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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -620 | 782 | 375 | 597 | 209 | 890 | 208 | 728 | 489 | 1,067 | 1,870 | -303 |
| Depreciation and amortization | 211 | 209 | 284 | 286 | 285 | 264 | 245 | 240 | 268 | 261 | 282 | 267 |
| Capital expenditure | -129 | -154 | -148 | -168 | -121 | -169 | -158 | -107 | -95.0 | -112 | -149 | -144 |
| Investing cash flow | 279 | -49.0 | -326 | -189 | -248 | -633 | -213 | -83.0 | 279 | -100 | 93.0 | 111 |
| Financing cash flow | -282 | -1,270 | 514 | -295 | -566 | -1,263 | -509 | -399 | -457 | -638 | -292 | -334 |
| Dividends paid | -224 | -168 | -162 | -216 | -215 | -161 | -162 | -166 | -225 | -166 | -166 | -171 |
| Share repurchases | 0.0 | -9.0 | 0.0 | 0.0 | -78.0 | -546 | -386 | -196 | -90.0 | -8.0 | -45.0 | -92.0 |
| Debt issued | 501 | -5.0 | 360 | 0.0 | 159 | -1.0 | 101 | 20.0 | — | — | — | — |
| Debt repaid | -559 | -1,088 | -39.0 | -79.0 | -432 | -554 | -58.0 | -57.0 | -142 | -464 | -76.0 | -71.0 |
| Effect of exchange rates | 20.0 | 25.0 | 7.0 | -17.0 | -141 | -75.0 | 66.0 | -57.0 | 9.0 | -2.0 | -42.0 | 25.0 |
| Net change in cash | -603 | -512 | 570 | 96.0 | -747 | -1,080 | -448 | 189 | 320 | 327 | 1,629 | -501 |
| Free cash flow | -749 | 628 | 227 | 429 | 88.0 | 721 | 50.0 | 621 | 394 | 955 | 1,721 | -447 |
| Levered free cash flow | -206 | 1,098 | 127 | 304 | 218 | -9.9 | 822 | 615 | 188 | 1,132 | 2,087 | -551 |