Millicom International Cellular SA cash flow statement

In fiscal 2025, Millicom International Cellular SA's operations generated $1.73bn of cash; it spent $650m on capital projects, leaving free cash flow of $1.08bn. It returned $119m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Millicom International Cellular SA: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	878	820	792	801	821	956	1,284	1,223	1,603	1,734
Depreciation and amortisation	853	812	803	1,100	1,119	1,114	1,344	1,338	1,235	1,280
Stock-based pay	14	22	22	30	24	17	29	52	50	14
Capital spending	719	650	632	736	622	740	800	814	540	650
Free cash flow	159	170	160	65	199	216	484	409	1,063	1,084
Free cash flow after stock pay	145	148	138	35	175	199	455	357	1,013	1,070
Share buybacks	—	—	0	0	10	50	0	5	99	119

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: TIGO vs TIMB CHT vs TIGO TIGO vs VEON TIGO vs TU

More: Integrated Telecommunication Services stocks compared, Communication Services sector, rankings of US companies

Figures from Millicom International Cellular SA's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Millicom International Cellular SA.