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Carson

Research Analyst at Evercore ISI

Carson is an Equity Research Analyst at Evercore ISI, specializing in coverage of major industrials and capital goods companies, including Caterpillar Inc. Known for delivering precise and actionable investment insights, Carson has contributed to high-profile research reports such as the upgrade of Caterpillar from 'in-line' to 'outperform' with target price guidance. With a career progressing through roles in equity research and analysis, Carson joined Evercore ISI after gaining experience at leading financial institutions. Carson holds relevant industry credentials, such as FINRA securities licenses, reflecting a commitment to analytical rigor and compliance.

Carson's questions to GAP (GAP) leadership

Question · Q3 2026

Carson inquired about the wrap-around effect of tariffs into 2026, the components of underlying gross margin expansion (AUR versus other drivers), and whether the confidence in the AUR plan suggests carrying those impacts into future quarters.

Answer

Katrina O'Connell, CFO, explained that Q3 margin strength came from commodity favorability, supply chain leverage, and AUR. For Q4, tariff impact is expected to be similar to Q3, with continued commodity benefits. The Q4 outlook assumes similar promotions year-over-year, and the AUR upside seen in Q3 is not currently factored into the Q4 guidance.

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