Nokia Oyj (HEL:NOKIA)

Nokia Oyj Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	20,394	19,889	19,220	21,138	23,761	22,202
Revenue Growth	7.04%	3.48%	-9.07%	-11.04%	7.02%	1.60%
Gross Profit Gross Profit Growth	9,280	8,880	9,044	8,697	10,186	8,834
Operating Income Operating Income Growth	1,830	1,536	2,300	2,015	2,705	1,795
Net Income Net Income Growth	708	651	1,277	665	4,250	1,623
Earnings Per Share EPS Growth	0.12	0.11	0.23	0.12	0.75	0.29
EPS Growth	-35.26%	-51.03%	101.78%	-84.62%	160.17%	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Network Infrastructure Network Infrastructure Growth	-	7,986	6,518	6,917	9,047	7,674
Mobile Network Mobile Network Growth	-	7,806	8,158	10,289	10,671	9,717
Cloud and Network Services Cloud and Network Services Growth	-	2,606	2,589	2,728	3,351	3,089
Nokia Technologies Nokia Technologies Growth	-	1,501	1,928	1,085	1,595	1,502
Group Common and Other Group Common and Other Growth	-	17	34	130	295	257
Eliminations Eliminations Growth	-	-27	-7	-11	-48	-37
Revenue (Total) Revenue (Total) Growth	20,265	19,889	19,220	21,138	23,761	22,202

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	5,130	6,445	8,312	7,823	8,547	9,268
Total Debt Total Debt Growth	3,359	4,416	4,760	5,216	5,618	5,662
Net Cash (Debt) Net Cash Growth	1,771	2,029	3,552	2,607	2,929	3,606
Net Cash Growth	21.97%	-42.88%	36.25%	-10.99%	-18.77%	126.22%
Net Cash Per Share Net Cash Per Share Growth	0.31	0.37	0.64	0.47	0.52	0.63

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	1,134	2,071	2,493	1,317	1,474	2,625
Capital Expenditures CapEx Growth	-599	-606	-472	-652	-601	-560
Free Cash Flow Free Cash Flow Growth	535	1,465	2,021	665	873	2,065
Free Cash Flow Growth	-63.88%	-27.51%	203.91%	-23.83%	-57.72%	61.33%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	45.50%	44.65%	47.05%	41.14%	42.87%	39.79%
Operating Margin	8.97%	7.72%	11.97%	9.53%	11.38%	8.09%
Pretax Margin	5.19%	4.60%	10.88%	6.95%	9.13%	8.67%
Profit Margin	3.47%	3.27%	6.64%	3.15%	17.89%	7.31%
FCF Margin	2.62%	7.37%	10.51%	3.15%	3.67%	9.30%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 26, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	0.140	0.140	0.140	0.130	0.120	0.080
Dividend Per Share Growth	0%	0%	7.69%	8.33%	50.00%	-
Dividend Yield	1.70%	2.54%	3.42%	4.61%	3.09%	1.62%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 26, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	69.69	47.88	18.02	25.41	5.69	19.39
Forward PE	22.75	18.00	13.00	8.82	9.89	17.54
P/FCF Ratio	86.04	21.28	11.39	25.41	27.69	15.24
PS Ratio	2.26	1.57	1.20	0.80	1.02	1.42

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Jul 26, 2026

Data Sources Report a data error