Nokia Oyj Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	651	1,277	665	4,250	1,623
Depreciation & Amortization	1,119	1,014	1,087	1,140	1,095
Loss (Gain) From Sale of Assets	-23	-380	-162	-35	-59
Asset Writedown & Restructuring Costs	409	999	341	277	223
Loss (Gain) From Sale of Investments	-	-47	56	-27	-188
Stock-Based Compensation	-	241	202	149	108
Other Operating Activities	124	-42	410	-2,437	91
Change in Accounts Receivable	-25	-364	304	-451	239
Change in Inventory	149	404	443	-991	-48
Change in Other Net Operating Assets	-333	-609	-2,029	-401	-459
Operating Cash Flow	2,071	2,493	1,317	1,474	2,625
Operating Cash Flow Growth	-16.93%	89.29%	-10.65%	-43.85%	49.23%
Capital Expenditures	-606	-472	-652	-601	-560
Sale of Property, Plant & Equipment	28	97	189	33	103
Cash Acquisitions	-1,730	-37	-19	-20	-33
Divestitures	40	-29	17	-	-
Investment in Securities	784	263	1,486	-1,261	-1,247
Other Investing Activities	88	61	22	-31	-58
Investing Cash Flow	-1,396	-117	1,043	-1,880	-1,795
Short-Term Debt Issued	360	-	-	27	-
Long-Term Debt Issued	151	101	496	8	17
Total Debt Issued	511	101	496	35	17
Short-Term Debt Repaid	-	-6	-40	-	-67
Long-Term Debt Repaid	-1,096	-695	-1,037	-219	-1,153
Total Debt Repaid	-1,096	-701	-1,077	-219	-1,220
Net Debt Issued (Repaid)	-585	-600	-581	-184	-1,203
Issuance of Common Stock	859	-	-	-	-
Repurchase of Common Stock	-624	-680	-300	-300	-
Common Dividends Paid	-753	-714	-611	-336	-9
Other Financing Activities	-507	-9	-10	-17	-
Financing Cash Flow	-1,610	-2,003	-1,502	-837	-1,212
Foreign Exchange Rate Adjustments	-226	16	-91	19	133
Net Cash Flow	-1,161	389	767	-1,224	-249
Free Cash Flow	1,465	2,021	665	873	2,065
Free Cash Flow Growth	-27.51%	203.91%	-23.83%	-57.72%	61.33%
Free Cash Flow Margin	7.37%	10.51%	3.15%	3.67%	9.30%
Free Cash Flow Per Share	0.27	0.36	0.12	0.15	0.36
Cash Interest Paid	212	263	241	180	192
Cash Income Tax Paid	396	342	576	381	314
Levered Free Cash Flow	588.13	2,670	926.75	1,314	2,241
Unlevered Free Cash Flow	588.13	2,875	1,150	1,452	2,370
Change in Working Capital	-209	-569	-1,282	-1,843	-268

Source: S&P Global Market Intelligence. Standard template. Financial Sources.