Saturday 17 October 2026 Export NOK’s income statement to Excel — free account

Nokia Corporation

Nokia Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.5 billion, up 8.20% from fiscal 2024. In the quarter to June 2026, revenue grew 8.48%, EPS fell 100.0%, free cash flow fell 624.6% and total debt fell 20.5%, each against the same quarter a year earlier.

9.14 0.43 −4.49%

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Market cap: $54.2B
P/E: 4.9×
Fwd P/E: —
Dividend yield: 1.78%
F-score: 6/9
Altman Z: 1.98
Beneish M: −2.56
Dividend safety: 38/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 54,160.00

Revenue 23,578.62

Net Income 812.83

Free Cash Flow 616.49

Net Debt (3,174.17)

Current Ratio 1.51

Debt/Equity 0.11

P/E ratio 4.91

Fwd P/E —

P/S ratio 2.17

P/B ratio 2.07

Past 5Y EPS Growth —

This Y EPS Growth 12.43%

Next Y EPS Growth 19.14%

Next Y revenue growth —

Next 5Y EPS Growth 16.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 10.81%

10-year low 10-year high

P/S against its own 10 years 95.32%

10-year low 10-year high

P/B against its own 10 years 94.58%

10-year low 10-year high

EV/Sales against its own 10 years 95.21%

10-year low 10-year high

EV/FCF against its own 10 years 91.64%

10-year low 10-year high

Dividends

Payout Ratio 0.09

Annual Dividend Rate 0.16

Annual Dividend Yield 1.78%

	total	individual payouts
2026	0.13	0.04 0.05 0.05
2025	0.16	0.03 0.04 0.05 0.03
2024	0.14	0.03 0.04 0.03 0.03
2023	0.12	0.02 0.03 0.03 0.03
2022	0.06	0.02 0.02 0.02
2019	0.11	0.06 0.06
2018	0.22	0.22
2017	0.19	0.19
2016	0.29	0.29

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	8,918	9,645	7,652	5,965
Receivables	6,153	6,509	6,516	6,468
Inventory	2,943	2,341	2,499	3,189
Other	1,647	970	1,200	1,480
	19,661	19,464	17,867	17,103

	2023	2024	2025	Q'26
Payables	3,705	3,477	3,369	4,082
ST’ Debt	600	1,049	1,226	556
Other	7,094	7,365	6,104	6,146
	11,833	12,329	11,319	11,364

Compound Annual Growth %

	10y	5y	3y
Sales	4.95%	(2.05%)	(5.00%)
Cash Flow	15.33%	3.12%	14.69%
Earnings	(12.31%)	0.00%	(45.21%)
Book Value	7.38%	10.70%	1.81%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	5,263	5,598	—	—	—
’25	4,625	5,161	5,643	7,073	22,502
’24	5,067	4,809	4,757	6,165	20,798
’23	6,289	6,226	5,422	6,152	24,090
’22	6,002	6,250	6,286	7,709	26,246
’21	6,120	6,402	6,367	7,379	26,267
’20	5,420	5,607	6,189	7,746	24,962

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	916	(728)	—	—	—
’25	938	310	735	361	2,343
’24	1,158	517	837	185	2,698
’23	89	(362)	(329)	2,027	1,425
’22	627	(78)	364	639	1,553
’21	1,572	127	823	583	3,106
’20	148	366	515	981	2,009

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	736	(877)	—	—	—
’25	765	167	540	218	1,689
’24	1,064	449	749	30	2,292
’23	(145)	(412)	(437)	1,918	924
’22	416	(141)	262	417	955
’21	1,419	10	686	449	2,565
’20	(21)	270	388	840	1,477

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.02	0.00	—	—	—
’25	(0.01)	0.02	1.70	0.11	0.13
’24	0.09	(0.03)	0.03	0.16	0.25
’23	0.05	0.06	0.03	(0.01)	0.13
’22	0.04	0.09	0.08	0.57	0.79
’21	0.06	0.07	0.07	0.14	0.34
’20	(0.02)	0.02	0.04	(0.55)	(0.49)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.04	4.50	4.68	3.33	2.34	3.75	4.08	2.94	3.29	4.00	Analyst estimates 2026–2028 Powerpack
	High	7.55	6.65	6.41	6.65	5.14	9.79	6.34	5.04	4.95	8.19
People
People	Employees	101,000	101,731	103,083	98,322	92,039	87,900	86,900	86,689	80,361	78,005
	Revenue/emp, $m	0.26	0.26	0.26	0.27	0.27	0.30	0.30	0.28	0.26	0.29
Income, $m
Income, $m	Revenue	26,131	26,163	26,647	26,113	24,962	26,267	26,246	24,090	20,798	22,502
	Gross margin, %	35.81	39.48	37.43	35.71	37.49	39.79	41.03	39.03	46.12	43.54
	EBT	(1,515)	(576)	(425)	175	849	2,279	2,301	1,622	2,263	1,035
	EBT margin, %	(5.80)	(2.20)	(1.60)	0.67	3.40	8.67	8.77	6.73	10.88	4.60
	Net income	(1,026)	(1,648)	(396)	12	(2,874)	1,946	4,487	735	1,389	747
	Depreciation	1,764	1,798	1,718	1,859	1,293	1,295	1,201	1,176	1,097	1,266
Per share, $
Per share, $	Revenue	4.56	4.63	4.77	4.66	4.45	4.67	4.68	4.34	3.80	4.15
	Earnings	(0.14)	(0.30)	(0.07)	0.00	(0.49)	0.34	0.80	0.13	0.25	0.14
	Cash flow	(0.28)	0.36	0.08	0.08	0.36	0.55	0.28	0.26	0.49	0.43
	Capex	(0.09)	(0.11)	(0.12)	(0.13)	(0.09)	(0.10)	(0.11)	(0.09)	(0.07)	(0.12)
	Free cash flow	(0.37)	0.26	(0.05)	(0.05)	0.26	0.46	0.17	0.17	0.42	0.31
	Book value	4.05	3.24	3.25	3.08	2.55	3.67	4.02	4.02	4.10	4.40
	Shares, m	5,732	5,652	5,588	5,600	5,612	5,630	5,614	5,549	5,476	5,416
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	18.29	6.01	26.23	17.72	3.49
	P/S	1.05	1.03	1.22	0.80	0.88	1.33	1.00	0.79	1.17	1.56
	P/B	1.18	1.47	1.79	1.20	1.53	1.70	1.17	0.85	1.08	1.47
	EV/Sales	0.81	0.82	1.07	0.71	0.76	1.11	0.82	0.60	0.90	1.39
	EV/FCF	(10.04)	14.87	(108.23)	(63.81)	12.77	11.37	22.41	15.73	8.21	18.50
Cash, $m
Cash, $m	Operating cash flow	(1,609)	2,047	425	437	2,009	3,106	1,553	1,425	2,698	2,343
	Capex	(497)	(604)	(690)	(729)	(532)	(541)	(598)	(501)	(406)	(654)
	Free cash flow	(2,106)	1,443	(265)	(292)	1,477	2,565	955	924	2,292	1,689
Balance, $m
Balance, $m	Working capital	8,979	8,048	4,921	5,323	7,372	8,869	7,894	7,828	7,134	6,549
	Total debt	4,456	4,257	4,514	4,790	6,369	5,505	4,717	4,536	4,206	3,861
	Net debt	(6,191)	(5,444)	(3,890)	(2,121)	(3,083)	(5,858)	(4,936)	(4,382)	(5,439)	(3,790)
	Shareholders’ equity	23,211	18,331	18,153	17,249	14,330	20,659	22,574	22,326	22,450	23,825
Returns, %
Returns, %	ROA	(2.32)	(3.52)	(0.86)	0.02	(6.77)	4.33	9.67	1.63	3.23	1.74
	ROIC	(4.47)	0.09	(0.31)	2.24	5.62	10.78	8.65	6.36	7.95	3.12
	ROE	(4.86)	(8.13)	(2.20)	0.04	(18.25)	10.98	20.71	3.21	6.17	3.18

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LITE Lumentum Holdings Inc.	$78.8B	— (loss-making)	54.3×	+109.34% (above 0%: growing)	n/m	+1,870.30% (above 0%: growing)	47.43%	27.76%	Compare
HPE Hewlett Packard Enterprise Company	$77.8B	27.4×	22.3×	+33.68% (above 0%: growing)	+438.10% (above 0%: growing)	+20.63% (above 0%: growing)	40.11%	11.41%	Compare
MSI Motorola Solutions, Inc.	$75.5B	36.1×	30.9×	+13.31% (above 0%: growing)	+9.09% (above 0%: growing)	+84.00% (above 0%: growing)	53.56%	25.82%	Compare
NOK Nokia Corporation	$54.2B	4.9×	—	+8.48% (above 0%: growing)	n/m	−624.57% (below 0%: shrinking)	44.57%	(1.04%)
CIEN Ciena Corporation	$50.6B	72.0×	94.0×	+37.05% (above 0%: growing)	+437.14% (above 0%: growing)	−13.59% (below 0%: shrinking)	45.43%	18.02%	Compare
UI Ubiquiti Inc.	$37.4B	37.8×	30.7×	+23.47% (above 0%: growing)	+6.80% (above 0%: growing)	+134.17% (above 0%: growing)	45.80%	36.27%	Compare
ERIC Ericsson	$32.6B	13.6×	—	−3.14% (below 0%: shrinking)	−7.14% (below 0%: shrinking)	−89.23% (below 0%: shrinking)	45.78%	11.24%	Compare
ZBRA Zebra Technologies Corporation	$17.9B	33.5×	18.8×	+20.42% (above 0%: growing)	+122.27% (above 0%: growing)	+52.31% (above 0%: growing)	52.99%	20.62%	Compare
ASTS AST SpaceMobile, Inc.	$17.3B	— (loss-making)	— (loss-making)	+2,626.64% (above 0%: growing)	n/m	−103.37% (below 0%: shrinking)	25.23%	(944.09%)	Compare
Median of peers	$44.0B	34.8×	30.8×	+28.58%	+65.68%	+36.47%	45.79%	19.32%

All 47 Communication Equipment stocks →

Nokia Corporation (NOK) key facts

Strength: Nokia Corporation’s revenue for fiscal 2025 (year ended December 2025) was $22.5 billion, up 8.20% from fiscal 2024.
Nokia Corporation (NOK) is a Communication Equipment company in the Technology sector, traded in the US as an ADR.
As of October 16, 2026, NOK traded at $9.14, a market capitalization of $54.2 billion.
Nokia Corporation pays an annual dividend of $0.16 per share, a yield of 1.78%, with a payout ratio of 8.88%.
Return on equity was 3.18% and debt-to-equity 0.11.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.98 (grey zone) for fiscal 2025.