Nokia revenue and financials
Secondary listing. The primary listing is Nokia · Nasdaq Helsinki (EUR)
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In the fiscal year ended December 2025, Nokia reported revenue of €19.89B (+3.48% year over year). Net income was €651M, a net margin of 3.3%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +3.48%
- 2025 vs 2024
- Net income growth
- −49.02%
- 2025 vs 2024
- Net margin
- 3.3%
- 2024: 6.6%
Financial data
Amounts in millions of EUR; per-share values in EUR; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2,071 | 2,493 | 1,317 | 1,474 | 2,625 | 1,759 | 390 | 360 | 1,811 | -1,454 |
| Depreciation and amortization | 1,119 | 973 | 1,012 | 1,073 | 1,095 | 1,132 | 1,660 | 1,455 | 1,591 | 1,594 |
| Capital expenditure | -606 | -472 | -652 | -601 | -560 | — | — | — | — | — |
| Investing cash flow | -1,396 | -117 | 1,043 | -1,880 | -1,795 | — | — | — | — | — |
| Financing cash flow | -1,610 | -2,003 | -1,502 | -837 | -1,212 | — | — | — | — | — |
| Dividends paid | -759 | -723 | -621 | -353 | -9.0 | -149 | -570 | -1,081 | -970 | -1,515 |
| Share repurchases | -624 | -680 | -300 | -300 | 0.0 | — | — | — | -785 | -216 |
| Debt issued | 511 | 101 | 496 | 35.0 | 17.0 | — | — | — | — | — |
| Debt repaid | -1,096 | -701 | -1,077 | -219 | -1,220 | — | — | — | — | — |
| Effect of exchange rates | -226 | 16.0 | -91.0 | 19.0 | 133 | — | — | — | — | — |
| Net change in cash | -1,161 | 389 | 767 | -1,224 | -249 | — | — | — | — | — |
| Free cash flow | 1,465 | 2,021 | 665 | 873 | 2,065 | — | — | — | — | — |
| Levered free cash flow | 499 | 2,748 | 941 | 1,314 | 2,241 | — | — | — | — | — |