Millicom International Cellular
TIGO · NasdaqRadiotelephone Communications · Fiscal year ends Dec 31
Millicom International Cellular reported revenue of $5.8B in the fiscal year ended Dec 2025, up 0.3% from the year before. Operating income was $1.6B, an operating margin of 28.2%, and net income was $1.4B. Operating cash flow of $1.7B less capital expenditure of $650M left free cash flow of $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.3B | $5.6B | $5.7B | $5.8B | $5.8B |
| Cost of revenue | $1.2B | $1.5B | $1.5B | $1.4B | $1.3B |
| Gross profit | $3.1B | $4.1B | $4.2B | $4.4B | $4.5B |
| Operating income | $619M | $915M | $826M | $1.3B | $1.6B |
| Interest expense | $495M | $617M | $712M | $716M | $702M |
| Pre-tax income | $728M | $238M | $175M | $552M | $1.7B |
| Income tax | $158M | $222M | $424M | $281M | $303M |
| Net income | $542M | $129M | −$245M | $268M | $1.4B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $895M | $1B | $775M | $699M | $1.6B |
| Inventory | $63M | $53M | $45M | $44M | $70M |
| Net PP&E | $3.4B | $3B | $3.1B | $2.8B | $3.2B |
| Goodwill | $4.1B | $4.1B | $4.1B | $4.1B | $4.3B |
| Total assets | $15.1B | $14.2B | $14.5B | $13.7B | $17.3B |
| Payables | $347M | $400M | $390M | $300M | $491M |
| Total liabilities | $12.4B | $10.6B | $11.1B | $10.2B | $13.6B |
| Shareholders' equity | $2.6B | $3.6B | $3.5B | $3.6B | $3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $956M | $1.3B | $1.2B | $1.6B | $1.7B |
| Capital expenditure | $740M | $800M | $814M | $540M | $650M |
| Free cash flow | $216M | $484M | $409M | $1.1B | $1.1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.0% | 0.7% | 2.5% | 0.3% |
| Operating income growth (YoY) | – | 47.8% | −9.7% | 62.5% | 22.1% |
| Gross margin | 71.9% | 73.2% | 73.4% | 75.5% | 77.5% |
| Operating margin | 14.5% | 16.3% | 14.6% | 23.1% | 28.2% |
| Net margin | 12.7% | 2.3% | −4.3% | 4.6% | 23.4% |
| Return on equityBlank when equity is negative | 21.0% | 3.6% | −6.9% | 7.4% | 37.4% |
| Free cash flow margin | 5.1% | 8.6% | 7.2% | 18.3% | 18.6% |
| Cash conversion (CFO ÷ net income) | 1.76x | 9.95x | −4.99x | 5.98x | 1.27x |
| Inventory days | 19 | 13 | 11 | 11 | 19 |
| Payable days | 106 | 97 | 94 | 77 | 137 |
| Interest cover | 1.25x | 1.48x | 1.16x | 1.87x | 2.33x |
Recent filings
More in Radiotelephone Communications
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.