TIGO Q4 2025 Earnings Report — Millicom International Cellular S.A. Revenue & Financial Results | Market Cap Arena

Millicom International Cellular S.A.TIGO

Q4 2025 Earnings

Reported February 26, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$1.7B	$1.4B	—	16.3%	—
Op. Income	$469M	$390M	—	20.3%	—
Gross Margin	77.8%	78.0%	—	-0.2pp	—
Net Margin	15.3%	13.7%	—	1.5pp	—
EPS (Diluted)	$1.50	$1.16	—	29.3%	—
Free Cash Flow	$291M	$339M	—	-14.1%	—

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$367M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$508M
Other Expenses	$308M
Operating Expenses	$816M
Cost & Expenses	$1.2B
OPERATING INCOME	$469M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$158M
INCOME BEFORE TAX	$311M
Income Tax Expense	$45M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$252M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$252M
D&A	$370M
EBIT	$311M
EBITDA	$681M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$367M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$508M
Other Expenses	$308M
Operating Expenses	$816M
Cost & Expenses	$1.2B
OPERATING INCOME	$469M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$158M
INCOME BEFORE TAX	$311M
Income Tax Expense	$45M
Net Income from Continuing Ops	$266M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$252M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$252M
D&A	$370M
EBIT	$311M
EBITDA	$681M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$252M
Depreciation & Amortization	$370M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$127M
Change in Working Capital	-$18M
OPERATING CASH FLOW	$477M
Capital Expenditure	-$186M
Acquisitions (Net)	-$545M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$296M
NET CASH FROM INVESTING	-$435M
Net Debt Issuance	$180M
Common Stock Repurchased	$0
Common Dividends Paid	-$334M
Other Financing Activities	-$3M
NET CASH FROM FINANCING	-$157M
FREE CASH FLOW	$291M
Net Change in Cash	-$111M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$0
Net Receivables	$969M
Inventory	$106M
Other Current Assets	$195M
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$5.5B
Goodwill	$0
Intangible Assets	$7.8B
Long-Term Investments	$583M
Tax Assets	$167M
Other Non-Current Assets	$151M
TOTAL NON-CURRENT ASSETS	$14.3B
TOTAL ASSETS	$17.3B
Account Payables	$491M
Short-Term Debt	$622M
Deferred Revenue	$144M
Other Current Liabilities	$2.0B
TOTAL CURRENT LIABILITIES	$3.4B
Long-Term Debt	$6.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$149M
Other Non-Current Liabilities	$1.2B
TOTAL NON-CURRENT LIABILITIES	$10.2B
TOTAL LIABILITIES	$13.6B
Common Stock	$253M
Additional Paid-In Capital	$1.0B
Retained Earnings	$3.1B
Treasury Stock	-$52M
Accum. Other Comp. Income	$0
Other Equity	-$688M
TOTAL STOCKHOLDERS' EQUITY	$3.6B
Minority Interest	-$20M
TOTAL EQUITY	$3.6B
TOTAL LIABILITIES & EQUITY	$17.3B
Total Debt	$9.5B
Net Debt	$7.9B