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Financials · TIGO

Millicom International Cellular S.A. (TIGO) financials

For fiscal 2025 (ended Dec 31, 2025), Millicom International Cellular S.A. reported $5.82B of revenue and $1.32B of net income.

Revenue, FY2025
$5.82B
Revenue growth, YoY
+0.3%
Net income, FY2025
$1.32B
Net income growth, YoY
+420.2%
Net margin
22.6%
Free cash flow, FY2025
$1.08B
EPS, diluted, FY2025
$7.83
EPS growth, YoY
+436.3%
Cash
$1.55B
Total debt
$6.88B
P/E
10.07
P/S
2.28
Market cap
$13.26B
Annual revenue$5.82B
FY2016FY2025
Annual net income$1.32B
FY2016FY2025
Annual free cash flow$1.08B
FY2016FY2025

TIGO revenue and earnings growth

TIGO revenueFY2025$5.82B

FY YoY
+0.3%
5Y CAGR
+8.9%

TIGO revenue was $5.82B for fiscal 2025 (ended Dec 31, 2025), up 0.3% from fiscal 2024. Compound annual growth was +8.9% over 5 years. It rose in 7 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

TIGO net incomeFY2025$1.32B

FY YoY
+420.2%

TIGO net income was $1.32B for fiscal 2025 (ended Dec 31, 2025), up 420.2% from fiscal 2024. Fiscal 2025 is the highest of the 10 fiscal years on file.

TIGO EPSFY2025$7.83

FY YoY
+436.3%

TIGO diluted EPS was $7.83 for fiscal 2025 (ended Dec 31, 2025), up 436.3% from fiscal 2024.

TIGO free cash flowFY2025$1.08B

FY YoY
+2.0%
5Y CAGR
+40.4%

TIGO free cash flow was $1.08B for fiscal 2025 (ended Dec 31, 2025), up 2.0% from fiscal 2024. Compound annual growth was +40.4% over 5 years. It rose in 6 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$5.82B$5.80B$5.66B$5.62B$4.26B$3.81B$4.34B$3.95B$3.94B$4.04B
Cost of revenue$1.31B$1.42B$1.51B$1.51B$1.20B$1.06B$1.20B$1.12B$1.17B$1.18B
Gross profit$4.51B$4.38B$4.15B$4.12B$3.06B$2.75B$3.13B$2.83B$2.77B$2.87B
Operating income$1.64B$1.34B$826.00M$915.00M$619.00M$402.00M$575.00M$640.00M$632.00M$490.00M
Interest expense$702.00M$716.00M$712.00M$617.00M$495.00M$560.00M$564.00M$367.00M$389.00M$372.00M
Pre-tax income$1.67B$552.00M$175.00M$238.00M$728.00M-$252.00M$218.00M$119.00M$172.00M$109.00M
Income tax$303.00M$281.00M$424.00M$222.00M$158.00M$72.00M$120.00M$112.00M$162.00M$179.00M
Net income$1.32B$253.00M-$82.00M$177.00M$590.00M-$344.00M$149.00M-$10.00M$87.00M-$32.00M
EPS, basic$7.86$1.47-$0.48$1.27$4.59-$2.68$1.48-$0.10$0.86-$0.32
EPS, diluted$7.83$1.46-$0.48$1.27$4.57-$2.67$1.48-$0.10$0.86-$0.32
Diluted shares168.0M172.6M171.4M139.7M129.1M129.0M101.1M100.8M100.4M100.3M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$1.55B$699.00M$775.00M$1.04B$895.00M$875.00M$1.16B$528.00M$619.00M$646.00M
Inventory$70.00M$44.00M$45.00M$53.00M$63.00M$37.00M$32.00M$39.00M$45.00M-
Goodwill$4.26B$4.09B$4.11B$4.06B$4.10B$1.66B$1.68B$1.07B$599.00M-
Total assets$17.25B$13.74B$14.52B$14.20B$15.14B$12.42B$12.89B$10.31B$9.46B$9.63B
Short-term debt$329.00M$282.00M$221.00M$180.00M$1.84B$113.00M$186.00M$458.00M$185.00M-
Long-term debt$6.56B$5.53B$6.48B$6.62B$5.90B$5.58B$5.79B$4.12B$3.60B-
Total debt$6.88B$5.82B$6.70B$6.80B$7.74B$5.69B$5.97B$4.58B$3.79B-
Total liabilities$13.63B$10.16B$11.07B$10.56B$12.40B$10.15B$10.21B$7.52B$6.18B$6.26B
Shareholders' equity$3.64B$3.63B$3.44B$3.63B$2.74B$2.27B$2.68B$2.79B$3.28B$3.37B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$1.73B$1.60B$1.22B$1.28B$956.00M$821.00M$801.00M$792.00M$820.00M$878.00M
Capital expenditures$650.00M$540.00M$814.00M$800.00M$740.00M$622.00M$736.00M$632.00M$650.00M$719.00M
Free cash flow$1.08B$1.06B$409.00M$484.00M$216.00M$199.00M$65.00M$160.00M$170.00M$159.00M
Investing cash flow-$374.00M-$604.00M-$1.12B-$1.10B-$2.70B-$495.00M-$1.50B-$1.20B-$367.00M-$552.00M
Financing cash flow-$485.00M-$1.07B-$377.00M-$1.00M$1.78B-$598.00M$1.35B$341.00M-$464.00M-$441.00M
Share repurchases$119.00M$99.00M$5.00M$0$50.00M$10.00M$0$0--
Stock-based compensation$14.00M$50.00M$52.00M$29.00M$17.00M$24.00M$30.00M$22.00M$22.00M$14.00M
Depreciation and amortization$1.28B$1.23B$1.34B$1.36B$1.20B$1.21B$1.11B$830.00M$879.00M$932.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY0.3%2.5%0.7%32.0%12.0%-12.2%9.9%0.3%-2.6%-
Net income growth, YoY420.2%---70.0%------
EPS growth, YoY436.3%---72.2%------
Gross margin77.5%75.5%73.4%73.2%71.9%72.1%72.3%71.7%70.3%70.9%
Operating margin28.2%23.1%14.6%16.3%14.5%10.6%13.3%16.2%16.1%12.1%
Net margin22.6%4.4%-1.4%3.1%13.8%-9.0%3.4%-0.3%2.2%-0.8%
Free cash flow margin18.6%18.3%7.2%8.6%5.1%5.2%1.5%4.1%4.3%3.9%
Return on equity36.2%7.0%-2.4%4.9%21.5%-15.1%5.6%-0.4%2.7%-1.0%
Return on assets7.6%1.8%-0.6%1.2%3.9%-2.8%1.2%-0.1%0.9%-0.3%
Debt to equity1.891.601.941.872.832.502.231.641.15-

Source: XBRL data Millicom International Cellular S.A. files with the SEC, latest filing dated Mar 24, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.

TIGO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
TIGO$5.82B+0.3%$1.32B22.6%$13.26B
VZ$139.39B+1.4%$16.42B11.8%$191.15B
TMUS$93.82B+9.3%$11.30B12.0%$170.11B
T$128.85B+3.5%$13.13B10.2%$146.99B
GLW$17.72B+18.8%$2.24B12.6%$89.09B
AMXMXN 943.64B+8.6%MXN 82.82B8.8%$75.57B
LITE$3.74B+103.2%-$6.58B-175.8%$46.23B
CHTNT$236.11B+2.7%NT$38.70B16.4%$37.90B
VOD€40.46B+8.0%-€397.00M-1.0%$36.91B

TIGO FAQ

9 questions
  • What is TIGO revenue?
    Millicom International Cellular S.A. (TIGO) reported $5.82B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 0.3% from the year before.
  • Is TIGO profitable?
    Yes. Millicom International Cellular S.A. earned $1.32B in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 22.6%.
  • How much cash and debt does TIGO have?
    Millicom International Cellular S.A. reported $1.55B in cash and cash equivalents and $6.88B of debt on its most recent balance sheet in SEC filings.
  • How fast is TIGO revenue growing?
    Millicom International Cellular S.A.'s revenue changed +0.3% in fiscal 2025, to $5.82B. Its compound annual growth rate was +8.9% over 5 years.
  • What is TIGO gross margin?
    Millicom International Cellular S.A.'s gross profit was $4.51B on $5.82B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 77.5%.
  • What is TIGO free cash flow?
    Millicom International Cellular S.A. generated $1.08B of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $1.73B less capital expenditures.
  • What is TIGO earnings per share?
    Diluted earnings per share were $7.83 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.
  • When did TIGO last report financial results?
    The latest statements here come from Millicom International Cellular S.A.'s 20-F filed on Mar 24, 2026, covering the period ended Dec 31, 2025.
  • Where does this TIGO financial data come from?
    Quantisnow builds these statements from the structured XBRL data Millicom International Cellular S.A. files with the SEC. It is provided for information only and is not investment advice.