2020 ANNUAL REPORT

1 2020 ANNUAL REPORTUNITED STATESSECURITIES AND EXCHANGE COMMISSIONW ashington, 20549 FORM 10-K (Mark One) ANNUAL REPORT pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended January 30, 2021 Transition REPORT pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-7562 THE GAP, INC.(Exact name of registrant as specified in its charter)Delaware94-1697231(State of Incorporation)( Employer Identification No.)

2 Two Folsom Street San Francisco, California 94105 (Address of principal executive offices)Registrant s telephone number, including area code: (415) 427-0100 Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $ par valueGPSThe New York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

3 Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

4 Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and "emerging growth company" in Rule 12b-2 of the Exchange Act:Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

5 Indicate by check mark whether the registrant has filed a REPORT on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 7262(b)) by the registered public accounting firm that prepared or issued its audit REPORT . Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of July 31, 2020 was approximately $3 billion based upon the last price reported for such date in the NYSE-Composite number of shares of the registrant s common stock outstanding as of March 10, 2021 was 374,851, Incorporated by ReferencePortions of the registrant s Proxy Statement for the ANNUAL Meeting of Shareholders to be held on May 11.

6 2021 (hereinafter referred to as the 2021 Proxy Statement ) are incorporated into Part Note on Forward-Looking StatementsThis ANNUAL REPORT on Form 10-K contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as expect, anticipate, believe, estimate, intend, plan, project, and similar expressions also identify forward-looking statements.

7 Forward-looking statements include, but are not limited to, statements regarding the following: continued efforts to transform our business; continued impact of the COVID-19 pandemic on our cash flow, financial results and related metrics, including traffic, as well as customer behavior and supply chain; anticipated timing and cadence of updates on our diversity, equity, and inclusion data; continued efforts and investments in pay equity; impact of work from home policy for many corporate employees; intent to initiate a quarterly dividend; impact of cash lease buyout amounts; additional costs and other impacts of strategic review of operating model in Europe, as well as timing of finalized plans; impact of plans to reduce the number of Gap and Banana Republic stores in North America by the end of fiscal year 2023; growing our global online business; realigning inventory with customer demand; attracting and retaining strong talent in our businesses and functions.

8 Improving operational discipline and efficiency by streamlining operations and processes throughout the organization and leveraging our scale; managing inventory to support a healthy merchandise margin; rationalizing the Gap and Banana Republic brands; performing strategic reviews of our brand portfolio to create a healthier business while prioritizing asset-light growth through licensing and franchise partnerships in international markets; continuing to integrate social and environmental sustainability into business practices; intent to include comparable sales within our Results of Operations when they become more meaningful; anticipated timing of settlement of purchase obligations and commitments; current capital structure, cash flows and cash balances being sufficient to support our business operations; the impact of the seasonality of our operations.

9 Impact of violating financial and other covenants under our senior secured notes and asset- based credit facility; impact of restricted payments covenants on future share repurchases; impact if actuals differ substantially from estimates and assumptions used in accounting calculations and policies; impact on our tax rate if we prevail in matters for which a liability has been established or are required to pay amounts in excess of our established liability; impact of any future reduction in our credit ratings; impact of final tax outcome of audits by various taxing authorities; the impact of recent accounting pronouncements; recognition of revenue deferrals as revenue; compliance with applicable financial covenants; total gross unrecognized tax benefits; unrealized gains and losses from designated cash flow hedges; recognition of unrecognized share- based compensation expense; the impact of losses due to indemnification obligations.

10 The outcome of proceedings, lawsuits, disputes, and claims; and the impact of changes in internal control over financial these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following: the overall global economic environment and risks associated with the COVID-19 pandemic; the risk that we or our franchisees will be unsuccessful in gauging apparel trends and changing consumer preferences; the risk that failure to maintain, enhance and protect our brand image could have an adverse effect on our results of operations; the highly competitive nature of our business in the United States and internationally.