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	-	1,284	679	4,259	1,645
Depreciation & Amortization	1,119	1,014	1,087	1,140	-
Stock-Based Compensation	-	241	202	149	-
Other Adjustments	946	3,059	3,829	-2,181	1,713
Change in Receivables	-25	-364	304	-451	-
Changes in Inventories	149	404	443	-991	-
Changes in Other Operating Activities	-729	-1,557	-3,950	-2,740	-733
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	-	97	189	33	103
Purchases of Investments	-	-924	-1,855	-3,595	-1,845
Proceeds from Sale of Investments	1,102	1,138	3,382	2,397	398
Payments for Business Acquisitions	-	-37	-19	-20	-33
Proceeds from Business Divestments	40	230	25	3	-
Other Investing Activities	88	-149	-27	-97	142
Investing Cash Flow	-1,396	-117	1,043	-1,880	-1,795
Short-Term Debt Issued	-	-6	-40	27	-67
Net Short-Term Debt Issued (Repaid)	-	-6	-40	27	-67
Long-Term Debt Issued	-	101	496	8	17
Long-Term Debt Repaid	-875	-462	-798	-2	-927
Net Long-Term Debt Issued (Repaid)	-875	-361	-302	6	-910
Issuance of Common Stock	859	-	-	-	-
Repurchase of Common Stock	-	-680	-300	-300	-
Net Common Stock Issued (Repurchased)	859	-680	-300	-300	-
Common Dividends Paid	-759	-723	-621	-353	-9
Other Financing Activities	139	-233	-239	-217	-226
Financing Cash Flow	-1,610	-2,003	-1,502	-837	-1,212
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-	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%
FCF Margin	7.37%	10.52%	3.15%	3.67%	9.30%
Free Cash Flow Per Share	0.27	0.37	0.12	0.15	0.36
Levered Free Cash Flow	-291	299	-2,749	1,091	-647
Unlevered Free Cash Flow	550.08	1,025	-2,338	1,262	560.24

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.