Top Page
TIM
(NYSE:TIMB)
TIM (TIMB) vs. SPDR S&P 500 ETF (SPY)
TIM Business Overview & Revenue Model
TIM Earnings Call Summary
TIM Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.62B | 25.45B | 23.83B | 21.53B | 18.06B |
| Gross Profit | 14.36B | 13.55B | 12.34B | 10.87B | 9.62B |
| EBITDA | 11.07B | 12.99B | 12.41B | 10.79B | 10.25B |
| Net Income | 4.31B | 3.15B | 2.84B | 1.67B | 2.96B |
Balance Sheet | |||||
| Total Assets | 56.94B | 56.33B | 55.26B | 56.41B | 49.82B |
| Cash, Cash Equivalents and Short-Term Investments | 5.88B | 5.69B | 5.04B | 4.74B | 9.80B |
| Total Debt | 28.59B | 15.61B | 16.03B | 17.80B | 12.91B |
| Total Liabilities | 32.96B | 29.92B | 29.24B | 31.01B | 24.71B |
| Stockholders Equity | 23.98B | 26.40B | 26.02B | 25.40B | 25.11B |
Cash Flow | |||||
| Free Cash Flow | 8.90B | 7.78B | 7.92B | 4.43B | 4.62B |
| Operating Cash Flow | 13.44B | 12.33B | 12.42B | 9.16B | 9.91B |
| Investing Cash Flow | -3.56B | -4.95B | -4.68B | -8.35B | -6.52B |
| Financing Cash Flow | -9.53B | -7.20B | -7.21B | -3.49B | -735.37M |
TIM Technical Analysis
TIM Risk Analysis
TIM Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $21.17B | 15.78 | 15.54% | 6.14% | -5.21% | -7.45% | |
73 Outperform | $13.23B | 17.20 | 17.96% | 7.82% | -4.90% | 14.83% | |
70 Outperform | $26.67B | 24.20 | 9.34% | 5.03% | -3.16% | 4.70% | |
61 Neutral | $12.00B | 45.66 | 3.10% | 5.02% | -8.16% | -52.52% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
TIM Corporate Events
On February 10, 2026, TIM S.A.’s Fiscal Council met in Rio de Janeiro to review the company’s performance and governance for the fiscal year ended December 31, 2025. The council examined tax, regulatory, civil and labor contingencies alongside management and the statutory audit committee, with no additional issues or irregularities reported.
The Fiscal Council unanimously endorsed TIM’s 2025 individual and consolidated financial statements, which were audited by Ernst & Young and accompanied by an unqualified opinion issued the same day. The council also approved management’s proposal for allocating 2025 results, confirming net income of R$4.31 billion and adjusted net income of R$3.68 billion, and validated the distribution of R$4.0 billion in dividends and interest on equity, significantly above the R$919.1 million mandatory minimum, underscoring a robust payout to shareholders and supporting confidence in the company’s financial reporting and internal controls.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
TIM S.A. reported its 2025 results on February 10, 2026, highlighting net service revenue growth of 5.2% year-on-year and normalized EBITDA up 7.5%, with EBITDA margin rising to 51.0% amid disciplined cost control and lease-intensity reduction. Mobile service revenue grew 5.4%, led by robust postpaid expansion, higher ARPU and improving churn, while prepaid revenue decline continued to decelerate; fixed broadband returned to growth as FTTH net adds recovered and nearly all Ultrafibra customers migrated to fiber.
The company strengthened its 5G leadership, ending 2025 with coverage in 1,089 cities, winning six national categories in the latest Opensignal report, and completing its network swap in São Paulo and Minas Gerais as part of a broader efficiency program. In B2B, TIM surpassed R$1 billion in contracted revenue across verticals since 2018, ramping up connected cars, smart lighting and 4G coverage in rural and infrastructure areas, supporting its strategy to diversify revenue and solidify its role in Brazil’s digital infrastructure while maintaining shareholder remuneration growth and building a base for 2026 performance.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
TIM S.A. reported solid 2025 results released on February 10, 2026, with total net revenue up 4.6% year-on-year and service revenue up 5.2%, both above Brazil’s inflation, driven mainly by a 5.4% rise in mobile service revenue and a stronger postpaid mix. Normalized EBITDA grew 7.5% in 2025 with margin up to 51.0%, while normalized net income jumped 37.4% to a record level, supported by efficiency gains and disciplined capex of R$4.5 billion, which helped lift operating cash flow by 15.7%.
The company consolidated its network leadership, earning six national awards from Opensignal in January 2026 and expanding Brazil’s largest 5G footprint to 1,089 cities, alongside a network swap program targeting 6,500 sites by 2027. In B2B, TIM achieved R$1 billion in contracted revenue, broadened its 4G coverage in rural areas and roads, and advanced verticals such as mining and connected vehicles, while the January 30, 2026 completion of the acquisition of V8 Tech reinforced its digital transformation and tech offerings strategy; shareholder returns were also enhanced by substantial interest on capital, dividends, and cancellation of 28.7 million treasury shares approved in December 2025.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On February 10, 2026, TIM S.A. filed its Form 6-K with the U.S. Securities and Exchange Commission, publishing audited financial statements for the year ended December 31, 2025. The filing details the company’s balance sheet, including total assets of R$56.9 billion, alongside comprehensive notes, management and committee reports, and executive certifications.
The statements show a modest year-on-year increase in assets and a rise in total liabilities to R$33.0 billion, reflecting higher lease obligations, taxes payable and current debt. Shareholders’ equity declined to R$24.0 billion from R$26.4 billion, indicating balance-sheet pressure that investors and creditors will likely scrutinize as they assess TIM’s capital structure and risk profile in Brazil’s competitive telecom sector.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On February 11, 2026, TIM S.A. announced that its board approved a R$950 million agreement to acquire the remaining 51% stake in I-Systems Soluções de Infraestrutura from IHS Fiber Brasil, a move that would give TIM full ownership of the neutral fiber network provider. I-Systems operates wholesale fiber infrastructure across eight Brazilian states, passing about 9 million homes, and will become a wholly owned subsidiary once the deal closes, subject to approvals from CADE, Anatel and applicable corporate bodies.
The transaction consolidates TIM’s control over a key broadband asset and marks another step in its 2025 strategy to revive growth in customer base and revenue in fixed connectivity. By integrating I-Systems, TIM expects to improve end-to-end service quality, capture operational efficiencies and strengthen its strategic position in Brazil’s FTTH landscape, aligning the network expansion push with a disciplined focus on profitability and cash generation.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On February 10, 2026, TIM’s board met in Rio de Janeiro to review committee reports on ESG, risk, and audit, approve the 2026 internal audit plan, and examine results from its 2025 organizational climate and engagement survey. The board also endorsed the 2025 management report and individual and consolidated financial statements, along with a proposal for profit allocation and dividend distribution, for submission to the upcoming annual shareholders’ meeting.
In off‑agenda business, the board noted new U.S. reporting obligations for company insiders arising from recent legislation and approved a share purchase agreement to acquire an additional 51% stake in I‑Systems for R$950 million, subject to regulatory and corporate approvals. Once completed, the deal will raise TIM’s ownership in I‑Systems from 49% to 100%, turning the infrastructure company into a wholly owned subsidiary and consolidating TIM’s control over strategic network assets.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On February 3, 2026, TIM S.A. confirmed that it is engaged in non-binding negotiations with IHS Fiber Brasil – Cessão de Infraestruturas Ltda. regarding a potential acquisition of an equity stake in I-Systems Soluções de Infraestrutura S.A., its fiber infrastructure affiliate, following press reports that the company was negotiating to repurchase a majority stake. TIM clarified that discussions are ongoing, with no definitive agreement on valuation or terms, and explicitly declined to confirm the figures cited in the media, which were attributed to unidentified sources. The company stated that it voluntarily disclosed a Material Fact to ensure transparent, equal access to information and to mitigate any informational asymmetry arising from a potential leak, while noting that it had detected no atypical movements in its shares or derivatives that would suggest misuse of privileged information. TIM emphasized that any eventual transaction will depend on internal analysis, standard conditions precedent, and required corporate and regulatory approvals, and committed to keep the market informed of any relevant developments.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On February 2, 2026, TIM S.A. clarified press reports by confirming it is in non-binding talks with IHS Fiber Brasil – Cessão de Infraestruturas Ltda. over a potential acquisition of an interest in I-Systems Soluções de Infraestrutura S.A. The company stated that no agreement has yet been reached on price, deal structure, or timeline, framing the disclosure as a response to media speculation and a measure to ensure transparent communication with investors. The move underscores TIM’s ongoing effort to evaluate strategic opportunities that could reinforce its broadband services and infrastructure, signaling potential future consolidation or expansion in Brazil’s fiber and broadband segment, though any concrete impact will depend on whether negotiations advance to a definitive transaction.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On January 30, 2026, TIM S.A. announced that it has completed the acquisition of 100% of the capital stock of V8 Consulting S.A. (V8.Tech), after all precedent conditions for the deal were met, following up on a prior notice issued on November 27, 2025. The closing of this transaction signals TIM’s continued push to expand its capabilities in adjacent technology and consulting services, potentially strengthening its value proposition for corporate clients and enhancing its competitive position in Brazil’s converging telecom and digital services market, with the company committing to keep investors and the market informed in line with Brazilian securities regulations.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On January 27, 2026, TIM S.A. announced that it has corrected the scheduled date of its next Annual Shareholders’ Meeting to March 31, 2026, as reflected in the company’s updated corporate events calendar. The company stated that detailed information, including the formal call notice and supporting documents for the meeting, will be released later, signaling routine corporate governance preparations that are relevant for shareholders planning to participate in or vote at the upcoming assembly.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On January 21, 2026, TIM S.A.’s board approved a new strategic agreement with American Tower do Brasil covering about 9,000 towers, roughly 30% of TIM’s infrastructure, consolidating all prior contracts into a single framework with a unified term through 2034. The deal is designed to simplify governance and infrastructure management, align contractual terms with current market conditions, and enhance cost predictability while providing clearer parameters for future network expansion projects. As part of TIM’s broader Lease Efficiency Plan, the agreement supports the company’s long-term operational efficiency goals and sustainable evolution of its mobile network, and signals a deepening of its long-standing partnership with American Tower, with implications for more streamlined infrastructure sharing and potential development of self-built sites under its “MAKE” model initiatives.
The most recent analyst rating on (TIMB) stock is a Hold with a $23.50 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
At a board meeting held on January 21, 2026, TIM S.A.’s directors approved new agreements for the supply of Radio Access Network (RAN) goods and services with Huawei do Brasil Telecomunicações and Nokia Solutions and Networks do Brasil, authorizing management to finalize and execute all necessary contractual documents. The board also cleared the execution of a unified infrastructure lease agreement with American Tower do Brasil – Cessão de Infraestruturas (ATC), consolidating tower and related infrastructure arrangements, and took note of preliminary analyses of strategic projects, signaling continued investment in network expansion and operational efficiency that could reinforce TIM’s competitive position in Brazil’s telecom sector.
The most recent analyst rating on (TIMB) stock is a Hold with a $23.50 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On January 15, 2026, TIM S.A., the Brazilian telecom operator listed in São Paulo and New York, announced that its next Annual Shareholders’ Meeting is scheduled to take place on March 26, 2026. The company indicated that the official call notice and supporting documents will be released in due course, signaling the formal start of the governance and decision-making cycle for the 2026 corporate year and giving shareholders advance visibility on the timetable for key corporate resolutions.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On January 9, 2026, TIM S.A. filed a Form 6-K in the United States disclosing consolidated information on securities and derivative positions held by members of its board of directors, executive management, fiscal council, technical or advisory bodies, controlling shareholder and related parties, in accordance with Brazilian CVM Resolution 44/21. The filing details opening and closing balances, percentage shareholdings, and activities in the month for common registered shares, indicating that most governance bodies and related parties registered either no transactions or negligible percentage stakes, while the controlling shareholder and related parties collectively hold a significant majority of the company’s common shares; this transparency report underscores TIM’s compliance with Brazilian and U.S. capital markets disclosure standards and provides investors with clearer visibility into insider and related-party holdings.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 26, 2025, TIM S.A. announced a rectification to the gross dividend amount per share previously disclosed on December 16, 2025, reflecting a change in the number of treasury shares prior to the ex-dividend date of December 19, 2025. The total dividend distribution remains R$1.79 billion, but the gross amount per share was slightly increased from R$0.7482883774 to R$0.7491354635 because the higher volume of treasury shares reduced the number of shares entitled to receive dividends, marginally enhancing the payout per outstanding share. Payment of the dividends is scheduled to occur by December 30, 2025, with only shareholders of record as of December 19, 2025 eligible, underscoring TIM’s ongoing shareholder remuneration policy and the sensitivity of per-share returns to balance-sheet management of treasury stock.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 16, 2025, TIM S.A. held a Board of Directors meeting to discuss several key issues, including the approval of profit distribution to shareholders, with dividends and interest on equity to be paid by June 2026. The meeting also covered the company’s industrial plan for 2026-2028, cybersecurity policy amendments, and the cancellation of treasury shares without reducing capital stock. These decisions are expected to strengthen TIM’s financial position and operational efficiency, impacting stakeholders positively by enhancing shareholder value and reinforcing the company’s strategic direction.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 16, 2025, TIM S.A. announced the cancellation of 28,678,509 treasury shares, which were acquired under its current Buyback Program. This decision, approved by the Board of Directors, does not affect the company’s capital stock, which remains at 2,392,125,889 common shares. The adjustment will be reflected in the company’s bylaws at the next Shareholders’ Meeting. This move is likely to impact the company’s stock valuation and shareholder returns, as it reduces the number of outstanding shares, potentially increasing the value of remaining shares.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 16, 2025, TIM S.A.’s Board of Directors approved the distribution of BRL 2.21 billion as an advance payment of dividends and interest on equity for the fiscal year 2025. This decision aligns with the company’s strategic plan for 2025–2027, which projected a total declared amount of R$4 billion for the year. The dividends and interest on equity will be distributed to shareholders identified by specific dates in December 2025, with payments scheduled by December 30, 2025, and June 30, 2026, respectively. This announcement highlights TIM’s commitment to shareholder returns and its strategic financial planning.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 16, 2025, TIM S.A. held a Fiscal Council meeting to discuss the distribution of profits to shareholders and the methodology for annual impairment evaluation. The council approved a proposal to distribute R$1.79 billion in dividends and R$420 million as Interest on Shareholders’ Equity, with payments scheduled by December 30, 2025, and June 30, 2026, respectively. These decisions reflect TIM’s commitment to returning value to shareholders and maintaining transparency in its financial practices.
The most recent analyst rating on (TIMB) stock is a Sell with a $24.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On December 9, 2025, TIM S.A. reported on its securities and derivatives operations in accordance with CVM resolution 44/21. The report detailed various transactions involving common registered shares and related party transactions, indicating a stable shareholding structure with significant involvement from the board of directors and executive management. This announcement highlights TIM’s ongoing commitment to transparency in its financial dealings, which could reinforce stakeholder confidence and potentially impact its market positioning positively.
The most recent analyst rating on (TIMB) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On November 27, 2025, TIM S.A. announced the acquisition of V8.Tech, a technology company specializing in digital solutions and managed services, for R$140 million. This strategic move aims to enhance TIM’s B2B capabilities, allowing it to offer comprehensive digital transformation solutions. The acquisition is pending approval from the Administrative Council for Economic Defense (CADE). Additionally, TIM has created a new Vice Presidency for B2B, led by Fabio Costa, to accelerate growth in this sector.
The most recent analyst rating on (TIMB) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.
On November 26, 2025, TIM S.A.’s Board of Directors approved a strategic acquisition of V8 Consulting S.A., a technology company specializing in digital solutions integration, for BRL 140 million. This acquisition, pending approval from the Brazilian Antitrust Authority and other conditions, aims to enhance TIM’s capabilities in digital transformation and cloud services, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (TIMB) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on TIM stock, see the TIMB Stock Forecast page.