Nokia NOKIA.HE
Public, HEL, reports in EUR. Founded 1900.
Theme: Mobile.
Telecommunications.
2025-08-01 — Mature
Financials millions, EUR
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 21.4bn EUR | 11.2 % | 47.5 % | 22.7 % | 2.2bn EUR | 10.1 % | 651m EUR | 0.12 | 21.3 | |
| 2024 | 19.2bn EUR | -9.1 % | 46.9 % | 23.5 % | 2.1bn EUR | 11.0 % | 1.3bn EUR | 0.23 | 1.9 | |
| 2023 | 21.1bn EUR | -11.0 % | 40.4 % | 20.2 % | 2.0bn EUR | 9.6 % | 665m EUR | 0.12 | -1.5 | |
| 2022 | 23.8bn EUR | – | 42.5 % | 19.0 % | 2.4bn EUR | 10.3 % | 4.2bn EUR | 0.75 | – | |
| 2026-Q2 | 4.8bn EUR | 8.4 % | 44.6 % | 28.7 % | -50m EUR | -1.0 % | 2.0m EUR | 0.00 | 7.3 | |
| 2026-Q1 | 4.5bn EUR | – | 44.2 % | 27.6 % | 63m EUR | 1.4 % | 86m EUR | 0.02 | – | |
| 2025-Q4 | 6.1bn EUR | – | 45.0 % | 22.5 % | 437m EUR | 7.1 % | 542m EUR | 0.10 | – | |
| 2025-Q3 | 4.8bn EUR | – | 43.7 % | 24.3 % | 239m EUR | 5.0 % | 78m EUR | – | – | |
| 2025-Q2 | 4.4bn EUR | – | 44.0 % | 25.7 % | 148m EUR | 3.3 % | 90m EUR | 0.02 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 4.8bn EUR | 4.4bn EUR | +372m (+8 %) |
| Op. margin | -1.0 % | 3.3 % | -4.4 pts |
| FCF | -749m EUR | 88m EUR | -837m |
| Op. income | -50m EUR | ||
| Net income | 2.0m EUR | ||
| EPS (diluted) | 0.00 | -100.0 % |
Cash flow millions, EUR
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.1bn EUR | 606m EUR | 1.5bn EUR | 6.9 % | 318.1 % | 1.5bn EUR | 1.8bn EUR | 880m EUR | -935m EUR |
| 2024 | 2.5bn EUR | 472m EUR | 2.0bn EUR | 10.5 % | 195.2 % | 1.7bn EUR | 1.7bn EUR | 1.4bn EUR | 373m EUR |
| 2023 | 1.3bn EUR | 652m EUR | 665m EUR | 3.1 % | 198.0 % | 892m EUR | 45m EUR | 84m EUR | 858m EUR |
| 2022 | 1.5bn EUR | 601m EUR | 873m EUR | 3.7 % | 34.7 % | – | – | 689m EUR | -1.2bn EUR |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 8.69 EUR | 2026-09-15 | |
|---|---|---|---|
| Market cap | 48.6bn EUR | 56.2bn USD | 2026-09-15 |
| 52w high | 14.99 EUR | 2026-09-15 | |
| 52w low | 3.81 EUR | 2026-09-15 | |
| Off 52w high % | -42.1 % | ||
| P/S | 2.2 | ||
| Lifetime CAGR | 2.4 % |
Notes
- 2025-08-01 opinion Mature