What move does the options market price into GAP's report?

Implied ±9.6%, either direction.

GAPNYSERetail-Family Clothing Stores

GAP Inc (GAP) earnings date, market-implied expected move, and options open interest by expiry

22.33

−0.56 · −2.45%

post 22.31 −0.09%

Closed17:23 ET

Open22.86Volume5.2MMkt cap$7.8BP/E6.50EPS3.43Div yield3.09%

Day22.17 – 22.8620%52-wk17.81 – 28.6741%

GAP

GAP Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±9.6%implied · report alone

20.1824.46

straddle ±11.7%

spot 22.32exp Nov 20ATM strike 22.5ATM straddle 3.07IV 72%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 19

after close · in 19 days

confirmedQ3 FY26

Calendar

Next report

Last report

+12.94%

vs ±12.0% implied · ×1.08

shaded = implied · ▲▼ = realized

Aug 27 '26 · confirmed

Implied vs realized

Linked news

1dMSFT · supplierMicrosoft is winning the cloud wars and becoming Wall Street’s new golden child

News

Largest filed tie

13F top-10 QoQ

+19.72%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

488 managers

Top fund weight

0.11%

GAP weight · MDY

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

GAP (GAP) reports on Nov 19 after close (confirmed date).

Implied vs realized

1 report

—≥ implied

Q2 FY26Aug 27 '26confirmed±12.0%▲+12.94%×1.08

quarterimplied−15%0+15%realized×

Q2 FY26±12.0%▲+12.94%×1.08

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 8 expiries · Oct 30 close

1.13OI · 8 expiries · Oct 30 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

5,025+1102%Nov 66d1.643,062+165%1.64

869+293%Nov 1313d0.661,314+270%0.66

report · Nov 19 · after close · confirmed

8,504+153%Nov 2020d7,557+75%

170+5567%Nov 2727d0.27627+62600%0.27

47—Dec 434d0.23202—0.23

3 later expiries

15,631+5%Dec 1848d0.6026,269+3%0.60

28,568+1%Jan 1576d0.79

ExpiryPutsCallsP/C

Nov 66d5,025+1102%3,062+165%1.64

Nov 1313d869+293%1,314+270%0.66

report · Nov 19 · after close · confirmed

Nov 2020d8,504+153%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±11.7%

Funds 4

MDY±0.0%

REVS±0.0%

VTI±0.0%

VT±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

13.72%as filednet margin · revenue +4.40% QoQ · −1.99% YoY

Revenue

$3.7B+4.40% QoQ

Gross profit

$1.9B+36.13% QoQ

52.83% margin

Operating income

$676M+51.91% QoQ

18.52% margin

Pre-tax income

$680M+51.11% QoQ

Net income

$501M+47.79% QoQ

13.72% margin

Cost of revenue

$1.7B−17.21% QoQ

Operating expenses

$1.3B+28.91% QoQ

Tax

$179M+61.26% QoQ

Other income

$4M−20.00% QoQ

Revenue$3.7B+4.40%

Gross profit

$1.9B+36.13%

52.83% margin

Operating income

$676M+51.91%

18.52% margin

Pre-tax income

$680M+51.11%

Net income

$501M+47.79%

13.72% margin

Cost of revenue

$1.7B−17.21%

Operating expenses

$1.3B+28.91%

Other income$4M−20.00%

Tax$179M+61.26%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Aug 1 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 17:15 ET

Intraday

Event sensitivity

PCE ×1.19· ±2.7% vs ±2.2% · 19 releases

eventrelease day|move|up · n×base

PCEpersonal income & outlays±2.7%10 of 19×1.19

CPROFcorporate profits±2.7%5 of 12×1.19

NFPjobs report±2.3%3 of 10×1.01

FOMCrate decision±2.0%12 of 24×0.90

GDPgross domestic product±2.0%10 of 19×0.88

PPIproducer prices±1.8%6 of 11×0.79

CPIconsumer prices±1.6%5 of 11×0.73

Bar = avg |move| to ±3% · tick = ±2.2% avg day · ×base = |move| ÷ ±2.2% · min 6 releases

Earnings history

EPS 1.38 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 27 '26 · confirmed	1.38	—
Q1 FY26	—	0.90	—
Q3 FY25	—	0.62	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod