Joint Stock Company Kaspi.kz (KSPI) financial statements

Technology · Software - Infrastructure · Market cap $17.9B

Joint Stock Company Kaspi.kz reported revenue of 4.05T KZT in fiscal 2025, up 46.2% a year over 4 years.

Net income was 1.07T KZT.

Free cash flow was 491.1B KZT, and the company returned 21.9B KZT in net buybacks.

Revenue and free cash flow

Fiscal years, $ billions (KZT).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/KSPI/financials">Joint Stock Company Kaspi.kz financials</a> on Investingly</p>

Income statement

Fiscal years, in KZT, from Joint Stock Company Kaspi.kz's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Revenue	884.8B KZT	1.27T KZT	1.91T KZT	2.53T KZT	4.05T KZT
Cost of revenue	56.8B KZT	82.7B KZT	166.4B KZT	303.9B KZT	1.18T KZT
Gross profit	828.0B KZT	1.19T KZT	1.75T KZT	2.23T KZT	2.87T KZT
Research and development	44.4B KZT	60.8B KZT	88.7B KZT	109.6B KZT	208.6B KZT
Selling, general and admin	23.7B KZT	24.8B KZT	29.5B KZT	32.9B KZT	78.3B KZT
Interest expense	171.5B KZT	278.7B KZT	478.0B KZT	616.1B KZT	825.8B KZT
Pre-tax income	528.8B KZT	720.6B KZT	1.02T KZT	1.28T KZT	1.33T KZT
Income tax	93.6B KZT	131.7B KZT	173.2B KZT	225.5B KZT	264.2B KZT
Net income	431.9B KZT	585.0B KZT	841.4B KZT	1.04T KZT	1.07T KZT
EPS (diluted)	2,222.00 KZT	3,016.00 KZT	4,381.00 KZT	5,431.00 KZT	5,592.00 KZT
Diluted shares	194M	194M	192M	191M	192M
Gross margin	93.6%	93.5%	91.3%	88.0%	70.9%
Net margin	48.8%	46.0%	44.0%	41.1%	26.5%

Balance sheet

Fiscal years, in KZT, from Joint Stock Company Kaspi.kz's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Cash and short-term investments	342.1B KZT	615.4B KZT	820.5B KZT	619.5B KZT	903.1B KZT
Inventory	—	—	—	16.2B KZT	124.5B KZT
Goodwill	—	—	34.1B KZT	17.4B KZT	447.1B KZT
Total assets	—	5.12T KZT	6.82T KZT	8.38T KZT	11.08T KZT
Total liabilities	—	4.30T KZT	5.72T KZT	6.80T KZT	8.48T KZT
Shareholders' equity	504.7B KZT	819.2B KZT	1.08T KZT	1.52T KZT	2.49T KZT
Net debt	-342.1B KZT	-615.4B KZT	-820.5B KZT	-619.5B KZT	-903.1B KZT

Cash flow

Fiscal years, in KZT, from Joint Stock Company Kaspi.kz's 10-K filings with the SEC.

Fiscal year	2021	2022	2023	2024	2025
Operating cash flow	70.4B KZT	1.02T KZT	1.11T KZT	581.9B KZT	673.6B KZT
Capital spending	24.9B KZT	59.5B KZT	50.3B KZT	95.7B KZT	182.5B KZT
Free cash flow	45.5B KZT	961.5B KZT	1.06T KZT	486.2B KZT	491.1B KZT
Dividends paid	340.4B KZT	210.1B KZT	560.1B KZT	646.1B KZT	0 KZT
Share buybacks (net)	—	-63.7B KZT	-60.7B KZT	-2.9B KZT	-21.9B KZT
Free cash flow margin	5.1%	75.7%	55.2%	19.2%	12.1%
Dividends per share	1,751.36 KZT	1,083.05 KZT	2,916.41 KZT	3,374.89 KZT	—

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Questions

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

4.05T KZT in fiscal 2025, from its 10-K filing.

How much free cash flow does Joint Stock Company Kaspi.kz generate?

491.1B KZT in fiscal 2025 (operating cash flow minus capital spending).

From Joint Stock Company Kaspi.kz's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.