Detailed financial statements for Nokia Oyj (NOK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Nokia Oyj stands as a global technology leader, delivering comprehensive network infrastructure and solutions across mobile, fixed, and cloud domains. Its operations are structured into four primary divisions: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. The Mobile Networks segment furnishes radio access network technologies, spanning from 2G to 5G, alongside crucial microwave radio links for transport.
Analysis Summary
Nokia Oyj reported revenue of 19.89B EUR in the most recent fiscal year, growing at a 5-year CAGR of -1.9%.
Trailing-twelve-month margins: gross margin 44.5%, operating margin 10.2%, net margin 3.7%. Free cash flow grew at 2.7% CAGR over 5 years.
At $8.64 (closing price, October 28, 2026), NOK trades at a P/E of 58.91 and an ROE of 3.65%. Market capitalisation stands at $46.7B, placing it among large-cap names.
Balance sheet quality for NOK: current ratio of 1.6, net cash position of 1.21B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 1.47B EUR represents 225% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 23.64B EUR | 23.15B EUR | 22.56B EUR | 23.32B EUR | 21.85B EUR | 22.20B EUR | 23.76B EUR | 21.14B EUR | 19.22B EUR | 19.89B EUR |
| Cost of Revenue | 15.12B EUR | 14.01B EUR | 14.25B EUR | 15.05B EUR | 13.66B EUR | 13.37B EUR | 13.66B EUR | 12.59B EUR | 10.36B EUR | 11.23B EUR |
| Gross Profit | 8.52B EUR | 9.14B EUR | 8.31B EUR | 8.26B EUR | 8.19B EUR | 8.83B EUR | 10.10B EUR | 8.55B EUR | 8.86B EUR | 8.66B EUR |
| Research & Development | 5.00B EUR | 4.92B EUR | 4.78B EUR | 4.53B EUR | 4.09B EUR | 4.21B EUR | 4.50B EUR | 4.28B EUR | 4.51B EUR | 4.86B EUR |
| Selling, General & Admin | 3.77B EUR | 3.62B EUR | 3.55B EUR | 3.22B EUR | 2.90B EUR | 2.79B EUR | 2.96B EUR | 2.86B EUR | 2.87B EUR | 3.07B EUR |
| Operating Expenses | 9.62B EUR | 9.12B EUR | 8.37B EUR | 7.78B EUR | 7.31B EUR | 6.68B EUR | 7.66B EUR | 7.08B EUR | 7.27B EUR | 7.88B EUR |
| Operating Income | -1.10B EUR | 16.0M EUR | -59.0M EUR | 485.0M EUR | 885.0M EUR | 2.16B EUR | 2.44B EUR | 1.47B EUR | 1.59B EUR | 782.0M EUR |
| EBITDA | 542.0M EUR | 1.59B EUR | 1.38B EUR | 2.13B EUR | 2.12B EUR | 3.23B EUR | 3.53B EUR | 2.91B EUR | 3.43B EUR | 2.25B EUR |
| Interest Expense | 345.1M EUR | 509.0M EUR | 282.0M EUR | 267.5M EUR | 244.0M EUR | 281.3M EUR | 270.1M EUR | 303.8M EUR | 360.2M EUR | 219.0M EUR |
| Pre-tax Income | -1.37B EUR | -510.0M EUR | -360.0M EUR | 156.0M EUR | 743.0M EUR | 1.93B EUR | 2.17B EUR | 1.47B EUR | 2.09B EUR | 915.0M EUR |
| Income Tax | -457.0M EUR | 927.0M EUR | 189.0M EUR | 138.0M EUR | 3.26B EUR | 272.0M EUR | -2.03B EUR | 820.0M EUR | 380.0M EUR | 277.0M EUR |
| Net Income | -766.0M EUR | -1.49B EUR | -335.0M EUR | 7.0M EUR | -2.52B EUR | 1.62B EUR | 4.25B EUR | 665.0M EUR | 1.28B EUR | 651.0M EUR |
| EPS | $-0.13 | $-0.26 | $-0.06 | $0.00 | $-0.45 | $0.29 | $0.76 | $0.12 | $0.23 | $0.11 |
| EPS (Diluted) | $-0.13 | $-0.26 | $-0.06 | $0.00 | $-0.45 | $0.29 | $0.75 | $0.12 | $0.23 | $0.11 |
| Shares Outstanding (Diluted) | 5,741.1 M | 5,651.8 M | 5,588.0 M | 5,626.4 M | 5,612.4 M | 5,684.2 M | 5,670.0 M | 5,585.9 M | 5,532.2 M | 5,502.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 6.12B EUR | 4.50B EUR | 4.82B EUR | 5.12B EUR |
| Gross Profit | 2.75B EUR | 1.99B EUR | 2.15B EUR | 2.24B EUR |
| Operating Income | 437.0M EUR | 63.0M EUR | -50.0M EUR | 845.9M EUR |
| EBITDA | 1.07B EUR | 389.0M EUR | 161.0M EUR | 1.05B EUR |
| Net Income | 542.0M EUR | 86.0M EUR | 2.0M EUR | 151.1M EUR |
| EPS | $0.09 | $0.02 | $0.00 | $0.03 |
| EPS (Diluted) | $0.09 | $0.02 | $0.00 | $0.03 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.50B EUR | 7.37B EUR | 6.26B EUR | 6.63B EUR | 8.49B EUR | 6.69B EUR | 5.47B EUR | 6.23B EUR | 6.62B EUR | 5.46B EUR |
| Short-term Investments | 2.12B EUR | 1.21B EUR | 855.0M EUR | 108.9M EUR | 1.37B EUR | 2.91B EUR | 3.69B EUR | 2.01B EUR | 2.29B EUR | 960.6M EUR |
| Receivables | 7.07B EUR | 7.11B EUR | 7.03B EUR | 7.66B EUR | 8.41B EUR | 6.76B EUR | 6.75B EUR | 6.94B EUR | 6.74B EUR | 6.82B EUR |
| Inventory | 2.51B EUR | 2.65B EUR | 3.18B EUR | 3.30B EUR | 2.74B EUR | 2.39B EUR | 3.27B EUR | 2.72B EUR | 2.16B EUR | 2.21B EUR |
| Total Current Assets | 20.72B EUR | 19.86B EUR | 18.26B EUR | 18.87B EUR | 22.29B EUR | 19.60B EUR | 20.27B EUR | 18.17B EUR | 17.99B EUR | 15.79B EUR |
| Property, Plant & Equipment | 1.98B EUR | 1.85B EUR | 1.79B EUR | 3.11B EUR | 3.17B EUR | 2.81B EUR | 2.94B EUR | 2.86B EUR | 2.12B EUR | 2.49B EUR |
| Goodwill | 5.72B EUR | 5.25B EUR | 5.45B EUR | 6.20B EUR | 6.21B EUR | 5.43B EUR | 5.67B EUR | 5.50B EUR | 5.74B EUR | 5.99B EUR |
| Intangible Assets | 5.24B EUR | 3.97B EUR | 3.35B EUR | 2.73B EUR | 2.39B EUR | 1.62B EUR | 1.26B EUR | 1.09B EUR | 802.0M EUR | 1.40B EUR |
| Total Assets | 44.90B EUR | 41.02B EUR | 39.53B EUR | 45.81B EUR | 46.52B EUR | 40.05B EUR | 42.94B EUR | 39.86B EUR | 39.15B EUR | 37.58B EUR |
| Accounts Payable | 3.78B EUR | 4.00B EUR | 4.77B EUR | 4.25B EUR | 3.88B EUR | 3.68B EUR | 4.73B EUR | 3.42B EUR | 3.21B EUR | 2.98B EUR |
| Short-term Debt | 370.0M EUR | 309.0M EUR | 994.0M EUR | 618.5M EUR | 917.7M EUR | 116.0M EUR | 228.0M EUR | 554.0M EUR | 969.0M EUR | 1.29B EUR |
| Total Current Liabilities | 12.61B EUR | 12.81B EUR | 14.12B EUR | 13.53B EUR | 14.39B EUR | 12.10B EUR | 12.77B EUR | 10.93B EUR | 11.39B EUR | 10.00B EUR |
| Long-term Debt | 3.66B EUR | 3.46B EUR | 2.83B EUR | 4.47B EUR | 6.14B EUR | 4.54B EUR | 4.25B EUR | 3.64B EUR | 2.92B EUR | 3.12B EUR |
| Total Liabilities | 23.93B EUR | 24.81B EUR | 24.16B EUR | 28.52B EUR | 31.17B EUR | 22.59B EUR | 21.52B EUR | 19.23B EUR | 18.40B EUR | 16.53B EUR |
| Retained Earnings | 3.59B EUR | 1.15B EUR | -1.06B EUR | -1.81B EUR | -5.07B EUR | -2.54B EUR | 1.38B EUR | 1.40B EUR | 1.96B EUR | 1.86B EUR |
| Total Equity | 20.09B EUR | 16.14B EUR | 15.29B EUR | 17.20B EUR | 15.25B EUR | 17.36B EUR | 21.33B EUR | 20.54B EUR | 20.66B EUR | 20.96B EUR |
| Total Debt | 4.03B EUR | 3.77B EUR | 3.82B EUR | 5.96B EUR | 7.94B EUR | 5.66B EUR | 5.52B EUR | 5.19B EUR | 4.75B EUR | 5.21B EUR |
| Net Debt | -5.59B EUR | -4.82B EUR | -3.29B EUR | -785.8M EUR | -1.93B EUR | -3.94B EUR | -3.64B EUR | -3.05B EUR | -4.16B EUR | -1.21B EUR |
| Working Capital | 8.11B EUR | 7.06B EUR | 4.15B EUR | 5.34B EUR | 7.90B EUR | 7.50B EUR | 7.49B EUR | 7.23B EUR | 6.59B EUR | 5.79B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 5.46B EUR | 4.95B EUR | 4.35B EUR | 4.12B EUR |
| Total Assets | 37.58B EUR | 37.29B EUR | 37.28B EUR | 38.32B EUR |
| Total Liabilities | 16.53B EUR | 16.01B EUR | 15.98B EUR | 16.62B EUR |
| Total Equity | 20.96B EUR | 21.18B EUR | 21.20B EUR | 21.60B EUR |
| Total Debt | 5.21B EUR | 3.33B EUR | 3.36B EUR | 3.43B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -927.0M EUR | -1.46B EUR | -335.0M EUR | 11.0M EUR | -2.52B EUR | 1.65B EUR | 4.26B EUR | 679.0M EUR | 1.28B EUR | 660.0M EUR |
| Depreciation & Amortization | 1.59B EUR | 1.59B EUR | 1.46B EUR | 1.66B EUR | 1.13B EUR | 1.09B EUR | 1.14B EUR | 1.09B EUR | 1.01B EUR | 1.12B EUR |
| Stock-based Compensation | 113.0M EUR | 92.0M EUR | 68.0M EUR | 81.0M EUR | 76.0M EUR | 108.0M EUR | 0 | 202.0M EUR | 241.0M EUR | 337.0M EUR |
| Change in Working Capital | -3.06B EUR | 598.0M EUR | -943.0M EUR | -1.79B EUR | -710.0M EUR | -268.0M EUR | -1.84B EUR | -1.28B EUR | -569.0M EUR | -209.0M EUR |
| Operating Cash Flow | -1.46B EUR | 1.81B EUR | 360.0M EUR | 390.0M EUR | 1.76B EUR | 2.62B EUR | 1.47B EUR | 1.32B EUR | 2.49B EUR | 2.07B EUR |
| Capital Expenditure | -477.0M EUR | -601.0M EUR | -672.0M EUR | -690.0M EUR | -479.0M EUR | -560.0M EUR | -601.0M EUR | -652.0M EUR | -472.0M EUR | -606.0M EUR |
| Acquisitions | 5.83B EUR | -420.0M EUR | -49.0M EUR | 19.0M EUR | -104.0M EUR | -33.0M EUR | -20.0M EUR | -2.0M EUR | 193.0M EUR | -1.74B EUR |
| Stock Repurchased | -216.0M EUR | -785.0M EUR | 0 | 0 | 0 | 0 | -300.0M EUR | -300.0M EUR | -680.0M EUR | -624.0M EUR |
| Dividends Paid | -1.51B EUR | -970.0M EUR | -1.08B EUR | -570.0M EUR | -149.0M EUR | -9.0M EUR | -353.0M EUR | -611.0M EUR | -723.0M EUR | -759.0M EUR |
| Free Cash Flow | -1.93B EUR | 1.21B EUR | -312.0M EUR | -300.0M EUR | 1.28B EUR | 2.06B EUR | 873.0M EUR | 665.0M EUR | 2.02B EUR | 1.47B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 375.0M EUR | 783.0M EUR | -620.0M EUR | 91.5M EUR |
| Capital Expenditure | -148.0M EUR | -154.0M EUR | -129.0M EUR | -192.3M EUR |
| Free Cash Flow | 227.0M EUR | 629.0M EUR | -749.0M EUR | -100.8M EUR |
| Dividends Paid | -165.0M EUR | -168.0M EUR | -224.0M EUR | -223.8M EUR |
| Stock-based Compensation | 0 | 0 | 136.0M EUR | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.1% | -2.5% | +3.3% | -6.3% | +1.6% | +7.0% | -11.0% | -9.1% | +3.5% | |
| Net Income Growth (YoY) | -95.0% | +77.6% | +102.1% | -36,142.9% | +164.3% | +161.9% | -84.4% | +92.0% | -49.0% | |
| EPS Growth (YoY) | -100.0% | +76.4% | +105.2% | -14,162.5% | +164.4% | +162.1% | -84.2% | +91.7% | -52.2% | |
| Shares Change (YoY) | -1.6% | -1.1% | +0.7% | -0.2% | +1.3% | -0.3% | -1.5% | -1.0% | -0.5% | |
| FCF Growth (YoY) | +162.7% | -125.8% | +3.8% | +526.7% | +61.3% | -57.7% | -23.8% | +203.9% | -27.5% | |
| Gross Margin | 36.1% | 39.5% | 36.8% | 35.4% | 37.5% | 39.8% | 42.5% | 40.4% | 46.1% | 43.5% |
| Operating Margin | -4.7% | 0.1% | -0.3% | 2.1% | 4.0% | 9.7% | 10.3% | 7.0% | 8.3% | 3.9% |
| EBITDA Margin | 2.3% | 6.9% | 6.1% | 9.1% | 9.7% | 14.5% | 14.9% | 13.8% | 17.9% | 11.3% |
| Net Margin | -3.2% | -6.5% | -1.5% | 0.0% | -11.5% | 7.3% | 17.9% | 3.1% | 6.6% | 3.3% |
| FCF Margin | -8.2% | 5.2% | -1.4% | -1.3% | 5.9% | 9.3% | 3.7% | 3.1% | 10.5% | 7.4% |
| Effective Tax Rate | 33.4% | -181.8% | -52.5% | 88.5% | 438.2% | 14.1% | -93.7% | 55.8% | 18.2% | 30.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.34 | $0.21 | $-0.06 | $-0.05 | $0.23 | $0.36 | $0.15 | $0.12 | $0.37 | $0.27 |
| Dividends Per Share | $0.26 | $0.17 | $0.19 | $0.10 | $0.03 | $0.00 | $0.06 | $0.11 | $0.13 | $0.14 |
| Shares Outstanding (Basic) | 5,732.4 M | 5,651.8 M | 5,540.0 M | 5,599.9 M | 5,612.4 M | 5,630.0 M | 5,614.2 M | 5,549.5 M | 5,463.9 M | 5,415.9 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 3.65% |
| Return on Invested Capital | 5.50% |
| Return on Assets | 2.05% |
| Gross Margin | 44.50% |
| Operating Margin | 10.16% |
| Net Margin | 3.75% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 1.46 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.93 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -35.14 | -15.25 | -82.66 | 1,033.81 | -7.11 | 18.86 | 5.70 | 25.78 | 18.60 | 50.06 |
| P/B | 1.30 | 1.39 | 1.84 | 1.08 | 1.18 | 1.77 | 1.14 | 0.84 | 1.13 | 1.42 |
| P/S | 1.11 | 0.97 | 1.25 | 0.79 | 0.82 | 1.39 | 1.02 | 0.81 | 1.22 | 1.50 |
| Gross Margin | 36.1% | 39.5% | 36.8% | 35.4% | 37.5% | 39.8% | 42.5% | 40.4% | 46.1% | 43.5% |
| Operating Margin | -4.7% | 0.1% | -0.3% | 2.1% | 4.0% | 9.7% | 10.3% | 7.0% | 8.3% | 3.9% |
| Net Margin | -3.2% | -6.5% | -1.5% | 0.0% | -11.5% | 7.3% | 17.9% | 3.1% | 6.6% | 3.3% |
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