Operating cash flow spiked to $723.6M in 2026Q2, but CAPEX consumed 174.9% of OCF in 2026Q1, leading to negative FCF of -$463M and dividend coverage thinning to 1.4x in 2025Q4.
Millicom International Cellular S.A. (TIGO) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.33B | 1.83B | 1.67B | 1.22B | 1.28B | 956M | 821M | 1.04B | 792M | 820M | 878M | 1.65B | 1.46B | 1.21B | 1.58B | 1.61B | 785.37M | 455.97M | 1.12B | 1.11B | 477.46M | 407.17M | 303.24M | 184.36M | 74.67M | 103.97M | 121.07M | -24.08M | 68.4M | -3.6M | -1.7M |
| Operating CF Growth % | 142.7% | 9.83% | 36.47% | -4.75% | 34.31% | 16.44% | -20.91% | 31.06% | -3.41% | -6.61% | -46.82% | 13.24% | 20.5% | -23.66% | -1.64% | 105.19% | 72.24% | -59.37% | 0.97% | 132.78% | 17.26% | 34.27% | 64.48% | 146.9% | -28.18% | -14.12% | 602.78% | -135.2% | 2000% | -111.76% | 93.63% |
| Operating CF / Revenue % | 32.14% | 31.5% | 28.76% | 21.6% | 22.83% | 22.44% | 19.68% | 23.94% | 20.07% | 20.12% | 21.39% | 25.12% | 22.83% | 27.56% | 32.92% | 35.58% | 20.03% | 13.52% | 35.62% | 42.25% | 30.29% | 44.12% | 33.05% | 28.49% | 12.34% | 16.13% | 21.21% | -4.36% | 15.27% | -1.04% | -0.79% |
| Net Income | 665M | 1.32B | 256M | 179M | 354M | 732M | -283M | 92M | 90M | 226M | 84M | -153M | 3.06B | 387M | 897M | 1.07B | 1.65B | 850.79M | 704.21M | 539.44M | 168.95M | 10.04M | 68.24M | 178.82M | -278.2M | -138.05M | 355.39M | -26.09M | 54.2M | -111M | -18.1M |
| Depreciation & Amortization | 1.67B | 1.28B | 1.24B | 1.34B | 1.36B | 1.2B | 1.21B | 1.1B | 830M | 879M | 932M | 1.32B | 1.16B | 875M | 811M | 738.98M | 676.99M | 611.43M | 515.91M | 354.94M | 257.76M | 218.59M | 170.99M | 128.57M | 139.32M | 154.19M | 143.33M | 102.92M | 80M | 48.2M | 27.9M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.47B | 0 | 0 | -505M | -644M | -515M | -640M | -755M | -492M | -413M | -406.76M | -1.5B | -1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 178.57K | -626M | 276M | -223M | -312M | 557M | -126M | 17M | 421M | 396M | 351M | 1.04B | -2.08B | 385M | 184M | 176.24M | -74.93M | -65.58M | -159.49M | 171.13M | 23.36M | 89.05M | 49.59M | -184.16M | -139.32M | 57.8M | -506.61M | -137.22M | -192.7M | -800K | -53.3M |
| Working Capital Changes | -12.37M | -137M | -98M | -123M | -151M | -81M | -2M | -171M | -66M | -61M | 12M | 62M | 57M | 38M | 84M | 14.54M | 885K | 77.52M | 61.62M | 45.93M | 27.4M | 89.49M | 14.42M | 61.13M | 352.87M | 30.03M | 128.96M | 36.31M | 126.9M | 60M | 41.8M |
| Capital Expenditures | -2.29B | -650M | -540M | -1.18B | -1.07B | -2.7B | -824M | -1.74B | -1.2B | -783M | -862M | -1.21B | -1.31B | -2.02B | -1B | -776.52M | -623.14M | -772.57M | -1.41B | -887.14M | -548.12M | -323.52M | -197.87M | -86.45M | 0 | -192.18M | -182.77M | -135.69M | -191.7M | -177.9M | -461.8M |
| CapEx / Revenue % | 32.13% | 13.99% | 13.25% | 14.38% | 14.22% | 63.44% | 14.91% | 40.11% | 30.39% | 19.21% | 21% | 18.34% | 20.54% | 46.01% | 20.79% | 17.14% | 15.9% | 22.91% | 44.65% | 33.72% | 34.78% | 35.06% | 21.57% | 13.36% | 0% | 29.81% | 32.02% | 24.56% | 42.8% | 51.21% | 214.19% |
| CapEx / D&A | 1.39x | 0.64x | 0.62x | 0.61x | 0.59x | 2.26x | 0.51x | 1.58x | 1.44x | 0.89x | 0.92x | 0.91x | 1.13x | 2.31x | 1.23x | 1.05x | 0.92x | 1.26x | 2.73x | 2.50x | 2.13x | 1.48x | 1.16x | 0.67x | 0.00x | 1.25x | 1.28x | 1.32x | 2.40x | 3.69x | 16.55x |
| CapEx Coverage (OCF/CapEx) | 1.00x | 2.25x | 2.17x | 1.50x | 1.61x | 0.35x | 1.32x | 0.60x | 0.66x | 1.05x | 1.02x | 1.37x | 1.11x | 0.60x | 1.58x | 2.08x | 1.26x | 0.59x | 0.80x | 1.25x | 0.87x | 1.26x | 1.53x | 2.13x | - | 0.54x | 0.66x | -0.18x | 0.36x | -0.02x | -0.00x |
| Cash from Investing | -2.31B | -473M | -670M | -1.12B | -1.1B | -2.7B | -495M | -1.74B | -1.2B | -367M | -552M | -1.41B | -276M | -2.02B | -1.11B | -672.48M | 58.8M | -161.07M | -1.9B | -846.51M | -567.44M | -443.66M | -187.15M | -95.59M | 139.58M | -167.07M | -188.11M | -136.56M | -114.1M | -206.1M | -461.8M |
| Acquisitions | -1.47B | 320M | 63M | 0 | -131M | -1.81B | 217M | -879M | -777M | 179M | 147M | -50M | 221M | -4M | -172M | 1M | 8.8M | -53.09M | -532.18M | 0 | -30.76M | -72.25M | -1.01M | 13.17M | 0 | -22.98M | -27.4M | -17.12M | 144.1M | 0 | 0 |
| Purchase of Investments | -26.91M | 0 | 0 | -26M | 0 | -70M | 0 | 0 | -63M | 0 | 0 | 0 | 0 | -800M | 0 | 70.36M | 0 | 0 | 0 | 0 | 0 | -1.26M | -9.06M | -45.33M | 0 | -30.94M | -11.65M | 1.53M | -57.5M | -4.4M | -32.3M |
| Sale of Investments | 0 | 0 | 5M | 0 | 11M | 163M | 0 | 25M | 148M | 0 | 0 | 0 | 0 | -342M | 0 | 11.52M | 0 | 0 | 0 | 0 | 7.75M | 15.49M | 39.12M | 33.29M | 0 | 125.2M | 65.43M | 34.73M | 29.3M | 64.5M | 1.4M |
| Other Investing | 211.53M | 21M | 31M | -276M | -184M | -81M | -90M | 22M | 273M | 416M | 163M | -156M | 815M | 286M | 63M | 21.17M | 673.13M | 664.58M | 39.54M | 40.63M | 3.7M | -62.12M | -18.33M | -10.27M | 139.58M | -46.17M | -31.73M | -20M | -38.3M | -88.3M | -296.8M |
| Cash from Financing | -409.89M | -485M | -1.07B | -377M | -1M | 1.78B | -598M | 1.35B | 341M | -464M | -441M | -84M | -1.37B | 576M | -164M | -1.11B | -1.33B | 124.14M | 285.79M | 244.91M | 147.54M | 221.4M | 149.84M | -11.64M | -199.78M | 22.58M | 124.66M | 147.85M | 47.8M | 108.6M | 583M |
| Dividends Paid | -918.5M | -754M | 0 | 0 | 0 | 0 | 0 | -268M | -266M | -265M | -265M | -264M | -264M | -264M | -541M | -494M | -789M | 0 | -259.7M | 0 | -4.87M | -2M | -3.16M | -12.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 57.29% | - | - | - | - | - | 357.33% | 1400% | 563.83% | - | - | 10.08% | 114.29% | 106.5% | 55.58% | 48.6% | - | 50.18% | - | 1.99% | 19.46% | 4.8% | 7.01% | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 717M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 3M | 2.86M | 3.18M | 33.63M | 14.23M | 3.55M | 205.92M | 0 | 0 | 913K | 774K | 6.67M | 6.72M | 8.26M | 1.3M |
| Share Repurchases | -883.39K | -119M | -99M | -5M | 0 | -50M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190M | -498.27M | -300M | 0 | 0 | 0 | 0 | 0 | 0 | -1.63M | 0 | 0 | 0 | -7.84M | 0 | -9.6M | -1M |
| Other Financing | -165.58M | -3M | -205M | 75M | -4M | -7M | -5M | -120M | -1M | 0 | -68M | -308M | -410M | 126M | -60M | -27M | 338K | 0 | -22.32M | -18.29M | 11.31M | 15.16M | 0 | 0 | -199.78M | 0 | 20.67M | 142.97M | -567K | 52.65M | -20.4M |
| Net Change in Cash | -442M | 846M | -75M | -264M | 144M | 20M | -289M | 633M | -91M | -27M | -123M | 75M | -215M | -233M | 313M | -142.21M | -487.68M | 836.97M | -500.4M | 517.9M | 60.13M | 183.19M | 264.55M | 78.38M | 14.18M | -38.65M | 56.84M | -16.09M | -2.7M | -102.6M | 119.1M |
| Exchange Rate Effect | -45.07M | -29M | -8M | 6M | -35M | -10M | -17M | -21M | -33M | 4M | -8M | -81M | -29M | 1M | 2M | -27.02M | 2.82M | 1.18M | -9.08M | 8.07M | 2.57M | -1.72M | -1.39M | 1.25M | -290K | 1.88M | -775K | -3.31M | -4.8M | -1.5M | -400K |
| Cash at Beginning | 1.22B | 756M | 831M | 1.04B | 895M | 875M | 1.16B | 686M | 619M | 646M | 769M | 694M | 909M | 1.17B | 861M | 1.02B | 1.51B | 674.2M | 1.17B | 656.69M | 596.57M | 413.38M | 148.83M | 70.45M | 56.28M | 94.92M | 38.08M | 54.18M | 55.8M | 158.4M | 39.3M |
| Cash at End | 891M | 1.6B | 756M | 775M | 1.04B | 895M | 875M | 1.32B | 528M | 619M | 646M | 769M | 694M | 941M | 1.17B | 881.28M | 1.02B | 1.51B | 674.2M | 1.17B | 656.69M | 596.57M | 413.38M | 148.83M | 70.45M | 56.28M | 94.92M | 38.08M | 53.1M | 55.8M | 158.4M |
| Free Cash Flow | 40.7M | 1.18B | 1.13B | 40M | 212M | -1.75B | -3M | -701M | -407M | 37M | 16M | 446M | 146M | -810M | 584M | 834.93M | 162.23M | -316.6M | -284.46M | 224.29M | -70.66M | 83.64M | 105.37M | 97.91M | 74.67M | -88.21M | -61.7M | -159.77M | -123.3M | -181.5M | -463.5M |
| FCF Growth % | -97.52% | 4.78% | 2722.5% | -81.13% | 112.14% | -58133.33% | 99.57% | -72.24% | -1200% | 131.25% | -96.41% | 205.48% | 118.02% | -238.7% | -30.05% | 414.66% | 151.24% | -11.3% | -226.83% | 417.43% | -184.48% | -20.62% | 7.62% | 31.12% | 184.65% | -42.96% | 61.38% | -29.58% | 32.07% | 60.84% | -241.56% |
| FCF Margin % | 0.56% | 20.33% | 19.45% | 0.71% | 3.77% | -41% | -0.07% | -16.17% | -10.31% | 0.91% | 0.39% | 6.79% | 2.29% | -18.45% | 12.13% | 18.43% | 4.14% | -9.39% | -9.03% | 8.53% | -4.48% | 9.06% | 11.48% | 15.13% | 12.34% | -13.68% | -10.81% | -28.92% | -27.53% | -52.25% | -214.98% |
| FCF / Net Income % | 6.12% | 89.89% | 446.25% | -48.78% | 371.93% | -296.1% | 0.87% | -934.67% | -2142.11% | 78.72% | -35.56% | -79.79% | 5.57% | -350.65% | 114.96% | 93.94% | 9.99% | -56.34% | -54.97% | 51.15% | -28.87% | 813.87% | 159.92% | 54.75% | -26.84% | 63.9% | -17.36% | 612.41% | -227.49% | 163.51% | 2560.77% |
Quick answers to the most common questions about buying TIGO stock.
Millicom International Cellular S.A. (TIGO) generated $1.83B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Millicom International Cellular S.A. (TIGO) generated $1.18B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Millicom International Cellular S.A. (TIGO) spent $814.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Millicom International Cellular S.A. (TIGO) returned $754.0M to shareholders via cash dividends and spent $119.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Colombian competition and FX volatility
OCF Stability Masks FX and Competition
Operating cash flow averaged $518M per quarter over the last four quarters, per reported figures, but 2026Q2's $723.6M spike appears driven by working capital timing, not core improvement.
OCF has been volatile, ranging from $248M in 2024Q1 to $723.6M in 2026Q2, with the latest quarter benefiting from favorable collections. This variability suggests that while the business generates steady cash from operations, the quality is influenced by currency swings and competitive pressures in Colombia. Investors should monitor whether OCF can sustain above $600M without one-off tailwinds.
CAPEX Surge Tests Cash Generation
CAPEX jumped to $1.1B in 2026Q1, consuming 174.9% of OCF, per the cash flow statement, signaling an aggressive fiber and 5G buildout that may strain near-term liquidity.
The elevated CAPEX in 2026Q1 reflects TIGO's push to expand fixed-line infrastructure, but the ratio of CAPEX to OCF has swung from 25.4% in 2024Q2 to 174.9% in 2026Q1. This indicates that the company is investing ahead of cash generation, which is typical for utilities but requires external funding. The subsequent drop to 83% in 2026Q2 suggests some normalization, yet the overall trend points to sustained high investment.
FCF Deficit Requires External Capital
Free cash flow turned negative at -$463M in 2026Q1, per reported data, and with no new debt issuance in recent quarters, TIGO appears reliant on existing liquidity and operating cash to fund its deficit.
The FCF deficit in 2026Q1 was the largest in the period, and while 2026Q2 recovered to $123.1M, the pattern shows that CAPEX peaks can outpace OCF. With debt-to-equity at 2.62 and no significant long-term debt issuance in the last two quarters, the company's financing capacity appears constrained. This suggests that TIGO may need to tap capital markets or asset sales to fund future growth, which could be challenging given elevated leverage.
Dividend Coverage Thins at Peaks
OCF-to-dividend coverage fell to 1.4x in 2025Q4, per the cash flow data, as dividends of $334M outpaced OCF of $477M, indicating that payouts are not fully covered during low-cash quarters.
While coverage averaged 3.1x over the last four quarters, the 2025Q4 dip highlights vulnerability when OCF is seasonally weak. The company paid $334M in dividends in both 2025Q4 and 2026Q2, suggesting a fixed payout that may not adjust to cash flow variability. This could pressure liquidity if CAPEX remains elevated and OCF does not grow, though the 2026Q2 coverage of 2.2x offers some buffer.
Net Income Diverges from Cash Reality
Net income of $109M in 2026Q2 was far below OCF of $723.6M, per the cash flow statement, suggesting significant non-cash charges or one-off gains that distort reported profitability.
The gap between net income and OCF widened to $614.6M in 2026Q2, driven by D&A and potentially FX losses, which are non-cash items. This divergence indicates that GAAP earnings understate the company's cash-generating ability, but also that reported net income may be flattered by one-off gains in prior quarters, as seen in 2025Q2's $676M. Investors should focus on OCF as a more reliable indicator of operational health.
Hidden Cash Flow Pressures Loom
The cash flow statement does not disclose future decommissioning or spectrum renewal costs, which could add billions in obligations, per industry norms, and may strain TIGO's liquidity beyond reported figures.
While TIGO's reported cash flows appear manageable, the absence of explicit provisions for spectrum renewals or environmental liabilities in the data suggests potential off-balance-sheet commitments. Given the company's high leverage and competitive pressures in Colombia, any unexpected capital call could force refinancing at unfavorable terms. This warrants close monitoring of regulatory developments and any undisclosed obligations.