Gap Q2 beats profit expectations, raises FY EPS outlook; Old Navy CEO transition

GAP INC

Net sales $3.7B, down 2% YoY; comparable sales -1%; store sales -3%, online -1%.
Adjusted operating income $259M (7.1% margin) vs expectations; reported operating income $676M incl. IEEPA tariff recovery.
Adjusted EPS $0.52; net income $501M, diluted EPS $1.38; raised FY EPS outlook.
Returned $726M to shareholders YTD via buybacks and dividends; quarterly dividend $0.175/share.
Haio Barbeito steps down as Old Navy CEO Nov 2; succeeded by Michael Francis (current Chief Customer Officer, Old Navy).

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Horacio "Haio" Barbeito

President and Chief Executive Officer of Old Navy

GAP · GAP INC

Effective: 2026-11-02
Filed: August 27, 2026, 4:22 PM ET

On August 27, 2026, the Company issued a press release (the “Transition Press Release”) announcing that Horacio “Haio” Barbeito will be stepping down from his role as President and Chief Executive Officer of Old Navy, effective November 2, 2026.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Horacio "Haio" Barbeito departed as President and Chief Executive Officer of Old Navy at GAP INC.

Action: stepping down
Role: President and Chief Executive Officer of Old Navy

Exact text from the filing

On August 27, 2026, the Company issued a press release (the “Transition Press Release”) announcing that Horacio “Haio” Barbeito will be stepping down from his role as President and Chief Executive Officer of Old Navy, effective November 2, 2026.

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GAP INC filing history →

Source: SEC EDGAR

accession 0001628280-26-059262

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