Millicom International Cellular SA
NASDAQ: TIGO · COMMUNICATION SERVICES · TELECOM SERVICES
Updated 2026-06-05
Millicom International Cellular SA (TIGO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $2.63B | $3.15B | $3.37B | $3.92B | $4.53B | $4.81B | $4.39B | $6.39B | $6.57B | $4.11B | $4.08B | $3.95B | $4.34B | $4.17B | $4.26B | $5.62B | $5.66B | $5.80B | $5.82B |
| Revenue growth (YoY) | — | +66.9% | +19.8% | +7.1% | +16.2% | +15.5% | +6.3% | -8.8% | +45.5% | +2.9% | -37.5% | -0.7% | -3.2% | +9.9% | -3.8% | +2.2% | +32.0% | +0.7% | +2.5% | +0.3% |
| Cost of revenue | $653.46M | $1.05B | $1.21B | $1.32B | $1.45B | $1.75B | $1.96B | $1.86B | $2.85B | $3.07B | $2.06B | $2.50B | $2.42B | $2.80B | $2.86B | $2.79B | $1.51B | $3.46B | $1.42B | $1.31B |
| Gross profit | $922.64M | $1.58B | $1.94B | $2.05B | $2.47B | $2.78B | $2.85B | $2.52B | $3.53B | $3.50B | $2.04B | $1.58B | $1.53B | $1.54B | $1.31B | $1.48B | $4.12B | $2.20B | $4.38B | $4.51B |
| Gross margin | 58.5% | 60.1% | 61.7% | 60.8% | 63.1% | 61.3% | 59.2% | 57.5% | 55.3% | 53.2% | 49.7% | 38.7% | 38.7% | 35.5% | 31.5% | 34.6% | 73.2% | 38.9% | 75.5% | 77.5% |
| R&D | — | — | — | — | — | — | — | — | — | $193.00M | — | — | — | — | — | — | — | — | — | — |
| SG&A | $530.21M | $987.63M | $1.23B | $530.01M | $645.25M | $746.00M | $956.00M | $1.10B | $1.43B | $847.00M | $618.00M | $577.00M | $669.00M | $497.00M | $478.00M | $503.00M | $494.00M | $614.00M | $553.00M | $995.00M |
| Operating income | $432.11M | $662.93M | $829.66M | $861.98M | $1.09B | $1.32B | $1.19B | $631.00M | $936.00M | $882.00M | $381.00M | $436.00M | $410.00M | $430.00M | $240.00M | $404.00M | $915.00M | $773.00M | $1.34B | $1.64B |
| Operating margin | 27.4% | 25.2% | 26.3% | 25.6% | 27.8% | 29.2% | 24.7% | 14.4% | 14.7% | 13.4% | 9.3% | 10.7% | 10.4% | 9.9% | 5.8% | 9.5% | 16.3% | 13.7% | 23.1% | 28.2% |
| EBITDA | $735.73M | $1.09B | $1.33B | $1.48B | $2.73B | $2.01B | $1.95B | $1.25B | $4.57B | $1.52B | $1.25B | $1.31B | $1.26B | $1.73B | $1.38B | $2.16B | $2.16B | $2.19B | $2.36B | $2.82B |
| EBITDA margin | 46.7% | 41.4% | 42.1% | 43.8% | 69.6% | 44.3% | 40.5% | 28.6% | 71.5% | 23.2% | 30.5% | 32.2% | 32.1% | 39.9% | 33.0% | 50.7% | 38.4% | 38.6% | 40.6% | 48.4% |
| EBIT | $477.97M | $733.88M | $806.94M | $865.06M | $2.05B | $1.27B | $1.14B | $469.00M | $3.41B | $242.00M | $374.00M | $473.00M | $463.00M | $631.00M | $168.00M | $1.05B | $796.00M | $847.00M | $1.12B | $1.54B |
| Interest expense | $0.00 | $0.00 | $135.93M | $173.47M | $214.81M | $187.00M | $220.00M | $267.00M | $426.00M | $425.00M | $352.00M | $352.00M | $362.00M | $552.00M | $609.00M | $489.00M | $617.00M | $711.00M | $571.00M | $589.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $244.76M | $438.52M | $517.52M | $561.93M | $1.62B | $888.77M | $508.00M | $231.00M | $2.62B | $-559.00M | $-45.00M | $47.00M | $19.00M | $75.00M | $-344.00M | $590.00M | $57.00M | $-82.00M | $253.00M | $1.32B |
| Net income growth (YoY) | — | +79.2% | +18.0% | +8.6% | +188.9% | -45.3% | -42.8% | -54.5% | +1034.2% | -121.3% | +91.9% | +204.4% | -59.6% | +294.7% | -558.7% | +271.5% | -90.3% | -243.9% | +408.5% | +420.2% |
| Profit margin | 15.5% | 16.7% | 16.4% | 16.7% | 41.4% | 19.6% | 10.6% | 5.3% | 41.0% | -8.5% | -1.1% | 1.2% | 0.5% | 1.7% | -8.2% | 13.8% | 1.0% | -1.4% | 4.4% | 22.6% |
Frequently asked questions
What is Millicom International Cellular SA's revenue?
Millicom International Cellular SA's trailing twelve-month revenue is $6.44B, and consensus projects about $14.65B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is TIGO?
In its most recent fiscal year, TIGO ran a gross margin of 77.47%, an operating margin of 28.17%, and a net margin of 22.62%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TIGO generate?
TIGO produced $1.18B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TIGO's balance sheet healthy?
TIGO holds $1.60B in cash and equivalents against $6.56B in long-term debt, on $3.64B of shareholder equity. That debt is best read against the cash flow the business throws off each year.