Joint Stock Company Kaspi.kz (KSPI) Cash Flow: Operating & Free Cash Flow

Joint Stock Company Kaspi.kz (KSPI) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Joint Stock Company Kaspi.kz generated KZT 673.61B of operating cash flow and spent KZT 182.51B on capital expenditures. That left free cash flow of KZT 491.10B, up 1.0% from KZT 486.17B a year earlier, or 12.1% of revenue. It repurchased KZT 21.91B of its own shares.

Joint Stock Company Kaspi.kz Cash Flow Statement Analysis

Values in trillions KZT

Income Statement Balance Sheet Cash Flow Ratios

Scale:

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Cash flow statement showing operating, investing, and financing activities for Joint Stock Company Kaspi.kz (KSPI) - Annual data in trillions KZT
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	0.00	1.04	0.00	0.00	0.43	0.00	0.00
Depreciation & Amortization	0.00	0.03	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	-0.73	-0.58	0.28	0.38	-0.40	0.34	0.08
Change in Accounts Receivable	-1.68	-1.62	-1.14	-0.73	-1.06	-0.14	-0.32
Change in Inventory	-0.01	0.00	0.01	0.00	0.00	0.00	0.00
Change in Accounts Payable	1.09	1.08	1.45	1.19	0.67	0.49	0.42
Change in Other Working Capital	-0.14	0.97	-0.04	-0.07	0.35	-0.01	-0.02
Other Operating Activities	1.41	0.97	0.82	0.64	0.35	0.28	0.22
Net Cash from Operating Activities	0.67	0.58	1.11	1.02	0.07	0.62	0.30
Investing Activities
Capital Expenditures	-0.18	-0.10	-0.05	-0.06	-0.02	-0.02	-0.02
Acquisitions	-0.55	0.00	-0.03	0.00	-0.01	0.00	0.00
Purchases of Investments	-0.78	-0.65	-2.62	-1.52	-1.05	-0.74	-0.38
Sales/Maturities of Investments	1.01	0.63	2.48	1.09	1.36	0.40	0.30
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	-0.01
Net Cash from Investing Activities	-0.51	-0.11	-0.22	-0.49	0.29	-0.36	-0.11
Financing Activities
Debt Repayment	0.22	-0.05	-0.05	0.00	-0.01	0.00	-0.01
Common Stock Repurchased	-0.02	0.00	-0.06	-0.06	0.00	0.00	0.00
Dividends Paid	0.00	-0.65	-0.56	-0.21	-0.34	-0.18	-0.10
Other Financing Activities	-0.05	-0.01	-0.01	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	0.15	-0.71	-0.68	-0.28	-0.35	-0.18	-0.11
Summary
Effect of Forex Changes on Cash	-0.03	0.04	-0.01	0.02	0.00	0.02	0.00
Net Change in Cash	0.28	-0.20	0.21	0.27	0.01	0.09	0.07
Cash at Beginning of Period	0.62	0.82	0.62	0.34	0.33	0.24	0.17
Cash at End of Period	0.90	0.62	0.82	0.62	0.34	0.33	0.24
Free Cash Flow	0.49	0.49	1.06	0.96	0.05	0.60	0.28
Supplemental Disclosures
Interest Paid	-	0.60	0.45	0.26	0.16	0.13	-
Income Taxes Paid	-	0.22	0.18	0.13	0.09	0.06	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Joint Stock Company Kaspi.kz Cash Flow

What is Joint Stock Company Kaspi.kz's free cash flow?

Joint Stock Company Kaspi.kz generated free cash flow of KZT 491.10B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of KZT 673.61B minus KZT 182.51B of capital expenditures. That was up 1.0% from KZT 486.17B a year earlier. Free cash flow equaled 12.1% of revenue.

How much does Joint Stock Company Kaspi.kz spend on capital expenditures?

Joint Stock Company Kaspi.kz spent KZT 182.51B on capital expenditures in fiscal 2025, compared with KZT 95.73B a year earlier. That equals 27.1% of operating cash flow.

Does Joint Stock Company Kaspi.kz pay dividends or buy back shares?

Yes. In fiscal 2025 Joint Stock Company Kaspi.kz returned KZT 21.91B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition