Joint Stock Co Kaspi.kz

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total revenue	3,935.02	2,520.93	1,890.29	1,269.22	885.48	647.52	524.58
Cost of revenue	1,040.97	949.47	671.84	103.90	73.37	199.31	174.19
Gross profit	2,894.05	1,571.46	1,218.45	1,165.32	812.11	448.21	350.39
Total operating expenses +	1,598.69	300.40	219.65	114.80	76.78	130.39	111.25
Selling, general and administrative	224.48	32.90	29.47	22.66	23.69	18.41	11.88
Research and development	208.58	109.55	88.66	60.81	44.39	30.82	20.33
Other operating expenses	1,165.62	157.95	101.53	31.33	8.70	81.16	79.04
Operating income	1,295.36	1,271.06	998.80	1,050.53	735.33	317.82	239.14
Non-operating income (net)	0.00	11.23	23.20	-329.95	-206.53	0.00	0.00
Income before tax	1,295.36	1,282.29	1,022.00	720.57	528.80	317.82	239.14
Income tax expense	256.96	225.46	173.23	131.73	93.59	54.48	42.02
Net income	1,038.40	1,039.74	841.35	585.03	431.91	260.96	193.79

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22
Total revenue	1,025.37	1,109.23	1,110.17	969.51	821.85	724.46	652.59	592.85	551.02	552.81	502.19	432.12	395.00	418.19	335.06
Cost of revenue	302.49	289.32	352.05	287.15	391.83	264.38	243.40	79.70	214.91	214.91	47.70	42.87	144.27	119.80	102.08
Gross profit	722.88	819.91	758.13	682.37	430.02	460.08	409.20	513.16	336.12	337.91	454.49	389.25	250.73	298.40	232.97
Total operating expenses +	417.06	475.50	124.10	140.11	122.57	82.38	73.05	76.17	68.81	68.81	34.91	155.55	43.13	67.63	31.42
Selling, general and administrative	53.30	71.97	22.12	16.38	16.13	10.44	7.29	7.57	7.39	7.39	6.38	5.90	5.78	7.82	4.54
Research and development	61.58	56.74	58.05	50.89	42.90	29.34	27.54	26.24	26.43	26.43	22.14	19.94	18.00	19.14	15.06
Other operating expenses	302.18	346.79	43.93	72.84	63.54	42.60	38.22	42.36	34.99	34.99	6.39	129.72	19.35	40.67	11.82
Operating income	305.82	344.41	634.03	542.25	307.45	377.70	336.15	436.99	267.31	267.31	419.58	233.69	207.61	230.77	201.56
Non-operating income (net)	0.00	0.00	-287.51	-220.30	0.00	5.89	-2.84	-140.70	1.79	1.79	-140.01	0.00	0.00	0.00	0.00
Income before tax	305.82	344.41	346.51	321.96	307.45	383.59	333.31	296.29	269.10	269.10	279.56	233.69	207.61	230.77	201.56
Income tax expense	66.79	76.44	68.47	63.33	53.40	67.19	58.94	53.67	45.66	45.66	47.07	39.62	33.40	42.52	35.27
Net income	239.02	267.97	278.05	257.33	252.06	311.90	269.69	238.55	223.44	219.60	231.16	192.81	173.10	187.14	165.24

about 13 hours ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Total cash and short-term investments +	2,058.43	2,109.15	2,199.88	1,717.27	948.56	1,196.26	712.40
Cash and cash equivalents	903.14	619.47	820.47	615.36	342.10	330.41	239.14
Short-term investments	1,155.28	1,489.68	1,379.41	1,101.91	606.46	865.85	473.26
Accounts receivable, net	7,298.67	5,784.57	2,739.70	2,071.38	2,487.80	1,450.16	1,337.40
Inventories	124.52	16.16	14.37	2.27
Other current assets	363.15	112.99	74.40	59.81	37.75	44.11	34.15
Total current assets	9,844.77	8,022.88	5,028.34	3,850.74	3,474.11	2,690.52	2,083.94
Total non-current assets +	1,236.98	354.23	1,793.59	1,270.91	133.81	116.22	103.64
Property, plant and equipment, net
Goodwill	447.13	17.44	34.08	0.00
Intangible assets	400.46	76.08	31.62	15.30	14.14	9.83	8.21
Long-term investments	57.79	64.02	33.43	34.45	7.33	7.00	1.90
Other non-current assets
Total assets	11,081.75	8,377.10	6,821.93	5,121.65	3,607.92	2,806.74	2,187.58

Total current liabilities +	7,994.29	6,700.55	5,699.26	4,258.62	2,856.22	2,232.62	1,645.38
Accounts payable	7,795.28	6,516.11	5,394.80	3,957.96	2,736.36	2,134.50	1,613.86
Short-term debt	100.82	145.93	222.00	245.38	88.95	78.34	13.11
Current portion of long-term debt	100.82	196.98	60.26	42.73	26.68	16.08
Deferred revenue
Other current liabilities	39.50	2.66	53.63	44.33	15.36	15.66	15.13
Total non-current liabilities +	485.89	103.70	19.46	37.34	247.01	179.46	246.58
Long-term debt	348.18	24.47	161.99	224.33	283.79	217.01
Capital lease obligations	21.59	0.00
Other non-current liabilities	9.77	15.10	8.68	18.37	15.37	13.54
Total liabilities	8,480.17	6,804.24	5,718.72	4,295.96	3,103.23	2,412.08	1,891.96

Total stockholders' equity +	2,491.84	1,517.22	1,078.12	819.17	499.73	391.12	292.04
Common stock and paid-in capital	-51.94	51.93	23.18	56.67	121.88	110.29	96.80
Retained earnings	2,543.79	1,465.30	1,054.95	762.50	377.85	280.83	195.23
Common shares outstanding	190	191	192	194	194	194	194

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22
Total cash and short-term investments +	1,982.28	2,058.43	1,771.71	2,245.07	1,914.65	2,109.15	1,936.57	1,884.55	1,979.41	1,979.41	1,952.79	2,172.43	1,870.46	1,691.60	1,424.95
Cash and cash equivalents	797.08	903.14	501.52	1,077.95	686.62	619.47	506.63	594.55	668.06	668.06	528.52	527.28	520.58	615.36	517.66
Short-term investments	1,185.21	1,155.28	1,270.19	1,167.12	1,228.03	1,489.68	1,429.94	1,290.01	1,311.35	1,311.35	1,424.28	1,645.15	1,349.88	1,076.24	907.28
Accounts receivable, net	7,324.88	7,298.67	6,848.52	6,436.94	6,093.00	5,784.57	5,279.77	4,860.46	4,554.00	4,554.00	3,819.44	3,356.77	3,272.36	3,183.98	2,861.79
Inventories	106.00	124.52	142.28	111.48	110.75	16.16			14.37	14.37
Other current assets	317.84	363.15	301.54	77.12	53.48	112.99	52.68	79.29	50.17	50.17	46.93	44.46	45.21	48.08	41.31
Total current assets	9,731.00	9,844.77	9,064.04	8,870.61	8,171.88	8,022.88	7,269.02	6,824.30	6,583.58	5,272.23	5,819.16	5,573.67	5,188.03	4,923.66	4,328.05
Total non-current assets +	1,366.71	1,236.98	1,284.71	1,177.42	1,122.86	354.23	351.59	343.59	325.65	1,637.00	260.11	254.39	252.99	197.99	190.35
Property, plant and equipment, net
Goodwill	448.60	447.13	617.72	569.49	566.46	17.44			34.08	34.08
Intangible assets		400.46				76.08			31.62	31.62				15.30
Long-term investments	23.14	57.79	38.14	30.49	1,242.81	64.02	1,431.29	1,294.15	1,312.44	33.43	0.15	0.40		34.45
Other non-current assets
Total assets	11,097.71	11,081.75	10,348.74	10,048.03	9,294.74	8,377.10	7,620.61	7,167.89	6,909.23	6,909.23	6,079.28	5,828.06	5,441.02	5,121.65	4,518.40

Total current liabilities +	7,705.94	7,994.29	7,380.27	7,000.67	6,488.23	6,700.55	5,959.14	5,697.34	5,252.80	5,252.80	4,821.44	4,520.67	4,088.99	4,118.33	3,385.20
Accounts payable	7,629.10	7,795.28	7,380.27	7,000.67	6,488.23	6,516.11	5,905.94	5,697.34	5,201.68	5,201.68	4,821.44	4,520.67	4,088.99	3,957.96	3,361.03
Short-term debt	76.85	100.82	356.01			145.93	53.20	10.01	51.12	51.12	5.01	138.81	133.54	105.00	24.16
Current portion of long-term debt	76.85	100.82				196.98	53.20		51.12	60.26				42.73	24.16
Deferred revenue
Other current liabilities		39.50				2.66	999.09	1,038.02	53.72	-5,303.91	918.12	895.73	779.08	44.42	733.75
Total non-current liabilities +	616.70	485.89	625.70	1,017.69	1,022.85	103.70	285.93	239.58	297.84	297.84	248.39	381.75	355.80	177.63	367.43
Long-term debt	334.79	348.18	438.05	591.47	609.96	24.47	161.67	140.42	214.71	161.99	162.90	301.23	291.49	224.33
Capital lease obligations		21.59				0.00
Other non-current liabilities	210.30	9.77	187.65	426.22	412.89	15.10	124.26	99.16	83.13	8.68	85.49	80.52	64.31	18.37
Total liabilities	8,322.64	8,480.17	8,005.97	8,018.36	7,511.08	6,804.24	6,245.06	5,936.91	5,550.64	5,550.64	5,069.83	4,902.41	4,444.79	4,295.96	3,752.63

Total stockholders' equity +	2,684.13	2,491.84	2,271.96	1,954.45	1,709.43	1,517.22	1,340.11	1,199.32	1,330.10	1,330.10	999.50	916.44	987.34	819.17	759.97
Common stock and paid-in capital	-87.11	-51.94	1.81	-36.08	-23.77	51.93	25.20	-7.42	38.93	38.93	28.51	34.27	41.25	56.67	70.31
Retained earnings	2,771.25	2,543.79	2,270.14	1,990.53	1,733.20	1,465.30	1,314.91	1,206.73	1,291.17	1,291.17	970.99	882.17	946.09	762.50	689.66
Common shares outstanding	190	190	191	192	190	191	191	191	190	189	192	192	190	194	194

about 13 hours ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19
Operating cash flow +	673.61	581.89	1,106.13	1,020.98	70.35	617.73	296.35
Net income
Depreciation, depletion and amortization
Stock-based compensation
Change in inventory	-6.93	1.83	12.10
Other working capital changes	680.54	580.07	1,094.03	1,020.98	70.35	617.73	296.35
Cash flow from investing +	-507.80	-108.36	-218.36	-487.16	289.75	-364.71	-112.86
Capital expenditures	-182.51	-95.73	-50.26	-59.47	-24.90	-18.19	-16.93
Others incl. marketable securities changes	-325.29	-12.64	-168.10	-427.69	314.65	-346.52	-95.92
Cash flow from financing +	150.25	-709.77	-675.97	-275.91	-352.58	-177.49	-112.24
Dividend payout	0.00	-646.06	-560.13	-210.10	-340.36	-175.37	-97.70
Common stock repurchases	-21.91	-2.85	-60.70	-63.67	0.00
Net Debt Issuance	172.16	-60.86	-55.14	-2.14	-12.22	-2.13	-14.54

Change in cash	316.06	-236.24	211.80	257.91	7.52	75.53	71.25

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22
Operating cash flow +	86.51	460.06	-111.43	449.65	-124.67	286.35	195.75	278.65	-178.86	-178.86	-112.33	554.45	227.94	415.28	167.49
Net income
Depreciation, depletion and amortization								6.91				5.96
Stock-based compensation								3.89				3.95
Change in inventory	18.53	17.75	-30.80	-90.54	96.65		-1.53	-0.80
Other working capital changes	67.98	442.31	-80.64	540.19	-221.32	286.35	197.28	268.65	-178.86	-178.86	-112.33	544.54	227.94	415.28	167.49
Cash flow from investing +	-88.65	29.65	-409.89	-12.15	-115.41	-29.47	-122.51	-43.79	87.41		247.20	-275.19	-245.19	-168.82	-45.46
Capital expenditures	-32.96	-72.00	-32.22	-51.47	-26.83	-31.01	-32.32	-23.24	-9.16	-9.16	-14.26	-21.84	-7.19	-24.81	-13.79
Others incl. marketable securities changes	-55.69	101.66	-377.68	39.31	-88.58	1.54	-90.19	-20.56	96.57	9.16	261.46	-253.34	-238.00	-144.00	-31.68
Cash flow from financing +	-80.28	-66.14	-60.07	-49.59	326.05	-168.84	-162.73	-323.39	-54.82	-54.82	-152.54	-273.23	-67.65	-142.08	-115.78
Dividend payout		0.00	0.00			-161.51	-161.51	-323.03	-161.07	-161.07	-142.34	-256.73		-114.32	-95.79
Common stock repurchases	-28.37	-21.91	0.00	0.00	0.00	0.00	0.00	0.00	-2.85	-2.85	-9.61	-15.49	-20.13	-27.33	-19.38
Net Debt Issuance	-51.92	-44.23	-60.07	-49.59	326.05	-7.32	-1.21	-0.36	109.10	109.10	-0.59	-1.01	-47.51	-0.43	-0.61

Change in cash	-82.43	423.58	-581.39	387.91	85.97	88.04	-89.49	-88.53	-146.27	-233.68	-17.67	6.04	-84.90	104.38	6.25

about 13 hours ago

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Joint Stock Co Kaspi.kz

Income Statement - Joint Stock Co Kaspi.kz (KSPI)

Income Statement - Joint Stock Co Kaspi.kz (KSPI)

Balance Sheet - Joint Stock Co Kaspi.kz (KSPI)

Balance Sheet - Joint Stock Co Kaspi.kz (KSPI)

Cash Flow - Joint Stock Co Kaspi.kz (KSPI)

Cash Flow - Joint Stock Co Kaspi.kz (KSPI)