Millicom International Cellular S.A (TIGO) Income Statement
TIGO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTIGO revenue and net income
Where TIGO's revenue goes
2025Each bar shows an amount and its share of revenue. TIGO kept 22.6% of revenue as net income.
TIGO profit margins
TIGO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.3% | +1.1% | +6.9% | −1.2% |
| Gross profit | +2.8% | +3.1% | +27.9% | +2.6% |
| Operating income | +22.1% | +21.4% | +46.8% | +6.4% |
| Net income | +420.2% | +184.7% | — | — |
| EPS (diluted) | +178.7% | +96.4% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TIGO quarterly EPS vs estimates
Millicom International Cellular S.A beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.08).
TIGO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.82B | $5.80B | $5.66B | $5.62B | $4.26B | $4.17B | $4.34B | $3.95B | $4.08B | $4.11B |
| Cost of revenue | $1.31B | $1.42B | $3.46B | $1.51B | $2.79B | $2.86B | $2.80B | $2.42B | $2.50B | $2.06B |
| Gross profit | $4.51B | $4.38B | $2.20B | $4.12B | $1.48B | $1.31B | $1.54B | $1.53B | $1.58B | $2.04B |
| Sales, general & admin | $995.0M | $1.08B | $1.15B | $1.06B | $998.0M | $874.0M | $899.0M | $1.07B | $1.05B | $1.15B |
| Total operating expenses | $2.87B | $3.04B | $1.43B | $3.20B | $1.07B | $1.07B | $1.11B | $1.12B | $1.14B | $1.66B |
| Operating income | $1.64B | $1.34B | $773.0M | $915.0M | $404.0M | $240.0M | $430.0M | $410.0M | $436.0M | $381.0M |
| Interest income | $28.0M | $46.0M | $26.0M | $18.0M | $23.0M | $13.0M | $20.0M | $21.0M | $16.0M | $22.0M |
| Interest expense | $702.0M | $717.0M | $711.0M | $617.0M | $489.0M | $609.0M | $552.0M | $362.0M | $352.0M | $352.0M |
| Income before taxes | $1.67B | $552.0M | $175.0M | $238.0M | $728.0M | −$271.0M | $218.0M | $119.0M | $176.0M | $88.0M |
| Income taxes | $303.0M | $281.0M | $424.0M | $222.0M | $158.0M | $102.0M | $121.0M | $112.0M | $158.0M | $179.0M |
| Net income | $1.32B | $253.0M | −$82.0M | $57.0M | $590.0M | −$344.0M | $75.0M | $19.0M | $47.0M | −$45.0M |
| EBITDA | $2.82B | $2.36B | $2.19B | $2.16B | $2.16B | $1.38B | $1.73B | $1.29B | $1.35B | $1.25B |
| EPS (diluted) | $4.32 | $1.55 | −$0.51 | $0.57 | $6.34 | −$3.52 | $1.48 | −$0.08 | $0.85 | $1.48 |
| Gross margin | 77.5% | 75.5% | 38.9% | 73.2% | 34.6% | 31.5% | 35.5% | 38.7% | 38.7% | 49.7% |
| Operating margin | 28.2% | 23.1% | 13.7% | 16.3% | 9.5% | 5.8% | 9.9% | 10.4% | 10.7% | 9.3% |
| Net margin | 22.6% | 4.4% | −1.4% | 1.0% | 13.8% | −8.2% | 1.7% | 0.5% | 1.2% | −1.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.18B | $1.98B | $1.65B | $1.42B | $1.37B | $1.37B | $1.43B | $1.43B | $1.46B | $1.49B | $1.48B | $1.42B |
| Cost of revenue | $1.06B | $946.0M | $367.0M | $313.0M | $316.0M | $613.0M | $344.0M | $641.0M | $658.0M | $716.0M | $734.0M | $700.0M |
| Gross profit | $1.12B | $1.04B | $1.28B | $1.11B | $1.06B | $761.0M | $1.08B | $790.0M | $800.0M | $771.0M | $741.0M | $724.0M |
| Sales, general & admin | — | — | — | — | — | — | — | — | — | — | $9.0M | — |
| Total operating expenses | $631.0M | $650.0M | $816.0M | $717.0M | $699.0M | $423.0M | $711.0M | $504.0M | $471.0M | $473.0M | $527.0M | $528.0M |
| Operating income | $490.0M | $389.0M | $469.0M | $390.0M | $357.0M | $338.0M | $373.0M | $286.0M | $329.0M | $298.0M | $214.0M | $196.0M |
| Interest income | $13.0M | $10.0M | $12.0M | $11.0M | $2.0M | $2.0M | $6.0M | $9.0M | $12.0M | $19.0M | $13.0M | $6.0M |
| Interest expense | $292.0M | $248.0M | $194.0M | $173.0M | $170.0M | $164.0M | $134.0M | $175.0M | $192.0M | $183.0M | $182.0M | $182.0M |
| Income before taxes | $204.0M | $154.0M | $311.0M | $289.0M | $774.0M | $290.0M | $120.0M | $123.0M | $156.0M | $153.0M | $66.0M | $36.0M |
| Income taxes | $104.0M | $79.0M | $45.0M | $85.0M | $101.0M | $71.0M | $67.0M | $66.0M | $78.0M | $71.0M | $223.0M | $61.0M |
| Net income | $109.0M | $109.0M | $252.0M | $195.0M | $676.0M | $193.0M | $31.0M | $51.0M | $78.0M | $92.0M | −$63.0M | −$1.0M |
| EBITDA | $1.01B | $869.0M | $681.0M | $778.0M | $1.21B | $738.0M | $451.0M | $585.0M | $641.0M | $657.0M | $579.0M | $544.0M |
| EPS (diluted) | $0.64 | $0.58 | $1.50 | $1.17 | $0.51 | $1.14 | $0.26 | $0.30 | $0.46 | $0.53 | −$0.37 | −$0.03 |
| Gross margin | 51.4% | 52.3% | 77.8% | 78.0% | 77.0% | 55.4% | 75.9% | 55.2% | 54.9% | 51.8% | 50.2% | 50.8% |
| Operating margin | 22.5% | 19.6% | 28.4% | 27.5% | 26.0% | 24.6% | 26.1% | 20.0% | 22.6% | 20.0% | 14.5% | 13.8% |
| Net margin | 5.0% | 5.5% | 15.3% | 13.7% | 49.3% | 14.0% | 2.2% | 3.6% | 5.3% | 6.2% | −4.3% | −0.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TIGO's financial statements (latest annual report filed March 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TIGO financial results
In fiscal year 2025 (ended December 31, 2025), Millicom International Cellular S.A reported revenue of $5.8 billion, up 0.3% from the year before. It had net income of $1.3 billion (up 420.2%), a net profit margin of 22.6%. Diluted earnings per share came to $4.32. Over five years revenue grew at an average rate of 6.9% a year.
See the TIGO stock overview for the latest quote and news, or the TIGO chart for price history and technical indicators.
TIGO income statement FAQ
What is Millicom International Cellular S.A's annual revenue?
Millicom International Cellular S.A reported total revenue of $5.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.3% from $5.8 billion the previous year.
Is Millicom International Cellular S.A profitable?
Yes. Millicom International Cellular S.A reported net income of $1.3 billion in fiscal 2025, a net profit margin of 22.6%; its operating margin was 28.2%.
What is Millicom International Cellular S.A's gross margin?
Millicom International Cellular S.A's gross margin was 77.5% in fiscal 2025: for every $100 of revenue, Millicom International Cellular S.A kept $77 after the direct cost of its products and services.
How fast is Millicom International Cellular S.A growing?
Revenue grew 6.9% a year on average over the last five fiscal years, from $4.2 billion to $5.8 billion.
What are Millicom International Cellular S.A's earnings per share?
Millicom International Cellular S.A earned $4.32 per diluted share in fiscal 2025, compared with $1.55 a year earlier.
When will Millicom International Cellular S.A report its next earnings?
Millicom International Cellular S.A is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Millicom International Cellular S.A's fiscal year end?
Millicom International Cellular S.A's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 24, 2026.