Data tracker
Gap Inc. inventory tracker: 20 quarters
Gap Inc. merchandise inventory, as the company reports it, from October 2021 through August 2026. Inventory peaked at $3.17 billion at the end of April 2022, the same quarter Gap told investors it had overestimated demand, and fell 21 percent in the single quarter ended January 28, 2023. It has not returned to those levels since.
Compiled by The Retail Ledger from Gap Inc. quarterly and annual reports · Updated September 27, 2026 · Next update at Gap’s next quarterly report
What the numbers show
Three things are visible in the series. Inventory climbed through fiscal 2021 and peaked in the quarter ended April 30, 2022. On the earnings call for that quarter, on May 26, 2022, Gap said it had overestimated demand in stores and was overplanned in larger sizes.
The balance then held near $3.0 to $3.1 billion for two more quarters before dropping $654 million, or about 21 percent, in the quarter ended January 28, 2023. That is the single largest quarter over quarter reduction in the series, and it coincides with the months in which the merchandise at issue in Gap Inc. v. SVES GO was delivered.
Coincidence in timing is not evidence of how the inventory moved, and these figures do not identify where any specific units went. A company’s inventory falls for many reasons: markdowns, store sales, packaway, write offs and bulk sales all reduce the same line. What the series does establish is the scale and the timing of the drawdown, both of which are Gap’s own reported numbers.
The data
| Quarter ended | Inventory (USD millions) | Change |
|---|---|---|
| Oct 30, 2021 | $2,721 | — |
| Jan 29, 2022 | $3,018 | +10.9% |
| Apr 30, 2022 | $3,169 | +5.0% |
| Jul 30, 2022 | $3,135 | -1.1% |
| Oct 29, 2022 | $3,043 | -2.9% |
| Jan 28, 2023 | $2,389 | -21.5% |
| Apr 29, 2023 | $2,299 | -3.8% |
| Jul 29, 2023 | $2,226 | -3.2% |
| Oct 28, 2023 | $2,377 | +6.8% |
| Feb 3, 2024 | $1,995 | -16.1% |
| May 4, 2024 | $1,952 | -2.2% |
| Aug 3, 2024 | $2,107 | +7.9% |
| Nov 2, 2024 | $2,331 | +10.6% |
| Feb 1, 2025 | $2,067 | -11.3% |
| May 3, 2025 | $2,097 | +1.5% |
| Aug 2, 2025 | $2,294 | +9.4% |
| Nov 1, 2025 | $2,459 | +7.2% |
| Jan 31, 2026 | $2,207 | -10.2% |
| May 2, 2026 | $2,095 | -5.1% |
| Aug 1, 2026 | $2,297 | +9.6% |
Source: Gap Inc. quarterly reports on Form 10-Q and annual reports on Form 10-K, merchandise inventory, net. Figures are as reported and are not restated. This table is free to reuse with attribution to The Retail Ledger.
Context for the dispute is on the case file page. Gap disputes the allegations in that matter, and no court or tribunal has found that Gap committed fraud.