Meaning of the word "Got it" in English

What does "Got it" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

Got it

US /ɡɑt ɪt/
UK /ɡɒt ɪt/

Exclamation

used to indicate that one has understood or received something

Example:
“Please send the report by Friday.” “Got it!”
I explained the instructions, and she said, “Got it.”