Quick Verdict
Millicom (NASDAQ: TIGO) reported Q2 2026 EPS of $0.65, missing the $0.94 consensus estimate, while revenue of $2.18 billion beat expectations. Investors emphasized record $327 million equity-free cash flow, higher 2026 cash-flow guidance, and a new dividend; shares rose 7.8% premarket. This article covers the Millicom (Tigo) Q2 2026 Earnings report.
About Millicom
Millicom International Cellular S.A., trading as Tigo on NASDAQ under ticker TIGO, is a Latin American fixed and mobile telecommunications provider. Founded in 1990, it is headquartered in Luxembourg, with principal executive offices in Doral, Florida. The company provides mobile connectivity, fixed broadband, pay television, voice, cloud, cybersecurity, digital entertainment, and mobile-financial services under the TIGO and Tigo Business brands.
As of June 30, 2026, Millicom employed more than 20,000 people, served over 69 million customers, and had a fiber-cable footprint exceeding 22 million homes passed. Its approximate market capitalization was $16.4 billion as of August 9, with a trailing P/E ratio of 24.5x and indicated dividend yield of 3.09%.
Top Financial Highlights
- Total revenue was $2.179 billion, up 59.4% reported and 4.3% organically year over year.
- Service revenue reached $2.043 billion, rising 60.1% reported and 5.4% organically.
- Net profit attributable to Millicom owners was $109 million, versus $676 million in Q2 2025; the prior year included a large gain from asset sales.
- Basic EPS was $0.65, down from $4.05 a year earlier.
- Adjusted EBITDA reached a quarterly record of $1.009 billion, up 58.0% reported and 9.1% organically.
- Adjusted EBITDA margin was 46.3%, compared with 46.8% in Q2 2025.
- Operating profit increased 30.4% to $462 million.
- Operating cash flow rose 60.2% to $775 million.
- Equity-free cash flow rose 50.1% to a record $327 million.
- Cash CapEx was $274 million, up $72 million year over year, reflecting investment in acquired operations and Colombian device leasing.
- Mobile service revenue was $1.2 billion, increasing 6.9% organically, supported by prepaid-to-postpaid migrations.
- Home service revenue was $513 million, up 3.0% organically, helped by pricing, convergence and FIFA World Cup content.
- B2B service revenue was $401 million, up 3.8% year over year; digital-services revenue rose 14% to $120 million.
- Cash and cash equivalents stood at $861 million at June 30, 2026, while total debt and financing was $8.742 billion.
- Management raised full-year 2026 EFCF guidance to approximately $1.1 billion, from at least $900 million, and now targets year-end leverage below 2.5x.
Beat or Miss?
| Metric | Reported | Difference/Analysis |
| Revenue | $2.18 billion | Beat the $2.11 billion consensus estimate by about $70 million, or 3.3%. |
| EPS | $0.65 | Missed the $0.94 estimate by $0.29, or approximately 30.9%. |
| Adjusted EBITDA | $1.01 billion | Record quarterly EBITDA; organic growth of 9.1% outpaced organic service-revenue growth of 5.4%. |
| EFCF guidance | ~$1.1 billion | Raised from at least $900 million, an improvement of about $200 million at the midpoint. |
| Year-end leverage target | Below 2.5x | Improved from the prior target of around 2.5x. |
Millicom (Tigo) Q2 2026 Earnings Release
(Source: seekingalpha.com)
- Millicom announced its Q2 2026 results on August 6, 2026, reporting revenue of USD 2.18 billion, up 59.4% year-on-year on a reported basis and 4.3% organically. Operating profit reached USD 462 million, while Adjusted EBITDA increased 58.0% year-on-year to USD 1.01 billion. Net profit attributable to company owners stood at USD 109 million.
- The company also recorded a record equity-free cash flow of USD 327 million, representing a 50.1% year-on-year increase. Leverage declined to 2.73x, including the impact of acquisitions in Colombia, Ecuador, and Uruguay. In addition, a dividend of USD 3.00 per share was declared in May, with quarterly payments scheduled over the following 12 months. An additional interim dividend of USD 1.50 per share was declared on August 5, 2026, with payment planned in two installments during 2027.
What Leadership Is Saying
“Millicom is becoming a larger, stronger and more cash generative company. Our strategy is to strengthen our leadership positions in Latin America through disciplined organic growth and selective consolidation, while applying a consistent operating model focused on customer value, efficiency and equity free cash flow.” — Marcelo Benítez, Chief Executive Officer.
“The second quarter equity free cash flow benefited from favorable expense timing and working capital movements. Therefore, please remain cautious forecasting the remainder of the year.” — Bart Vanhaeren, Chief Financial Officer.
Historical Performance
| Category | Q2 2026 | Q2 2025 | Change (%) |
| Revenue | $2.179 billion | $1.367 billion | 59.40% |
| Net profit attributable to owners | $109 million | $676 million | -83.90% |
| Operating expenses | $631 million | $415 million | 52.00% |
| Operating profit | $462 million | $354 million | 30.40% |
| Adjusted EBITDA | $1.009 billion | $638 million | 58.00% |
Revenue and EBITDA expansion chiefly reflect the Coltel acquisition in Colombia and full-period contributions from the Ecuador and Uruguay acquisitions. The net-income comparison is distorted by the Q2 2025 gain on the sale of LATI operations, which amounted to $604 million.
Competitor Historical Performance
| Category | Millicom Q2 2026 | Liberty Latin America Q2 2026 | YoY Change / Context |
| Revenue | $2.179 billion | $1.103 billion | Millicom: +59.4% reported; LLA: +1% reported. |
| Operating income | $462 million | $181.2 million | Millicom: +30.4%; LLA improved from a $333.0 million loss in Q2 2025. |
| Adjusted EBITDA / OIBDA | $1.009 billion | $436.0 million | Millicom: +58.0% reported; LLA: +5% reported. |
| Net income | $109 million | Not comparable in the available release summary | Millicom: -83.9%, largely due to prior-year disposal gains. |
Millicom’s reported growth is materially amplified by consolidation of acquired Colombian, Ecuadorian and Uruguayan businesses, so organic growth—4.3% for revenue and 9.1% for EBITDA—offers the cleaner underlying comparison.
How the Market Reacted?
TIGO shares rose 7.81% in premarket trading to $98.96, versus the prior close of $91.79, following the release. The market appeared to look past the EPS miss and instead reward the revenue beat, record EBITDA and EFCF, raised 2026 cash-flow outlook, lower leverage target, and incremental $1.50-per-share interim dividend. The shares traded near their 52-week high of $100.75.
The additional interim dividend will be paid in two $0.75-per-share installments on or around January 15 and April 15, 2027, subject to applicable Luxembourg withholding taxes.
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