Gap published its annual report on Form 10-K for FY 2025, reporting net sales up 2% to USD 15.4 billion. Net income fell 5% to USD 816 million, or USD 2.13 per diluted share. Gross margin was 40.8%, down 0.5 percentage points, as tariff costs increased cost of goods sold by an estimated 1.2 percentage points net of mitigation, partly offset by less promotional activity outside Athleta. Comparable sales rose 6% at Gap Global and declined 9% at Athleta Global, while operating income was USD 1.1 billion. Free cash flow was USD 823 million and cash and cash equivalents were USD 2.62 billion.

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