Revenue growth has significantly decelerated to 24.8% in 2026Q1, while net margins have compressed to 23.3% from a 43.1% peak in 2024Q4.
| Sales/Revenue | 4.21T | 3.94T | 2.52T | 1.89T | 1.27T | 885.48B | 647.52B | 524.58B |
| Revenue Growth % | 50.95% | 56.09% | 33.36% | 48.93% | 43.34% | 36.75% | 23.44% | - |
| Cost of Goods Sold | 1.23T | 1.04T | 949.47B | 671.84B | 103.89B | 73.37B | 199.31B | 174.19B |
| COGS % of Revenue | - | 26.45% | 37.66% | 35.54% | 8.19% | 8.29% | 30.78% | 33.2% |
| Gross Profit | 2.98T | 2.89T | 1.57T | 1.22T | 1.17T | 812.11B | 448.21B | 350.39B |
| Gross Margin % | 70.79% | 73.55% | 62.34% | 64.46% | 91.81% | 91.71% | 69.22% | 66.8% |
| Gross Profit Growth % | - | 84.16% | 28.97% | 4.56% | 43.49% | 81.19% | 27.92% | - |
| Operating Expenses | 1.16T | 1.6T | 300.4B | 219.65B | 114.8B | 76.78B | 130.39B | 111.25B |
| OpEx % of Revenue | - | 40.63% | 11.92% | 11.62% | 9.04% | 8.67% | 20.14% | 21.21% |
| Selling, General & Admin | 110.35B | 0 | 76.89B | 51.36B | 48.23B | 32.39B | 63.83B | 40.04B |
| SG&A % of Revenue | - | - | 3.05% | 2.72% | 3.8% | 3.66% | 9.86% | 7.63% |
| Research & Development | 108.94B | 0 | 109.55B | 88.66B | 60.81B | 44.39B | 30.82B | 20.33B |
| R&D % of Revenue | - | - | 4.35% | 4.69% | 4.79% | 5.01% | 4.76% | 3.88% |
| Other Operating Expenses | 3M | 1.6T | 113.96B | 79.63B | 5.76B | 0 | 35.74B | 50.88B |
| Operating Income | 1.83T | 1.3T | 1.27T | 998.8B | 1.05T | 735.33B | 317.82B | 239.14B |
| Operating Margin % | 43.34% | 32.92% | 50.42% | 52.84% | 82.77% | 83.04% | 49.08% | 45.59% |
| Operating Income Growth % | - | 1.91% | 27.26% | -4.92% | 42.86% | 131.36% | 32.9% | - |
| EBITDA | 1.85T | 1.3T | 1.27T | 998.8B | 1.07T | 748.01B | 319.86B | 240.85B |
| EBITDA Margin % | 43.89% | 32.92% | 50.42% | 52.84% | 84.09% | 84.48% | 49.4% | 45.91% |
| EBITDA Growth % | 26.54% | 1.91% | 27.26% | -6.42% | 42.69% | 133.86% | 32.8% | - |
| D&A (Non-Cash Add-back) | 22.95B | 0 | 0 | 0 | 16.79B | 12.68B | 2.04B | 1.71B |
| EBIT | 1.54T | 1.3T | 1.27T | 998.8B | 998.56B | 700.95B | 323.91B | 249.8B |
| Net Interest Income | -115.88B | 652.24B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 855.5B | 1.54T | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 725.27B | 883.76B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -507.81B | 0 | 11.23B | 23.2B | -329.95B | -206.53B | 0 | 0 |
| Pretax Income | 1.32T | 1.3T | 1.28T | 1.02T | 720.57B | 528.8B | 317.82B | 239.14B |
| Pretax Margin % | 31.29% | 32.92% | 50.87% | 54.07% | 56.77% | 59.72% | 49.08% | 45.59% |
| Income Tax | 275.03B | 256.96B | 225.46B | 173.23B | 131.73B | 93.59B | 54.48B | 42.02B |
| Effective Tax Rate % | 20.86% | 19.84% | 17.58% | 16.95% | 18.28% | 17.7% | 17.14% | 17.57% |
| Net Income | 1.04T | 1.04T | 1.04T | 841.35B | 585.03B | 431.91B | 260.96B | 193.79B |
| Net Margin % | 24.73% | 26.39% | 41.24% | 44.51% | 46.09% | 48.78% | 40.3% | 36.94% |
| Net Income Growth % | -2.78% | -0.13% | 23.58% | 43.81% | 35.45% | 65.51% | 34.66% | - |
| Net Income (Continuing) | 1.04T | 1.04T | 1.06T | 848.77B | 588.84B | 435.21B | 263.35B | 197.12B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 190.64M | 109.67B | 55.64B | 25.09B | 6.52B | 4.97B | 3.54B | 3.59B |
| EPS (Diluted) | 5485.76 | 5464.06 | 5430.77 | 4380.61 | 3016.00 | 2222.00 | 1347.00 | 1000.38 |
| EPS Growth % | -3.09% | 0.61% | 23.97% | 45.25% | 35.73% | 64.96% | 34.65% | - |
| EPS (Basic) | - | 5464.06 | 5474.35 | 4431.43 | 3051.00 | 2247.00 | 1361.00 | 1010.35 |
| Diluted Shares Outstanding | 190.01M | 190.02M | 191.45M | 192.06M | 193.99M | 194.38M | 193.72M | 193.72M |
| Basic Shares Outstanding | 190.01M | 190.02M | 189.93M | 189.86M | 191.73M | 192.22M | 191.81M | 191.81M |
| Dividend Payout Ratio | - | - | 62.14% | 66.58% | 35.91% | 78.8% | 67.2% | 50.41% |
Geopolitical and regulatory concentration
According to the latest quarterly financial statements, Kaspi.kz reported revenue growth of 24.8% in 2026Q1, a significant deceleration from the 70.1% peak observed in 2025Q3, suggesting that the company's rapid expansion phase may be encountering natural market saturation or macroeconomic headwinds within its core Kazakh operations.
The sharp variance in top-line growth rates over the last ten quarters indicates that Kaspi's revenue trajectory is highly sensitive to cyclical shifts in consumer spending and potential regulatory adjustments. Investors should monitor whether the recent deceleration represents a structural plateau or merely a temporary adjustment following the aggressive growth cycles seen throughout 2025.
As reported in recent filings, Kaspi's gross margin fluctuated between 52.3% and 86.6% over the past two years, reflecting significant variability in the cost of revenue that warrants further investigation into the company's shifting product mix between its payments, marketplace, and fintech segments.
While the company maintains a high-margin profile relative to global peers, the inconsistency in gross profitability suggests that Kaspi's cost structure is susceptible to changes in funding costs or merchant-side incentives. This volatility may imply that the company is actively trading margin for market share, a strategy that requires careful observation to ensure long-term sustainability.
Based on the provided income statement data, operating margins have oscillated between 29.8% and 73.7% since 2024Q2, indicating that Kaspi has yet to achieve a stable operating leverage profile as it balances infrastructure investment with the scaling of its diverse digital ecosystem.
The lack of a clear, linear trend in operating income relative to gross profit suggests that management is prioritizing aggressive reinvestment into the Super App platform. This approach may indicate that the company is currently in a phase of heavy operational expenditure, which could limit near-term margin expansion despite the inherent scalability of its software-driven model.
Analysis of the reported figures reveals that net income margins have compressed from 43.1% in 2024Q4 to 23.3% in 2026Q1, suggesting that bottom-line performance is increasingly pressured by rising costs or potential changes in the company's effective tax and provisioning environment.
The decline in net income growth, which turned negative in recent periods, warrants caution regarding the quality of earnings. Investors should consider whether these fluctuations are driven by non-operating items or if they reflect a fundamental shift in the profitability of the core fintech loan book under current macro conditions.
While Kaspi trades at a premium to regional peers, the recent trend of decelerating revenue growth and contracting net margins, as evidenced by the 2026Q1 data, suggests that the market's growth expectations may be overly optimistic given the company's total geographic concentration in Kazakhstan.
Short-term performance metrics indicate that the company's reliance on a single market may limit its ability to maintain the high growth rates required to justify its current valuation. Any further regulatory intervention in the fintech segment could exacerbate these trends, potentially leading to a re-rating of the stock as the market adjusts for idiosyncratic regional risks.
Quick answers to the most common questions about buying KSPI stock.
For fiscal year 2025, Joint Stock Company Kaspi.kz (KSPI) reported total revenue of $3.94T. This represents a 650.1% increase compared to $524.58B in 2019.
Joint Stock Company Kaspi.kz (KSPI) is profitable, generating $1.04T in net income for the fiscal year ending 2025 with a net profit margin of 26.4%.
Joint Stock Company Kaspi.kz (KSPI) reported an operating income of $1.30T, resulting in an operating profit margin of 32.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Joint Stock Company Kaspi.kz (KSPI) generated $2.89T in gross profit for the year, representing a gross profit margin of 73.5%. This demonstrates the company's core pricing power and production efficiency.