| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 27, 2026 | 7/12 | 1 medium flags | 0 | 0 | Call sheet → |
| Q1'26 | May 28, 2026 | 8/12 | 4 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q4'25 | March 5, 2026 | 8/12 | 2 high, 5 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q3'25 | November 20, 2025 | 10/12 | 1 high, 2 medium, 5 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Exceeded | Share repurchases with goal of driving slight accretion $400M deployed vs plan to just offset dilution |
| Q1'26 | Missed | Athleta rebuild positioning for sustainable growth Admitted process taking longer than anticipated |
| Q1'26 | Pending | Gap fragrance relaunch in 2026 Confirmed for summer launch |
| Q1'26 | Pending | Beauty expansion at Old Navy with rollout during 2026 On track for full fleet by year-end |
| Q1'26 | Delivered | Adjusted operating margin of about 7.3% to 7.5% for full year Maintained despite lower revenue outlook |
| Q1'26 | Pending | Net sales growth of approximately 2% to 3% for fiscal 2026 Lowered to 1% to 2% in Q1, citing Old Navy weakness |
| Q4'25 | Pending | Store format acceleration based on test results Now saying they have 'confidence to start to accelerate' in 2026 rather than already accelerating |
| Q4'25 | Delivered | Holiday execution with excellence across portfolio Portfolio delivered 3% comp in Q4 despite some weather disruption |
| Q4'25 | Delivered | Banana Republic building on campaign success Delivered 4% comp in Q4, third consecutive quarter of growth |
| Q4'25 | Pending | Athleta reset with Maggie's leadership showing impact Still calling it 'work in progress' and expecting negative sales through first half 2026 - no turnaround yet |
| Q4'25 | Missed | Old Navy consistency and momentum in Q4 Comps decelerated from 6% to 3% - momentum clearly peaked in Q3 despite their optimism |
| Q4'25 | Delivered | Continue driving AUR growth through less discounting AUR grew again in Q4 though gross margins still compressed due to tariffs |
| Q4'25 | Delivered | Beauty pilot in 150 stores to inform scaling strategy Pilot was executed but they're now 'making refinements' based on feedback rather than scaling - suggests mixed results |
| Q3'25 | Pending | No further operating income declines from tariff annualization in 2026 Reaffirmed, mitigation plans in place |
| Q3'25 | Delivered | Unit purchases positioned below sales 'Slightly negative unit inventory' confirms discipline |
| Q3'25 | Delivered | $150 million cost savings through efficiency On track, reinvesting portion into growth projects |
| Q3'25 | Pending | SG&A to leverage slightly for full year Maintaining guidance despite Q3 deleverage |
| Q3'25 | Delivered | Athleta reset year with new leadership Hired Maggie Gauger from Nike, 90 days in |
| Q3'25 | Delivered | Mitigate majority of April tariff impact Successfully offset most of earlier tranche before August hit |
| Q3'25 | Exceeded | Operating margin of 6.7% to 7% Raised to about 7.2%, 20 bps above high end |
| Q3'25 | Pending | Net sales growth of 1% to 2% for fiscal 2025 Raised to high end of range (1.7-2%), tracking well |
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