The Gap, Inc. reported second quarter fiscal 2026 net sales of $3.7 billion, down 2% year-over-year, with comparable sales declining 1%. Net income was $501 million, or diluted earnings per share of $1.38, driven by a $417 million benefit from IEEPA tariff refunds; adjusted EPS excluding this item was $0.52. The company returned $262 million to shareholders in the quarter via dividends and buybacks, maintaining a quarterly dividend of $0.175 per share. Additionally, Gap announced that Michael Francis will succeed Horacio Barbeito as President and CEO of Old Navy on November 2, 2026, with Barbeito transitioning to an Executive Advisor role through January 30, 2027. The company operates in the specialty apparel retail industry, owning brands including Old Navy, Gap, Banana Republic, and Athleta.

The Gap, Inc. entered into Amendment No. 2 to its Fourth Amended and Restated Revolving Credit Agreement on July 17, 2026. The amendment extends the maturity date of the existing $2.2 billion asset-based facility from July 13, 2027, to July 2031. Key changes include the removal of sustainability-linked pricing adjustments and updates to conform to regulatory and legal requirements. The facility maintains a $2.2 billion maximum availability, including sublimits for letters of credit, swingline loans, and Canadian borrowings. Interest rates for U.S. dollar loans are based on SOFR plus a margin of 125-150 basis points. The company operates in the retail apparel industry.