Income Statement Kaspi Bank

Equities

KSPI

US48581R2058

Financial Technology (Fintech)

Market Closed - Nasdaq Other stock markets 21:00:00 16/04/2026 BST			5-day change	1st Jan Change
81.23 ^USD	+1.02%		+7.53%	+3.97%

03-02	Joint Stock Company Kaspi.kz Reports Earnings Results for the Fourth Quarter Ended December 31, 2025	CI
03-02	Joint Stock Company Kaspi.kz, Q4 2025 Earnings Call, Mar 02, 2026

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Published financial data: KASPI BANK

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	316B	494B	773B	1,122B	2,270B
Finance Div. Revenues	566B	745B	1,027B	1,282B	1,543B
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	50.64B	74.17B	110B	127B	196B
Other Revenues, Total	-47.45B	-42.24B	-6.66B	13.2B	34.44B
Total Revenues	885B	1,271B	1,903B	2,544B	4,043B
Cost of Goods Sold, Total	73.37B	105B	194B	332B	1,209B
Gross Profit	811B	1,166B	1,709B	2,212B	2,834B
Selling General & Admin Expenses, Total	34.03B	50.39B	51.36B	83.92B	236B
R&D Expenses	42.75B	60.12B	88.66B	104B	199B
Other Operating Expenses	34.38B	55.21B	79.63B	114B	162B
Other Operating Expenses, Total	111B	166B	220B	302B	596B
Operating Income	700B	1T	1,489B	1,910B	2,238B
Interest Expense, Total	-171B	-279B	-478B	-616B	-909B
Net Interest Expenses	-171B	-279B	-478B	-616B	-909B
Currency Exchange Gains (Loss)	-	-	10.89B	-11.98B	2.75B
EBT, Excl. Unusual Items	529B	721B	1,022B	1,282B	1,332B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-690M	-	-	-
EBT, Incl. Unusual Items	529B	721B	1,022B	1,282B	1,332B
Income Tax Expense	93.59B	132B	173B	225B	264B
Earnings From Continuing Operations	435B	589B	849B	1,057B	1,068B
Net Income to Company	435B	589B	849B	1,057B	1,068B
Minority Interest	-3.3B	-3.82B	-7.42B	-17.1B	5.47B
Net Income - (IS)	432B	585B	841B	1,040B	1,073B
Net Income to Common Incl Extra Items	432B	585B	841B	1,040B	1,073B
Net Income to Common Excl. Extra Items	432B	585B	841B	1,040B	1,073B
Per Share Items
Net EPS - Basic	2.25K	3.05K	4.43K	5.48K	5.63K
Basic EPS - Continuing Operations	2.25K	3.05K	4.43K	5.48K	5.63K
Basic Weighted Average Shares Outstanding	192M	192M	190M	190M	191M
Net EPS - Diluted	2.22K	3.02K	4.38K	5.43K	5.59K
Diluted EPS - Continuing Operations	2.22K	3.02K	4.38K	5.43K	5.59K
Diluted Weighted Average Shares Outstanding	194M	194M	192M	191M	192M
Normalized Basic EPS	1.7K	2.33K	3.33K	4.13K	4.4K
Normalized Diluted EPS	1.68K	2.3K	3.29K	4.1K	4.37K
Dividend Per Share	883	1.7K	3.2K	2.55K	850
Payout Ratio	78.8	35.91	66.58	62.14	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	713B	1,017B	1,515B	1,939B	2,316B
EBITA	705B	1,004B	1,494B	1,915B	2,263B
EBIT	700B	1T	1,489B	1,910B	2,238B
EBITDAR	718B	-	-	1,947B	2,331B
Total Revenues (As Reported)	885B	1,271B	1,913B	2,532B	4,046B
Effective Tax Rate - (Ratio)	17.7	18.28	16.95	17.58	19.84
Total Current Taxes	93.44B	131B	174B	223B	198B
Total Deferred Taxes	148M	738M	-962M	2.08B	66.44B
Normalized Net Income	327B	447B	631B	784B	838B
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	8.7B	25.62B	21.89B	43.83B	146B
General and Administrative Expenses	21.59B	24.77B	29.47B	31.92B	75.08B
Research And Development Expense From Footnotes	44.39B	60.81B	88.66B	110B	209B
Net Rental Expense, Total	4.82B	-	-	8.17B	14.73B
Imputed Operating Lease Interest Expense	26.41B	-	-	269B	436B
Imputed Operating Lease Depreciation	-21.59B	-	-	-261B	-421B
Stock-Based Comp., COGS (Total)	1.15B	1.67B	1.75B	1.34B	1.09B
Stock-Based Comp., R&D Exp. (Total)	9.02B	9.14B	10.41B	10.07B	10.66B
Stock-Based Comp., S&M Exp. (Total)	27M	653M	686M	542M	516M
Stock-Based Comp., G&A Exp. (Total)	9.86B	8.52B	8.02B	5.01B	3.21B
Total Stock-Based Compensation	20.06B	19.98B	20.86B	16.96B	15.48B

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	342B	615B	820B	619B	903B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	21.72B
Total Cash And Short Term Investments	342B	615B	820B	619B	925B
Accounts Receivable, Total	2,431B	3,155B	4,236B	5,747B	7,199B
Other Receivables	60.5B	29.17B	34.84B	46.51B	72.18B
Total Receivables	2,491B	3,184B	4,271B	5,793B	7,271B
Inventory	-	-	-	16.2B	125B
Prepaid Expenses	-	-	-	-	-
Restricted Cash	32.73B	42.92B	47.11B	57.31B	305B
Other Current Assets, Total	11.27B	29.37B	30.52B	35.34B	13.53B
Total Current Assets	2,877B	3,872B	5,169B	6,521B	8,639B
Gross Property Plant And Equipment	108B	164B	211B	282B	513B
Accumulated Depreciation	-36.6B	-47.06B	-68.01B	-88.57B	-199B
Net Property Plant And Equipment	70.96B	117B	143B	193B	314B
Long-term Investments	606B	1,076B	1,377B	1,490B	1,157B
Goodwill	-	-	34.08B	17.44B	447B
Other Intangibles, Total	14.14B	15.3B	31.62B	76.08B	400B
Accounts Receivable Long-Term	-	-	-	-	40.41B
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	39.02B	41.94B	67.49B	79.28B	83.74B
Total Assets	3,608B	5,122B	6,822B	8,377B	11,082B
Liabilities
Accounts Payable, Total	-	-	-	-	346B
Accrued Expenses, Total	9.22B	13.6B	15.14B	21.06B	38.86B
Short-term Borrowings	75.52B	16.12B	154M	24.15B	-
Current Portion of Long-Term Debt	-	-	-	113B	-
Current Income Taxes Payable	8.61B	5.96B	1.1B	3.4B	638M
Other Current Liabilities	653B	885B	1,083B	1,128B	1,146B
Total Current Liabilities	747B	920B	1,099B	1,290B	1,532B
Long-Term Debt	208B	208B	162B	138M	332B
Long-Term Leases	-	-	-	-	21.58B
Unearned Revenue Non Current	-	-	-	13.68B	58.7B
Pension & Other Post Retirement Benefits	3.94B	4.52B	6.21B	8.3B	27.72B
Deferred Tax Liability Non Current	2.51B	3.24B	3.16B	4.38B	71.41B
Other Non Current Liabilities	2,142B	3,160B	4,448B	5,487B	6,437B
Total Liabilities	3,103B	4,296B	5,719B	6,804B	8,480B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	97.53B	130B	130B	130B	130B
Additional Paid In Capital	506M	506M	506M	506M	506M
Retained Earnings	378B	762B	1,055B	1,465B	2,544B
Treasury Stock	-	-94.06B	-152B	-152B	-170B
Comprehensive Income and Other	23.84B	20.07B	44.53B	72.8B	-12.61B
Total Common Equity	500B	819B	1,078B	1,517B	2,492B
Minority Interest	4.97B	6.52B	25.09B	55.64B	110B
Total Equity	505B	826B	1,103B	1,573B	2,602B
Total Liabilities And Equity	3,608B	5,122B	6,822B	8,377B	11,082B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	190M	189M	190M	190M
ECS Total Common Shares Outstanding	192M	190M	189M	190M	190M
Book Value / Share	2.6K	4.3K	5.69K	7.98K	13.1K
Tangible Book Value	486B	804B	1,012B	1,424B	1,644B
Tangible Book Value Per Share	2.53K	4.22K	5.35K	7.49K	8.64K
Total Debt	284B	224B	162B	138B	354B
Net Debt	-58.23B	-391B	-658B	-482B	-571B
Debt Equivalent Oper. Leases	38.58B	-	-	65.37B	118B
Minority Interest, Total (Incl. Fin. Div)	4.97B	6.52B	25.09B	55.64B	110B
Account Code - Inventory Valuation	3	3	3	3	6
Inventories - Finished Goods, Total	-	-	-	-	128B
Land - (BS)	-	-	-	107B	198B
Buildings, Total	42.27B	64.52B	82.49B	-	-
Machinery, Total	65.27B	98.99B	126B	162B	300B
Full Time Employees	7.7K	-	-	-	14.01K
Accumulated Allowance for Doubtful Accounts (Supple)	142B	215B	243B	296B	372B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	432B	585B	841B	1,040B	1,073B
Depreciation & Amortization - CF	8.41B	13.25B	20.98B	24.2B	52.7B
Amortization of Goodwill and Intangible Assets - (CF)	4.26B	4.19B	5.34B	4.62B	25.55B
Depreciation & Amortization, Total	12.68B	17.44B	26.32B	28.81B	78.25B
Other Operating Activities, Total	22.02B	36.03B	-46.48B	95.96B	256B
Change in Trading Asset Securities	-4.3B	12.4B	-5B	3.25B	-40.47B
Change In Inventories	-	-	-	-	-6.93B
Change In Accounts Payable	-	-	-	-	115B
Change in Other Net Operating Assets	-392B	370B	290B	-586B	-802B
Cash from Operations	70.35B	1,021B	1,106B	582B	674B
Capital Expenditure	-24.9B	-59.47B	-50.26B	-95.73B	-183B
Sale of Property, Plant, and Equipment	383M	528M	221M	519M	7M
Cash Acquisitions	-5.11B	-	-29.05B	-	-553B
Divestitures	4.5B	-	-	-	-
Investment in Marketable and Equity Securities, Total	315B	-428B	-139B	-13.16B	228B
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	290B	-487B	-218B	-108B	-508B
Long-Term Debt Issued, Total	-	-	-	-	326B
Total Debt Issued	-	-	-	-	326B
Long-Term Debt Repaid, Total	-10.37B	-	-46.56B	-48.77B	-108B
Total Debt Repaid	-10.37B	-	-46.56B	-48.77B	-108B
Repurchase of Common Stock	-	-63.67B	-60.7B	-2.85B	-21.91B
Common Dividends Paid	-340B	-210B	-560B	-646B	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-340B	-210B	-560B	-646B	-
Other Financing Activities, Total	-1.85B	-2.14B	-8.57B	-12.09B	-45.79B
Cash from Financing	-353B	-276B	-676B	-710B	150B
Foreign Exchange Rate Adjustments	4.17B	15.35B	-6.69B	35.25B	-32.39B
Net Change in Cash	11.69B	273B	205B	-201B	284B
Supplemental Items
Cash Interest Paid	161B	257B	455B	597B	874B
Cash Income Tax Paid (Refund)	85.12B	133B	182B	218B	261B
Levered Free Cash Flow	-515B	-58.48B	-268B	-723B	-714B
Unlevered Free Cash Flow	-407B	116B	30.39B	-338B	-146B
Change In Net Working Capital	853B	487B	897B	1,482B	1,456B
Net Debt Issued / Repaid	-10.37B	-	-46.56B	-48.77B	218B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	13.65	14.32	15.58	15.71	14.38
Return on Total Capital	62.51	67.98	80.4	80.25	59.95
Return On Equity %	96.78	88.52	88.01	78.98	51.15
Return on Common Equity	96.97	88.71	88.69	80.12	53.54
Margin Analysis
Gross Profit Margin %	91.71	91.74	89.81	86.95	70.09
SG&A Margin	3.85	3.97	2.7	3.3	5.83
EBITDA Margin %	80.58	80.07	79.65	76.22	57.28
EBITA Margin %	79.63	79.03	78.55	75.27	55.98
EBIT Margin %	79.14	78.7	78.27	75.09	55.35
Income From Continuing Operations Margin %	49.19	46.34	44.61	41.54	26.41
Net Income Margin %	48.81	46.04	44.22	40.87	26.54
Net Avail. For Common Margin %	48.81	46.04	44.22	40.87	26.54
Normalized Net Income Margin	36.98	35.18	33.18	30.83	20.72
Levered Free Cash Flow Margin	-58.16	-4.6	-14.11	-28.41	-17.67
Unlevered Free Cash Flow Margin	-46.05	9.11	1.6	-13.27	-3.62
Asset Turnover
Asset Turnover	0.28	0.29	0.32	0.33	0.42
Fixed Assets Turnover	13.49	13.55	14.68	15.15	15.95
Receivables Turnover (Average Receivables)	0.16	0.18	0.21	0.22	0.35
Inventory Turnover (Average Inventory)	-	-	-	21.73	17.19
Short Term Liquidity
Current Ratio	3.85	4.21	4.7	5.05	5.64
Quick Ratio	3.79	4.13	4.63	4.97	5.35
Operating Cash Flow to Current Liabilities	0.09	1.11	1.01	0.45	0.44
Days Sales Outstanding (Average Receivables)	2.22K	2.07K	1.75K	1.63K	1.04K
Days Outstanding Inventory (Average Inventory)	-	-	-	16.85	21.23
Average Days Payable Outstanding	-	-	-	-	51.09
Cash Conversion Cycle (Average Days)	-	-	-	-	1.01K
Long Term Solvency
Total Debt/Equity	56.25	27.18	14.68	8.75	13.6
Total Debt / Total Capital	36	21.37	12.8	8.05	11.97
LT Debt/Equity	41.28	25.23	14.67	0.01	13.6
Long-Term Debt / Total Capital	26.42	19.84	12.79	0.01	11.97
Total Liabilities / Total Assets	86.01	83.88	83.83	81.22	76.52
EBIT / Interest Expense	4.08	3.59	3.12	3.1	2.46
EBITDA / Interest Expense	4.16	3.65	3.17	3.15	2.55
(EBITDA - Capex) / Interest Expense	4.01	3.44	3.07	2.99	2.35
Total Debt / EBITDA	0.4	0.22	0.11	0.07	0.15
Net Debt / EBITDA	-0.08	-0.38	-0.43	-0.25	-0.25
Total Debt / (EBITDA - Capex)	0.41	0.23	0.11	0.07	0.17
Net Debt / (EBITDA - Capex)	-0.08	-0.41	-0.45	-0.26	-0.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	46.77	43.6	49.9	33.72	58.93
Gross Profit, 1 Yr. Growth %	49.56	43.65	46.77	29.36	28.12
EBITDA, 1 Yr. Growth %	52.86	42.7	49.16	27.96	19.44
EBITA, 1 Yr. Growth %	53.36	42.52	49.04	28.14	18.19
EBIT, 1 Yr. Growth %	53.3	42.79	49.13	28.29	17.14
Earnings From Cont. Operations, 1 Yr. Growth %	65.26	35.3	44.14	24.51	1.03
Net Income, 1 Yr. Growth %	65.51	35.45	43.81	23.58	3.22
Normalized Net Income, 1 Yr. Growth %	66.72	36.6	41.25	24.23	6.83
Diluted EPS Before Extra, 1 Yr. Growth %	64.96	35.73	45.26	23.97	2.96
Accounts Receivable, 1 Yr. Growth %	73.06	29.79	34.27	35.66	25.27
Inventory, 1 Yr. Growth %	-	-	-	12.7	670.37
Net Property, Plant and Equip., 1 Yr. Growth %	17.9	64.23	22.48	35.36	62.47
Total Assets, 1 Yr. Growth %	28.54	41.96	33.2	22.8	32.29
Tangible Book Value, 1 Yr. Growth %	27.35	65.54	25.95	40.62	15.49
Common Equity, 1 Yr. Growth %	27.77	63.92	31.61	40.73	64.24
Cash From Operations, 1 Yr. Growth %	-88.61	1.35K	8.34	-47.39	15.76
Capital Expenditures, 1 Yr. Growth %	36.9	138.82	-15.49	90.47	90.66
Levered Free Cash Flow, 1 Yr. Growth %	-295.45	-88.65	352.24	152.43	2.1
Unlevered Free Cash Flow, 1 Yr. Growth %	-216.36	-128.34	-73.54	-2.81K	-53.45
Dividend Per Share, 1 Yr. Growth %	-37.06	92.53	88.24	-20.31	-66.67
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	31.21	45.17	46.58	41.58	45.78
Gross Profit, 2 Yr. CAGR %	33.07	46.58	45.06	37.78	28.74
EBITDA, 2 Yr. CAGR %	39.74	47.69	45.72	38.2	23.66
EBITA, 2 Yr. CAGR %	40.03	47.84	46.02	38.48	23.29
EBIT, 2 Yr. CAGR %	39.93	47.95	45.75	38.32	22.59
Earnings From Cont. Operations, 2 Yr. CAGR %	48.59	49.53	39.65	33.97	12.16
Net Income, 2 Yr. CAGR %	49.29	49.73	39.57	33.31	12.94
Normalized Net Income, 2 Yr. CAGR %	49.64	50.91	38.91	32.47	15.2
Diluted EPS Before Extra, 2 Yr. CAGR %	47.11	49.63	40.42	34.19	12.98
Accounts Receivable, 2 Yr. CAGR %	37.16	49.87	32.01	34.96	30.36
Inventory, 2 Yr. CAGR %	-	-	-	-	194.37
Net Property, Plant and Equip., 2 Yr. CAGR %	15.95	39.15	41.82	28.76	48.3
Total Assets, 2 Yr. CAGR %	28.42	35.08	37.51	27.89	27.45
Tangible Book Value, 2 Yr. CAGR %	30.8	45.2	44.39	33.08	27.44
Common Equity, 2 Yr. CAGR %	30.81	44.72	46.88	36.09	52.03
Cash From Operations, 2 Yr. CAGR %	-51.28	28.56	296.52	-24.51	-21.96
Capital Expenditures, 2 Yr. CAGR %	21.27	80.82	42.07	26.87	90.57
Levered Free Cash Flow, 2 Yr. CAGR %	482.38	-52.87	-28.69	247.09	57.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	113.68	-42.52	-73.12	71.97	254.11
Dividend Per Share, 2 Yr. CAGR %	8.8	10.08	90.37	22.47	-48.46
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	33.09	35.22	46.68	42.16	47.14
Gross Profit, 3 Yr. CAGR %	34.52	36.51	46.58	39.66	34.48
EBITDA, 3 Yr. CAGR %	43.14	40.72	48.11	39.55	31.64
EBITA, 3 Yr. CAGR %	43.34	40.85	48.17	39.8	31.36
EBIT, 3 Yr. CAGR %	43.31	40.88	48.27	39.68	30.86
Earnings From Cont. Operations, 3 Yr. CAGR %	57.63	44.02	47.71	34.41	21.94
Net Income, 3 Yr. CAGR %	59.95	44.53	47.73	34.02	22.41
Normalized Net Income, 3 Yr. CAGR %	60.63	45.16	47.62	33.83	23.3
Diluted EPS Before Extra, 3 Yr. CAGR %	48.69	43.22	48.16	34.7	22.85
Accounts Receivable, 3 Yr. CAGR %	31.58	34.66	44.48	33.22	31.65
Net Property, Plant and Equip., 3 Yr. CAGR %	34.83	30.22	33.35	39.64	39.14
Total Assets, 3 Yr. CAGR %	28.52	32.78	34.45	32.42	29.34
Tangible Book Value, 3 Yr. CAGR %	35.83	41.48	38.47	43.13	26.94
Common Equity, 3 Yr. CAGR %	35.36	41.03	40.21	44.8	44.89
Cash From Operations, 3 Yr. CAGR %	25.42	51.03	21.43	102.24	-12.94
Capital Expenditures, 3 Yr. CAGR %	31.34	52.01	40.32	56.65	45.32
Levered Free Cash Flow, 3 Yr. CAGR %	126.64	56.79	0.64	11.05	128.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	173.24	9.04	-55.73	-7.05	8.65
Dividend Per Share, 3 Yr. CAGR %	73.18	31.59	31.63	42.41	-20.63
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	31.7	35.74	38.35	37.7	46.32
Gross Profit, 5 Yr. CAGR %	32.68	36.85	38.66	37.01	39.19
EBITDA, 5 Yr. CAGR %	48.31	40.27	44.2	39.65	37.78
EBITA, 5 Yr. CAGR %	49.05	40.73	44.25	39.75	37.57
EBIT, 5 Yr. CAGR %	49.17	40.61	44.31	39.81	37.41
Earnings From Cont. Operations, 5 Yr. CAGR %	137.64	52.54	50.18	39.91	32.31
Net Income, 5 Yr. CAGR %	141.4	55.05	51.46	39.93	32.68
Normalized Net Income, 5 Yr. CAGR %	130.04	56.92	51.56	39.94	33.68
Diluted EPS Before Extra, 5 Yr. CAGR %	142.66	57.5	45.32	39.54	32.94
Accounts Receivable, 5 Yr. CAGR %	27.73	28.76	31.75	34.78	38.66
Net Property, Plant and Equip., 5 Yr. CAGR %	20.62	35.59	37.59	29.63	39.14
Total Assets, 5 Yr. CAGR %	24.23	28.31	32.04	30.81	31.61
Tangible Book Value, 5 Yr. CAGR %	38.86	40.47	39.19	38.06	33.95
Common Equity, 5 Yr. CAGR %	38.05	39.74	39.86	39.03	44.82
Cash From Operations, 5 Yr. CAGR %	-1.62	48.46	98.76	14.45	1.75
Capital Expenditures, 5 Yr. CAGR %	29.2	62.55	35.53	41.4	58.6
Levered Free Cash Flow, 5 Yr. CAGR %	39.13	-12.89	43.43	116.56	22.09
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.73	15.67	8.75	30.49	-16
Dividend Per Share, 5 Yr. CAGR %	-	-	79.86	27.87	-9.54