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NOK

Nokia Oyj

NOK

Nokia Oyj • NYSE
$6.07 ▼ -0.16% (-0.01)
Market Cap $32.78 B
52w High $8.19
52w Low $4.00
Dividend Yield 0.16%
P/E 33.72
Volume 12.04M
Outstanding Shares 5.40B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.833B ▲ $1.699B ▼ $323M ▲ 6.683% ▲ $60K ▲ $772M ▲
Q2-2025 $4.546B ▲ $1.89B ▼ $90M ▲ 1.98% ▲ $0.014 ▲ $365M ▲
Q1-2025 $4.39B ▼ $1.904B ▲ $-59M ▼ -1.344% ▼ $-0.011 ▼ $323M ▼
Q4-2024 $6.382B ▲ $1.889B ▲ $844.82M ▲ 13.238% ▲ $0.14 ▲ $1.27B ▲
Q3-2024 $4.752B $1.761B $185.654M 3.907% $0.032 $533.893M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.665B ▼ $36.044B ▲ $16.371B ▲ $19.582B ▼
Q2-2025 $6.081B ▼ $36.028B ▼ $16.215B ▼ $19.721B ▼
Q1-2025 $7.222B ▼ $39.261B ▲ $18.442B ▲ $20.73B ▲
Q4-2024 $8.913B ▲ $39.149B ▲ $18.402B ▲ $20.657B ▲
Q3-2024 $8.757B $37.885B $17.431B $20.354B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $91.147M ▼ $716.106M ▲ $-247.775M ▲ $-404.678M ▲ $117.142M ▲ $515.35M ▲
Q2-2025 $96M ▲ $209M ▼ $-248M ▲ $-566M ▲ $-746M ▲ $88M ▼
Q1-2025 $-60M ▼ $890M ▲ $-633M ▼ $-1.262B ▼ $-1.08B ▼ $721M ▲
Q4-2024 $820M ▲ $208M ▼ $-213M ▼ $-509M ▼ $-448M ▼ $50M ▼
Q3-2024 $151.599M $795.213M $-89.329M $-436.067M $515.637M $678.568M

Five-Year Company Overview

Income Statement

Income Statement Nokia’s income statement shows a company that is consistently profitable but not on a clear growth path. Revenue peaked a few years ago and has slipped recently, suggesting softer demand or pricing pressure in networks. Despite this, profit margins have held up reasonably well, as gross and operating profits have stayed solid relative to sales. Net income has been more volatile, with a large loss earlier in the period, an unusually strong profit spike in 2022, and more normal, moderate profits since then. Overall, Nokia looks like a mature infrastructure player: profitable, more efficient than a few years ago, but with uneven earnings and limited recent top-line momentum.

Balance Sheet

Balance Sheet The balance sheet looks relatively strong and de-risked. Total assets have been broadly stable, with no sign of aggressive expansion or distress. Cash levels are healthy and have stayed fairly steady, giving Nokia good flexibility and a buffer against industry cycles. Debt has been trimmed over time, which lowers financial risk and interest burden. Shareholders’ equity has rebuilt meaningfully from earlier years, reflecting retained profits and a stronger capital base. In simple terms, Nokia’s financial foundation appears solid, conservative, and better positioned than it was earlier in the decade.

Cash Flow

Cash Flow Nokia generates reliable cash, even when accounting profits move around. Operating cash flow has remained positive each year, though the level has fluctuated with the business cycle. After investment spending, free cash flow has been consistently positive and improved notably in the most recent year, indicating better cash conversion of earnings and good cost discipline. Capital spending has been relatively steady and modest compared with cash generation, suggesting Nokia is investing enough to maintain and modernize its networks, while still leaving room for debt reduction, shareholder returns, or strategic moves. Overall, cash flow quality is a clear strength.

Competitive Edge

Competitive Edge Nokia holds a solid, if hard-fought, position in global telecom infrastructure. It competes directly with other large vendors, especially Ericsson and Huawei, in mobile networks, fixed and optical networks, and related software. Its key advantages are being a trusted Western supplier, able to win business where Chinese vendors face political or security barriers, and its ability to deliver end-to-end solutions across mobile, fixed, and IP networks. Nokia’s large patent portfolio provides licensing income and a meaningful intellectual property shield. On the other hand, the company operates in a highly competitive, price-sensitive market where carriers are cautious with spending. This creates ongoing pressure on margins and limits easy growth, even for strong players.

Innovation and R&D

Innovation and R&D Innovation is one of Nokia’s defining features. Through Nokia Bell Labs and decades of heavy R&D investment, the company has built a very large patent portfolio and helped shape every major mobile standard, from early generations through 5G and into 6G research. A significant share of today’s 5G technology builds on Nokia’s essential patents. The company is leaning into AI and automation, including a high-profile partnership with Nvidia to develop AI-native radio networks and more intelligent, self-optimizing infrastructure. Nokia is also pushing into private wireless networks for industries and deepening its software and automation offerings. The opportunity is substantial, but success will depend on how well it turns its research and partnerships into scalable, high-margin products over the next decade.

Summary

Nokia today looks like a financially solid, innovation-heavy telecom infrastructure provider navigating a tough but important market. Its income statement shows steady profitability but no clear recent revenue growth, with some swings in earnings. The balance sheet is robust, with good cash, declining debt, and stronger equity, while cash flows are a notable positive, providing resilience and strategic flexibility. Competitively, Nokia benefits from its Western status, end-to-end portfolio, and powerful patent moat, yet it still faces intense rivalry and carrier spending cycles that can limit growth. On the innovation side, its deep R&D roots, leadership in standards, and pivot toward AI-native networks and future 6G systems give it meaningful long-term optionality. The key questions going forward are execution: whether Nokia can translate its technology leadership and AI partnerships into durable growth and steadier, higher-quality earnings in a cyclical and politically sensitive industry.

NEWS

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Nokia and Telefónica Germany agree 5-year RAN deal to advance 5G expansion

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November 25, 2025 · 6:30 AM UTC

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November 20, 2025 · 5:00 AM UTC

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