Revenue volatility remains high, with a 44.5% growth spike in 2026Q1 failing to prevent a 42.8% contraction in EPS, highlighting inconsistent operating leverage.
| 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 |
|---|
| Sales/Revenue | 6.43B | 5.82B | 5.8B | 5.66B | 5.62B | 4.26B | 4.17B | 4.34B | 3.95B | 4.08B | 4.11B | 6.57B | 6.39B | 4.39B | 4.81B | 4.53B | 3.92B | 3.37B | 3.15B | 2.63B | 1.58B | 922.78M | 917.49M | 647.1M | 605.19M | 644.57M | 570.84M | 552.4M | 447.9M | 347.4M | 215.6M |
| Revenue Growth % | 12.97% | 0.26% | 2.53% | 0.66% | 31.99% | 2.16% | -3.81% | 9.88% | -3.19% | -0.71% | -37.54% | 2.91% | 45.47% | -8.81% | 6.28% | 15.54% | 16.23% | 7.05% | 19.77% | 66.91% | 70.8% | 0.58% | 41.78% | 6.93% | -6.11% | 12.92% | 3.34% | 23.33% | 28.93% | 61.13% | 64.08% |
| Cost of Goods Sold | 1.94B | 1.31B | 1.42B | 3.46B | 1.51B | 2.79B | 2.86B | 2.8B | 2.42B | 2.5B | 2.06B | 3.07B | 2.85B | 1.86B | 1.96B | 1.75B | 1.45B | 1.32B | 1.21B | 1.05B | 653.46M | 404.35M | 432.26M | 258M | 164.71M | 185.25M | 158.03M | 197.36M | 159.3M | 130M | 85M |
| COGS % of Revenue | - | 22.53% | 24.47% | 61.1% | 26.78% | 65.36% | 68.47% | 64.51% | 61.3% | 61.26% | 50.26% | 46.77% | 44.66% | 42.48% | 40.8% | 38.71% | 36.89% | 39.24% | 38.28% | 39.86% | 41.46% | 43.82% | 47.11% | 39.87% | 27.22% | 28.74% | 27.68% | 35.73% | 35.57% | 37.42% | 39.42% |
| Gross Profit | 4.49B | 4.51B | 4.38B | 2.2B | 4.12B | 1.48B | 1.31B | 1.54B | 1.53B | 1.58B | 2.04B | 3.5B | 3.53B | 2.52B | 2.85B | 2.78B | 2.47B | 2.05B | 1.94B | 1.58B | 922.64M | 518.43M | 485.23M | 389.1M | 440.48M | 459.32M | 412.81M | 355.04M | 288.6M | 217.4M | 130.6M |
| Gross Margin % | 69.79% | 77.47% | 75.53% | 38.9% | 73.22% | 34.64% | 31.53% | 35.49% | 38.7% | 38.74% | 49.74% | 53.23% | 55.34% | 57.52% | 59.2% | 61.29% | 63.11% | 60.76% | 61.72% | 60.14% | 58.54% | 56.18% | 52.89% | 60.13% | 72.78% | 71.26% | 72.32% | 64.27% | 64.43% | 62.58% | 60.58% |
| Gross Profit Growth % | - | 2.83% | 99.09% | -46.53% | 179% | 12.24% | -14.55% | 0.79% | -3.29% | -22.67% | -41.62% | -1.02% | 39.96% | -11.4% | 2.66% | 12.2% | 20.74% | 5.39% | 22.9% | 71.48% | 77.97% | 6.84% | 24.7% | -11.66% | -4.1% | 11.27% | 16.27% | 23.02% | 32.75% | 66.46% | 66.37% |
| Operating Expenses | 2.88B | 2.87B | 3.04B | 1.43B | 3.2B | 1.07B | 1.07B | 1.11B | 1.12B | 1.14B | 1.66B | 2.62B | 2.6B | 1.89B | 1.66B | 1.45B | 1.38B | 1.19B | 1.11B | 919.19M | 490.54M | 259.75M | 231.88M | 228.8M | 431.75M | 401.58M | 432.49M | 348.97M | 240.9M | 170.8M | 97.2M |
| OpEx % of Revenue | - | 49.3% | 52.41% | 25.24% | 56.95% | 25.16% | 25.77% | 25.58% | 28.31% | 28.04% | 40.46% | 39.81% | 40.68% | 43.14% | 34.5% | 32.11% | 35.27% | 35.2% | 35.38% | 34.94% | 31.12% | 28.15% | 25.27% | 35.36% | 71.34% | 62.3% | 75.76% | 63.17% | 53.78% | 49.17% | 45.08% |
| Selling, General & Admin | 1.99B | 1.76B | 1.08B | 1.43B | 1.06B | 1.07B | 1.07B | 1.11B | 1.12B | 1.14B | 1.66B | 2.26B | 2.34B | 1.78B | 1.54B | 1.36B | 1.31B | 1.12B | 1.05B | 846.24M | 452.92M | 236.61M | 232.86M | 196.02M | 190.53M | 200.06M | 183.68M | 246.06M | 160.9M | 122.6M | 69.3M |
| SG&A % of Revenue | - | 30.21% | 18.57% | 25.24% | 18.92% | 25.16% | 25.77% | 25.58% | 28.31% | 28.04% | 40.46% | 34.34% | 36.66% | 40.57% | 31.97% | 29.99% | 33.36% | 33.26% | 33.43% | 32.17% | 28.74% | 25.64% | 25.38% | 30.29% | 31.48% | 31.04% | 32.18% | 44.54% | 35.92% | 35.29% | 32.14% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.6B | 1.64B | 1.34B | 773M | 915M | 404M | 240M | 430M | 410M | 436M | 381M | 882M | 936M | 631M | 1.19B | 1.32B | 1.09B | 861.98M | 829.66M | 662.93M | 432.11M | 258.69M | 253.35M | 160.3M | 8.73M | 57.74M | -50.62M | 6.07M | 47.7M | 46.6M | 33.4M |
| Operating Margin % | 24.96% | 28.17% | 23.12% | 13.65% | 16.27% | 9.48% | 5.75% | 9.92% | 10.39% | 10.7% | 9.28% | 13.42% | 14.66% | 14.37% | 24.7% | 29.18% | 27.84% | 25.56% | 26.33% | 25.2% | 27.42% | 28.03% | 27.61% | 24.77% | 1.44% | 8.96% | -8.87% | 1.1% | 10.65% | 13.41% | 15.49% |
| Operating Income Growth % | - | 22.13% | 73.61% | -15.52% | 126.49% | 68.33% | -44.19% | 4.88% | -5.96% | 14.44% | -56.8% | -5.77% | 48.34% | -46.93% | -10.05% | 21.12% | 26.62% | 3.9% | 25.15% | 53.42% | 67.04% | 2.11% | 58.04% | 1736.64% | -84.88% | 214.06% | -933.85% | -87.27% | 2.36% | 39.52% | 2326.67% |
| EBITDA | 3.05B | 2.92B | 2.58B | 2.11B | 2.28B | 1.52B | 1.45B | 1.53B | 1.21B | 1.28B | 1.26B | 2.16B | 2.09B | 1.42B | 2B | 2.06B | 1.77B | 1.47B | 1.35B | 1.02B | 689.86M | 477.04M | 423.68M | 288.87M | 148.05M | 211.93M | 92.71M | 108.99M | 127.7M | 94.8M | 61.3M |
| EBITDA Margin % | 47.52% | 50.16% | 44.4% | 37.29% | 40.52% | 35.63% | 34.72% | 35.29% | 30.71% | 31.33% | 30.62% | 32.91% | 32.79% | 32.28% | 41.55% | 45.5% | 45.11% | 43.69% | 42.87% | 38.69% | 43.77% | 51.7% | 46.18% | 44.64% | 24.46% | 32.88% | 16.24% | 19.73% | 28.51% | 27.29% | 28.43% |
| EBITDA Growth % | 20.89% | 13.27% | 22.07% | -7.37% | 50.13% | 4.83% | -5.36% | 26.24% | -5.09% | 1.59% | -41.89% | 3.3% | 47.78% | -29.15% | -2.95% | 16.54% | 20.02% | 9.09% | 32.69% | 47.55% | 44.61% | 12.6% | 46.67% | 95.12% | -30.14% | 128.6% | -14.94% | -14.65% | 34.7% | 54.65% | 258.48% |
| D&A (Non-Cash Add-back) | 1.45B | 1.28B | 1.24B | 1.34B | 1.36B | 1.11B | 1.21B | 1.1B | 802M | 841M | 876M | 1.28B | 1.16B | 786M | 811M | 738.98M | 676.99M | 611.43M | 520.98M | 354.94M | 257.76M | 218.36M | 170.33M | 128.57M | 139.32M | 154.19M | 143.33M | 102.92M | 80M | 48.2M | 27.9M |
| EBIT | 2.07B | 1.54B | 1.12B | 847M | 796M | 1.05B | 168M | 631M | 463M | 473M | 374M | 242M | 3.41B | 469M | 1.14B | 1.27B | 2.05B | 865.06M | 806.94M | 733.88M | 477.97M | 287.23M | 250.77M | 160.3M | 8.73M | 57.74M | -19.68M | 6.07M | 16.36M | 14.13M | 33.4M |
| Net Interest Income | -750M | -674M | -525M | -684M | -599M | -466M | -596M | -532M | -341M | -336M | -331M | -403M | -404M | -247M | -194M | -172M | -200M | -161.9M | -103.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 23M | 0 | 46M | 28M | 18M | 23M | 13M | 20M | 21M | 16M | 21M | 22M | 22M | 20M | 14M | 15M | 1.07B | 11.57M | 32.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.53B | 1.67B | 552M | 175M | 238M | 728M | -271M | 218M | 119M | 176M | 88M | -83M | 3.04B | 412M | 897M | 1.07B | 1.84B | 691.59M | 671.01M | 539.44M | 354M | 171.2M | 142.25M | 245.89M | -232.97M | -129.84M | 378.08M | -7.52M | 74.7M | -94.4M | -5.4M |
| Pretax Margin % | 23.77% | 28.61% | 9.51% | 3.09% | 4.23% | 17.09% | -6.5% | 5.03% | 3.02% | 4.32% | 2.14% | -1.26% | 47.54% | 9.38% | 18.63% | 23.65% | 46.89% | 20.51% | 21.3% | 20.51% | 22.46% | 18.55% | 15.5% | 38% | -38.5% | -20.14% | 66.23% | -1.36% | 16.68% | -27.17% | -2.5% |
| Income Tax | 310M | 303M | 281M | 424M | 222M | 158M | 102M | 121M | 112M | 158M | 179M | 278M | 256M | 144M | 393M | -18.35M | 227.1M | 188M | 268.81M | 87.08M | 118.2M | 68.8M | 59.45M | 52.37M | 22.73M | 8.22M | 26.26M | 18.57M | 20.5M | 16.6M | 12.7M |
| Effective Tax Rate % | 20.29% | 18.2% | 50.91% | 242.29% | 93.28% | 21.7% | -37.64% | 55.5% | 94.12% | 89.77% | 203.41% | -334.94% | 8.43% | 34.95% | 43.81% | -1.71% | 12.35% | 27.18% | 40.06% | 16.14% | 33.39% | 40.18% | 41.79% | 21.3% | -9.76% | -6.33% | 6.95% | -247.11% | 27.44% | -17.58% | -235.19% |
| Net Income | 1.23B | 1.32B | 253M | -82M | 57M | 590M | -344M | 75M | 19M | 47M | -45M | -559M | 2.62B | 231M | 508M | 888.77M | 1.62B | 561.93M | 517.52M | 438.52M | 244.76M | 10.28M | 65.89M | 178.82M | -278.2M | -138.05M | 355.39M | -26.09M | 54.2M | -111M | -18.1M |
| Net Margin % | 19.16% | 22.62% | 4.36% | -1.45% | 1.01% | 13.85% | -8.25% | 1.73% | 0.48% | 1.15% | -1.1% | -8.51% | 41.03% | 5.26% | 10.55% | 19.62% | 41.41% | 16.66% | 16.43% | 16.67% | 15.53% | 1.11% | 7.18% | 27.63% | -45.97% | -21.42% | 62.26% | -4.72% | 12.1% | -31.95% | -8.4% |
| Net Income Growth % | 248.02% | 420.16% | 408.54% | -243.86% | -90.34% | 271.51% | -558.67% | 294.74% | -59.57% | 204.44% | 91.95% | -121.34% | 1034.2% | -54.53% | -42.84% | -45.25% | 188.89% | 8.58% | 18.01% | 79.16% | 2281.63% | -84.4% | -63.15% | 164.28% | -101.52% | -138.85% | 1462.21% | -148.13% | 148.83% | -513.26% | 39.46% |
| Net Income (Continuing) | 1.22B | 1.36B | 271M | -249M | 16M | 570M | -373M | 97M | 7M | 18M | -91M | -361M | 2.78B | 268M | 504M | 1.09B | 1.61B | 503.59M | 402.19M | 452.37M | 235.8M | 102.41M | 82.81M | 178.82M | -278.2M | -138.05M | 355.39M | -26.09M | 54.19M | -111.07M | -18.1M |
| Discontinued Operations | 0 | 0 | -3M | 4M | -7M | -28M | -12M | -17M | -4M | 12M | -12M | -83M | -2M | -61M | 0 | 2.96M | 11.86M | 11.48M | 2.25M | 0 | 0 | -98.26M | -125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 32M | -20M | -54M | -84M | 29M | 157M | 215M | 271M | 249M | 185M | 201M | 214M | 1.41B | 152M | 312M | 192M | 45.55M | -73.67M | -25.84M | 80.43M | 77.51M | 34.18M | 43.35M | 26.57M | 25.3M | 10.26M | 7.67M | 4.29M | 0 | 0 | 0 |
| EPS (Diluted) | 7.35 | 7.83 | 1.47 | -0.48 | 0.41 | 3.59 | -2.67 | 0.58 | 0.15 | 0.37 | -0.35 | -4.38 | 20.57 | 1.81 | 3.93 | 6.69 | 11.76 | 4.06 | 3.74 | 3.31 | 1.89 | 0.08 | 0.58 | 1.77 | -4.63 | -1.66 | 4.23 | -0.32 | 0.65 | -1.35 | -0.22 |
| EPS Growth % | 256.05% | 432.65% | 407.27% | -217.23% | -88.62% | 234.39% | -558.58% | 293.31% | -59.74% | 204.05% | 91.94% | -121.3% | 1034.21% | -53.89% | -41.2% | -43.12% | 189.75% | 8.38% | 13.03% | 75.11% | 2310.19% | -86.49% | -67.18% | 138.23% | -178.92% | -139.24% | 1421.88% | -149.23% | 148.15% | -513.64% | 40.54% |
| EPS (Basic) | - | 7.86 | 1.48 | -0.48 | 0.41 | 3.60 | -2.67 | 0.58 | 0.15 | 0.37 | -0.35 | -4.38 | 20.57 | 1.81 | 3.94 | 6.70 | 11.78 | 4.07 | 3.77 | 3.42 | 1.91 | 0.08 | 0.62 | 2.15 | -4.63 | -1.66 | 4.29 | -0.32 | 0.65 | -1.35 | -0.22 |
| Diluted Shares Outstanding | 167.53M | 168.07M | 172.56M | 171.4M | 139.69M | 164.47M | 128.87M | 128.83M | 128.39M | 127.87M | 127.81M | 127.57M | 127.4M | 127.19M | 129.19M | 132.86M | 138.07M | 138.52M | 138.39M | 137.63M | 129.12M | 127.28M | 115.04M | 102.54M | 60.06M | 83.11M | 84.06M | 82.61M | 82.91M | 82.02M | 80.9M |
| Basic Shares Outstanding | 167.25M | 168.07M | 171.31M | 171.4M | 139.05M | 163.77M | 128.87M | 128.83M | 128.39M | 127.87M | 127.81M | 127.56M | 127.35M | 127.12M | 129.07M | 132.72M | 137.85M | 138.24M | 137.4M | 128.76M | 127.84M | 125.85M | 106.15M | 83.19M | 60.06M | 83.11M | 82.91M | 82.61M | 82.91M | 82.02M | 80.9M |
| 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% | - | - | - | - | - | - | - |
High USD debt exposure
According to the latest quarterly data, TIGO reported a significant revenue surge to $2.0B in 2026Q1, representing a 44.5% growth rate, which contrasts sharply with the stagnant or declining performance observed throughout the 2025 fiscal year, suggesting potential inorganic contributions or significant currency translation impacts.
The sudden revenue spike in the most recent quarter warrants caution, as it deviates from the previous trend of low-single-digit growth or contraction. Investors should monitor whether this expansion is driven by sustainable subscriber acquisition in core markets or if it reflects non-recurring accounting adjustments that may not repeat in subsequent periods.
As reported in financial statements, TIGO's gross margin has exhibited extreme volatility, swinging from a low of 50.2% in 2023Q4 to a peak of 78.0% in 2025Q3, indicating that the company's cost of service is highly sensitive to operational or accounting fluctuations.
The wide variance in gross margins suggests that the company's underlying cost structure is not yet optimized for consistent profitability. This instability may stem from shifting content costs in the Pay-TV segment or inconsistent reporting of direct network expenses, which complicates the assessment of true pricing power.
Based on TIGO's reported figures, operating margins have fluctuated between 14.5% and 28.4% over the last ten quarters, demonstrating that the company has yet to achieve a stable operating leverage profile despite its significant investments in fixed-line infrastructure and network capacity.
The lack of a clear upward trend in operating margins suggests that SG&A expenses are not scaling efficiently with revenue growth. This may imply that the company is forced to reinvest heavily in marketing and customer retention to defend its market share against aggressive regional competitors.
Analysis of the income statement reveals that net income is frequently impacted by non-operating volatility, such as the $676M profit recorded in 2025Q2, which appears to be an outlier that significantly distorts the company's underlying earnings quality and historical EPS trajectory.
The presence of massive, non-recurring gains suggests that investors should focus on operating income rather than net income to gauge the company's true performance. The reliance on these items to bolster the bottom line may mask underlying operational challenges in the core telecommunications business.
As highlighted by the sharp 42.8% decline in EPS during 2026Q1 despite top-line growth, there is a clear disconnect between revenue expansion and bottom-line profitability, which may signal to short-sellers that the current growth strategy is capital-intensive and potentially value-destructive.
The inability to convert revenue gains into EPS growth suggests that the company's cost structure is becoming increasingly bloated. This trend warrants further investigation into whether the recent revenue surge is being achieved through margin-dilutive promotional activity that may not be sustainable in the long term.
Quick answers to the most common questions about buying TIGO stock.
For fiscal year 2025, Millicom International Cellular S.A. (TIGO) reported total revenue of $5.82B. This represents a 2599.0% increase compared to $215.6M in 1996.
Millicom International Cellular S.A. (TIGO) is profitable, generating $1.32B in net income for the fiscal year ending 2025 with a net profit margin of 22.6%.
Millicom International Cellular S.A. (TIGO) reported an operating income of $1.64B, resulting in an operating profit margin of 28.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Millicom International Cellular S.A. (TIGO) generated $4.51B in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.