Millicom International Cellular S.A. (TIGO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.59	$0.65	+10.2%	—	$2.2B	—
Q4 25	$0.74	$1.51	+104.1%	—	$1.7B	—
Q3 25	$0.78	$1.17	+50.0%	—	$1.4B	—
Q2 25	$0.64	$0.9	+40.6%	—	$1.4B	—
Q1 25	$0.8	$1.14	+42.5%	—	$1.4B	—
Q4 24	$0.7	$0.26	-62.9%	—	$1.4B	—
Q3 24	$0.62	$0.3	-51.6%	—	$1.4B	—
Q2 24	$0.51	$0.46	-9.8%	—	$1.5B	—
Q1 24	$0.57	$0.53	-7.0%	—	$1.5B	—
Q4 23	$0.44	-$0.12	-127.3%	—	$1.5B	—
Q3 23	$0.27	-$0.03	-111.1%	—	$1.4B	—
Q2 23	$0.39	-$0.13	-133.3%	—	$1.4B	—
Q1 23	$0.37	$0.02	-94.6%	—	$1.4B	—
Q4 22	$0.27	$0.33	+22.2%	—	$1.4B	—
Q3 22	$0.04	-$0.16	-500.0%	—	$1.4B	—
Q2 22	$0.18	$0.11	-38.9%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.86	—	—	$5.8B	—
FY24	—	$1.47	—	—	$5.8B	—
FY23	—	-$0.48	—	—	$5.7B	—
FY22	—	$1.27	—	—	$5.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4B	$3.9B	$3.9B	$4.3B	$3.8B	$4.3B	$5.6B	$5.7B	$5.8B	$5.8B
YoY change	-38.5%	-2.62%	+0.25%	+9.86%	-12.2%	+12%	+32%	+0.66%	+2.53%	+0.26%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4B	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
Gross margin	71%	70.3%	71.7%	72.3%	72.1%	71.9%	73.2%	73.4%	75.5%	77.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1B	1B	899M	802M	924M	1.1B	1.1B	1.1B	995M
Operating expenses	1.6B	1.5B	1.6B	1.6B	1.4B	1.5B	1.9B	2B	1.9B	1.7B
Operating income	389M	425M	410M	436M	243M	405M	883M	773M	1.3B	1.5B
Operating margin	9.62%	10.8%	10.4%	10.1%	6.39%	9.5%	15.7%	13.7%	21.9%	25.8%
Non-operating income, net	71M	123M	54M	326M	52M	795M	-48M	86M	-49M	834M
Pretax 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	-90M	69M	-26M	154M	-385M	542M	129M	-245M	268M	1.4B
Net margin	-2.23%	1.75%	-0.66%	3.55%	-10.1%	12.7%	2.29%	-4.33%	4.62%	23.4%
EBITDA	1.3B	1.4B	1.3B	1.7B	1.6B	1.8B	2.2B	2.1B	2.4B	2.7B
EPS	-0.25	0.68	-0.08	1.16	-2.67	4.58	1.27	-0.48	1.47	7.86
Diluted EPS	-0.25	0.68	-0.08	1.16	-2.67	4.58	1.27	-0.48	1.46	7.83

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.4B	1.5B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.7B	2B	2.2B
Cost of revenue	363M	392M	382M	353M	341M	344M	316M	316M	313M	367M	479M	539M
Gross profit	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.3B	1.5B	1.6B
Gross margin	74.5%	73.5%	74.3%	75.8%	76.2%	75.9%	77%	77%	78%	77.8%	75.9%	75.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	525M	-616M	460M	467M	504M	-634M	351M	416M	415M	510M	612M	669M
Operating income	199M	207M	311M	333M	286M	342M	410M	343M	376M	405M	427M	452M
Operating margin	14%	14%	20.9%	22.8%	20%	23.9%	29.8%	25%	26.5%	24.5%	21.5%	20.7%
Non-operating income, net	15M	28M	6M	4M	4M	-62M	40M	598M	76M	88M	-36M	31M
Pretax income	36M	66M	153M	156M	123M	120M	290M	774M	—	—	—	204M
Income tax	61M	222M	71M	78M	66M	67M	71M	102M	85M	45M	78M	104M
Net income	-20M	-157M	82M	78M	57M	51M	219M	673M	204M	266M	75M	101M
Net margin	-1.4%	-10.6%	5.51%	5.35%	3.98%	3.57%	15.9%	49.1%	14.4%	16.1%	3.78%	4.64%
EBITDA	522M	549M	643M	618M	574M	543M	697M	628M	576M	832M	841M	945M
EPS	0	—	0.54	0.46	0.3	0.18	1.14	4.05	1.17	1.51	0.65	0.65
Diluted EPS	0	—	0.53	0.45	0.3	0.18	1.14	4.03	1.16	1.5	0.65	0.65

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	6.2B	5B	3.7B	1.8B	—	4.3B	9.3B	15.1B
Enterprise value	—	—	—	11.7B	10.7B	11.7B	8.5B	—	10.4B	17.2B	26.8B
Shares outstanding	127.8M	127.9M	128.4M	128.8M	128.9M	128.8M	139M	171.4M	171.3M	167.6M	167.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	40.3	—	6.76	13.6	—	16	6.82	23.1
P/S	—	—	—	1.43	1.31	0.86	0.31	—	0.74	1.6	2.14
P/B	—	—	—	2.32	2.2	1.34	0.48	—	1.2	2.57	6.33
EV/EBITDA	—	—	—	7.09	6.82	6.66	3.81	—	4.36	6.38	8.66
EV/Sales	—	—	—	2.71	2.81	2.74	1.52	—	1.78	2.96	3.7
Earnings yield	—	—	—	2.48%	—	14.8%	7.35%	—	6.26%	14.7%	4.33%
FCF yield	—	—	—	-1.71%	-0.06%	2.21%	12.1%	—	19.5%	9.9%	12.5%
PEG	—	—	—	—	—	—	—	—	—	—	-0.28

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	71%	70.3%	71.7%	72.3%	72.1%	71.9%	73.2%	73.4%	75.5%	77.5%	75.3%
Operating margin	9.62%	10.8%	10.4%	10.1%	6.39%	9.5%	15.7%	13.7%	21.9%	25.8%	20.7%
Net margin	-2.23%	1.75%	-0.66%	3.55%	-10.1%	12.7%	2.29%	-4.33%	4.62%	23.4%	9.18%
ROE	-2.67%	2.1%	-0.93%	5.74%	-16.9%	19.8%	3.55%	-7.11%	7.5%	37.6%	21.7%
ROA	-0.93%	0.73%	-0.25%	1.19%	-3.1%	3.58%	0.91%	-1.69%	1.95%	7.89%	5.87%
ROIC	0%	0.38%	0.35%	2.39%	3.06%	2.95%	0.57%	0%	6.48%	10.7%	10.7%
Return on tangible assets	-1.3%	1%	-0.46%	2.37%	-6.86%	2.1K%	-24.7%	23.3%	-339.2%	82.1%	5.44%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.88	0.88	0.57	1.1	0.89	0.5	0.97	0.82	0.76	0.88	0.54
Quick ratio	0.85	0.86	0.56	1.09	0.87	0.49	0.95	0.8	0.75	0.86	0.52
Debt / equity	1.16	1.15	1.64	2.64	2.95	3.25	2.15	2.25	1.89	2.62	4.85
Debt / assets	0.41	0.4	0.44	0.55	0.54	0.59	0.55	0.53	0.49	0.55	0.58
Net debt / EBITDA	2.43	2.3	3.08	3.34	3.62	4.57	3.02	3.36	2.55	2.93	3.46
Interest coverage	1.35	1.55	1.37	1.43	0.48	2.65	1.43	1.29	1.97	3.83	2.26
Effective tax rate	100%	94.2%	94.1%	55%	0%	21.7%	93.3%	100%	50.9%	18.2%	18.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	31.6	30.8	30.7	33.6	29.5	33.1	40.4	33	33.9	34.7	43.3
EPS (basic)	-0.25	0.68	-0.08	1.16	-2.67	4.58	1.27	-0.48	1.47	7.86	7.86
EPS (diluted)	-0.25	0.68	-0.08	1.16	-2.67	4.58	1.27	-0.48	1.46	7.83	4.01
Book value per share	26.4	25.7	21.8	20.8	17.6	21.3	26.1	20.1	20.9	21.6	14.6
FCF per share	0.13	0.29	0.09	-0.82	-0.02	0.63	1.52	0.23	4.87	5.49	7.24
Cash per share	5.05	4.84	4.11	11.9	8.03	6.95	7.47	4.52	4.08	9.26	5.13
Capex per share	5.58	3.68	3.72	5.53	4.76	5.66	5.6	4.65	2.81	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	17.6%	12%	12.1%	16.4%	16.1%	17.1%	13.9%	14.1%	8.3%	—	—
Capex / operating cash flow	47.5%	30.5%	39.2%	43.8%	37.7%	30.2%	33.5%	38.9%	18.4%	—	—
Payout ratio	-294.4%	384.1%	-1K%	174%	0%	0%	0%	—	—	55.4%	74.8%
Dividend yield	—	—	—	4.31%	0%	0%	0%	—	—	8.12%	6.68%

Yield

6.68%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.75

ex-dividend Apr 8, 2027

Payout ratio

75%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 8, 2027upcoming	$0.75
Jan 8, 2027upcoming	$0.75
Oct 8, 2026upcoming	$0.75
Jul 8, 2026	$0.75
Apr 8, 2026	$2.00
Jan 8, 2026	$0.75
Oct 8, 2025	$0.75
Jul 8, 2025	$0.75

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.4B	$1.5B	$1.5B	$1.5B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.7B	$2B	$2.2B
YoY change	+2.59%	+6.73%	+8.62%	+4.67%	+0.49%	-3.19%	-7.6%	-5.9%	-0.77%	+15.7%	+44.5%	+58.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	646M	619M	528M	1.5B	1B	895M	1B	775M	699M	1.6B
Receivables	390M	386M	343M	371M	351M	406M	379M	443M	389M	527M
Inventory	62M	45M	39M	32M	37M	63M	53M	45M	44M	70M
Total current assets	1.7B	1.8B	1.5B	2.7B	2.3B	2.3B	2.1B	1.9B	2.4B	3B
Property, plant & equipment	9.7B	9.5B	10.3B	11B	3.6B	4.4B	4.1B	4B	3.6B	5.6B
Goodwill & intangibles	2.7B	2.5B	4.7B	6.4B	6.8B	15.1B	14.7B	15.6B	13.8B	15.6B
Total assets	9.6B	9.5B	10.3B	12.9B	12.4B	15.1B	14.2B	14.5B	13.7B	17.3B
Accounts payable	297M	288M	282M	289M	334M	347M	400M	390M	300M	491M
Short-term debt	80M	185M	457M	293M	236M	2B	343M	410M	438M	622M
Total current liabilities	1.9B	2.1B	2.7B	2.4B	2.6B	4.5B	2.1B	2.3B	3.1B	3.4B
Long-term debt	3.8B	3.6B	4.1B	6.8B	6.5B	6.9B	7.5B	7.3B	6.3B	8.8B
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	3.3B	2.8B	2.7B	2.3B	2.7B	3.6B	3.4B	3.6B	3.6B
Total debt	3.9B	3.8B	4.6B	7.1B	6.7B	8.9B	7.8B	7.7B	6.8B	9.5B
Net debt	3.3B	3.2B	4.1B	5.9B	5.8B	8B	6.8B	7B	6.1B	7.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	759M	775M	622M	792M	803M	699M	534M	1.3B	1.7B	1.6B	1.2B	861M
Receivables	421M	443M	431M	418M	408M	389M	364M	361M	374M	527M	645M	692M
Inventory	65M	45M	59M	63M	60M	44M	56M	74M	68M	70M	97M	101M
Total current assets	1.9B	1.9B	2.7B	2.8B	2.8B	2.4B	2.2B	2.8B	3.1B	3B	3.1B	2.8B
Property, plant & equipment	3.9B	4B	3.8B	3.6B	3.6B	3.6B	3.8B	4.4B	4.6B	5.6B	7.5B	7.6B
Goodwill & intangibles	7.7B	15.6B	7B	6.9B	6.8B	13.8B	6.8B	7B	7.1B	15.6B	8.7B	8.8B
Total assets	14.5B	14.5B	14.4B	14.2B	14.1B	13.7B	13.7B	15B	15.6B	17.3B	20.7B	20.7B
Accounts payable	325M	390M	312M	306M	277M	300M	330M	340M	400M	491M	724M	809M
Short-term debt	409M	410M	652M	408M	432M	438M	409M	556M	656M	622M	1.6B	1.4B
Total current liabilities	2.2B	2.3B	3.2B	2.9B	2.9B	3.1B	2.9B	3.2B	3.4B	3.4B	5B	5.2B
Long-term debt	7.3B	7.3B	7B	7.1B	6.8B	6.3B	6.7B	7.4B	7.8B	8.8B	10.2B	10.5B
Total liabilities	10.9B	11.1B	10.8B	10.6B	10.3B	10.2B	10.3B	11.5B	12.3B	13.6B	17.6B	18.2B
Shareholders' equity	3.6B	3.4B	3.5B	3.6B	3.7B	3.6B	3.4B	3.5B	3.3B	3.6B	3.2B	2.5B
Total debt	7.7B	7.7B	7.7B	7.5B	7.3B	6.8B	7.1B	7.9B	8.4B	9.5B	11.7B	11.9B
Net debt	7B	7B	7.1B	6.7B	6.4B	6.1B	6.6B	6.6B	6.8B	7.9B	10.5B	11B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	83M	227M	90M	277M	-283M	731M	354M	179M	549M	1.7B
Depreciation & amortization	932M	879M	830M	1.1B	1.2B	1.2B	1.4B	1.3B	1.2B	1.3B
Stock-based compensation	14M	22M	22M	30M	24M	17M	29M	52M	50M	14M
Change in working capital	121M	21M	-144M	-111M	-42M	-87M	-114M	-170M	-5M	-226M
Operating cash flow	1.5B	1.5B	1.2B	1.6B	1.6B	2.4B	2.3B	2B	2.6B	1.7B
Capital expenditure	-713M	-471M	-478M	-712M	-613M	-729M	-779M	-797M	-482M	—
Investing cash flow	-558M	-441M	-1.3B	-1.5B	-364M	-2.6B	-842M	-810M	-441M	257M
Dividends paid	-265M	-265M	-266M	-268M	0	0	0	—	—	-754M
Share repurchases	—	—	0	0	-10M	-50M	0	-5M	-99M	-119M
Financing cash flow	-441M	-464M	341M	1.4B	-598M	1.8B	-1M	-377M	-1.1B	-485M
Net change in cash	503M	639M	267M	1.4B	662M	1.6B	1.5B	860M	1.1B	1.5B
Free cash flow	16M	37M	12M	-106M	-3M	81M	212M	40M	834M	920M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	40M	66M	153M	155M	123M	117M	290M	774M	289M	312M	154M	205M
Depreciation & amortization	337M	342M	334M	304M	300M	296M	297M	297M	316M	370M	467M	519M
Stock-based compensation	15M	11M	10M	10M	23M	7M	3M	6M	3M	2M	1M	1M
Change in working capital	95M	-42M	-117M	28M	36M	48M	-170M	7M	-46M	-17M	-72M	-50M
Operating cash flow	660M	539M	550M	688M	658M	722M	553M	446M	463M	477M	590M	711M
Capital expenditure	-166M	-209M	-92M	-120M	-106M	-164M	-67M	—	—	—	—	—
Investing cash flow	-163M	-203M	-81M	-116M	-100M	-158M	-61M	554M	2M	-305M	-760M	-292M
Dividends paid	—	—	—	—	—	—	-170M	-125M	-125M	-334M	-125M	-336M
Share repurchases	0	—	-27M	-5M	-33M	-34M	-119M	0	0	0	0	0
Financing cash flow	-82M	-52M	-202M	-152M	-316M	-395M	-364M	-52M	87M	-154M	92M	-433M
Net change in cash	415M	284M	267M	420M	242M	169M	128M	948M	552M	18M	-78M	-14M
Free cash flow	128M	54M	-10M	299M	284M	261M	132M	235M	267M	286M	269M	395M

Millicom International Cellular S.A. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement