Analyst Consensus ?
ConsensusHold3 ratings
Bullish133.3%
Neutral266.7%
Bearish00.0%
Joint Stock Company Kaspi.kz · KSPI · FY2026 Q2 · Calendar Q3 2026
KSPI holds guidance as AI and fintech expansion advance
KSPI’s Q2 results support a balanced view: resilient marketplace growth and new fintech initiatives provide growth avenues, but funding costs, regulation and investment spending remain important constraints.
Reported Before market openNASDAQTechnology
$18.53B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.83
Consensus $2.78
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$2.32B
Consensus $2.31B
Revenue surprise
+0.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.1%
Event window
SPY move
-0.0%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
3.4×
Versus trailing sessions
Subsequent drift
+14.1%
Up to 20 sessions
KSPISPY benchmark
Ask FN2 about KSPI FY2026 Q2
Transcript, numbers and history already loaded
Why did KSPI rise 4.1% after beating EPS estimates in FY2026 Q2?What changed in KSPI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for KSPI after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added nationwide Kasper AI availability in Kazakhstan, a Rabobank banking-license acquisition and a $300 million fintech capital commitment to the existing marketplace and payments story. Management also highlighted plans to expand AI and fintech offerings into Turkey.
Guidance delta
Guidance was maintained; the supplied analysis says the full-year outlook remains on track.
Key takeaways
- Revenue grew 16% year over year and adjusted EBITDA rose 5%, despite higher funding costs.
- Marketplace GMV increased 15%, while e-commerce GMV grew 28% on a constant-currency basis.
- Kasper AI launched nationwide in Kazakhstan, alongside a banking-license acquisition and planned fintech expansion.
Management priorities
- Scale Kasper AI into Turkey and broaden its functionality beyond shopping.
- Build out Turkish fintech products, including shopping loans, BNPL, merchant finance and savings accounts.
- Continue investing in delivery speed, logistics and payment integrations.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$96.45Current
$100Low
$117.4Average
$150High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Aug 12, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Aug 20, 2025 |
Named analyst price targets
Upside is calculated against the persisted current price $96.45. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wolfe Research | Analyst unavailable | $115 | $106.46 | +19.2% | Aug 25, 2026 |
| Susquehanna | Analyst unavailable | $100 | $95.64 | +3.7% | Aug 12, 2026 |
| Susquehanna | Analyst unavailable | $95 | $86.4 | -1.5% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $87 | $76.17 | -9.8% | Feb 2, 2026 |
| Goldman Sachs | Mikhail Butkov | $107 | $76.85 | +10.9% | Oct 8, 2025 |
| Morgan Stanley | Nida Iqbal | $115 | $84.97 | +19.2% | Jun 17, 2025 |
| Wolfe Research | Darrin Peller | $150 | $124.36 | +55.5% | May 29, 2024 |
Track every rating change on KSPI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationJoint 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.…
Technology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the KSPI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-10T19:12:10.361087+00:00
- FN2 earnings calendar · 2026-09-15T01:23:15.305287+00:00
- Polygon adjusted daily market bars · 2026-09-21T21:20:47.849985+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T21:20:47.847311+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 . For educational purposes only; not investment advice.