TIM S.A. has successfully scaled operations, achieving a 6.5% year-over-year revenue increase to $6.8B in 2026Q1 while maintaining gross margins consistently above 50%.
| 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 |
|---|
| Sales/Revenue | 27.04B | 26.62B | 25.45B | 23.83B | 21.53B | 18.06B | 17.27B | 17.38B | 16.98B | 16.23B | 15.62B | 17.14B | 19.5B | 19.92B | 18.76B | 17.09B | 14.46B | 13.11B | 13.08B | 12.44B | 10.09B | 2.92B | 2.56B | 1.08B | 891.26M | 791.41M | 716.82M | 708.23M | 506.84M |
| Revenue Growth % | 5.02% | 4.62% | 6.77% | 10.7% | 19.23% | 4.58% | -0.63% | 2.33% | 4.6% | 3.95% | -8.88% | -12.1% | -2.12% | 6.17% | 9.82% | 18.18% | 10.31% | 0.19% | 5.15% | 23.28% | 245.82% | 13.79% | 136.68% | 21.58% | 12.62% | 10.41% | 1.21% | 39.73% | - |
| Cost of Goods Sold | 12.42B | 12.27B | 11.89B | 11.5B | 10.66B | 8.44B | 8B | 7.43B | 7.7B | 7.74B | 7.69B | 8.31B | 10.08B | 10.82B | 2.6B | 8.56B | 7.31B | 5.23B | 5.65B | 6.73B | 5.49B | 1.38B | 1.29B | 405.82M | 486.38M | 406.03M | 263.25M | 357.51M | 85.3M |
| COGS % of Revenue | - | 46.07% | 46.74% | 48.24% | 49.49% | 46.76% | 46.31% | 42.78% | 45.35% | 47.68% | 49.26% | 48.47% | 51.72% | 54.32% | 13.88% | 50.11% | 50.53% | 39.91% | 43.18% | 54.11% | 54.41% | 47.21% | 50.42% | 37.45% | 54.57% | 51.3% | 36.73% | 50.48% | 16.83% |
| Gross Profit | 14.61B | 14.36B | 13.55B | 12.34B | 10.87B | 9.62B | 9.27B | 9.94B | 9.28B | 8.49B | 7.92B | 8.83B | 9.41B | 9.1B | 16.16B | 8.52B | 7.15B | 7.87B | 7.43B | 5.71B | 4.6B | 1.54B | 1.27B | 677.78M | 404.88M | 385.39M | 453.57M | 350.72M | 421.54M |
| Gross Margin % | 54.05% | 53.93% | 53.26% | 51.76% | 50.51% | 53.24% | 53.69% | 57.22% | 54.65% | 52.32% | 50.74% | 51.53% | 48.28% | 45.68% | 86.12% | 49.89% | 49.47% | 60.09% | 56.82% | 45.89% | 45.59% | 52.79% | 49.58% | 62.55% | 45.43% | 48.7% | 63.27% | 49.52% | 83.17% |
| Gross Profit Growth % | - | 5.93% | 9.87% | 13.45% | 13.1% | 3.71% | -6.76% | 7.15% | 9.25% | 7.19% | -10.28% | -6.18% | 3.46% | -43.69% | 89.56% | 19.2% | -9.18% | 5.95% | 30.18% | 24.1% | 198.62% | 21.16% | 87.61% | 67.4% | 5.06% | -15.03% | 29.33% | -16.8% | - |
| Operating Expenses | 7.91B | 7.69B | 7.72B | 7.5B | 7.4B | 5.86B | 6.47B | 5.43B | 7.19B | 6.6B | 6.58B | 6.84B | 6.96B | 6.7B | 13.59B | 6.46B | 5.95B | 7.4B | 6.94B | 5.44B | 4.74B | 1.06B | 829.72M | 367.52M | 287.98M | 266.67M | 439.05M | 309.1M | 207.57M |
| OpEx % of Revenue | - | 28.9% | 30.36% | 31.48% | 34.35% | 32.45% | 37.46% | 31.24% | 42.32% | 40.65% | 42.15% | 39.9% | 35.71% | 33.63% | 72.41% | 37.79% | 41.17% | 56.45% | 53.07% | 43.74% | 46.93% | 36.32% | 32.35% | 33.92% | 32.31% | 33.7% | 61.25% | 43.64% | 40.95% |
| Selling, General & Admin | 7.09B | 7.69B | 5.26B | 5.21B | 5.1B | 4.15B | 6.12B | 5.95B | 5.89B | 5.42B | 5.52B | 5.7B | 5.95B | 5.74B | 10.48B | 5.26B | 4.97B | 4.76B | 3.79B | 4.92B | 4.2B | 984.05M | 829.72M | 286.65M | 268.79M | 264.78M | 234.79M | 188.85M | 109.1M |
| SG&A % of Revenue | - | 28.9% | 20.67% | 21.86% | 23.66% | 22.98% | 35.42% | 34.21% | 34.68% | 33.37% | 35.34% | 33.28% | 30.52% | 28.83% | 55.83% | 30.79% | 34.39% | 36.29% | 28.95% | 39.57% | 41.58% | 33.72% | 32.35% | 26.45% | 30.16% | 33.46% | 32.75% | 26.66% | 21.53% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 6.7B | 6.66B | 5.83B | 4.83B | 3.48B | 3.76B | 2.8B | 4.51B | 2.42B | 1.93B | 1.42B | 3.24B | 2.49B | 2.44B | 2.32B | 2.07B | 1.2B | 477.02M | 490.87M | 267.33M | -135.06M | 553.26M | 448.68M | 141.5M | 116.9M | 118.72M | 14.52M | 41.62M | 213.97M |
| Operating Margin % | 24.78% | 25.03% | 22.91% | 20.29% | 16.16% | 20.8% | 16.23% | 25.98% | 14.24% | 11.91% | 9.12% | 18.93% | 12.75% | 12.24% | 12.37% | 12.1% | 8.3% | 3.64% | 3.75% | 2.15% | -1.34% | 18.96% | 17.49% | 13.06% | 13.12% | 15% | 2.03% | 5.88% | 42.22% |
| Operating Income Growth % | - | 14.31% | 20.58% | 38.99% | -7.38% | 34% | -37.92% | 86.76% | 25.04% | 35.75% | -56.1% | 30.52% | 1.92% | 5.06% | 12.29% | 72.27% | 151.59% | -2.82% | 83.62% | 297.94% | -124.41% | 23.31% | 217.09% | 21.04% | -1.53% | 717.57% | -65.11% | -80.55% | - |
| EBITDA | 13.08B | 11.07B | 12.86B | 11.95B | 10.31B | 9.45B | 8.33B | 9.64B | 6.37B | 5.95B | 5.21B | 6.61B | 5.54B | 5.21B | 5.01B | 4.64B | 4.19B | 3.06B | 2.9B | 2.59B | 2.14B | 1.09B | 896.14M | 352.44M | 318.66M | 293.45M | 170.59M | 161.87M | 312.44M |
| EBITDA Margin % | 48.39% | 41.58% | 50.52% | 50.15% | 47.87% | 52.32% | 48.24% | 55.5% | 37.52% | 36.63% | 33.36% | 38.55% | 28.4% | 26.14% | 26.7% | 27.14% | 29.01% | 23.35% | 22.17% | 20.83% | 21.25% | 37.2% | 34.94% | 32.52% | 35.75% | 37.08% | 23.8% | 22.86% | 61.64% |
| EBITDA Growth % | 1.45% | -13.88% | 7.56% | 15.97% | 9.08% | 13.42% | -13.62% | 51.35% | 7.14% | 14.16% | -21.14% | 19.28% | 6.37% | 3.93% | 8.04% | 10.58% | 37.05% | 5.53% | 11.91% | 20.82% | 97.52% | 21.14% | 154.27% | 10.6% | 8.59% | 72.02% | 5.39% | -48.19% | - |
| D&A (Non-Cash Add-back) | 6.38B | 4.41B | 7.03B | 7.12B | 6.83B | 5.69B | 5.53B | 5.13B | 3.95B | 4.01B | 3.79B | 3.36B | 3.05B | 2.77B | 2.69B | 2.57B | 2.99B | 2.58B | 2.41B | 2.32B | 2.28B | 532.36M | 447.46M | 210.94M | 201.76M | 174.73M | 156.07M | 120.25M | 98.47M |
| EBIT | 7.54B | 6.66B | 5.96B | 5.29B | 3.96B | 4.56B | 2.85B | 5.53B | 2.39B | 2.02B | 1.74B | 3.8B | 2.91B | 2.65B | 2.63B | 2.41B | 1.25B | 598.4M | 561.46M | 613.78M | -84.73M | 538.34M | 512.89M | 274.26M | 170.38M | 118.72M | 14.52M | 41.62M | 213.97M |
| Net Interest Income | -1.5B | -1.19B | -1.61B | -1.09B | -1.34B | -859.69M | -159.84M | -248.87M | -538.71M | -507.21M | -406.04M | -252.82M | -282.75M | -298.31M | -165.74M | -244.69M | -148.83M | -173.31M | -272.25M | -274.51M | 0 | 74.91M | 64.81M | 30.49M | -8.32M | 0 | 0 | 0 | 0 |
| Interest Income | 1.32B | 868.91M | 730.57M | 1.02B | 901.88M | 596.75M | 25.26M | 37.01M | 199.01M | 462.75M | 675.94M | 782.49M | 641.88M | 400.79M | 304.03M | 254.28M | 190.72M | 137.34M | 173.31M | 104.12M | 0 | 158.55M | 133.61M | 111.77M | 64.25M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 4.85B | 4.56B | 3.62B | 3.18B | 1.72B | 3.1B | 1.99B | 4.54B | 1.88B | 1.44B | 1.01B | 2.98B | 2.19B | 2.14B | 2.15B | 1.83B | 954.68M | 220.41M | 115.9M | 242.91M | -132.54M | 551M | 444.08M | 162.56M | 85.25M | 59.22M | 9.05M | 16.9M | 165.16M |
| Pretax Margin % | 17.94% | 17.13% | 14.23% | 13.36% | 7.99% | 17.18% | 11.54% | 26.1% | 11.07% | 8.84% | 6.49% | 17.39% | 11.25% | 10.72% | 11.48% | 10.7% | 6.6% | 1.68% | 0.89% | 1.95% | -1.31% | 18.88% | 17.32% | 15% | 9.56% | 7.48% | 1.26% | 2.39% | 32.59% |
| Income Tax | 519.54M | 248.03M | 468.58M | 346.61M | 50.15M | 146.05M | 164.15M | 913.94M | -664.91M | 201.01M | 262.89M | 908.69M | 646.5M | 630.54M | 704.59M | 547.36M | -1.26B | 5.52M | -64.25M | 166.82M | 168.42M | 130.34M | 108.04M | 42.25M | 19.47M | -671.14K | -6.32M | -4.58M | 45.43M |
| Effective Tax Rate % | 10.71% | 5.44% | 12.94% | 10.89% | 2.91% | 4.71% | 8.24% | 20.15% | -35.36% | 14% | 25.94% | 30.49% | 29.48% | 29.52% | 32.72% | 29.93% | -131.67% | 2.5% | -55.44% | 68.68% | -127.07% | 23.65% | 24.33% | 25.99% | 22.84% | -1.13% | -69.85% | -27.13% | 27.51% |
| Net Income | 4.33B | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B | 1.83B | 3.62B | 2.55B | 1.23B | 750.43M | 2.07B | 1.55B | 1.51B | 1.45B | 1.28B | 2.21B | 214.89M | 180.15M | 76.09M | -300.95M | 399.2M | 265.94M | 120.31M | 65.77M | 59.89M | 15.37M | 21.48M | 119.73M |
| Net Margin % | 16.02% | 16.2% | 12.39% | 11.91% | 7.76% | 16.38% | 10.59% | 20.84% | 14.99% | 7.6% | 4.81% | 12.08% | 7.93% | 7.56% | 7.72% | 7.5% | 15.3% | 1.64% | 1.38% | 0.61% | -2.98% | 13.68% | 10.37% | 11.1% | 7.38% | 7.57% | 2.14% | 3.03% | 23.62% |
| Net Income Growth % | 26.2% | 36.72% | 11.15% | 69.83% | -43.5% | 61.75% | -49.53% | 42.32% | 106.16% | 64.51% | -63.77% | 33.93% | 2.71% | 3.92% | 13.09% | -42.07% | 929.22% | 19.28% | 136.77% | 125.28% | -175.39% | 50.11% | 121.03% | 82.92% | 9.83% | 289.71% | -28.46% | -82.06% | - |
| Net Income (Continuing) | 4.33B | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B | 1.83B | 3.62B | 2.55B | 1.23B | 750.43M | 2.07B | 1.55B | 1.51B | 1.45B | 1.28B | 2.21B | 341.37M | 180.15M | 68.3M | -301.68M | 411.04M | 336.05M | 150.56M | 78.34M | 59.89M | 15.37M | 21.48M | 119.73M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 393.61M | 176.79M | 159.59M | 149.69M | 142.42M | 161.44M | 149.45M |
| EPS (Diluted) | 9.06 | 8.95 | 7.45 | 5.75 | 3.58 | 6.35 | 3.84 | 7.25 | 5.60 | 2.64 | 1.48 | 5.05 | 3.40 | 3.06 | 3.11 | 3.09 | 4.24 | 0.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.70 | 0.95 | 0.90 | 0.25 | 0.30 | 1.80 |
| EPS Growth % | 22.6% | 20.13% | 29.57% | 60.61% | -43.62% | 65.36% | -47.03% | 29.46% | 112.12% | 78.38% | -70.69% | 48.53% | 11.11% | -1.61% | 0.65% | -27.12% | 606.67% | - | - | - | - | - | -100% | 78.95% | 5.56% | 260% | -16.67% | -83.33% | - |
| EPS (Basic) | - | 8.95 | 7.50 | 5.75 | 3.58 | 6.35 | 3.84 | 7.25 | 5.60 | 2.64 | 1.48 | 5.05 | 3.40 | 3.06 | 3.11 | 3.09 | 4.24 | 0.60 | 0.42 | 0.15 | -0.65 | 2.14 | 1.73 | 1.70 | 0.95 | 0.90 | 0.25 | 0.30 | 1.80 |
| Diluted Shares Outstanding | 477.86M | 482.86M | 484.04M | 484.15M | 484.05M | 484.13M | 484.21M | 484.2M | 484.21M | 484.21M | 484.05M | 484.06M | 483.78M | 483.5M | 483.42M | 452.96M | 495.15M | 495.15M | 0 | 0 | 0 | 0 | 0 | 71.3M | 68.59M | 67.44M | 66.88M | 66.88M | 66.07M |
| Basic Shares Outstanding | 477.73M | 482.71M | 483.97M | 484.14M | 483.99M | 484.06M | 484.16M | 484.1M | 484.03M | 484M | 484.05M | 484.05M | 483.57M | 483.37M | 483.37M | 452.73M | 495.15M | 495.15M | 468.77M | 466.79M | 465.94M | 175.94M | 141.41M | 71.3M | 68.59M | 67.44M | 66.88M | 66.88M | 66.07M |
| Dividend Payout Ratio | - | 124.31% | 86.25% | 76.65% | 71.78% | 35.27% | 63.07% | 21.26% | 23.11% | 26.95% | 61.34% | 17.4% | 54.05% | 48.81% | 36.12% | 37.96% | 9.1% | 78.21% | 115.26% | 578.65% | - | 23.27% | 28.18% | 24.56% | 33.58% | 16.98% | 89.32% | 201.52% | - |
Regulatory and currency volatility
According to the provided quarterly data, TIMB has maintained a consistent revenue growth trajectory, with the most recent period showing a 6.5% year-over-year increase to $6.8B, suggesting that the company is successfully navigating the competitive landscape despite broader macroeconomic pressures in the Brazilian telecommunications sector.
The steady top-line expansion appears to be supported by the successful integration of acquired assets and a strategic focus on higher-ARPU postpaid plans. Investors should monitor whether this growth rate can be sustained as the market approaches saturation, particularly if consumer discretionary spending faces further headwinds.
As reported in the financial statements, TIMB has demonstrated robust profitability with gross margins consistently hovering above 50%, peaking at 55.6% in 2025Q4, which indicates a strong ability to manage interconnection costs and network maintenance expenses relative to its primary regional competitors.
The company's ability to maintain these margins suggests effective cost discipline and a successful shift toward a more efficient mobile-first infrastructure model. However, the variability in quarterly margins warrants further investigation into the impact of handset subsidy cycles and potential fluctuations in the cost of network equipment.
Based on the income statement analysis, TIMB has achieved significant operating leverage, with operating margins expanding from 18.3% in 2024Q1 to 23.1% in 2026Q1, reflecting management's success in scaling revenue faster than the underlying SG&A and operational overhead requirements during this period.
This trend suggests that the company is effectively leveraging its existing infrastructure and the synergies gained from the Oi mobile asset integration. The efficiency in managing SG&A costs appears to be a primary driver of the improved operating income, which investors should continue to track as a key indicator of long-term profitability.
Analysis of the reported figures indicates that net income has experienced notable volatility, ranging from $519.4M to $1.3B over the last ten quarters, which may be partially attributed to non-operating items such as tax credits and the absence of significant stock-based compensation expenses.
The minimal stock-based compensation suggests that earnings are not being artificially inflated by equity-based dilution, which is a positive sign for shareholders. However, the reliance on non-recurring tax windfalls warrants caution, as these items can mask the underlying operational performance of the core telecommunications business.
While current performance appears strong, a critical challenge to the narrative is the potential for margin compression if the company is forced to increase capital expenditure to maintain 5G competitiveness or if parent company liquidity needs drive unsustainable dividend payouts, as suggested by recent industry context.
Short-sellers might focus on the sustainability of the current low debt-to-equity profile, particularly if off-balance-sheet lease liabilities are not fully accounted for in internal risk models. Investors should remain vigilant regarding the potential for regulatory shocks or currency-driven inflation in equipment costs to erode the current profitability gains.
Quick answers to the most common questions about buying TIMB stock.
For fiscal year 2025, TIM S.A. (TIMB) reported total revenue of $26.62B. This represents a 5153.1% increase compared to $506.8M in 1998.
TIM S.A. (TIMB) is profitable, generating $4.31B in net income for the fiscal year ending 2025 with a net profit margin of 16.2%.
TIM S.A. (TIMB) reported an operating income of $6.66B, resulting in an operating profit margin of 25.0%. This margin reflects the operational efficiency of the business before interest and taxes.
TIM S.A. (TIMB) generated $14.36B in gross profit for the year, representing a gross profit margin of 53.9%. This demonstrates the company's core pricing power and production efficiency.