12 "The ten horns you saw are ten kings who have not yet received a kingdom, but who for one hour will receive authority as kings along with the beast.

Matthew Henry's Commentary on Revelation 17:12

Commentary on Revelation 17:7-14

(Read Revelation 17:7-14)

The beast on which the woman sat was, and is not, and yet is. It was a seat of idolatry and persecution, and is not; not in the ancient form, which was pagan: yet it is; it is truly the seat of idolatry and tyranny, though of another sort and form. It would deceive into stupid and blind submission all the inhabitants of the earth within its influence, except the remnant of the elect. This beast was seven heads, seven mountains, the seven hills on which Rome stands; and seven kings, seven sorts of government. Five were gone by when this prophecy was written; one was then in being; the other was yet to come. This beast, directed by the papacy, makes an eighth governor, and sets up idolatry again. It had ten horns, which are said to be ten kings who had as yet no kingdoms; they should not rise up till the Roman empire was broken; but should for a time be very zealous in her interest. Christ must reign till all enemies be put under his feet. The reason of the victory is, that he is the King of kings, and Lord of lords. He has supreme dominion and power over all things; all the powers of earth and hell are subject to his control. His followers are called to this warfare, are fitted for it, and will be faithful in it.