TIGO financial statements

The full income statement, balance sheet, and cash-flow statement for Millicom International Cellular S.A. (TIGO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 100.4M2018-12 101.7M2019-12 101.7M2020-12 101.7M2021-12 101.7M2022-12 139.7M2023-12 172.1M2024-12 172.1M2025-12 169.0M+68.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.82B YoY+0.3%	5.80B YoY+2.5%	5.66B YoY+0.7%	5.62B YoY+32.0%	4.26B YoY+12.0%
	—	—	—	4.12B YoY+34.4%	3.06B YoY+11.6%
Cost of revenue	1.31B YoY-7.7%	1.42B YoY-5.8%	1.51B YoY+0.1%	1.51B YoY+25.8%	1.20B YoY+12.9%
Operating income	1.64B YoY+22.1%	1.34B YoY+62.5%	826M YoY-9.7%	915M YoY+47.8%	619M YoY+54.0%
Interest expense	702M YoY-2.0%	716M YoY+0.6%	712M YoY+15.4%	617M YoY+24.6%	495M YoY-11.6%
Pre-tax income	1.67B YoY+201.6%	552M YoY+215.4%	175M YoY-26.5%	238M YoY-67.3%	728M YoY+388.9%
Income tax	303M YoY+7.8%	281M YoY-33.7%	424M YoY+91.0%	222M YoY+40.5%	158M YoY+119.4%
	1.36B YoY+408.2%	268M YoY+209.4%	-245M YoY-289.9%	129M YoY-76.2%	542M YoY+240.8%
Net income to common	1.32B YoY+420.2%	253M YoY+408.5%	-82.0M YoY-146.3%	177M YoY-70.0%	590M YoY+271.5%
	$7.83 YoY+436.3%	$1.46 YoY+404.2%	-$0.48 YoY-137.8%	$1.27 YoY-72.2%	$4.57 YoY+271.2%
EPS (basic)	$7.86 YoY+434.7%	$1.47 YoY+406.3%	-$0.48 YoY-137.8%	$1.27 YoY-72.3%	$4.59 YoY+271.3%
	168M YoY-2.2%	171M YoY-0.0%	171M YoY+23.3%	139M YoY+8.1%	129M YoY-0.0%
	168M YoY-2.6%	173M YoY+0.7%	171M YoY+22.7%	140M YoY+8.2%	129M YoY+0.1%
Dividends per share	$4.46	—	—	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	1.55B YoY+122.0%	699M YoY-9.8%	775M YoY-25.4%	1.04B YoY+16.1%	895M YoY+2.3%
Inventory	70.0M YoY+59.1%	44.0M YoY-2.2%	45.0M YoY-15.1%	53.0M YoY-15.9%	63.0M YoY+70.3%
	17.3B YoY+25.6%	13.7B YoY-5.4%	14.5B YoY+2.2%	14.2B YoY-6.2%	15.1B YoY+21.9%
Property, plant & equipment	3.23B YoY+13.3%	2.85B YoY-8.4%	3.11B YoY+3.9%	2.99B YoY-11.6%	3.38B YoY+22.8%
Goodwill	4.26B YoY+4.2%	4.09B YoY-0.3%	4.11B YoY+1.2%	4.06B YoY-1.0%	4.10B YoY+147.0%
Total non-current assets	14.3B YoY+25.6%	11.4B YoY-9.9%	12.6B YoY+3.9%	12.1B YoY-5.9%	12.9B YoY+27.4%
Short-term & current debt	142M YoY+2.9%	138M YoY+331.3%	32.0M YoY-47.5%	61.0M YoY+408.3%	12.0M YoY-77.8%
	13.6B YoY+34.1%	10.2B YoY-8.2%	11.1B YoY+4.8%	10.6B YoY-14.8%	12.4B YoY+22.2%
Long-term debt	6.56B YoY+18.5%	5.53B YoY-14.6%	6.48B YoY-2.2%	6.62B YoY+12.2%	5.90B YoY+5.8%
	3.64B YoY+0.3%	3.63B YoY+2.8%	3.53B YoY-2.1%	3.60B YoY+39.6%	2.58B YoY+25.4%
Total equity incl. non-controlling	3.62B YoY+1.3%	3.57B YoY+3.7%	3.44B YoY-5.2%	3.63B YoY+32.6%	2.74B YoY+20.5%
	169M YoY-1.8%	172M YoY+0.0%	172M YoY+0.0%	172M YoY+69.2%	102M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.73B YoY+8.2%	1.60B YoY+31.1%	1.22B YoY-4.8%	1.28B YoY+34.3%	956M YoY+16.4%
Depreciation & amortization	1.28B YoY+3.6%	1.24B YoY-7.7%	1.34B YoY-0.4%	1.34B YoY+20.8%	1.11B YoY-0.5%
Intangible amortization	319M YoY+0.0%	319M YoY-11.4%	360M YoY+4.3%	345M YoY+11.3%	310M YoY+0.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	1.20B YoY+98.5%	604M YoY+66.9%	362M YoY-76.9%	1.57B YoY-49.6%	3.11B YoY+111.8%
Long-term debt repaid	599M YoY-56.1%	1.37B YoY+116.1%	632M YoY-70.3%	2.13B YoY+59.3%	1.33B YoY-23.5%
Common stock issued	0.00	0.00	0.00 YoY-100.0%	717M	0.00
Common stock repurchased	128M YoY+77.8%	72.0M YoY+620.0%	10.0M YoY+233.3%	3.00M YoY-94.4%	54.0M YoY+237.5%
Dividends paid	754M	0.00	0.00	0.00	0.00
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.37B YoY+117.7%	4.30B YoY+71.2%	2.51B YoY+95.7%	1.28B YoY-55.6%	2.89B YoY-26.6%
P/E	6.9× YoY-57.2%	16.1× YoY-17.6%	19.5× YoY+722.2%	2.4× YoY-55.6%	5.3×
P/S	1.6× YoY+117.1%	0.7× YoY+65.9%	0.4× YoY+48.3%	0.3× YoY-55.6%	0.7× YoY-34.5%
P/B	2.6× YoY+117.0%	1.2× YoY+70.1%	0.7× YoY+40.2%	0.5× YoY-55.6%	1.1× YoY-41.5%
	14.5% YoY+133.5%	6.2% YoY+21.4%	5.1% YoY-87.8%	42.2% YoY+125.3%	18.7%
	8.0%	—	—	—	—
Source filing	20-F	20-F	20-F	20-F	20-F/A

About this data

Source: TIGO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TIGO filings on SEC EDGAR → Not investment advice.