Joint Stock Company Kaspi.kz (KSPI) Financial Statements

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Joint Stock Company Kaspi.kz financial statements at a glance

Joint Stock Company Kaspi.kz reported revenue of 4.03 trillion KZT for fiscal year 2025 (ended December 31, 2025), up 59.8% from fiscal year 2024. Net income was 1.07 trillion KZT, a net margin of 26.6%.

At the end of fiscal year 2025 it had total assets of 11.08 trillion KZT, total liabilities of 8.48 trillion KZT and shareholders' equity of 2.49 trillion KZT, with cash and short-term investments of 2.06 trillion KZT and total debt of 470.58 billion KZT.

Its operations brought in 673.61 billion KZT of cash; capital spending was 182.51 billion KZT, leaving free cash flow of 491.10 billion KZT.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in KZT; latest fiscal year ended December 31, 2025.

KSPI logo

Joint Stock Company Kaspi.kz

KSPIKazakhstan
Financial Services
KZT (Local)

Income Statement

Annual • KZT

Total Revenue
4.03T
Prev Year: 2.52T
YoY: +59.8%
Operating Revenue
4.03T
Prev Year: 2.52T
YoY: +59.8%
Cost of Revenue
2.12T
Prev Year: 949.47B
YoY: +123.2%
Gross Profit
1.91T
Prev Year: 1.57T
YoY: +21.4%
Operating Expense
594.71B
Prev Year: 300.40B
YoY: +98.0%
Selling General and Administrative
224.48B
Prev Year: 76.89B
YoY: +192.0%
General and Administrative Expense
78.25B
Prev Year: 32.90B
YoY: +137.9%
Other General and Administrative
78.25B
Prev Year: 32.90B
YoY: +137.9%
Salaries and Wages
-
Selling and Marketing Expense
146.23B
Prev Year: 43.99B
YoY: +232.4%
Research and Development
208.58B
Prev Year: 109.55B
YoY: +90.4%
Operating Income
1.31T
Prev Year: 1.27T
YoY: +3.4%
Other Income Expense
18.25B
Prev Year: 11.23B
YoY: +62.5%
Other Non-operating Income (expense)
18.25B
Prev Year: 11.23B
YoY: +62.5%
Gain on Sale of Securities
-
Pre-tax Income
1.33T
Prev Year: 1.28T
YoY: +3.9%
Provision for Income Taxes
264.21B
Prev Year: 225.46B
YoY: +17.2%
Net Income Common Stockholders
1.07T
Prev Year: 1.04T
YoY: +3.2%
Net Income
1.07T
Prev Year: 1.04T
YoY: +3.2%
Net Income Including Non-Controlling Interests
1.07T
Prev Year: 1.06T
YoY: +1.0%
Net Income from Continuing Operations
1.07T
Prev Year: 1.06T
YoY: +1.0%
Diluted NI Available to Com Stockholders
1.07T
Prev Year: 1.04T
YoY: +3.2%
Total Expenses
2.71T
Prev Year: 1.25T
YoY: +117.2%
Basic EPS
-
Prev Year: 0
Net Income from Continuing and Discontinued Operation
1.07T
Prev Year: 1.04T
YoY: +3.2%
Diluted EPS
-
Prev Year: 0
Normalized Income
1.07T
Prev Year: 1.04T
YoY: +3.2%
Weighted Average Shares (basic)
-
Prev Year: 189.83M
EBIT
1.31T
Prev Year: 1.27T
YoY: +3.4%
Weighted Average Shares (diluted)
-
Prev Year: 191.43M
EBITDA
1.31T
Prev Year: 1.27T
YoY: +3.4%
Total Operating Income as Reported
-
Reconciled Cost of Revenue
2.12T
Prev Year: 949.47B
YoY: +123.2%
Rent Expense (supplemental)
-
Net Income from Continuing Operation Net Minority Interest
1.07T
Prev Year: 1.04T
YoY: +3.2%
Normalized EBITDA
1.31T
Prev Year: 1.27T
YoY: +3.4%
Tax Rate for Calcs
0.198
Prev Year: 0
Noncontrolling Interests
5.47B
Prev Year: -17.09B
YoY: +132.0%
Other Operating Expenses
161.65B
Prev Year: 113.96B
YoY: +41.9%
Values in KZT

Joint Stock Company Kaspi.kz key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue4.0T KZT2.5T KZT1.9T KZT1.3T KZT889.6B KZT
Gross profit1.9T KZT1.6T KZT1.2T KZT870.6B KZT644.7B KZT
Operating income1.3T KZT1.3T KZT998.8B KZT704.2B KZT533.5B KZT
Net income1.1T KZT1.0T KZT841.4B KZT585.0B KZT431.9B KZT
Diluted EPS–0.00 KZT0.00 KZT0.00 KZT0.00 KZT
Total assets11.1T KZT8.4T KZT6.8T KZT5.1T KZT3.6T KZT
Total liabilities8.5T KZT6.8T KZT5.7T KZT4.3T KZT3.1T KZT
Shareholders' equity2.5T KZT1.5T KZT1.1T KZT819.2B KZT499.7B KZT
Cash and short-term investments2.1T KZT2.1T KZT2.2T KZT1.7T KZT948.6B KZT
Total debt470.6B KZT221.5B KZT222.2B KZT267.1B KZT310.5B KZT
Operating cash flow673.6B KZT581.9B KZT1.1T KZT1.0T KZT70.4B KZT
Capital spending182.5B KZT95.7B KZT50.3B KZT59.5B KZT24.9B KZT
Free cash flow491.1B KZT486.2B KZT1.1T KZT961.5B KZT45.5B KZT

In KZT. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was Joint Stock Company Kaspi.kz's revenue in fiscal year 2025?

4.03 trillion KZT, up 59.8% from 2.52 trillion KZT in fiscal year 2024.

How much profit does Joint Stock Company Kaspi.kz make?

Joint Stock Company Kaspi.kz reported net income of 1.07 trillion KZT for fiscal year 2025 (26.6% of revenue); operating income was 1.31 trillion KZT.

How much cash and debt does Joint Stock Company Kaspi.kz have?

At the end of fiscal year 2025: cash and short-term investments of 2.06 trillion KZT and total debt of 470.58 billion KZT.

What is Joint Stock Company Kaspi.kz's free cash flow?

491.10 billion KZT in fiscal year 2025 (operating cash flow of 673.61 billion KZT minus capital spending of 182.51 billion KZT).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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