TIM S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data TIM S.A. files with the SEC in its annual reports.

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

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16,981	17,377	17,268	18,058	21,531	23,834	25,448	26,625
Cost of revenue	7,701	7,434	7,997	8,443	10,656	11,496	11,893	12,267
Gross profit	9,280	9,943	9,271	9,615	10,875	12,337	13,555	14,358
Selling and marketing	-4,971	-4,986	4,443	4,622	5,596	5,743	5,909	5,960
General and administrative	1,608	-1,718	1,673	1,723	1,809	1,759	1,798	1,734
Operating income	2,418	4,515	2,803	3,756	3,160	4,717	5,507	6,344
Interest expense	951	1,408	1,242	1,745	2,763	2,766	2,817	3,350
Interest income	413	1,430	439	1,092	1,319	1,240	862	1,630
Pre-tax income	1,880	4,536	1,992	3,103	-1,721	3,184	3,622	4,560
Income tax	-665	-914	164	146	50.2	347	469	248
Net income	2,545	3,622	1,828	2,957	1,671	2,837	3,154	4,312
EBITDA		9,644	2,967	9,448	9,987	11,834	12,533	13,422
EPS, basic	1.05	1.50	0.76	1.22	0.69	1.17	1.30	1.79
EPS, diluted	1.05	1.50	0.76	1.22	0.69	1.17	1.30	1.78

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,076	2,285	2,575	5,229	2,549	3,078	3,259	3,610
Inventory		203	247	203	236	332	294	357
Total current assets		8,454	10,412	15,398	10,364	11,404	12,663	13,464
Property, plant and equipment	11,204	17,612	18,101	18,308	22,661	22,412	22,815	23,171
Total assets		40,349	41,654	49,819	56,408	55,260	56,327	56,939
Short-term debt		1,384	1,689	538	1,265	1,267	348	926
Total current liabilities		8,117	8,302	10,611	13,118	12,883	12,827	15,201
Total liabilities		17,917	18,472	24,712	31,011	29,244	29,923	32,962
Total debt		2,029	2,345	3,845	4,970	3,771	3,036	2,779
Retained earnings		12,159	9,317	11,237	11,515	12,160	12,559	10,193
Total equity	19,795	22,432	23,183	25,107	25,397	26,016	26,405	23,977
Total liabilities and equity		40,349	41,654	49,819	56,408	55,260	56,327	56,939

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,545	3,622	1,828	2,957	1,671	2,837	3,154	4,312
Depreciation and amortization		5,129	164	5,692	6,827	7,117	7,026	7,078
Cash from operations	6,129	7,065	8,674	9,905	9,162	12,421	12,332	13,440
Capital expenditures	-3,832	-3,853	-3,891	-5,284	-4,730	-4,504	-4,550	-4,541
Cash from investing	-3,830	-3,713	-5,455	-6,516	-8,353	-4,684	-4,954	-3,561
Debt issued	167	1,000	1,800	3,062	1,568
Dividends paid	-588	-770	-1,153	-1,043	-1,199	-2,175	-2,720	-5,360
Cash from financing	-4,184	-2,143	-2,928	-735	-3,489	-7,208	-7,197	-9,528
Net change in cash	-1,885	1,209	291	2,653	-2,680	529	181	352
Free cash flow	2,297	3,211	4,783	4,621	4,432	7,916	7,781	8,899
Income taxes paid	214	162	69.6	14.1		228	89.9	312

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	53.9%	Gross profit / revenue.
Operating margin	23.8%	Operating income / revenue.
EBITDA margin	50.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.1%	Pre-tax income / revenue.
Net margin	16.2%	Net income / revenue.
FCF margin	33.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	50.5%	Cash from operations / revenue.
Effective tax rate	5.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.6%	Net income / average total assets.
Capex / revenue	17.1%	Capital expenditures / revenue.
D&A / revenue	26.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.7%	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	9.1%	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	15.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.2%	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	17.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	35.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	36.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	37.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.6%	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	9.2%	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	14.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.2%	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	13.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.3%	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	6.5%	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
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / assets	4.9%	Total debt / total assets.
Liabilities / assets	57.9%	Total liabilities / total assets.
Net debt	-R$831.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.89x	Operating income / interest expense.
Working capital	-R$1.74B	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	1.16x	Revenue / average property, plant and equipment.
Inventory turnover	37.7x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
FCF conversion	206.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	33.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$1.78	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	R$1.79	Net income per basic share, as reported (split-adjusted).
Payout ratio	124.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	60.2%	Dividends paid / free cash flow, when free cash flow is positive.

What was TIM S.A.'s revenue in fiscal 2025?

TIM S.A. reported revenue of R$26.62B for fiscal 2025, 4.6% higher than the year before.

Was TIM S.A. profitable in fiscal 2025?

Yes. Net income was R$4.31B, a net margin of 16.2%.

How much free cash flow did TIM S.A. generate in fiscal 2025?

Cash from operations of R$13.44B minus capital expenditures of R$4.54B left free cash flow of R$8.90B.

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.

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