Joint Stock Company Kaspi.kz (KSPI) Revenue History
Annual and quarterly revenue from 2019 to 2024
Compound Annual Growth Rate (CAGR)
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KSPI Revenue Growth
KSPI Revenue Analysis (2019–2024)
As of May 8, 2026, Joint Stock Company Kaspi.kz (KSPI) generated trailing twelve-month (TTM) revenue of $3.63 trillion, reflecting explosive growth of +70.1% year-over-year. The most recent quarter (Q3 2025) recorded $1.11 trillion in revenue, up 14.5% sequentially.
Looking at the longer-term picture, KSPI's 5-year compound annual growth rate (CAGR) stands at +36.9%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $2.52 trillion in 2024, representing a new all-time high.
When compared to Technology sector peers including SE (+35.8% YoY), MELI (+39.1% YoY), and GRAB (+21.8% YoY), KSPI has outperformed the peer group in terms of revenue growth. Compare KSPI vs SE →
KSPI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| KSPICurrent | $3.63T | +70.1% | +36.9% | 50.4% | |
 SE | $16.8B | +35.8% | +50.5% | 3.9% | |
 MELI | $28.9B | +39.1% | +48.7% | 11.1% | |
 GRAB | $3.4B | +21.8% | +48.4% | 6.0% | |
 BEKE | $93.5B | +25.4% | +15.2% | 4.0% | |
 TOST | $6.2B | +23.4% | +49.5% | 5.0% |
KSPI Historical Revenue Data (2019–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $2.52T | +33.4% | $1.57T | 62.3% | $1.27T | 50.4% |
| 2023 | $1.89T | +48.9% | $1.22T | 64.5% | $998.80B | 52.8% |
| 2022 | $1.27T | +43.3% | $1.17T | 91.8% | $1.05T | 82.8% |
| 2021 | $885.48B | +36.7% | $812.11B | 91.7% | $735.33B | 83.0% |
| 2020 | $647.52B | +23.4% | $448.21B | 69.2% | $317.82B | 49.1% |
| 2019 | $524.58B | - | $350.39B | 66.8% | $239.14B | 45.6% |
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Start ComparisonKSPI — Frequently Asked Questions
Quick answers to the most common questions about buying KSPI stock.
Is KSPI's revenue growth accelerating or slowing?
KSPI revenue is accelerating at +70.1% year-over-year, exceeding the 5-year CAGR of +36.9%. TTM revenue reached $3.6T. Growth momentum has increased versus prior periods.
What is KSPI's long-term revenue growth rate?
Joint Stock Company Kaspi.kz's 5-year revenue CAGR of +36.9% reflects the sustained expansion pattern. Current YoY growth of +70.1% is above this long-term average.
How is KSPI's revenue distributed by segment?
KSPI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2019-2024 are available for download. Segment mix reveals concentration and diversification trends.