Joint Stock Company Kaspi.kz · KSPI · FY2025 Q3 · Calendar Q4 2025

Kaspi.kz: Payments and ads grow as smartphones constrain marketplace

Kaspi.kz’s payments, advertising, e-Grocery and AI initiatives support a constructive operating story, but the quarter’s reported miss, lowered guidance sentiment and smartphone-related marketplace constraint make the near-term evidence mixed.

Reported Before market openNASDAQTechnology $17.86B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.72 Consensus $4.31
EPS surprise -36.9% Reported versus consensus
Reported revenue $2.03B Consensus $2.23B
Revenue surprise -9.0% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +3.3% Event window
SPY move +1.6% Same window
Abnormal move +1.7% Stock minus SPY
Volume 1.4× Versus trailing sessions
Subsequent drift -0.2% Up to 20 sessions
KSPISPY benchmark

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Transcript intelligence

What changed

The quarter added a smartphone supply constraint to marketplace growth, while management emphasized resilient payments, advertising growth, e-Grocery scaling, AI-enabled product enrichment and planned shareholder returns.

Guidance delta

Management’s guidance sentiment was lowered, with marketplace growth constrained by smartphone supply disruption; management expects stronger conditions in 2026.

Key takeaways

  • Management highlighted robust payments growth and continued QR adoption.
  • Marketplace growth was constrained by a nationwide smartphone supply shortage, while ex-smartphone growth remained strong.
  • Advertising revenue, e-Grocery and AI-enabled product enrichment were identified as growth areas.
  • Management announced a $100 million ADS buyback program and discussed potential dividend resumption.

Management priorities

  • Expand e-Grocery through additional dark stores.
  • Roll out Pay-by-Palm and launch the Kaspi AI Assistant for merchants.
  • Continue investing in delivery, marketing, payment options and user experience.

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Earnings History

Estimate Beat Miss Match
KSPI REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $558B Q2 '24 actual $593B, beat Q3 '24 estimate $1B Q3 '24 actual $1B, beat Q4 '24 estimate $1B Q4 '24 actual $1B, beat Q2 '25 estimate $2B Q2 '25 actual $2B, beat Q3 '25 estimate $2B Q3 '25 actual $2B, miss Q4 '25 estimate $2B Q4 '25 actual $2B, miss Q1 '26 estimate $2B Q1 '26 actual $2B, beat Q2 '26 estimate $2B Q2 '26 actual $2B, beat Q3 '26 estimate $3B Q4 '26 estimate $1.3T Q1 '27 estimate $1.2T Q2 '27 estimate $1.3T
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Analyst Consensus ?

ConsensusHold3 ratings
Bullish133.3%
Neutral266.7%
Bearish00.0%

Analyst 52W Price Targets

$93.16Current
$100Low
$117.4Average
$150High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wolfe Research Outperform OutperformMaintainAug 25, 2026
Susquehanna Neutral NeutralMaintainAug 12, 2026
JP Morgan Neutral OverweightDowngradeAug 20, 2025

Named analyst price targets

Upside is calculated against the persisted current price $93.16. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wolfe ResearchAnalyst unavailable$115$106.46 +23.4%Aug 25, 2026
SusquehannaAnalyst unavailable$100$95.64 +7.3%Aug 12, 2026
SusquehannaAnalyst unavailable$95$86.4 +2.0%Apr 23, 2026
SusquehannaAnalyst unavailable$87$76.17 -6.6%Feb 2, 2026
Goldman SachsMikhail Butkov$107$76.85 +14.9%Oct 8, 2025
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Company context

Snapshot as of publication

Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-07T01:10:43.027466+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T01:10:43.024397+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.