EARNINGS ESTIMATES

Disclaimer: Earnings estimates are calculated by Thomson Reuters based on earnings projections made by the analysts who cover Gap, Inc. Please note that any opinions, estimates or forecasts regarding Gap Inc.'s performance made by these analysts (and therefore the estimate numbers) are theirs and do not represent opinions, forecasts or predictions of Gap Inc. or its management. Gap Inc. does not by its reference below or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

Analyst Ratings

Mean Recommendation:

3.04

Sell

Strong Buy

Reference Information - Earnings Per Share

Last Actual (FY0): 2.59
FY0 End Date: Jan 19
Ind. Annual Div: 0.97
Hist (5 Yr) Growth %: -2.29
Yield (%): 3.75

Analyst Forecasts - Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 2.32 2.54 1.95 2.39 4 -- -- -5.27
Annual Jan 21 2.54 3.00 2.30 2.54 25 -- 2 -0.35
Annual Jan 20 2.46 2.60 2.32 2.47 25 -- 4 -0.26
Quarterly Apr 19 0.32 0.39 0.24 0.32 21 -- 2 -1.40
Quarterly Jul 19 0.67 0.74 0.62 0.67 21 1 1 0.35
Quarterly Oct 19 0.72 0.80 0.65 0.72 21 1 1 -0.19
Quarterly Jan 20 0.75 0.81 0.66 0.75 21 1 1 -0.64
Long Term Growth 5.70 12.00 -0.61 5.70 2 -- -- --

Actuals - Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 2.59 2.55 1.56
Annual Jan 18 2.13 2.10 1.24
Annual Jan 17 2.02 2.02 -0.06
Quarterly Jan 19 0.72 0.68 5.61
Quarterly Oct 18 0.69 0.68 1.21
Quarterly Jul 18 0.76 0.72 6.04
Quarterly Apr 18 0.42 0.46 -8.36

Reference Information - Book Value Per Share

Last Actual (FY0): 9.40
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Book Value Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 12.14 12.79 11.38 12.26 3 -- -- --
Annual Jan 21 11.65 12.84 10.99 11.61 7 1 -- 0.06
Annual Jan 20 10.66 11.33 10.28 10.62 7 1 -- 0.01
Quarterly Apr 19 9.67 10.01 9.33 9.67 2 1 1 --
Quarterly Jul 19 10.05 10.38 9.71 10.05 2 1 1 --
Quarterly Oct 19 10.51 10.86 10.15 10.51 2 1 1 --
Quarterly Jan 20 10.75 11.40 10.19 10.65 3 1 1 --

Actuals - Book Value Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 9.40 -- --
Annual Jan 18 8.08 -- --
Annual Jan 17 7.28 -- --
Quarterly Jan 19 9.40 -- --
Quarterly Oct 18 9.01 -- --
Quarterly Jul 18 8.68 -- --
Quarterly Apr 18 8.26 -- --

Reference Information - Cash Flow Per Share

Last Actual (FY0): 3.56
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Cash Flow Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 4.11 4.43 3.78 4.11 2 -- -- --
Annual Jan 21 4.01 4.33 3.75 4.00 5 -- 1 0.26
Annual Jan 20 3.91 4.12 3.58 3.94 5 1 1 0.87
Quarterly Apr 19 0.66 0.66 0.65 0.66 2 -- 1 --
Quarterly Jul 19 1.28 1.53 1.03 1.28 2 -- 2 -20.81
Quarterly Oct 19 1.02 1.03 1.02 1.02 2 2 -- 17.91
Quarterly Jan 20 1.04 1.22 0.87 1.04 2 -- -- --

Actuals - Cash Flow Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 3.56 3.94 -9.61
Annual Jan 18 3.48 3.24 7.41
Annual Jan 17 4.30 3.29 30.65
Quarterly Jan 19 2.13 1.65 29.44
Quarterly Oct 18 0.05 1.15 -95.66
Quarterly Jul 18 1.57 1.29 22.13
Quarterly Apr 18 -0.17 0.69 -124.82

Reference Information - Dividend Per Share

Last Actual (FY0): 0.97
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Dividend Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 1.05 1.12 0.97 1.06 4 -- -- -0.09
Annual Jan 21 1.01 1.07 0.97 1.01 14 -- 1 -0.78
Annual Jan 20 0.98 1.02 0.97 0.97 14 -- 1 -0.28
Quarterly Apr 19 0.24 0.25 0.24 0.24 5 -- 1 --
Quarterly Jul 19 0.24 0.25 0.24 0.24 5 -- 1 --
Quarterly Oct 19 0.24 0.24 0.24 0.24 5 -- 1 --
Quarterly Jan 20 0.24 0.25 0.24 0.24 5 -- 2 -1.30

Actuals - Dividend Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 0.97 -- --
Annual Jan 18 0.92 -- --
Annual Jan 17 0.92 -- --
Quarterly Jan 19 0.24 -- --
Quarterly Oct 18 0.24 -- --
Quarterly Jul 18 0.24 -- --
Quarterly Apr 18 0.23 -- --

Reference Information - EBIT

Last Actual (FY0): 1,362.00
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBIT

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 1,192.41 1,306.44 1,029.20 1,222.53 5 -- -- -3.72
Annual Jan 21 1,329.06 1,523.00 1,213.53 1,331.70 21 -- 2 0.08
Annual Jan 20 1,312.68 1,399.00 1,240.43 1,309.00 22 1 2 -0.13
Quarterly Apr 19 181.72 237.74 157.00 177.14 16 -- 1 --
Quarterly Jul 19 360.63 404.73 332.00 358.50 16 1 -- --
Quarterly Oct 19 377.51 419.00 340.00 379.50 16 1 -- --
Quarterly Jan 20 393.75 423.00 346.03 396.50 16 -- 1 -0.81

Actuals - EBIT

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,362.00 -- --
Annual Jan 18 1,415.00 -- --
Annual Jan 17 1,386.00 -- --
Quarterly Jan 19 372.00 -- --
Quarterly Oct 18 363.00 -- --
Quarterly Jul 18 398.00 -- --
Quarterly Apr 18 229.00 -- --

Reference Information - EBITDA

Last Actual (FY0): 1,879.00
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBITDA

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 1,778.67 1,836.32 1,699.24 1,789.57 4 -- -- -1.49
Annual Jan 21 1,872.12 2,082.60 1,740.86 1,855.63 18 -- 1 -0.04
Annual Jan 20 1,841.95 1,962.20 1,700.00 1,836.27 19 1 3 -0.15
Quarterly Apr 19 305.64 328.28 285.00 303.95 10 -- 7 -16.03
Quarterly Jul 19 482.96 505.80 455.13 487.50 10 -- 7 -13.67
Quarterly Oct 19 530.24 655.30 493.09 516.00 10 6 -- 7.99
Quarterly Jan 20 514.58 556.11 394.00 525.80 10 -- -- --

Actuals - EBITDA

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,879.00 -- --
Annual Jan 18 1,914.00 -- --
Annual Jan 17 1,917.00 -- --
Quarterly Jan 19 509.00 -- --
Quarterly Oct 18 492.00 -- --
Quarterly Jul 18 523.00 -- --
Quarterly Apr 18 355.00 -- --

Reference Information - GAAP Earnings Per Share

Last Actual (FY0): 2.59
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - GAAP Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 21 2.53 2.53 2.53 2.53 1 -- -- --
Annual Jan 20 2.48 2.48 2.48 2.48 1 -- -- --
Quarterly Apr 19 0.31 0.31 0.31 0.31 1 -- -- --
Quarterly Jul 19 0.70 0.70 0.70 0.70 1 -- -- --
Quarterly Oct 19 0.73 0.73 0.73 0.73 1 -- -- --
Quarterly Jan 20 0.75 0.75 0.75 0.75 1 -- -- --

Actuals - GAAP Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 2.59 -- --
Annual Jan 18 2.14 -- --
Annual Jan 17 1.69 -- --
Quarterly Jan 19 0.72 -- --
Quarterly Oct 18 0.69 -- --
Quarterly Jul 18 0.76 -- --
Quarterly Apr 18 0.42 -- --

Reference Information - Net Debt

Last Actual (FY0): -120.00
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Debt

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 -150.84 121.28 -773.24 24.30 4 -- -- --
Annual Jan 21 -296.91 -24.60 -815.84 -50.30 3 1 -- -0.98
Annual Jan 20 -205.40 6.26 -844.89 -73.00 5 1 -- -66.54
Quarterly Apr 19 -504.00 -504.00 -504.00 -504.00 1 -- -- --
Quarterly Jul 19 -822.00 -822.00 -822.00 -822.00 1 -- -- --
Quarterly Oct 19 -1,032.00 -1,032.00 -1,032.00 -1,032.00 1 -- -- --
Quarterly Jan 20 -756.00 -756.00 -756.00 -756.00 1 -- -- --

Actuals - Net Debt

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 -120.00 -521.06 76.97
Annual Jan 18 -534.00 -341.90 -56.18
Annual Jan 17 -470.00 -108.35 -333.77
Quarterly Jan 19 -120.00 -324.00 62.96
Quarterly Oct 18 -5.00 -848.00 99.41
Quarterly Apr 18 39.00 105.40 -63.00

Reference Information - Net Income

Last Actual (FY0): 1,003.00
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Income

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 841.76 920.70 731.02 857.66 4 -- -- -4.39
Annual Jan 21 956.91 1,103.00 861.65 962.00 21 -- 2 -0.42
Annual Jan 20 937.92 988.00 877.51 943.00 21 1 3 -0.23
Quarterly Apr 19 122.00 147.00 93.96 121.10 17 -- 3 -1.38
Quarterly Jul 19 258.13 281.00 238.00 257.46 17 2 1 0.22
Quarterly Oct 19 272.99 301.00 247.00 275.10 17 3 -- 0.04
Quarterly Jan 20 285.43 304.00 246.35 286.48 17 1 1 -0.83

Actuals - Net Income

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,003.00 -- --
Annual Jan 18 842.00 -- --
Annual Jan 17 807.00 -- --
Quarterly Jan 19 276.00 -- --
Quarterly Oct 18 266.00 -- --
Quarterly Jul 18 297.00 -- --
Quarterly Apr 18 164.00 -- --

Reference Information - Operating Profit

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Operating Profit

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change

Actuals - Operating Profit

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

Reference Information - Return On Equity

Last Actual (FY0): 29.95
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Return On Equity

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 19.58 20.89 17.39 20.46 3 -- -- -5.59
Annual Jan 21 22.60 23.90 21.00 22.82 8 -- 1 -0.51
Annual Jan 20 24.63 26.10 22.68 24.65 9 -- 2 -1.20
Quarterly Apr 19 18.02 18.02 18.02 18.02 1 -- -- --
Quarterly Jul 19 29.60 29.60 29.60 29.60 1 -- -- --
Quarterly Oct 19 28.75 28.75 28.75 28.75 1 -- -- --
Quarterly Jan 20 25.72 25.72 25.72 25.72 1 -- -- --

Actuals - Return On Equity

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 29.95 -- --
Annual Jan 18 27.84 -- --
Annual Jan 17 29.62 -- --
Quarterly Jan 19 31.57 -- --
Quarterly Oct 18 31.39 -- --
Quarterly Jul 18 9.09 -- --
Quarterly Apr 18 5.17 -- --

Reference Information - Sales

Last Actual (FY0): 16,580.00
FY0 End Date: Jan 19
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Sales

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 16,988.43 17,082.57 16,926.77 16,972.19 4 -- -- 0.02
Annual Jan 21 16,914.24 17,766.00 16,208.43 16,919.30 23 -- 2 -0.05
Annual Jan 20 16,753.25 17,123.00 16,377.43 16,743.90 23 1 2 -0.01
Quarterly Apr 19 3,775.40 3,922.00 3,646.60 3,774.00 20 2 1 -0.10
Quarterly Jul 19 4,124.82 4,253.00 3,974.39 4,126.65 20 2 1 -0.08
Quarterly Oct 19 4,162.30 4,257.00 4,056.91 4,170.68 20 2 1 0.00
Quarterly Jan 20 4,676.89 4,753.00 4,399.00 4,695.75 20 1 2 -0.20

Actuals - Sales

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 16,580.00 16,644.28 -0.39
Annual Jan 18 15,855.00 15,736.73 0.75
Annual Jan 17 15,516.00 15,479.63 0.23
Quarterly Jan 19 4,623.00 4,691.28 -1.46
Quarterly Oct 18 4,089.00 3,996.86 2.31
Quarterly Jul 18 4,085.00 4,008.74 1.90
Quarterly Apr 18 3,783.00 3,611.23 4.76

Reference Information - Earnings Per Share (Parent)

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Earnings Per Share (Parent)

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 -- -- -- -- -- -- -- --
Annual Jan 21 -- -- -- -- -- -- -- --
Annual Jan 20 -- -- -- -- -- -- -- --
Quarterly Apr 19 -- -- -- -- -- -- -- --
Quarterly Jul 19 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --

Actuals - Earnings Per Share (Parent)

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

Reference Information - Net Income (Parent)

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Income (Parent)

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 -- -- -- -- -- -- -- --
Annual Jan 21 -- -- -- -- -- -- -- --
Annual Jan 20 -- -- -- -- -- -- -- --
Quarterly Apr 19 -- -- -- -- -- -- -- --
Quarterly Jul 19 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --

Actuals - Net Income (Parent)

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

Reference Information - Operating Profit (Parent)

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Operating Profit (Parent)

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 -- -- -- -- -- -- -- --
Annual Jan 21 -- -- -- -- -- -- -- --
Annual Jan 20 -- -- -- -- -- -- -- --
Quarterly Apr 19 -- -- -- -- -- -- -- --
Quarterly Jul 19 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --

Actuals - Operating Profit (Parent)

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

Reference Information - Sales (Parent)

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Sales (Parent)

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual Jan 22 -- -- -- -- -- -- -- --
Annual Jan 21 -- -- -- -- -- -- -- --
Annual Jan 20 -- -- -- -- -- -- -- --
Quarterly Apr 19 -- -- -- -- -- -- -- --
Quarterly Jul 19 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --

Actuals - Sales (Parent)

Reported EPS Mean Estimate Surprise % Change
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --
Dec 00 -- -- --

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