Millicom International Cellular SA (TIGO) financial statements
Millicom International Cellular SA reported revenue of $5.8B in fiscal 2025, up 4.1% a year over 9 years.
Net income was $1.3B and the operating margin 28.2%, against 12.1% in 2016.
Free cash flow was $993M, and the company returned $1.1B in dividends and $119M in net buybacks.
The diluted share count rose 67% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Millicom International Cellular SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.9B | $3.9B | $4.3B | $3.8B | $4.3B | $5.6B | $5.7B | $5.8B | $5.8B |
| Cost of revenue | $1.2B | $1.2B | $1.1B | $1.2B | $1.1B | $1.2B | $1.5B | $1.5B | $1.4B | $1.3B |
| Gross profit | $2.9B | $2.8B | $2.8B | $3.1B | $2.7B | $3.1B | $4.1B | $4.2B | $4.4B | $4.5B |
| Operating income | $490M | $632M | $640M | $575M | $402M | $619M | $915M | $826M | $1.3B | $1.6B |
| Interest expense | $372M | $389M | $367M | $564M | $560M | $495M | $617M | $712M | $716M | $702M |
| Pre-tax income | $109M | $172M | $119M | $218M | -$252M | $728M | $238M | $175M | $552M | $1.7B |
| Income tax | $179M | $162M | $112M | $120M | $72M | $158M | $222M | $424M | $281M | $303M |
| Net income | -$32M | $87M | -$10M | $149M | -$344M | $590M | $177M | -$82M | $253M | $1.3B |
| EPS (diluted) | -$0.32 | $0.86 | -$0.10 | $1.48 | -$2.67 | $4.57 | $1.27 | -$0.48 | $1.46 | $7.83 |
| Diluted shares | 100M | 100M | 101M | 101M | 129M | 129M | 140M | 171M | 173M | 168M |
| Gross margin | 70.9% | 70.3% | 71.7% | 72.3% | 72.1% | 71.9% | 73.2% | 73.4% | 75.5% | 77.5% |
| Operating margin | 12.1% | 16.1% | 16.2% | 13.3% | 10.6% | 14.5% | 16.3% | 14.6% | 23.1% | 28.2% |
| Net margin | -0.8% | 2.2% | -0.3% | 3.4% | -9.0% | 13.8% | 3.1% | -1.4% | 4.4% | 22.6% |
Balance sheet
Fiscal years, from Millicom International Cellular SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $646M | $619M | $528M | $1.5B | $1.0B | $895M | $1.0B | $775M | $699M | $1.6B |
| Receivables | — | $386M | $343M | $371M | $351M | $405M | $379M | $443M | $390M | $527M |
| Inventory | — | $45M | $39M | $32M | $37M | $63M | $53M | $45M | $44M | $70M |
| Property, plant and equipment | $3.1B | $2.9B | $2.8B | $2.9B | $2.8B | $3.4B | $3.0B | $3.1B | $2.8B | $3.2B |
| Goodwill | — | $599M | $1.1B | $1.7B | $1.7B | $4.1B | $4.1B | $4.1B | $4.1B | $4.3B |
| Total assets | $9.6B | $9.5B | $10.3B | $12.9B | $12.4B | $15.1B | $14.2B | $14.5B | $13.7B | $17.3B |
| Long-term debt | — | $3.6B | $4.1B | $5.8B | $5.6B | $5.9B | $6.6B | $6.5B | $5.5B | $6.6B |
| Total liabilities | $6.3B | $6.2B | $7.5B | $10.2B | $10.1B | $12.4B | $10.6B | $11.1B | $10.2B | $13.6B |
| Shareholders' equity | $3.4B | $3.1B | $2.5B | $2.4B | $2.1B | $2.6B | $3.6B | $3.5B | $3.6B | $3.6B |
| Net debt | -$646M | $3.2B | $4.1B | $4.8B | $4.8B | $6.8B | $5.8B | $5.9B | $5.1B | $5.3B |
Cash flow
Fiscal years, from Millicom International Cellular SA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $878M | $820M | $792M | $801M | $821M | $956M | $1.3B | $1.2B | $1.6B | $1.7B |
| Capital spending | $862M | $783M | $780M | $907M | $723M | $838M | $979M | $947M | $634M | $741M |
| Free cash flow | $16M | $37M | $12M | -$106M | $98M | $118M | $305M | $276M | $969M | $993M |
| Stock-based compensation | $14M | $22M | $22M | $30M | $24M | $17M | $29M | $52M | $50M | $14M |
| Dividends paid | $265M | $265M | $266M | $268M | $0 | $0 | $0 | $0 | $173M | $1.1B |
| Share buybacks (net) | -$3M | -$3M | $0 | $0 | -$10M | -$50M | $0 | -$5M | -$99M | -$119M |
| Net borrowing | -$108M | -$180M | $625M | $1.7B | -$274M | $1.8B | -$557M | -$270M | -$762M | $600M |
| Free cash flow margin | 0.4% | 0.9% | 0.3% | -2.4% | 2.6% | 2.8% | 5.4% | 4.9% | 16.7% | 17.1% |
| Dividends per share | $2.64 | $2.64 | $2.64 | $2.65 | — | — | — | — | $1.00 | $6.25 |
Questions
What was Millicom International Cellular SA's revenue in 2025?
$5.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Millicom International Cellular SA generate?
$993M in fiscal 2025 (operating cash flow minus capital spending).
From Millicom International Cellular SA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.