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Kyivstar vs Millicom International Cellular: revenue, profit, margins and growth compared

Kyivstar brought in $1.2B of revenue in fiscal 2025, Millicom International Cellular $5.8B in fiscal 2025. Revenue changed by +25.9% at Kyivstar and +0.3% at Millicom International Cellular on the year before, so Kyivstar grew faster. Kyivstar kept 10.7% of its revenue as net profit, Millicom International Cellular 22.6%. Free cash flow was $311M at Kyivstar and $1.1B at Millicom International Cellular.

Side by side, latest fiscal year

KYIVTIGO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.2B$5.8B
Revenue growth+25.9%+0.3%
Net income$124M$1.3B
Net margin10.7%22.6%
Free cash flow$311M$1.1B
Free cash flow margin26.9%18.6%
Earnings per share (diluted)$0.57$7.83
Cash$455M$1.6B
Debtn/a$6.9B
Price to earningsn/an/a
Market value$2.9B$15B
Dividend yieldn/an/a
Rank by revenue in sector#29 of 75 · Telecommunications#13 of 75 · Telecommunications

Over the years

Revenue
KYIV FY2023: $915MKYIV FY2025: $919MKYIV FY2025: $1.2BTIGO FY2018: $3.9BTIGO FY2019: $4.3BTIGO FY2020: $3.8BTIGO FY2021: $4.3BTIGO FY2022: $5.6BTIGO FY2023: $5.7BTIGO FY2024: $5.8BTIGO FY2025: $5.8BFY18FY19FY20FY21FY22FY23FY24FY25
KYIV $1.2BTIGO $5.8B
Net income
KYIV FY2023: $281MKYIV FY2025: $283MKYIV FY2025: $124MTIGO FY2018: -$10MTIGO FY2019: $149MTIGO FY2020: -$344MTIGO FY2021: $590MTIGO FY2022: $177MTIGO FY2023: -$82MTIGO FY2024: $253MTIGO FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
KYIV $124MTIGO $1.3B
Net margin
KYIV FY2023: 30.7%KYIV FY2025: 30.8%KYIV FY2025: 10.7%TIGO FY2018: -0.3%TIGO FY2019: 3.4%TIGO FY2020: -9.0%TIGO FY2021: 13.8%TIGO FY2022: 3.1%TIGO FY2023: -1.4%TIGO FY2024: 4.4%TIGO FY2025: 22.6%FY18FY19FY20FY21FY22FY23FY24FY25
KYIV 10.7%TIGO 22.6%
Revenue growth
KYIV FY2025: +0.4%KYIV FY2025: +25.9%TIGO FY2019: +9.9%TIGO FY2020: -12.2%TIGO FY2021: +12.0%TIGO FY2022: +32.0%TIGO FY2023: +0.7%TIGO FY2024: +2.5%TIGO FY2025: +0.3%FY19FY20FY21FY22FY23FY24FY25
KYIV +25.9%TIGO +0.3%
Free cash flow
KYIV FY2023: $317MKYIV FY2025: $268MKYIV FY2025: $311MTIGO FY2018: $160MTIGO FY2019: $65MTIGO FY2020: $199MTIGO FY2021: $216MTIGO FY2022: $484MTIGO FY2023: $409MTIGO FY2024: $1.1BTIGO FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
KYIV $311MTIGO $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Kyivstar and Millicom International Cellular

Which is bigger by revenue, Kyivstar or Millicom International Cellular?

Millicom International Cellular is bigger by revenue: $5.8B in fiscal 2025, against $1.2B for Kyivstar in fiscal 2025.

Which keeps more of its revenue as profit, Kyivstar or Millicom International Cellular?

Kyivstar had a net margin of 10.7% in fiscal 2025; Millicom International Cellular had 22.6% in fiscal 2025.

Which grew revenue faster, Kyivstar or Millicom International Cellular?

In their latest fiscal years revenue changed by +25.9% at Kyivstar and +0.3% at Millicom International Cellular.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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