NYSE : NOK
Nokia Oyj — Financial statements
Technology · Communication Equipment · Finland
Last price 9.31 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 52.83B
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Financial statements
Nokia Oyj (NOK) reported revenue of 20.85B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 20.85B | 19.89B | 19.22B | 21.14B | 23.76B | 22.20B |
| Cost of Revenue | 11.38B | 11.01B | 10.18B | 12.44B | 13.57B | 13.37B |
| Gross Profit | 9.47B | 8.88B | 9.04B | 8.70B | 10.19B | 8.83B |
| Selling, General & Admin | 2.48B | 2.68B | 2.54B | 2.54B | 2.82B | 2.77B |
| Research & Development | 4.86B | 4.72B | 4.32B | 4.22B | 4.47B | 4.21B |
| Other Operating Expenses | 63.00M | -53.00M | -120.00M | -71.00M | 198.00M | 59.00M |
| Operating Expenses | 7.41B | 7.34B | 6.74B | 6.68B | 7.48B | 7.04B |
| Operating Income | 2.06B | 1.54B | 2.30B | 2.02B | 2.71B | 1.79B |
| Interest Expense | -175.00M | -219.00M | -326.00M | -354.00M | -220.00M | -206.00M |
| Interest & Investment Income | 449.00M | 151.00M | 300.00M | 220.00M | 81.00M | 49.00M |
| Earnings From Equity Investments | 16.00M | 19.00M | 7.00M | -39.00M | -26.00M | 9.00M |
| Currency Exchange Gain (Loss) | 83.00M | 83.00M | 39.00M | -98.00M | -83.00M | -15.00M |
| Other Non Operating Income (Expenses) | -56.00M | -57.00M | -2.00M | -15.00M | -82.00M | -50.00M |
| EBT Excluding Unusual Items | 2.38B | 1.51B | 2.32B | 1.73B | 2.38B | 1.58B |
| Merger & Restructuring Charges | -1.15B | -478.00M | -445.00M | -356.00M | -168.00M | |
| Gain (Loss) on Sale of Investments | -66.00M | -69.00M | 142.00M | -72.00M | -40.00M | 188.00M |
| Gain (Loss) on Sale of Assets | 22.00M | 22.00M | 165.00M | 168.00M | 2.00M | 66.00M |
| Asset Writedown | -33.00M | -89.00M | ||||
| Legal Settlements | -8.00M | 90.00M | ||||
| Other Unusual Items | -73.00M | -73.00M | ||||
| Pretax Income | 1.07B | 915.00M | 2.09B | 1.47B | 2.17B | 1.93B |
| Income Tax Expense | 276.00M | 277.00M | 380.00M | 820.00M | -2.03B | 272.00M |
| Earnings From Continuing Operations | 796.00M | 638.00M | 1.71B | 649.00M | 4.20B | 1.65B |
| Earnings From Discontinued Operations | -3.00M | 22.00M | -427.00M | 30.00M | 57.00M | -9.00M |
| Net Income to Company | 793.00M | 660.00M | 1.28B | 679.00M | 4.26B | 1.65B |
| Minority Interest in Earnings | -11.00M | -9.00M | -7.00M | -14.00M | -9.00M | -22.00M |
| Net Income | 782.00M | 651.00M | 1.28B | 665.00M | 4.25B | 1.62B |
| Net Income to Common | 782.00M | 651.00M | 1.28B | 665.00M | 4.25B | 1.62B |
| Shares Outstanding (Basic) | 5.58B | 5.42B | 5.48B | 5.55B | 5.61B | 5.63B |
| Shares Outstanding (Diluted) | 5.69B | 5.50B | 5.53B | 5.59B | 5.67B | 5.68B |
| EPS (Basic) | 0.14 | 0.12 | 0.23 | 0.12 | 0.76 | 0.29 |
| EPS (Diluted) | 0.14 | 0.11 | 0.23 | 0.12 | 0.75 | 0.29 |
| Free Cash Flow | 5.00M | 1.47B | 2.02B | 665.00M | 873.00M | 2.06B |
| Free Cash Flow Per Share | 0.00 | 0.27 | 0.36 | 0.12 | 0.15 | 0.36 |
| Dividend Per Share | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 | 0.08 |
| Gross Margin | 45.43% | 44.65% | 47.05% | 41.14% | 42.87% | 39.79% |
| Operating Margin | 9.89% | 7.72% | 11.97% | 9.53% | 11.38% | 8.09% |
| Profit Margin | 3.75% | 3.27% | 6.64% | 3.15% | 17.89% | 7.31% |
| Free Cash Flow Margin | 0.02% | 7.37% | 10.51% | 3.15% | 3.67% | 9.30% |
| EBITDA | 2.75B | 2.44B | 3.09B | 2.89B | 3.85B | 2.68B |
| EBITDA Margin | 13.21% | 12.27% | 16.08% | 13.65% | 16.18% | 12.05% |
| D&A For EBITDA | 694.00M | 904.00M | 791.00M | 871.00M | 1.14B | 881.00M |
| EBIT | 2.06B | 1.54B | 2.30B | 2.02B | 2.71B | 1.79B |
| EBIT Margin | 9.89% | 7.72% | 11.97% | 9.53% | 11.38% | 8.09% |
| Effective Tax Rate | 25.75% | 30.27% | 18.17% | 55.82% | 14.12% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.05B | 5.46B | 6.62B | 6.23B | 5.47B | 6.69B |
| Short-Term Investments | 957.00M | 961.00M | 1.66B | 1.56B | 3.08B | 2.58B |
| Trading Asset Securities | 22.00M | 28.00M | 24.00M | |||
| Cash & Short-Term Investments | 5.01B | 6.45B | 8.31B | 7.82B | 8.55B | 9.27B |
| Accounts Receivable | 5.60B | 5.78B | 5.94B | 6.06B | 6.75B | 6.53B |
| Other Receivables | 1.45B | 897.00M | 796.00M | 1.07B | 984.00M | 1.01B |
| Receivables | 7.05B | 6.68B | 6.74B | 7.13B | 7.74B | 7.54B |
| Inventory | 2.88B | 2.21B | 2.16B | 2.72B | 3.27B | 2.39B |
| Prepaid Expenses | 143.00M | 173.00M | 103.00M | 64.00M | ||
| Other Current Assets | 43.00M | 318.00M | 601.00M | 496.00M | 615.00M | 336.00M |
| Total Current Assets | 14.98B | 15.79B | 17.99B | 18.17B | 20.27B | 19.60B |
| Property, Plant & Equipment | 2.58B | 2.49B | 2.12B | 2.86B | 2.94B | 2.81B |
| Long-Term Investments | 1.86B | 1.56B | 1.65B | 1.90B | 1.85B | 1.00B |
| Goodwill | 6.15B | 6.00B | 5.74B | 5.50B | 5.67B | 6.55B |
| Other Intangible Assets | 1.29B | 1.40B | 802.00M | 1.09B | 1.26B | 499.00M |
| Long-Term Deferred Tax Assets | 3.68B | 3.64B | 3.60B | 3.87B | 3.83B | 1.27B |
| Other Long-Term Assets | 7.14B | 6.72B | 7.26B | 6.47B | 7.12B | 8.32B |
| Total Assets | 37.68B | 37.60B | 39.15B | 39.86B | 42.94B | 40.05B |
| Accounts Payable | 3.52B | 2.98B | 3.21B | 3.42B | 4.73B | 3.68B |
| Accrued Expenses | 2.36B | 2.47B | 3.00B | 3.12B | ||
| Current Portion of Long-Term Debt | 574.00M | 1.09B | 979.00M | 582.00M | 327.00M | 116.00M |
| Current Portion of Leases | 196.00M | 203.00M | 199.00M | 198.00M | 184.00M | 185.00M |
| Current Income Taxes Payable | 309.00M | 344.00M | 207.00M | 203.00M | 185.00M | 202.00M |
| Current Unearned Revenue | 1.68B | 1.56B | 1.51B | 2.16B | 1.98B | 2.45B |
| Other Current Liabilities | 3.98B | 1.47B | 2.82B | 4.37B | 2.37B | 2.35B |
| Total Current Liabilities | 10.26B | 10.00B | 11.39B | 10.93B | 12.77B | 12.10B |
| Long-Term Debt | 1.86B | 2.33B | 2.92B | 3.64B | 4.25B | 4.54B |
| Long-Term Leases | 739.00M | 797.00M | 664.00M | 799.00M | 858.00M | 824.00M |
| Long-Term Unearned Revenue | 222.00M | 286.00M | 185.00M | 210.00M | 120.00M | 659.00M |
| Pension & Post-Retirement Benefits | 1.84B | 1.95B | 2.08B | 2.30B | 2.46B | 3.41B |
| Long-Term Deferred Tax Liabilities | 473.00M | 392.00M | 562.00M | 725.00M | 332.00M | 282.00M |
| Other Long-Term Liabilities | 951.00M | 784.00M | 596.00M | 629.00M | 725.00M | 776.00M |
| Total Liabilities | 16.35B | 16.54B | 18.40B | 19.23B | 21.52B | 22.59B |
| Common Stock | 246.00M | 246.00M | 246.00M | 246.00M | 246.00M | 246.00M |
| Additional Paid-In Capital | 292.00M | 870.00M | 734.00M | 628.00M | 503.00M | 454.00M |
| Retained Earnings | 1.48B | 1.86B | 1.96B | 1.40B | 1.38B | -2.54B |
| Treasury Stock | -344.00M | -352.00M | -431.00M | -352.00M | -352.00M | -352.00M |
| Comprehensive Income & Other | 19.57B | 18.35B | 18.15B | 18.61B | 19.56B | 19.55B |
| Total Common Equity | 21.24B | 20.97B | 20.66B | 20.54B | 21.33B | 17.36B |
| Minority Interest | 97.00M | 91.00M | 90.00M | 91.00M | 93.00M | 102.00M |
| Shareholders' Equity | 21.33B | 21.06B | 20.75B | 20.63B | 21.43B | 17.46B |
| Total Liabilities & Equity | 37.68B | 37.60B | 39.15B | 39.86B | 42.94B | 40.05B |
| Total Debt | 3.37B | 4.42B | 4.76B | 5.22B | 5.62B | 5.66B |
| Net Cash (Debt) | 1.63B | 2.03B | 3.55B | 2.61B | 2.93B | 3.61B |
| Net Cash Per Share | 0.29 | 0.37 | 0.64 | 0.47 | 0.52 | 0.63 |
| Filing Date Shares Outstanding | 5.66B | 5.58B | 5.37B | 5.53B | 5.59B | 5.63B |
| Total Common Shares Outstanding | 5.66B | 5.58B | 5.37B | 5.53B | 5.59B | 5.63B |
| Working Capital | 4.72B | 5.79B | 6.59B | 7.23B | 7.49B | 7.50B |
| Book Value Per Share | 3.75 | 3.76 | 3.84 | 3.72 | 3.82 | 3.08 |
| Tangible Book Value | 13.80B | 13.57B | 14.12B | 13.95B | 14.40B | 10.31B |
| Tangible Book Value Per Share | 2.44 | 2.43 | 2.63 | 2.52 | 2.58 | 1.83 |
| Land | 890.00M | 946.00M | 1.43B | 1.41B | 1.23B | |
| Machinery | 3.55B | 3.39B | 3.55B | 3.59B | 3.37B | |
| Construction In Progress | 319.00M | 126.00M | 167.00M | 248.00M | 280.00M | |
| Order Backlog | 19.50B | 20.00B | 22.00B | 19.50B | 20.30B |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 782.00M | 651.00M | 1.28B | 665.00M | 4.25B | 1.62B |
| Depreciation & Amortization | 909.00M | 1.12B | 1.01B | 1.09B | 1.14B | 1.09B |
| Loss (Gain) From Sale of Assets | -33.00M | -45.00M | -380.00M | -162.00M | -35.00M | -59.00M |
| Asset Writedown & Restructuring Costs | 1.09B | 409.00M | 999.00M | 341.00M | 277.00M | 223.00M |
| Loss (Gain) From Sale of Investments | -27.00M | -188.00M | ||||
| Stock-Based Compensation | 418.00M | 337.00M | 241.00M | 202.00M | 149.00M | 108.00M |
| Other Operating Activities | -533.00M | -191.00M | -89.00M | 466.00M | -2.44B | 91.00M |
| Change in Accounts Receivable | -1.25B | -25.00M | -364.00M | 304.00M | -451.00M | 239.00M |
| Change in Inventory | -446.00M | 149.00M | 404.00M | 443.00M | -991.00M | -48.00M |
| Change in Other Net Operating Assets | -305.00M | -333.00M | -609.00M | -2.03B | -401.00M | -459.00M |
| Operating Cash Flow | 629.00M | 2.07B | 2.49B | 1.32B | 1.47B | 2.62B |
| Capital Expenditures | -624.00M | -606.00M | -472.00M | -652.00M | -601.00M | -560.00M |
| Sale of Property, Plant & Equipment | 49.00M | 28.00M | 97.00M | 189.00M | 33.00M | 103.00M |
| Cash Acquisitions | -30.00M | -1.73B | -37.00M | -19.00M | -20.00M | -33.00M |
| Divestitures | 10.00M | 40.00M | -29.00M | 17.00M | ||
| Investment in Securities | 215.00M | 784.00M | 263.00M | 1.49B | -1.26B | -1.25B |
| Other Investing Activities | 6.00M | 88.00M | 61.00M | 22.00M | -31.00M | -58.00M |
| Investing Cash Flow | -374.00M | -1.40B | -117.00M | 1.04B | -1.88B | -1.79B |
| Short-Term Debt Issued | 360.00M | 27.00M | ||||
| Long-Term Debt Issued | 151.00M | 101.00M | 496.00M | 8.00M | 17.00M | |
| Total Debt Issued | 855.00M | 511.00M | 101.00M | 496.00M | 35.00M | 17.00M |
| Short-Term Debt Repaid | -6.00M | -40.00M | -67.00M | |||
| Long-Term Debt Repaid | -1.10B | -695.00M | -1.04B | -219.00M | -1.15B | |
| Lease Payments | -208.00M | -221.00M | -233.00M | -239.00M | -217.00M | -226.00M |
| Total Debt Repaid | -1.64B | -1.10B | -701.00M | -1.08B | -219.00M | -1.22B |
| Net Debt Issued (Repaid) | -787.00M | -585.00M | -600.00M | -581.00M | -184.00M | -1.20B |
| Issuance of Common Stock | 921.00M | 859.00M | ||||
| Repurchase of Common Stock | -624.00M | -680.00M | -300.00M | -300.00M | ||
| Common Dividends Paid | -779.00M | -753.00M | -714.00M | -611.00M | -336.00M | -9.00M |
| Other Financing Activities | -513.00M | -507.00M | -9.00M | -10.00M | -17.00M | |
| Financing Cash Flow | -1.16B | -1.61B | -2.00B | -1.50B | -837.00M | -1.21B |
| Foreign Exchange Rate Adjustments | 60.00M | -226.00M | 16.00M | -91.00M | 19.00M | 133.00M |
| Net Cash Flow | -843.00M | -1.16B | 389.00M | 767.00M | -1.22B | -249.00M |
| Free Cash Flow | 5.00M | 1.47B | 2.02B | 665.00M | 873.00M | 2.06B |
| Free Cash Flow Margin | 0.02% | 7.37% | 10.51% | 3.15% | 3.67% | 9.30% |
| Free Cash Flow Per Share | 0.00 | 0.27 | 0.36 | 0.12 | 0.15 | 0.36 |
| Levered Free Cash Flow | 1.29B | 499.12M | 2.75B | 941.12M | 1.31B | 2.24B |
| Unlevered Free Cash Flow | 1.40B | 636.00M | 2.95B | 1.16B | 1.45B | 2.37B |
| Free Cash Flow After Leases | -203.00M | 1.24B | 1.79B | 426.00M | 656.00M | 1.84B |
| Cash Interest Paid | 192.00M | 212.00M | 263.00M | 241.00M | 180.00M | 192.00M |
| Cash Income Tax Paid | 400.00M | 396.00M | 342.00M | 576.00M | 381.00M | 314.00M |
| Change in Working Capital | -2.00B | -209.00M | -569.00M | -1.28B | -1.84B | -268.00M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 48.94B | 36.60B | 23.83B | 18.68B | 25.84B | 35.79B |
| Enterprise Value | 47.23B | 34.83B | 19.64B | 17.52B | 21.84B | 31.87B |
| Last Close Price | 8.56 | 6.39 | 4.28 | 3.23 | 4.29 | 5.70 |
| PE Ratio | 55.68 | 47.88 | 18.02 | 25.41 | 5.69 | 19.39 |
| PS Ratio | 2.07 | 1.57 | 1.20 | 0.80 | 1.02 | 1.42 |
| PB Ratio | 2.02 | 1.48 | 1.11 | 0.82 | 1.13 | 1.80 |
| P/TBV Ratio | 3.12 | 2.30 | 1.63 | 1.21 | 1.68 | 3.05 |
| P/FCF Ratio | 8,722.41 | 21.28 | 11.39 | 25.41 | 27.69 | 15.24 |
| P/OCF Ratio | 69.34 | 15.05 | 9.23 | 12.83 | 16.40 | 11.99 |
| EV/Sales Ratio | 1.99 | 1.49 | 0.99 | 0.75 | 0.86 | 1.26 |
| EV/EBITDA Ratio | 15.10 | 12.16 | 6.14 | 5.49 | 5.32 | 10.47 |
| EV/EBIT Ratio | 20.18 | 19.31 | 8.25 | 7.87 | 7.55 | 15.61 |
| EV/FCF Ratio | 8,416.97 | 20.25 | 9.39 | 23.84 | 23.41 | 13.57 |
| Debt / Equity Ratio | 0.16 | 0.21 | 0.23 | 0.25 | 0.26 | 0.32 |
| Debt / EBITDA Ratio | 1.14 | 1.66 | 1.44 | 1.68 | 1.46 | 1.96 |
| Debt / FCF Ratio | 674.80 | 3.01 | 2.35 | 7.84 | 6.43 | 2.74 |
| Net Debt / Equity Ratio | -0.08 | -0.10 | -0.17 | -0.13 | -0.14 | -0.21 |
| Net Debt / EBITDA Ratio | -0.59 | -0.83 | -1.15 | -0.90 | -0.76 | -1.35 |
| Net Debt / FCF Ratio | -326.40 | -1.39 | -1.76 | -3.92 | -3.35 | -1.75 |
| Asset Turnover | 0.57 | 0.52 | 0.49 | 0.51 | 0.57 | 0.58 |
| Inventory Turnover | 4.33 | 5.04 | 4.17 | 4.16 | 4.80 | 5.77 |
| Quick Ratio | 1.18 | 1.31 | 1.32 | 1.37 | 1.27 | 1.39 |
| Current Ratio | 1.46 | 1.58 | 1.58 | 1.66 | 1.59 | 1.62 |
| Return on Equity (ROE) | 3.88% | 3.05% | 8.27% | 3.09% | 21.61% | 11.02% |
| Return on Assets (ROA) | 3.49% | 2.50% | 3.64% | 3.04% | 4.07% | 2.94% |
| Return on Invested Capital (ROIC) | 7.80% | 5.91% | 10.69% | 4.88% | 16.72% | 12.43% |
| Return on Capital Employed (ROCE) | 7.50% | 5.60% | 8.30% | 7.00% | 9.00% | 6.40% |
| Earnings Yield | 1.80% | 2.09% | 5.55% | 3.94% | 17.58% | 5.16% |
| FCF Yield | 0.01% | 4.70% | 8.78% | 3.94% | 3.61% | 6.56% |
| Dividend Yield | 1.27% | 2.51% | 3.27% | 4.25% | 2.77% | 1.43% |
| Payout Ratio | 70.86% | 115.67% | 55.91% | 91.88% | 7.91% | 0.56% |
| Buyback Yield / Dilution | -3.75% | 0.50% | 0.99% | 1.43% | 0.31% | -1.28% |
| Total Shareholder Return | -2.48% | 3.01% | 4.26% | 5.68% | 3.08% | 0.15% |