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:

3.00

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 %: -0.49
Yield (%): 5.73

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 1.88 2.27 1.56 1.85 6 -- 2 -2.63
Annual Jan 21 2.11 2.50 1.64 2.15 24 -- 6 -1.62
Annual Jan 20 2.06 2.15 1.83 2.08 23 1 5 -0.46
Quarterly Jan 20 0.69 0.74 0.62 0.70 21 1 2 -0.42
Quarterly Apr 20 0.24 0.27 0.22 0.24 7 -- -- --
Quarterly Jul 20 0.56 0.60 0.54 0.54 5 -- -- --
Quarterly Oct 19 0.61 0.66 0.51 0.62 21 -- 2 -0.58
Long Term Growth 3.92 12.00 -4.17 3.92 2 -- -- 0.00

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 Jul 19 0.63 0.53 19.51
Quarterly Apr 19 0.24 0.32 -24.13
Quarterly Jan 19 0.72 0.68 5.61
Quarterly Oct 18 0.69 0.68 1.21

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 11.38 12.34 9.95 11.84 3 -- 2 -6.25
Annual Jan 21 10.83 11.93 9.88 11.07 7 -- 3 -1.53
Annual Jan 20 10.38 11.50 9.89 10.26 7 -- 3 -0.86
Quarterly Jan 20 10.58 11.57 9.97 10.19 3 -- -- --
Quarterly Oct 19 10.41 11.11 9.70 10.41 2 -- -- --

Actuals - Book Value Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 9.40 9.00 4.46
Annual Jan 18 8.08 7.72 4.76
Annual Jan 17 7.28 6.97 4.48
Quarterly Apr 19 9.42 9.67 -2.57
Quarterly Jan 19 9.40 9.23 1.89
Quarterly Oct 18 9.01 9.30 -3.20

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 3.96 4.43 3.48 3.96 2 -- 1 -10.76
Annual Jan 21 3.57 4.16 2.85 3.63 5 -- 2 -1.87
Annual Jan 20 3.60 4.07 3.04 3.65 5 -- 2 -1.79
Quarterly Jan 20 1.09 1.20 0.98 1.09 2 -- -- --
Quarterly Apr 20 0.55 0.62 0.48 0.55 2 -- -- --
Quarterly Jul 20 1.75 1.75 1.75 1.75 1 -- -- --
Quarterly Oct 19 0.93 0.96 0.91 0.93 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 Jul 19 1.46 1.41 3.69
Quarterly Apr 19 0.08 0.66 -87.82
Quarterly Jan 19 2.13 1.65 29.44
Quarterly Oct 18 0.05 1.15 -95.66

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 1.04 1.13 0.97 1.04 5 -- 1 -0.09
Annual Jan 21 1.00 1.07 0.97 0.99 14 -- 1 0.06
Annual Jan 20 0.98 1.01 0.97 0.97 14 -- 1 0.02
Quarterly Jan 20 0.24 0.25 0.24 0.24 5 -- -- --
Quarterly Apr 20 0.24 0.24 0.24 0.24 1 -- -- --
Quarterly Jul 20 0.24 0.24 0.24 0.24 1 -- -- --
Quarterly Oct 19 0.24 0.24 0.24 0.24 5 -- -- --

Actuals - Dividend Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 0.97 0.97 -0.13
Annual Jan 18 0.92 0.93 -1.16
Annual Jan 17 0.92 0.92 -0.08
Quarterly Jul 19 0.24 0.24 0.16
Quarterly Apr 19 0.24 0.24 0.16
Quarterly Jan 19 0.24 0.24 -1.57
Quarterly Oct 18 0.24 0.24 1.04

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 22 954.28 1,133.63 807.00 959.81 6 -- 2 -2.20
Annual Jan 21 1,117.08 1,275.00 863.00 1,136.80 21 -- 5 -1.70
Annual Jan 20 1,113.71 1,309.00 979.00 1,123.00 19 1 3 -0.46
Quarterly Jan 20 364.95 384.00 325.60 371.30 15 -- 2 -0.23
Quarterly Apr 20 131.91 143.46 118.28 134.00 3 -- -- --
Quarterly Jul 20 304.94 319.00 290.88 304.94 2 -- -- --
Quarterly Oct 19 327.38 350.00 272.00 334.00 15 1 2 -0.24

Actuals - EBIT

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,362.00 1,361.28 0.05
Annual Jan 18 1,415.00 1,397.10 1.28
Annual Jan 17 1,386.00 1,394.91 -0.64
Quarterly Jul 19 334.00 284.96 17.21
Quarterly Apr 19 130.00 177.61 -26.81
Quarterly Jan 19 372.00 371.35 0.18
Quarterly Oct 18 363.00 372.44 -2.53

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 1,541.67 1,731.36 1,362.00 1,526.82 5 -- 2 -0.44
Annual Jan 21 1,673.03 1,835.30 1,404.00 1,684.90 19 -- 4 -0.65
Annual Jan 20 1,644.71 1,705.40 1,508.00 1,656.50 16 -- 3 -0.45
Quarterly Jan 20 513.26 546.17 471.00 510.48 10 -- -- --
Quarterly Apr 20 273.37 280.18 269.48 270.45 3 -- -- --
Quarterly Jul 20 412.72 427.61 397.84 412.72 2 -- -- --
Quarterly Oct 19 464.13 509.53 401.00 467.08 10 -- 1 -0.09

Actuals - EBITDA

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,879.00 1,891.58 -0.66
Annual Jan 18 1,914.00 1,913.99 0.00
Annual Jan 17 1,917.00 1,941.20 -1.25
Quarterly Jul 19 473.00 409.23 15.58
Quarterly Apr 19 268.00 304.37 -11.95
Quarterly Jan 19 509.00 499.45 1.91
Quarterly Oct 18 492.00 507.66 -3.09

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 22 1.92 2.27 1.56 1.92 2 -- -- --
Annual Jan 21 2.11 2.81 1.64 2.14 10 -- 2 -0.33
Annual Jan 20 2.29 2.47 1.91 2.41 5 -- 2 -0.61
Quarterly Jan 20 0.61 0.71 0.23 0.66 7 -- 1 -0.23
Quarterly Apr 20 0.25 0.27 0.22 0.25 2 -- -- --
Quarterly Jul 20 0.54 0.54 0.54 0.54 1 -- -- --
Quarterly Oct 19 0.58 0.62 0.51 0.58 7 -- 1 -0.49

Actuals - GAAP Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 2.59 2.55 1.68
Annual Jan 18 2.14 2.17 -1.55
Annual Jan 17 1.69 1.67 1.11
Quarterly Jul 19 0.44 0.51 -14.21
Quarterly Apr 19 0.60 0.31 96.72
Quarterly Jan 19 0.72 0.68 6.40
Quarterly Oct 18 0.69 0.69 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 -211.01 -1.02 -420.99 -211.01 2 1 -- 5.74
Annual Jan 21 -327.82 -98.79 -532.87 -351.80 3 2 -- 4.09
Annual Jan 20 -243.23 -12.00 -608.20 -176.36 4 2 -- 2.10
Quarterly Jan 20 -756.00 -756.00 -756.00 -756.00 1 -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --

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 Jul 19 -222.00 -- --
Quarterly Apr 19 36.00 -- --
Quarterly Jan 19 -120.00 -324.00 62.96
Quarterly Oct 18 -5.00 -- --

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 22 678.49 792.86 567.00 704.06 5 -- 2 -2.77
Annual Jan 21 787.23 917.00 609.00 805.00 21 -- 5 -1.77
Annual Jan 20 781.19 811.16 695.00 792.00 18 1 3 -0.39
Quarterly Jan 20 258.43 271.01 231.00 264.20 16 -- 3 -0.82
Quarterly Apr 20 90.83 101.22 82.26 89.00 3 -- -- --
Quarterly Jul 20 215.12 226.00 204.25 215.12 2 -- -- --
Quarterly Oct 19 231.03 249.00 194.00 234.50 16 1 2 -0.70

Actuals - Net Income

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 1,003.00 990.25 1.29
Annual Jan 18 842.00 831.99 1.20
Annual Jan 17 807.00 799.33 0.96
Quarterly Jul 19 238.00 201.57 18.08
Quarterly Apr 19 90.00 121.84 -26.14
Quarterly Jan 19 276.00 262.69 5.07
Quarterly Oct 18 266.00 263.96 0.77

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
Annual Jan 22 -- -- -- -- -- -- -- --
Annual Jan 21 -- -- -- -- -- -- -- --
Annual Jan 20 -- -- -- -- -- -- -- --
Quarterly Jul 20 -- -- -- -- -- -- -- --
Quarterly Apr 20 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --

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 20.57 28.90 16.55 18.42 4 -- -- -6.29
Annual Jan 21 19.64 24.00 15.60 19.41 7 -- -- -1.51
Annual Jan 20 21.79 27.30 18.70 20.77 8 -- -- -1.27

Actuals - Return On Equity

Reported EPS Mean Estimate Surprise % Change
Annual Jan 19 29.95 30.06 -0.11
Annual Jan 18 27.84 27.98 -0.14
Annual Jan 17 29.62 28.39 1.23

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 16,675.07 17,119.75 16,308.57 16,597.00 5 -- 1 0.19
Annual Jan 21 16,644.74 17,166.00 16,270.00 16,641.50 22 1 2 -0.05
Annual Jan 20 16,494.45 16,656.00 16,271.00 16,520.43 22 1 2 -0.03
Quarterly Jan 20 4,648.73 4,738.00 4,565.60 4,662.00 19 1 2 -0.01
Quarterly Apr 20 3,751.39 3,830.00 3,671.01 3,743.00 7 -- -- --
Quarterly Jul 20 4,105.08 4,231.00 3,934.61 4,138.00 5 -- -- --
Quarterly Oct 19 4,105.80 4,229.00 3,992.00 4,107.00 19 1 2 -0.14

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 Jul 19 4,005.00 4,022.48 -0.43
Quarterly Apr 19 3,706.00 3,773.68 -1.79
Quarterly Jan 19 4,623.00 4,691.28 -1.46
Quarterly Oct 18 4,089.00 3,996.86 2.31

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 Jul 20 -- -- -- -- -- -- -- --
Quarterly Apr 20 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --

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 Jul 20 -- -- -- -- -- -- -- --
Quarterly Apr 20 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --

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 Jul 20 -- -- -- -- -- -- -- --
Quarterly Apr 20 -- -- -- -- -- -- -- --
Quarterly Jan 20 -- -- -- -- -- -- -- --
Quarterly Oct 19 -- -- -- -- -- -- -- --

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

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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