A clothing retailer that runs four brands — Old Navy, Gap, Banana Republic, and Athleta — spanning family basics, premium workwear, and women's activewear. It began in 1969 when Donald and Doris Fisher, frustrated they couldn't find well-fitting Levi's jeans, opened their first San Francisco store, which also sold vinyl records. The name came from the "generation gap" of the 1960s.
Old Navy CEO Haio Barbeito to step down; Michael Francis named successor
Barbeito will be eligible for separation benefits under the Company's Senior Executive Severance Plan.
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Horacio 'Haio' Barbeito will step down as President and CEO of Old Navy effective November 2, 2026.
Barbeito will continue as Executive Advisor to the Company through January 30, 2027.
Michael Francis, currently Chief Customer Officer at Old Navy and Head of Marketing Shared Services at Gap Inc., will succeed Barbeito on November 2, 2026.
The leadership transition was announced in a press release on August 27, 2026.
2.02 Results of Operations and Financial Condition · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Gap Inc. amends ABL credit facility, extending maturity to 2031
On July 17, 2026, The Gap, Inc. entered into Amendment No. 2 to its Fourth Amended and Restated Revolving Credit Agreement.
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The amendment extends the maturity date of the $2.2 billion asset-based credit facility from July 13, 2027 to July 2031.
The amendment removes sustainability-linked pricing adjustments and makes certain regulatory and legal updates.
The facility includes sublimits of $300 million for letters of credit, $200 million for swingline loans, and $200 million for Canadian borrower borrowings.
Proceeds are to be used for working capital, capital expenditures, and general corporate purposes.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Gap Inc. reports Q1 FY2026 net sales up 1%, raises full-year EPS outlook
First quarter fiscal 2026 net sales were $3.5 billion, up 1% year-over-year; comparable sales up 2%, the ninth consecutive quarter of positive comps.
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Gross margin was 40.5%, down 130 basis points year-over-year but exceeding outlook; merchandise margin decreased 100 basis points including an estimated 200 basis point net tariff impact.
Reported diluted EPS was $0.90; adjusted diluted EPS was $0.38, excluding a $313 million net legal settlement gain and a $50 million charitable donation.
The company raised its full-year fiscal 2026 adjusted diluted EPS outlook to approximately $2.30-$2.40, from prior $2.20-$2.35; reported EPS expected to be approximately $2.83-$2.93.
Returned $464 million to shareholders in Q1 via share repurchases and dividends; quarterly dividend increased 6% to $0.175 per share.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
The Gap, Inc. adopts new equity award agreement forms under its 2016 Long-Term Incentive Plan.
The new forms include Restricted Stock Unit, Deferred Restricted Stock Unit, Performance Share, Deferred Performance Share, and Director Stock Unit agreements.
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On March 12, 2026, The Gap, Inc. adopted five new forms of equity award agreements under its 2016 Long-Term Incentive Plan.
The agreements were filed as Exhibits 10.1 through 10.5 to the Form 8-K.
The report was filed under Item 8.01 (Other Events) and Item 9.01 (Financial Statements and Exhibits).
The filing was signed by Julie Gruber, Executive Vice President and Chief Legal and Compliance Officer.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Gap Inc. appoints Jody Gerson to its Board of Directors effective September 15, 2025.
Gerson received company stock units with an initial aggregate value of $185,000 upon her appointment, consistent with other non-employee directors.
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Jody Gerson, Chairman and CEO of Universal Music Publishing Group, was appointed to the Gap Inc. Board of Directors on September 15, 2025.
She will also receive a pro rata portion of the current $95,000 annual cash retainer for non-employee directors for fiscal 2025.
Gerson has no arrangements or understandings with any person regarding her appointment and no material interest in any transaction requiring disclosure under Item 404(a).
The company issued a press release on September 15, 2025, announcing the appointment, furnished as Exhibit 99.1.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits