MILLICOM INTERNATIONAL CELLULAR SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MILLICOM INTERNATIONAL CELLULAR SA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,043	3,936	3,946	4,336	3,805	4,261	5,624	5,661	5,804	5,819
Cost of revenue	1,175	1,169	1,117	1,201	1,060	1,197	1,506	1,507	1,420	1,311
Gross profit	2,868	2,767	2,829	3,135	2,745	3,063	4,118	4,154	4,384	4,508
Operating income	490	632	640	575	402	619	915	826	1,342	1,639
Interest expense	372	389	367	564	560	495	617	712	716	702
Interest income	21	16	21	20	13	23	18	28	46	28
Pre-tax income	109	172	119	218	-252	728	238	175	552	1,665
Income tax	179	162	112	120	72	158	222	424	281	303
Income from continuing operations	-70	10	7	97	-325	570	16	-249	271	1,362
Net income to minority interests	-58	-17	-16	5	-41	-48	-48	-163	15	46
Net income	-32	87	-10	149	-344	590	177	-82	253	1,316
EBITDA	1,343	1,444	1,443	1,675	1,521	1,732	2,259
EPS, basic	-0.32	0.86	-0.10	1.48	-2.68	4.59	1.27	-0.48	1.47	7.86
EPS, diluted	-0.32	0.86	-0.10	1.48	-2.67	4.57	1.27	-0.48	1.46	7.83

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	646	619	528	1,164	875	895	1,039	775	699	1,552
Short-term investments			0	371	160	0
Inventory		45	39	32	37	63	53	45	44	70
Property, plant and equipment	3,057	2,880	2,764	2,899	2,755	3,382	2,989	3,107	2,847	3,226
Lease right-of-use assets			0	1,012	895	1,024	884	896	792	2,346
Goodwill		599	1,069	1,684	1,659	4,098	4,059	4,107	4,094	4,265
Intangible assets		1,265	2,346	3,195	3,403	7,558	7,361	7,785	6,908	7,798
Total assets	9,627	9,464	10,313	12,895	12,422	15,141	14,198	14,516	13,737	17,253
Accounts payable		288	282	289	334	347	400	390	300	491
Short-term debt		43	289	57	59	1,828	119	188	144	188
Lease liabilities			0	988	897	996	853	854	798	2,293
Total liabilities	6,258	6,183	7,521	10,215	10,148	12,401	10,565	11,071	10,163	13,633
Total debt		3,785	4,580	5,972	5,691	7,744	6,804	6,697	5,815	6,886
Paid-in capital		484	482	480	478	476	1,085	1,076	1,064	1,036
Retained earnings		2,950	2,535	2,222	2,365	2,019
Shareholders' equity		3,096	2,542	2,410	2,059	2,583	3,605	3,529	3,628	3,640
Minority interests		185	251	271	215	157	29	-84	-54	-20
Total equity	3,368	3,281	2,792	2,680	2,274	2,740	3,634	3,445	3,574	3,621
Total liabilities and equity	9,626	9,464	10,313	12,895	12,422	15,141	14,198	14,516	13,737	17,253

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-90	69	-26	154	-385	542	129	-245	268	1,362
Depreciation and amortization	853	812	803	1,100	1,119	1,113	1,344
Cash from operations	878	820	792	801	821	956	1,284	1,223	1,603	1,734
Capital expenditures	-719	-650	-632	-736	-622	-740	-800	-814	-540	-650
Cash from investing	-552	-367	-1,199	-1,502	-495	-2,703	-1,104	-1,116	-604	-374
Debt issued	713	996	1,155	2,900	1,470	3,113	1,570	362	604	1,199
Debt repaid	-821	-1,176	-530	-1,157	-1,744	-1,335	-2,127	-632	-1,366	-599
Stock issued					0	0	717	0	0
Share buybacks			0	0	-10	-50	0	-5	-99	-119
Dividends paid									-173	-1,050
Cash from financing	-441	-464	341	1,355	-598	1,777	-1	-377	-1,066	-485
Exchange rate effect	-8	4	-33	-8	-17	-10	-11	6	-8	-14
Net change in cash	-123	-8	-98	645	-289	20	168	-264	-76	861
Free cash flow	159	170	160	65	199	216	484	409	1,063	1,084
Interest paid	357	372	318
Income taxes paid	130	132	153	114	142	127	316	233	239	335

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $89.78 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.5%	Gross profit / revenue.
Operating margin	28.2%	Operating income / revenue.
Pre-tax margin	28.6%	Pre-tax income / revenue.
Net margin	22.6%	Net income / revenue.
FCF margin	18.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.8%	Cash from operations / revenue.
Effective tax rate	18.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	36.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	15.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	11.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	420.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	95.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	436.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	83.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	30.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.89x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.9%	Total debt / total assets.
Liabilities / assets	79.0%	Total liabilities / total assets.
Net debt	$5.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.33x	Operating income / interest expense.
Goodwill and intangibles / assets	69.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	1.92x	Revenue / average property, plant and equipment.
Inventory turnover	23.0x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Days payables	110 days	365 x average accounts payable / cost of revenue.
FCF conversion	82.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	37.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$7.86	Net income per basic share, as reported (split-adjusted).
Payout ratio	79.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	96.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	11.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.04B	Share price x shares outstanding.
Enterprise value	$20.38B	Market cap + total debt - cash - short-term investments.
P/E	11.4x	Market cap / net income. Only when net income is positive.
P/S	2.58x	Market cap / revenue.
P/B	4.13x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.67x	Market cap / cash from operations, when positive.
EV/Sales	3.50x	Enterprise value / revenue.
EV/EBIT	12.4x	Enterprise value / operating income, when both are positive.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	8.7%	Net income / market cap (the inverse of P/E).
Dividend yield	7.0%	Dividends paid over the period / market cap.
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MILLICOM INTERNATIONAL CELLULAR SA's revenue in fiscal 2025?

MILLICOM INTERNATIONAL CELLULAR SA reported revenue of $5.82B for fiscal 2025, 0.3% higher than the year before.

Was MILLICOM INTERNATIONAL CELLULAR SA profitable in fiscal 2025?

Yes. Net income was $1.32B, a net margin of 22.6%.

How much free cash flow did MILLICOM INTERNATIONAL CELLULAR SA generate in fiscal 2025?

Cash from operations of $1.73B minus capital expenditures of $650.0M left free cash flow of $1.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to MILLICOM INTERNATIONAL CELLULAR SA