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Millicom International Cellular vs T-Mobile US: revenue, profit, margins and growth compared

Millicom International Cellular brought in $5.8B of revenue in fiscal 2025, T-Mobile US $88.3B in fiscal 2025. Revenue changed by +0.3% at Millicom International Cellular and +8.5% at T-Mobile US on the year before, so T-Mobile US grew faster. Millicom International Cellular kept 22.6% of its revenue as net profit, T-Mobile US 12.4%. Free cash flow was $1.1B at Millicom International Cellular and $18B at T-Mobile US.

Side by side, latest fiscal year

TIGOTMUS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.8B$88.3B
Revenue growth+0.3%+8.5%
Net income$1.3B$11B
Net margin22.6%12.4%
Free cash flow$1.1B$18B
Free cash flow margin18.6%20.4%
Earnings per share (diluted)$7.83$9.72
Cash$1.6B$5.6B
Debt$6.9B$86.3B
Price to earningsn/a17.1
Market value$15B$178.5B
Dividend yieldn/a2.28%
Rank by revenue in sector#13 of 75 · Telecommunications#4 of 75 · Telecommunications

Over the years

Revenue
TIGO FY2018: $3.9BTIGO FY2019: $4.3BTIGO FY2020: $3.8BTIGO FY2021: $4.3BTIGO FY2022: $5.6BTIGO FY2023: $5.7BTIGO FY2024: $5.8BTIGO FY2025: $5.8BTMUS FY2018: $43.3BTMUS FY2019: $45BTMUS FY2020: $68.4BTMUS FY2021: $80.1BTMUS FY2022: $79.6BTMUS FY2023: $78.6BTMUS FY2024: $81.4BTMUS FY2025: $88.3BFY18FY19FY20FY21FY22FY23FY24FY25
TIGO $5.8BTMUS $88.3B
Net income
TIGO FY2018: -$10MTIGO FY2019: $149MTIGO FY2020: -$344MTIGO FY2021: $590MTIGO FY2022: $177MTIGO FY2023: -$82MTIGO FY2024: $253MTIGO FY2025: $1.3BTMUS FY2018: $2.9BTMUS FY2019: $3.5BTMUS FY2020: $3.1BTMUS FY2021: $3BTMUS FY2022: $2.6BTMUS FY2023: $8.3BTMUS FY2024: $11.3BTMUS FY2025: $11BFY18FY19FY20FY21FY22FY23FY24FY25
TIGO $1.3BTMUS $11B
Net margin
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%TMUS FY2018: 6.7%TMUS FY2019: 7.7%TMUS FY2020: 4.5%TMUS FY2021: 3.8%TMUS FY2022: 3.3%TMUS FY2023: 10.6%TMUS FY2024: 13.9%TMUS FY2025: 12.4%FY18FY19FY20FY21FY22FY23FY24FY25
TIGO 22.6%TMUS 12.4%
Revenue growth
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%TMUS FY2019: +3.9%TMUS FY2020: +52.0%TMUS FY2021: +17.1%TMUS FY2022: -0.7%TMUS FY2023: -1.3%TMUS FY2024: +3.6%TMUS FY2025: +8.5%FY19FY20FY21FY22FY23FY24FY25
TIGO +0.3%TMUS +8.5%
Free cash flow
TIGO FY2018: $160MTIGO FY2019: $65MTIGO FY2020: $199MTIGO FY2021: $216MTIGO FY2022: $484MTIGO FY2023: $409MTIGO FY2024: $1.1BTIGO FY2025: $1.1BTMUS FY2018: -$1.6BTMUS FY2019: $433MTMUS FY2020: -$2.4BTMUS FY2021: $1.6BTMUS FY2022: $2.8BTMUS FY2023: $8.8BTMUS FY2024: $13.5BTMUS FY2025: $18BFY18FY19FY20FY21FY22FY23FY24FY25
TIGO $1.1BTMUS $18B

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

Questions about Millicom International Cellular and T-Mobile US

Which is bigger by revenue, Millicom International Cellular or T-Mobile US?

T-Mobile US is bigger by revenue: $88.3B in fiscal 2025, against $5.8B for Millicom International Cellular in fiscal 2025.

Which keeps more of its revenue as profit, Millicom International Cellular or T-Mobile US?

Millicom International Cellular had a net margin of 22.6% in fiscal 2025; T-Mobile US had 12.4% in fiscal 2025.

Which grew revenue faster, Millicom International Cellular or T-Mobile US?

In their latest fiscal years revenue changed by +0.3% at Millicom International Cellular and +8.5% at T-Mobile US.

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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