Joint Stock Company Kaspi.kz (KSPI) Cash Flow Statement
Where KSPI’s cash came from and went, 2025
December 31, 2025 · KZT- Cash from operations
- KZT 673.61B +15.8% vs 2024
- Capital expenditures
- KZT 182.51B 4.6% of revenue
- Free cash flow
- KZT 491.10B 12.5% margin
- Returned to shareholders
- KZT 21.91B 4% of free cash flow
- Change in cash
- KZT 283.67B cash at year-end KZT 903.14B
Cash from operations
KZT 673.61B
Capital expenditures
−KZT 182.51B
Investments (net)
+KZT 227.54B
Acquisitions & other
−KZT 552.83B
Share buybacks (net)
−KZT 21.91B
Net borrowing (repayment)
+KZT 217.95B
Other financing
−KZT 45.79B
Currency & other
−KZT 32.39B
Change in cash
KZT 283.67B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KSPI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
KSPI cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | KZT 296.35B2019 | KZT 673.61B2025 | +14.7%/yr | |
| Capital expenditures | KZT 16.93B2019 | KZT 182.51B2025 | +48.6%/yr | |
| Free cash flow | KZT 279.42B2019 | KZT 491.10B2025 | +9.9%/yr | |
| Free cash flow margin | 53.3%2019 | 12.5%2025 | −40.8 pts | |
| Operating cash flow / net income | 2.372020 | 0.652025 | −1.72 | |
| Dividends paid | KZT 97.70B2019 | KZT 02025 | −100.0% | |
| Share buybacks (net) | KZT 02021 | KZT 21.91B2025 | — | |
| Capex / revenue | 3.2%2019 | 4.6%2025 | +1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KSPI cash flow by activity
OperatingInvestingFinancingChange in cash
KSPI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KSPI cash flow statement in KZT
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | KZT 1.04T | KZT 1.04T | KZT 841.35B | KZT 585.03B | KZT 431.91B | KZT 260.96B | — |
| Depreciation & amortization | — | — | — | KZT 16.97B | — | — | — |
| Change in working capital | −KZT 734.10B | −KZT 582.62B | KZT 284.94B | KZT 382.48B | −KZT 396.26B | KZT 339.87B | KZT 80.52B |
| Other non-cash items | KZT 363.99B | KZT 124.77B | −KZT 20.16B | KZT 36.51B | KZT 34.69B | KZT 16.89B | — |
| Cash from operating activities | KZT 673.61B | KZT 581.89B | KZT 1.11T | KZT 1.02T | KZT 70.35B | KZT 617.73B | KZT 296.35B |
| Investing activities | |||||||
| Capital expenditures | −KZT 182.51B | −KZT 95.73B | −KZT 50.26B | −KZT 59.47B | −KZT 24.90B | −KZT 18.19B | −KZT 16.93B |
| Investments (net) | KZT 227.54B | −KZT 108.36B | −KZT 218.36B | −KZT 487.16B | KZT 289.75B | −KZT 364.71B | — |
| Acquisitions & other investing | −KZT 552.83B | KZT 95.73B | KZT 50.26B | KZT 59.47B | KZT 24.90B | KZT 18.19B | −KZT 95.92B |
| Cash from investing activities | −KZT 507.80B | −KZT 108.36B | −KZT 218.36B | −KZT 487.16B | KZT 289.75B | −KZT 364.71B | −KZT 112.86B |
| Financing activities | |||||||
| Dividends paid | KZT 0 | −KZT 646.06B | −KZT 560.13B | −KZT 210.10B | −KZT 340.36B | −KZT 175.37B | −KZT 97.70B |
| Share repurchases & issuance (net) | −KZT 21.91B | −KZT 2.85B | −KZT 60.70B | −KZT 63.67B | KZT 0 | — | — |
| Net borrowing (repayment) | KZT 217.95B | −KZT 48.77B | −KZT 46.56B | KZT 0 | −KZT 10.37B | — | — |
| Shares issued | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 |
| Other financing | −KZT 45.79B | −KZT 12.09B | −KZT 8.57B | −KZT 2.14B | −KZT 1.85B | −KZT 2.12B | −KZT 14.54B |
| Cash from financing activities | KZT 150.25B | −KZT 709.77B | −KZT 675.97B | −KZT 275.91B | −KZT 352.58B | −KZT 177.49B | −KZT 112.24B |
| Summary | |||||||
| Net change in cash | KZT 283.67B | −KZT 201.00B | KZT 205.11B | KZT 273.26B | KZT 11.69B | KZT 91.27B | KZT 70.67B |
| Cash at end of period | KZT 903.14B | KZT 619.47B | KZT 820.47B | KZT 615.36B | KZT 342.10B | KZT 330.41B | KZT 239.14B |
| Free cash flow | KZT 491.10B | KZT 486.17B | KZT 1.06T | KZT 961.52B | KZT 45.45B | KZT 599.54B | KZT 279.42B |
| Free cash flow margin | 12.5% | 19.3% | 55.9% | 75.8% | 5.1% | 92.6% | 53.3% |
| Capex / revenue | 4.6% | 3.8% | 2.7% | 4.7% | 2.8% | 2.8% | 3.2% |
| Operating cash flow / net income | 0.65 | 0.56 | 1.31 | 1.75 | 0.16 | 2.37 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | KZT 255.01B | KZT 236.64B | KZT 275.12B | KZT 518.6M | KZT 257.33B | KZT 254.05B | KZT 311.90B | KZT 269.69B | KZT 238.55B | KZT 219.60B | KZT 244.28B | KZT 231.16B |
| Depreciation & amortization | — | — | — | KZT 23.45B | — | — | — | — | KZT 6.91B | — | — | — |
| Stock-based compensation | — | — | — | — | — | — | — | — | KZT 3.89B | — | — | — |
| Change in working capital | KZT 365.56B | −KZT 291.63B | KZT 92.04B | −KZT 417.18B | KZT 79.19B | −KZT 488.15B | −KZT 28.97B | −KZT 105.69B | −KZT 28.28B | −KZT 419.69B | −KZT 419.69B | −KZT 322.72B |
| Other non-cash items | KZT 90.84B | KZT 141.50B | KZT 92.90B | KZT 281.78B | KZT 113.13B | KZT 109.43B | KZT 3.42B | KZT 31.75B | KZT 57.58B | KZT 21.23B | −KZT 3.45B | −KZT 20.76B |
| Cash from operating activities | KZT 711.42B | KZT 86.51B | KZT 460.06B | −KZT 111.43B | KZT 449.65B | −KZT 124.67B | KZT 286.35B | KZT 195.75B | KZT 278.65B | −KZT 178.86B | −KZT 178.86B | −KZT 112.33B |
| Investing activities | ||||||||||||
| Capital expenditures | −KZT 56.40B | −KZT 32.96B | −KZT 72.00B | −KZT 32.22B | −KZT 51.47B | −KZT 26.83B | −KZT 31.01B | −KZT 32.32B | −KZT 23.24B | −KZT 9.16B | −KZT 9.16B | −KZT 14.26B |
| Investments (net) | −KZT 394.90B | −KZT 55.71B | KZT 101.85B | −KZT 409.89B | −KZT 12.15B | −KZT 115.41B | −KZT 29.47B | −KZT 122.51B | −KZT 43.79B | KZT 87.41B | KZT 54.82B | KZT 247.20B |
| Acquisitions & other investing | KZT 53.0M | KZT 19.0M | −KZT 192.0M | KZT 32.22B | KZT 51.47B | KZT 26.83B | KZT 31.01B | KZT 32.32B | KZT 23.24B | KZT 9.16B | — | KZT 14.26B |
| Cash from investing activities | −KZT 451.25B | −KZT 88.65B | KZT 29.65B | −KZT 409.89B | −KZT 12.15B | −KZT 115.41B | −KZT 29.47B | −KZT 122.51B | −KZT 43.79B | KZT 87.41B | — | KZT 247.20B |
| Financing activities | ||||||||||||
| Dividends paid | −KZT 323.20B | — | KZT 0 | KZT 0 | — | — | −KZT 161.51B | −KZT 161.51B | −KZT 323.03B | −KZT 161.06B | −KZT 161.06B | −KZT 142.34B |
| Share repurchases & issuance (net) | −KZT 659.2M | −KZT 28.37B | −KZT 21.91B | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | −KZT 2.85B | −KZT 2.85B | −KZT 9.61B |
| Net borrowing (repayment) | KZT 275.26B | KZT 0 | KZT 0 | −KZT 59.10B | −KZT 49.00B | KZT 326.05B | KZT 2.43B | KZT 0 | — | — | — | — |
| Shares issued | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 | KZT 0 |
| Other financing | −KZT 4.94B | −KZT 51.91B | −KZT 44.23B | −KZT 965.0M | −KZT 594.0M | KZT 0 | −KZT 9.75B | −KZT 1.21B | −KZT 360.0M | KZT 109.10B | KZT 109.10B | −KZT 590.0M |
| Cash from financing activities | −KZT 53.54B | −KZT 80.28B | −KZT 66.14B | −KZT 60.07B | −KZT 49.59B | KZT 326.05B | −KZT 168.84B | −KZT 162.72B | −KZT 323.39B | −KZT 54.82B | −KZT 54.82B | −KZT 152.54B |
| Summary | ||||||||||||
| Net change in cash | KZT 201.53B | −KZT 106.07B | KZT 401.62B | −KZT 576.43B | KZT 391.33B | KZT 67.15B | KZT 112.84B | −KZT 88.23B | −KZT 73.20B | −KZT 152.41B | −KZT 152.41B | KZT 1.24B |
| Cash at end of period | KZT 998.61B | KZT 797.08B | KZT 903.14B | KZT 501.52B | KZT 1.08T | KZT 686.62B | KZT 619.47B | KZT 506.63B | KZT 594.86B | KZT 668.06B | KZT 668.06B | KZT 528.51B |
| Free cash flow | KZT 655.01B | KZT 53.55B | KZT 388.06B | −KZT 143.65B | KZT 398.19B | −KZT 151.50B | KZT 255.34B | KZT 163.43B | KZT 255.41B | −KZT 188.02B | −KZT 188.02B | −KZT 126.59B |
| Free cash flow margin | 59.3% | 5.2% | 35.0% | −12.9% | 41.1% | −18.4% | 35.2% | 25.0% | 43.1% | −34.1% | −34.0% | −25.2% |
| Capex / revenue | 5.1% | 3.2% | 6.5% | 2.9% | 5.3% | 3.3% | 4.3% | 5.0% | 3.9% | 1.7% | 1.7% | 2.8% |
| Operating cash flow / net income | 2.79 | 0.37 | 1.67 | −214.87 | 1.75 | −0.49 | 0.92 | 0.73 | 1.17 | −0.81 | −0.73 | −0.49 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in KZT as reported; data from EODHD.
KSPI cash generation
In fiscal 2025 (ended December 31, 2025), Joint Stock Company Kaspi.kz generated KZT 673.6 billion of cash from operations (up 15.8%) and spent KZT 182.5 billion on capital expenditures, leaving free cash flow of KZT 491.1 billion, 12.5% of revenue. It returned KZT 21.9 billion to shareholders through dividends (KZT 0) and net share buybacks (KZT 21.9 billion). Cash and equivalents rose by KZT 283.7 billion over the year.
Related: KSPI income statement, KSPI balance sheet. See the KSPI stock overview for the latest quote and news.
KSPI cash flow FAQ
What is Joint Stock Company Kaspi.kz's free cash flow?
Joint Stock Company Kaspi.kz's free cash flow was KZT 491.1 billion in fiscal 2025: KZT 673.6 billion of operating cash flow minus KZT 182.5 billion of capital expenditures It was KZT 486.2 billion a year earlier..
How much cash does Joint Stock Company Kaspi.kz generate from operations?
Joint Stock Company Kaspi.kz generated KZT 673.6 billion of cash from operating activities in fiscal 2025, 0.65 times its net income of KZT 1.04 trillion.
How much does Joint Stock Company Kaspi.kz spend on capital expenditures?
Joint Stock Company Kaspi.kz spent KZT 182.5 billion on capital expenditures in fiscal 2025, 4.6% of revenue, compared with KZT 95.7 billion the year before.
How much stock does Joint Stock Company Kaspi.kz buy back?
Joint Stock Company Kaspi.kz spent KZT 21.9 billion on net share repurchases in fiscal 2025.