실적분석 2026년 8월 27일

Gap ($GAP) FY2026 Q2 Earnings Analysis — Adjusted EPS Beat, Full-Year Guidance Raised

Earnings Scorecard

Revenue: $3.651 billion (YoY -2%, estimate $3.699 billion) ❌ Miss

EPS: Adjusted diluted $0.52 (estimate $0.49) ✅ Beat

Guidance: Raised — FY2026 adjusted diluted EPS to ~$2.35–$2.45 (prior $2.30–$2.40)

Stock reaction: After-hours +16.11% ($24.14) — as of 06:07 KST, August 28

The Positives

Adjusted EPS beat: Adjusted diluted EPS of $0.52 vs. $0.49 estimate

Gap brand momentum: Comp sales +10%, revenue $844 million (+9%)

Full-year EPS guidance raised: Adjusted range lifted to $2.35–$2.45 at both ends

GAAP net income was inflated by the tariff refund, which needs to be separated from underlying earnings. Cash and short-term investments stood at $2.5 billion, while inventory was held flat year over year.

The Negatives

Revenue miss: $3.651 billion vs. $3.699 billion estimate, YoY -2%

Old Navy weakness: Comp sales -4%, women's seasonal and store-traffic softness

Athleta plunge: Revenue and comp sales both -12%, profitability rebuild remains a challenge

With Old Navy accounting for more than half of company revenue, any wobble there puts the broader growth narrative at risk. Key second-half watchpoints are the new Old Navy leadership and the trajectory of comp sales recovery.

What Management Said

CEO Richard Dickson explained that while revenue came in slightly below expectations, operational and financial discipline supported gross margin strength, allowing earnings to exceed expectations. He highlighted Gap brand momentum while acknowledging Old Navy's soft spots, noting that corrective actions are already beginning to take effect.

Market Reaction and Forward Catalysts

With earnings beating estimates and full-year EPS guidance being lifted, after-hours buyers piled in. The market weighed margins and guidance more heavily than the top-line softness.

Whether Old Navy comp sales recover in the second half

How tariff refunds and tariff-rate assumptions flow through actual margins

Whether Gap brand's double-digit growth extends