TIGO

MKT CAP:$14B

Millicom International Cellular S.A.

Market Cap

$14B

Communication Services·Telecommunications Services·🇱🇺 Luxembourg·NASDAQ

Communication·Telecommunications·🇱🇺·NASDAQ

Stock Price

$84.23+$27.68 (+48.95%)

Apr 23, 2026

Company Details

Millicom International Cellular S.A. provides cable and mobile services in Latin America and Africa. The company offers mobile services, including mobile data and voice; short message service; and mobile financial services, such as payments...

CEO

Marcelo Benitez

IPO Date

Jan 9, 2019

Website

www.millicom.com

Key Metrics TTM

Revenue

$5.8B

+1.9% YoY

Net Income

$1.3B

EPS (Diluted)

$7.83

Free Cash Flow

$1.2B

Revenue / Share

$34.63

Gross Margin

72.3%

Operating Margin

26.7%

Net Margin

22.6%

FCF Margin

20.1%

P/S

2.4x

P/E

10.7x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 31, 2025

$5.8BEPS $7.83

Q4 2025

Feb 26, 2026

$1.7BEPS $1.50

Q3 2025

Nov 6, 2025

$1.4BEPS $1.16

Q2 2025

Aug 8, 2025

$1.4BEPS $4.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$1.1B	$783M	$134M
Q4 22	$1.4B	$686M	$224M
Q1 23	$1.4B	$666M	$176M
Q4 23	$1.5B	$741M	$214M
Q1 24	$1.5B	$771M	$298M
Q1 25	$1.4B	$761M	$338M
Q2 25	$1.4B	$1.1B	$357M
Q3 25	$1.4B	$1.1B	$390M
Q4 25	$1.7B	$1.3B	$469M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q4 22	—	—
Q1 23	—	—
Q4 23	0.6x	—
Q1 24	0.6x	38.6x
Q1 25	0.9x	22.8x
Q2 25	1.1x	7.0x
Q3 25	1.4x	6.9x
Q4 25	1.6x	7.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$130M	-$49M
Q4 22	$437M	$250M
Q1 23	$243M	$15M
Q4 23	$389M	$183M
Q1 24	$248M	$117M
Q1 25	$364M	$232M
Q2 25	$495M	$310M
Q3 25	$507M	$339M
Q4 25	$477M	$291M

Capital Expenditures

Quarter	CapEx
Q1 20	$179M
Q4 22	$188M
Q1 23	$228M
Q4 23	$207M
Q1 24	$131M
Q1 25	$132M
Q2 25	$185M
Q3 25	$169M
Q4 25	$186M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	+36.7%	+24.6%
Q1 25	-0.5%	-10.5%
Q2 25	+0.2%	-14.9%
Q3 25	-3.7%	-18.3%
Q4 25	+11.1%	-0.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 22	$462M
Q1 23	$490M
Q4 23	$527M
Q1 24	$473M
Q1 25	$423M
Q2 25	$416M
Q3 25	$412M
Q4 25	$508M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$695M	$0	$695M
Q2 22	$776M	$0	$776M
Q3 22	$884M	$0	$884M
Q4 22	$1.0B	$0	$1.0B
Q1 23	$903M	$0	$903M
Q2 23	$697M	$0	$697M
Q3 23	$759M	$0	$759M
Q4 23	$775M	$0	$775M
Q1 24	$622M	$0	$622M
Q2 24	$792M	$0	$792M
Q3 24	$803M	$0	$803M
Q4 24	$699M	$0	$699M
Q1 25	$534M	$0	$534M
Q2 25	$1.3B	$0	$1.3B
Q3 25	$1.7B	$0	$1.7B
Q4 25	$1.6B	$0	$1.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	129M	—	—
Q4 22	171M	+33.1%	—
Q1 23	171M	-0.3%	—
Q4 23	172M	+0.5%	—
Q1 24	172M	+0.3%	+33.7%
Q1 25	170M	-1.3%	-0.9%
Q2 25	168M	-1.4%	-1.9%
Q3 25	168M	+0.3%	-2.1%
Q4 25	168M	-0.1%	-2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$48.6K	22K
Q4 22	$71.0K	19K
Q1 23	$70.4K	19K
Q4 23	$89.2K	17K
Q1 24	$90.0K	17K
Q1 25	$80.8K	17K
Q2 25	$80.7K	17K
Q3 25	$83.5K	17K
Q4 25	$97.2K	17K

Revenue / Employee