Joint Stock Company Kaspi.kz (KSPI) Income Statement
KSPI 2025 at a glance
Fiscal year ended December 31, 2025 · KZTKSPI revenue and net income
Where KSPI's revenue goes
2025Each bar shows an amount and its share of revenue. KSPI kept 26.4% of revenue as net income.
KSPI profit margins
KSPI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +56.1% | +45.8% | +43.5% | — |
| Gross profit | +84.2% | +35.4% | +45.2% | — |
| Operating income | +1.9% | +7.2% | +32.4% | — |
| Net income | −0.1% | +21.1% | +31.8% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KSPI income statement in KZT
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | KZT 3.94T | KZT 2.52T | KZT 1.89T | KZT 1.27T | KZT 885.48B | KZT 647.52B | KZT 524.58B |
| Cost of revenue | KZT 1.04T | KZT 949.47B | KZT 671.84B | KZT 103.89B | KZT 73.37B | KZT 199.31B | KZT 174.19B |
| Gross profit | KZT 2.89T | KZT 1.57T | KZT 1.22T | KZT 1.17T | KZT 812.11B | KZT 448.21B | KZT 350.39B |
| Research & development | KZT 208.58B | KZT 109.55B | KZT 88.66B | KZT 60.81B | KZT 44.39B | KZT 30.82B | KZT 20.33B |
| Sales, general & admin | KZT 224.48B | KZT 76.89B | KZT 51.36B | KZT 48.23B | KZT 32.39B | KZT 63.83B | KZT 40.04B |
| Total operating expenses | KZT 1.60T | KZT 300.40B | KZT 219.65B | KZT 114.80B | KZT 76.78B | KZT 130.39B | KZT 111.25B |
| Operating income | KZT 1.30T | KZT 1.27T | KZT 998.80B | KZT 1.05T | KZT 735.33B | KZT 317.82B | KZT 239.14B |
| Interest expense | KZT 883.76B | — | — | — | — | — | — |
| Income before taxes | KZT 1.30T | KZT 1.28T | KZT 1.02T | KZT 720.57B | KZT 528.80B | KZT 317.82B | KZT 239.14B |
| Income taxes | KZT 256.96B | KZT 225.46B | KZT 173.23B | KZT 131.73B | KZT 93.59B | KZT 54.48B | KZT 42.02B |
| Net income | KZT 1.04T | KZT 1.04T | KZT 841.35B | KZT 585.03B | KZT 431.91B | KZT 260.96B | KZT 193.79B |
| EBITDA | KZT 2.18T | KZT 1.28T | KZT 1.02T | KZT 1.02T | KZT 713.63B | KZT 325.95B | KZT 251.51B |
| Gross margin | 73.5% | 62.3% | 64.5% | 91.8% | 91.7% | 69.2% | 66.8% |
| Operating margin | 32.9% | 50.4% | 52.8% | 82.8% | 83.0% | 49.1% | 45.6% |
| Net margin | 26.4% | 41.2% | 44.5% | 46.1% | 48.8% | 40.3% | 36.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | KZT 1.10T | KZT 1.03T | KZT 1.11T | KZT 1.11T | KZT 969.51B | KZT 821.85B | KZT 724.46B | KZT 652.59B | KZT 592.85B | KZT 551.02B | KZT 552.81B | KZT 502.19B |
| Cost of revenue | KZT 339.39B | KZT 302.49B | KZT 289.32B | KZT 352.05B | KZT 287.15B | KZT 391.83B | KZT 264.38B | KZT 243.40B | KZT 79.70B | KZT 214.91B | KZT 214.91B | KZT 47.70B |
| Gross profit | KZT 765.30B | KZT 722.88B | KZT 819.91B | KZT 758.13B | KZT 682.37B | KZT 430.02B | KZT 460.08B | KZT 409.20B | KZT 513.15B | KZT 336.12B | KZT 337.91B | KZT 454.49B |
| Research & development | KZT 63.70B | KZT 61.58B | KZT 56.74B | KZT 58.05B | KZT 50.89B | KZT 42.90B | KZT 29.34B | KZT 27.54B | KZT 26.24B | KZT 26.43B | KZT 26.43B | KZT 22.14B |
| Sales, general & admin | KZT 56.50B | KZT 53.30B | KZT 71.97B | KZT 66.05B | KZT 44.30B | KZT 36.84B | KZT 23.37B | KZT 17.94B | KZT 17.30B | KZT 17.33B | KZT 17.33B | KZT 11.43B |
| Total operating expenses | KZT 439.52B | KZT 417.06B | KZT 475.50B | KZT 124.10B | KZT 140.11B | KZT 122.57B | KZT 82.38B | KZT 73.05B | KZT 76.17B | KZT 68.81B | KZT 68.81B | KZT 34.91B |
| Operating income | KZT 325.78B | KZT 305.82B | KZT 344.41B | KZT 634.03B | KZT 542.25B | KZT 307.45B | KZT 377.70B | KZT 336.15B | KZT 436.99B | KZT 267.31B | KZT 267.31B | KZT 419.58B |
| Interest expense | KZT 283.68B | KZT 254.25B | KZT 252.73B | KZT 246.11B | KZT 218.29B | — | — | — | KZT 147.09B | — | — | — |
| Income before taxes | KZT 325.78B | KZT 305.82B | KZT 344.41B | KZT 346.51B | KZT 321.96B | KZT 307.45B | KZT 383.59B | KZT 333.31B | KZT 296.29B | KZT 269.10B | KZT 269.10B | KZT 279.56B |
| Income taxes | KZT 68.63B | KZT 66.79B | KZT 76.44B | KZT 68.47B | KZT 63.33B | KZT 53.40B | KZT 67.19B | KZT 58.94B | KZT 53.67B | KZT 45.66B | KZT 45.66B | KZT 47.07B |
| Net income | KZT 257.15B | KZT 239.02B | KZT 267.97B | KZT 278.05B | KZT 257.33B | KZT 252.06B | KZT 311.90B | KZT 269.69B | KZT 238.55B | KZT 223.44B | KZT 219.60B | KZT 231.16B |
| EBITDA | KZT 325.78B | KZT 560.07B | KZT 597.14B | KZT 369.97B | KZT 543.23B | KZT 309.79B | KZT 383.59B | KZT 333.31B | KZT 444.31B | KZT 269.10B | KZT 269.10B | KZT 404.41B |
| Gross margin | 69.3% | 70.5% | 73.9% | 68.3% | 70.4% | 52.3% | 63.5% | 62.7% | 86.6% | 61.0% | 61.1% | 90.5% |
| Operating margin | 29.5% | 29.8% | 31.0% | 57.1% | 55.9% | 37.4% | 52.1% | 51.5% | 73.7% | 48.5% | 48.4% | 83.6% |
| Net margin | 23.3% | 23.3% | 24.2% | 25.0% | 26.5% | 30.7% | 43.1% | 41.3% | 40.2% | 40.6% | 39.7% | 46.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in KZT as reported in KSPI's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KSPI financial results
In fiscal year 2025 (ended December 31, 2025), Joint Stock Company Kaspi.kz reported revenue of KZT 3.94 trillion, up 56.1% from the year before. It had net income of KZT 1.04 trillion (down 0.1%), a net profit margin of 26.4%. Over five years revenue grew at an average rate of 43.5% a year. Figures are in KZT, the currency of its financial statements.
See the KSPI stock overview for the latest quote and news, or the KSPI chart for price history and technical indicators.
KSPI income statement FAQ
What is Joint Stock Company Kaspi.kz's annual revenue?
Joint Stock Company Kaspi.kz reported total revenue of KZT 3.94 trillion for fiscal year 2025, which ended on December 31, 2025. That was up 56.1% from KZT 2.52 trillion the previous year.
Is Joint Stock Company Kaspi.kz profitable?
Yes. Joint Stock Company Kaspi.kz reported net income of KZT 1.04 trillion in fiscal 2025, a net profit margin of 26.4%; its operating margin was 32.9%.
What is Joint Stock Company Kaspi.kz's gross margin?
Joint Stock Company Kaspi.kz's gross margin was 73.5% in fiscal 2025: for every $100 of revenue, Joint Stock Company Kaspi.kz kept $74 after the direct cost of its products and services.
How much does Joint Stock Company Kaspi.kz spend on research and development?
Joint Stock Company Kaspi.kz spent KZT 208.6 billion on research and development in fiscal 2025, 5.3% of revenue.
How fast is Joint Stock Company Kaspi.kz growing?
Revenue grew 43.5% a year on average over the last five fiscal years, from KZT 647.5 billion to KZT 3.94 trillion.
When will Joint Stock Company Kaspi.kz report its next earnings?
Joint Stock Company Kaspi.kz is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Joint Stock Company Kaspi.kz's fiscal year end?
Joint Stock Company Kaspi.kz's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.