—	—	New“About flat”	Reiterated“About flat”	Reiterated“About flat”
Operating expense (reported basis)	—	—	—	—	—	—	New“leverage”	—
Reported operating expense	—	—	—	—	—	New“leverage”	—	—
For FY2025
Net sales	—	New“1% to 2% growth”	Reiterated“1% to 2% growth”	Reiterated“1% to 2% growth”	Narrowed“1.7% to 2.0% growth”	—	—	—
Net sales	—	—	—	New“1.5% - 2.5% growth”	—	—	—	—
Operating expense (% of net sales)	—	—	—	New“Slight deleverage due to shift in timing of investments”	—	—	—	—
Operating expense (% of net sales)	—	—	New“Leverage slightly year-over-year”	—	—	—	—	—
Operating expense (% of net sales)	—	New“Leverage slightly year-over-year”	—	—	—	—	—	—
Gross margin	—	—	—	New“Approximately 150 to 170 bps of deleverage including an estimated 200 bps of net tariff impact”	—	—	—	—
Gross margin	—	—	New“Similar to Q1'25 gross margin”	—	—	—	—	—
Operating income	—	New“8% to 10% growth”	Reiterated“8% to 10% growth”	—	—	—	—	—
Operating margin	—	—	—	New“6.7% to 7.0% including an estimated 100-110 bps of net tariff impact”	Changed“Approximately 7.2% including an estimated 100-110 bps of net tariff impact”	—	—	—
Remaining net tariff impact to operating income	—	—	New“about $100 million to $150 million”	—	—	—	—	—
Capital expenditures	—	New“Approximately $600 million”	Reiterated“Approximately $600 million”	Lowered“Approximately $500 to $550 million”	Reiterated“Approximately $500 to $550 million”	—	—	—
Dividend per share	—	—	New“$0.165 per share”	—	—	—	—	—
Dividend per share	—	New“$0.165”	—	—	—	—	—	—
Effective tax rate	—	New“Approximately 26%”	Reiterated“Approximately 26%”	Raised“Approximately 27%”	Raised“Approximately 28%”	—	—	—
Fiscal 2025 dividend	—	—	—	—	New“$0.165 per share”	—	—	—
Fiscal 2025 dividend	—	—	—	New“$0.165 per share”	—	—	—	—
Fiscal 2025 dividend	—	—	New“$0.165 per share”	—	—	—	—	—
Fiscal year 2025 dividend	—	New“$0.165 per share”	—	—	—	—	—	—
Gross estimated incremental tariff cost	—	—	New“approximately $250 million to $300 million”	—	—	—	—	—
Net interest income	—	New“Approximately $15 million”	Reiterated“Approximately $15 million”	Reiterated“Approximately $15 million”	Raised“Approximately $20 million”	—	—	—
Net store closures	—	New“Approximately 35”	Reiterated“Approximately 35”	Reiterated“Approximately 35”	Reiterated“Approximately 35”	—	—	—
Tariff mitigation coverage	—	—	New“more than half of that amount”	—	—	—	—	—
For FY2024
Net sales	New“Up 1.5% to 2.0% on a 52-week basis”	—	—	—	—	—	—	—
Gross margin	New“Approximately 220 bps expansion”	—	—	—	—	—	—	—
Operating income	New“Mid to High 60% growth range”	—	—	—	—	—	—	—
Capital expenditures	New“Approximately $500 million”	—	—	—	—	—	—	—
Effective tax rate	New“Approximately 26.5%”	—	—	—	—	—	—	—
Fiscal 2024 dividend	New“$0.15 per share”	—	—	—	—	—	—	—
Operating expense	New“Approximately $5.1 billion”	—	—	—	—	—	—	—
No period stated
Share repurchase authorization	—	—	—	—	—	New“$1 billion”	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.