Millicom International Cellular
Connects Latin American consumers and businesses through Tigo mobile, broadband, television and digital services.
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Profile
Provides mobile and fixed connectivity, pay TV, financial services, and enterprise cloud and security solutions under the Tigo brands across Latin America. Revenue-generating operations are organized by country, combining shared branding and fixed-mobile networks with exposure to local regulation, currencies, economies, network investment, and compliance obligations.
Provides mobile and fixed connectivity under the Tigo and Tigo Business brands across Latin America. Consumer offerings span mobile data and voice, broadband, pay TV, Tigo Money and local entertainment, while enterprise services include data, cloud and security solutions.
Operations combine country-scale mobile networks with fixed fiber-cable infrastructure, a convergence model built through acquisitions and recently extended into Uruguay and Ecuador. Geographic segments include Guatemala, Colombia, Panama, Honduras, Paraguay, Bolivia and Other, covering additional Central and South American markets.
Execution centers on integrating mobile and fixed services and distributing a shared brand across distinct national operations. The business depends on country-specific spectrum and telecommunications rules, local currencies and economies, sustained network investment, and compliance controls across multiple jurisdictions. TIGO Guatemala also remains subject to cooperation, remediation and reporting obligations under its deferred-prosecution agreement.
Company facts
Categories
Key statistics
Year to date +65.0% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Morgan Stanley | Reiterate | Perform | $55 | $94 | |
| Aug 18, 2026 | RBC Capital | Target | $105 | |||
| Aug 18, 2026 | JP Morgan | Downgrade | Overweight | Neutral | ||
| Aug 7, 2026 | Scotiabank | Reiterate | Underperform | $52.40 | $60.10 | |
| Jul 14, 2026 | UBS | Reiterate | Neutral | $90 | $100 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.71 | $0.64 | −9.9% | $2.13B | $2.18B | +2.1% | +13.64% |
| May 12, 2026Q1 FY26 | $0.89 | $0.97 | +9.0% | $1.99B | $1.99B | −0.1% | +2.31% |
| Feb 26, 2026Q4 FY25 | $1.05 | $1.50 | +42.9% | $1.57B | $1.65B | +5.5% | +3.13% |
| Nov 6, 2025Q3 FY25 | $0.63 | $0.34 | −46.2% | $1.40B | $1.42B | +1.3% | −0.59% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.37B | $1.37B | $1.42B | $1.65B | $1.98B | $2.18B | |
| Gross profit | $761.0M | $1.06B | $1.11B | $1.29B | $1.04B | $1.12B | |
| Operating income | $338.0M | $357.0M | $390.0M | $469.0M | $389.0M | $490.0M | |
| Net income | $193.0M | $676.0M | $195.0M | $252.0M | $109.0M | $109.0M | |
| Diluted EPS | $1.14 | $4.03 | $1.16 | $1.50 | $0.65 | $0.65 | |
| Gross margin | 55.4% | 77.0% | 78.0% | 77.8% | 52.3% | 51.4% | |
| Operating margin | 24.6% | 26.0% | 27.5% | 28.4% | 19.6% | 22.5% |
Fiscal years (4-quarter sums)FY21 $4.26B · FY22 $5.62B · FY23 $5.66B · FY24 $5.80B · FY25 $5.82B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $861.0M · Total debt $11.90B · Total assets $20.68B · Shareholders' equity $2.53B
Dividends
Last cut to $0.75 from $1.00 in Apr 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 8, 2026 | Jul 8 | Jul 15 | $0.75 | |
| Apr 8, 2026 | Apr 8 | Apr 15 | $2.00 | special dividend |
| Jan 8, 2026 | Jan 8 | Jan 15 | $0.75 | |
| Oct 8, 2025 | Oct 8 | Oct 15 | $2.00 | special dividend |
| Jul 8, 2025 | Jul 8 | Jul 15 | $0.75 | |
| Apr 8, 2025 | Apr 8 | Apr 15 | $0.75 | cut from $1.00 |
| Jan 3, 2025 | Jan 3 | Jan 10 | $1.00 |
Ownership
Shares outstanding 167.54M · Float 89.27M · 53.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Atlas Investissement SAS | 82.98M | 49.50% | 13D | Jun 29, 2026 |
| Atlas SAS | 70.47M | 41.88% | 13D | Mar 17, 2025 |
| Dodge & Cox | 8.22M | 4.91% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 8.14M | 4.86% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 6.75M | 4.03% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 20, 2026 | Maria Teresa Arnal | director | −284 | $73.92 |
| May 20, 2026 | Bruce Churchill | director | −284 | $73.92 |
| May 20, 2026 | Justine Dimovic | director | −284 | $73.92 |
| May 20, 2026 | de Vega Blanca Trevino | director | −284 | $73.92 |
| Jun 11, 2026 | Karim Antonio Lesina | officer: EVP, CEA Officer | −42,497 | $90.00 |
Peers
- América Móvil (ADR)
Broad Claro rivalry across mobile, broadband, and pay TV
- Liberty Latin America
Panama convergence rival across mobile, broadband, and enterprise
- Telecom Argentina (ADR)
Personal rivalry in Paraguay mobile, internet, TV, and fintech
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Millicom International Cellular | $93.38 | +0.05% | $15.65B | 23.6 | 23.6 | 2.2 | +58.8% |
| América Móvil (ADR) | $23.43 | +1.01% | $69.56B | 13.2 | 14.1 | 1.2 | +9.8% |
| Liberty Latin America | $8.56 | +0.18% | $2.52B | — | — | 0.6 | +1.5% |
| Telecom Argentina (ADR) | $13.06 | −0.19% | $5.63B | 11.6 | 21.3 | 0.9 | +13.3% |
| Median | 12.4 | 17.7 | 0.9 | +9.8% |