Nokia Corporation Sponsored ADR (NOK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.07	$0.08	+14.3%	—	—	—
Q2 26	$0.05	$0.06	+20.0%	—	—	—
Q1 26	$0.06	$0.07	+16.7%	—	—	—
Q4 25	$0.06	$0.05	-16.7%	—	—	—
Q3 25	$0.05	$0.03	-40.0%	—	—	—
Q2 25	$0.14	$0.19	+35.7%	—	—	—
Q1 25	$0.07	$0.07	0.0%	—	—	—
Q4 24	$0.05	$0.07	+40.0%	—	—	—
Q3 24	$0.06	$0.1	+66.7%	—	—	—
Q2 24	$0.16	$0.11	-31.3%	—	—	—
Q1 24	$0.09	$0.05	-44.4%	—	—	—
Q4 23	$0.09	$0.08	-11.1%	—	—	—
Q3 23	$0.08	$0.07	-12.5%	—	—	—
Q2 23	$0.15	$0.17	+13.3%	—	—	—
Q1 23	$0.1	$0.1	0.0%	—	—	—
Q4 22	$0.09	$0.1	+11.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.12	—	—	$19.9B	—
FY24	—	$0.23	—	—	$23B	—
FY23	—	$0.12	—	—	$22.3B	—
FY22	—	$0.76	—	—	$24.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$23.6B	$23.1B	$22.6B	$23.3B	$21.9B	$22.2B	$24.9B	$22.3B	$23B	$19.9B
YoY change	+88.2%	-2.09%	-2.52%	+3.33%	-6.27%	+1.6%	+12.2%	-10.6%	+3.32%	-13.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	23.6B	23.1B	22.6B	23.3B	21.9B	22.2B	24.9B	22.3B	23B	19.9B
Cost of revenue	15.1B	14B	14.3B	15.1B	13.7B	13.4B	14.7B	13.6B	12.4B	11.2B
Gross profit	8.5B	9.1B	8.3B	8.3B	8.2B	8.8B	10.2B	8.7B	10.6B	8.7B
Gross margin	36.1%	39.5%	36.8%	35.4%	37.5%	39.8%	41%	39%	46.1%	43.5%
Research & development	5B	4.9B	4.8B	4.5B	4.1B	4.2B	4.5B	4.3B	5.4B	4.9B
Selling, general & administrative	3.8B	3.6B	3.5B	3.2B	2.9B	2.8B	3B	2.9B	3.5B	3.1B
Operating expenses	8.7B	8.5B	8.4B	7.8B	7B	7.1B	7.7B	7.2B	8.9B	7.9B
Operating income	-148M	631M	-97M	505M	1B	1.8B	2.5B	1.5B	1.9B	782M
Operating margin	-0.63%	2.73%	-0.43%	2.17%	4.65%	7.97%	9.89%	6.72%	8.18%	3.93%
Non-operating income, net	-958M	-800M	-49M	-108M	-121M	338M	-154M	-38M	534.9M	127M
Pretax income	-1.4B	-510M	-360M	156M	743M	1.9B	2.2B	1.5B	2.5B	915M
Income tax	-457M	927M	189M	138M	3.3B	272M	-2B	825M	454.7M	277M
Net income	-927M	-1.5B	-335M	11M	-2.5B	1.6B	4.3B	679M	1.5B	660M
Net margin	-3.92%	-6.3%	-1.48%	0.05%	-11.5%	7.41%	17.1%	3.05%	6.68%	3.32%
EBITDA	1.5B	2.4B	1.4B	2.2B	2.3B	2.9B	3.7B	2.9B	3.6B	2.1B
EPS	-0.13	-0.26	-0.06	0	-0.43	0.29	0.76	0.12	0.23	0.12
Diluted EPS	-0.13	-0.26	-0.06	0	-0.43	0.29	0.75	0.12	0.23	0.12

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.7B	5.7B	4.7B	4.5B	5B	7.2B	4.4B	4.5B	4.8B	6.1B	4.5B	4.8B
Cost of revenue	3.1B	3.3B	2.4B	2.5B	—	—	2.6B	2.6B	2.7B	3.4B	2.5B	2.7B
Gross profit	1.9B	2.4B	2.2B	1.9B	—	—	1.8B	2B	2.1B	2.8B	2B	2.1B
Gross margin	40.9%	41.8%	47.9%	43.3%	—	—	41.5%	43.4%	43.7%	45%	44.2%	44.6%
Research & development	1.1B	1.1B	1.1B	1.1B	1.3B	1.4B	1.1B	1.2B	1.2B	1.4B	1.2B	1.4B
Selling, general & administrative	697M	787M	708M	715M	800.4M	944.1M	728M	744M	729M	880M	664M	817M
Operating expenses	1.7B	2B	1.8B	1.5B	2.1B	2.3B	1.9B	1.9B	1.9B	2.4B	1.9B	2.2B
Operating income	237M	355M	399M	432M	284.5M	586.3M	-48M	80M	239M	437M	63M	-50M
Operating margin	5.03%	6.22%	8.55%	9.67%	5.69%	8.19%	-1.09%	1.76%	4.95%	7.13%	1.4%	-1.04%
Non-operating income, net	-25M	5M	1M	3M	—	—	1M	8M	5M	112M	—	2M
Pretax income	130M	512M	451M	461M	167.7M	1.3B	-36M	123M	229M	599M	180M	73M
Income tax	46M	552M	12M	92M	—	—	23M	40M	150M	64M	93M	47M
Net income	133M	-32M	439M	-142M	202.4M	972.8M	-60M	96M	80M	544M	87M	5M
Net margin	2.82%	-0.56%	9.41%	-3.18%	4.05%	13.6%	-1.37%	2.11%	1.66%	8.88%	1.93%	0.1%
EBITDA	504M	998M	660M	700M	284.5M	1.6B	216M	365M	525M	1.1B	272M	161M
EPS	0.02	-0.01	0.08	-0.03	0.03	0.15	-0.01	0.02	0.01	0.1	0.02	0
Diluted EPS	0.02	-0.01	0.08	-0.03	0.03	0.15	-0.01	0.02	0.01	0.1	0.02	0

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	25.4B	31.4B	20B	21.2B	33.8B	25.1B	17.4B	—	—	56.7B
Enterprise value	—	20.6B	28.1B	19.2B	19.4B	29.9B	21.5B	14.4B	—	—	64.4B
Shares outstanding	5.5B	5.5B	5.4B	5.4B	5.4B	5.4B	5.4B	5.1B	6.6B	5.4B	5.4B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	1.8K	—	20.5	5.9	25.7	—	—	71.5
P/S	—	1.1	1.39	0.86	0.97	1.52	1.01	0.78	—	—	2.75
P/B	—	1.57	2.04	1.3	1.69	1.94	1.17	0.85	—	—	2.32
EV/EBITDA	—	8.58	19.5	8.53	8.57	10.3	5.85	4.89	—	—	21.7
EV/Sales	—	0.89	1.24	0.82	0.89	1.34	0.86	0.65	—	—	2.77
Earnings yield	—	—	—	0.05%	—	4.87%	16.9%	3.89%	—	—	1.4%
FCF yield	—	4.76%	-0.99%	-1.5%	6.04%	6.11%	3.47%	3.81%	—	—	2.38%
PEG	—	—	—	—	—	—	—	—	—	—	-0.71

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36.1%	39.5%	36.8%	35.4%	37.5%	39.8%	41%	39%	46.1%	43.5%	44.6%
Operating margin	-0.63%	2.73%	-0.43%	2.17%	4.65%	7.97%	9.89%	6.72%	8.18%	3.93%	7.93%
Net margin	-3.92%	-6.3%	-1.48%	0.05%	-11.5%	7.41%	17.1%	3.05%	6.68%	3.32%	3.47%
ROE	-4.42%	-8.99%	-2.18%	0.07%	-20.1%	9.42%	19.9%	3.29%	6.19%	3.13%	3.45%
ROA	-2.06%	-3.55%	-0.85%	0.03%	-6.95%	4.11%	9.92%	1.7%	3.28%	1.76%	3.12%
ROIC	-0.96%	5.53%	-0.8%	0.4%	0%	11.2%	13.9%	3.83%	7.76%	2.91%	2.37%
Return on tangible assets	-4.03%	-6.46%	-1.53%	0.05%	-11.4%	6.34%	14.6%	2.54%	4.92%	2.89%	3.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.64	1.56	1.3	1.39	1.55	1.62	1.59	1.66	1.58	1.58	1.5
Quick ratio	1.44	1.35	1.07	1.15	1.36	1.42	1.33	1.41	1.39	1.36	1.23
Debt / equity	0.19	0.23	0.25	0.34	0.52	0.32	0.26	0.25	0.23	0.21	0.16
Debt / assets	0.09	0.09	0.1	0.14	0.18	0.14	0.13	0.13	0.12	0.12	0.09
Net debt / EBITDA	-3.79	-2.01	-2.29	-0.38	-0.79	-1.36	-0.99	-1.04	-1.39	-1.1	-0.87
Interest coverage	-3.32	-0	-0.28	1.5	4.05	10.3	10.8	5.19	7.39	5.18	5.18
Effective tax rate	0%	0%	0%	88.5%	100%	14.1%	0%	55%	18.2%	30.3%	32.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.27	4.24	4.18	4.31	4.03	4.09	4.6	4.36	3.51	3.67	3.69
EPS (basic)	-0.13	-0.26	-0.06	0	-0.43	0.29	0.76	0.12	0.23	0.12	0.12
EPS (diluted)	-0.13	-0.26	-0.06	0	-0.43	0.29	0.75	0.12	0.23	0.12	0.14
Book value per share	3.79	2.97	2.85	2.85	2.32	3.21	3.95	4.04	3.79	3.89	4.31
FCF per share	-0.35	0.22	-0.06	-0.06	0.24	0.38	0.16	0.13	0.37	0.27	0.09
Cash per share	1.74	1.57	1.32	1.14	1.53	1.77	1.69	1.62	1.63	1.25	0.92
Capex per share	0.08	0.1	0.11	0.12	0.09	0.08	0.1	0.09	0.07	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.9%	2.31%	2.59%	2.79%	2.13%	2.06%	2.28%	2.08%	1.95%	—	—
Capex / operating cash flow	-60.8%	20.4%	72.3%	78.5%	24.7%	13.9%	30.2%	22.9%	14%	—	—
Payout ratio	-163.4%	-66.5%	-322.7%	5.2K%	-5.92%	0.55%	8.29%	91.5%	56.3%	115%	117.5%
Dividend yield	—	3.82%	3.44%	2.84%	0.7%	0.03%	1.4%	3.56%	—	—	1.86%

Yield

1.86%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.047

ex-dividend Jul 29, 2025

Payout ratio

118%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 29, 2025	$0.047
May 5, 2025	$0.046
Feb 4, 2025	$0.0313
Oct 22, 2024	$0.0324
Jul 23, 2024	$0.0327
Apr 22, 2024	$0.0426
Jan 29, 2024	$0.0326
Oct 23, 2023

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.7B	$5.7B	$4.7B	$4.5B	$5B	$7.2B	$4.4B	$4.5B	$4.8B	$6.1B	$4.5B	$4.8B
YoY change	-24.5%	-23.4%	-20.3%	-17.9%	+6.25%	+25.5%	-5.94%	+1.79%	-3.51%	-14.5%	+2.44%	+5.92%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.6B	8.6B	7.1B	6.2B	8.3B	9.6B	9.2B	8.2B	10.7B	6.8B
Receivables	7B	6.9B	4.9B	5B	5.5B	5.4B	5.5B	4.9B	6.3B	5B
Inventory	2.5B	2.6B	3.2B	2.9B	2.2B	2.4B	3.3B	2.7B	2.6B	2.2B
Total current assets	20.7B	19.9B	18.3B	16.8B	18.2B	19.6B	20.3B	18.2B	21.5B	15.8B
Property, plant & equipment	982M	788M	646M	1.7B	1.5B	1.5B	1.5B	1.4B	835.2M	857M
Goodwill & intangibles	21.9B	18.4B	17.6B	15.9B	14.1B	14.1B	13.9B	13.2B	15.6B	14.8B
Total assets	44.9B	41B	39.5B	39.1B	36.2B	40B	42.9B	39.9B	46.8B	37.6B
Accounts payable	3.8B	4B	4.8B	3.8B	3.2B	3.7B	4.7B	3.4B	3.8B	3B
Short-term debt	370M	309M	994M	551M	750M	301M	412M	752M	1.4B	1.3B
Total current liabilities	12.6B	12.7B	14.1B	12.1B	11.8B	12.1B	12.8B	10.9B	13.6B	10B
Long-term debt	3.7B	3.5B	2.8B	4.8B	5.7B	5.4B	5.1B	4.4B	4.3B	3.1B
Total liabilities	23.9B	24.8B	24.1B	23.7B	23.6B	22.6B	21.5B	19.2B	22B	16.5B
Shareholders' equity	21B	16.2B	15.4B	15.4B	12.5B	17.5B	21.4B	20.6B	24.8B	21.1B
Total debt	4B	3.8B	3.8B	5.3B	6.5B	5.7B	5.5B	5.2B	5.7B	4.4B
Net debt	-3.5B	-3.6B	-2.4B	-603M	-454M	-1B	52M	-1B	-2.2B	-1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.5B	6.8B	8.2B	8.8B	9.1B	10.7B	7.2B	6.1B	6.1B	6.8B	6.1B	5.1B
Receivables	5.4B	5.7B	4.9B	4.3B	3.6B	6.3B	4.7B	3.8B	4B	5B	4.6B	4.4B
Inventory	3.3B	3.3B	2.7B	2.7B	2.5B	2.6B	2.6B	2.5B	2.4B	2.2B	2.4B	2.7B
Total current assets	18.5B	18.3B	18.2B	17.9B	18B	21.5B	16.3B	14.3B	14.4B	15.8B	15B	14.8B
Property, plant & equipment	2.9B	2.9B	1.4B	2.8B	2.2B	835.2M	2.4B	2.4B	2.4B	857M	2.5B	2.6B
Goodwill & intangibles	13.5B	13.5B	13.2B	13.3B	13.1B	15.6B	16.3B	15.2B	15B	14.8B	14.9B	14.9B
Total assets	40.7B	40.5B	39.9B	39.7B	38.9B	46.8B	39.3B	36B	36B	37.6B	37.3B	37.3B
Accounts payable	4.3B	3.6B	3.4B	3B	2.9B	3.8B	3B	3B	3.1B	3B	3.2B	3.5B
Short-term debt	780M	769M	752M	859M	1.1B	1.4B	2.1B	951M	913M	1.3B	235M	676M
Total current liabilities	11.5B	11.1B	10.9B	10.9B	10.7B	13.6B	12B	9.8B	9.7B	10B	9.6B	9.8B
Long-term debt	4.4B	4.4B	4.4B	3.9B	3.5B	4.3B	3B	3.1B	3.2B	3.1B	3.1B	2.7B
Total liabilities	19.5B	19.2B	19.2B	18.4B	17.8B	22B	18.4B	16.2B	16.4B	16.5B	16B	16B
Shareholders' equity	21.3B	21.4B	20.6B	21.2B	21B	24.8B	20.8B	19.8B	19.7B	21.1B	21.3B	21.3B
Total debt	5.2B	5.2B	5.2B	4.8B	4.6B	5.7B	5.1B	4.1B	4.1B	4.4B	3.3B	3.4B
Net debt	97M	567M	-1B	-1.8B	-2.2B	-2.2B	-478M	-697M	-827M	-1B	-1.6B	-989M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-927M	-1.5B	-335M	11M	-2.5B	1.6B	4.3B	679M	1.5B	660M
Depreciation & amortization	1.6B	1.6B	1.5B	1.7B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B
Stock-based compensation	113M	92M	68M	81M	76M	108M	149M	202M	288.4M	337M
Change in working capital	-2.2B	504M	-943M	-1.8B	-710M	-268M	-1.8B	-1.3B	-680.8M	-209M
Operating cash flow	-738M	2.6B	808M	829M	1.9B	3.3B	1.9B	2B	3.2B	2.1B
Capital expenditure	-449M	-534M	-584M	-651M	-466M	-457M	-568M	-463M	-448.7M	—
Investing cash flow	6.8B	10M	-987M	-290M	-1.4B	-1.8B	-1.9B	1B	-140M	-818M
Dividends paid	-1.5B	-970M	-1.1B	-570M	-149M	-9M	-353M	-621M	-865.1M	-759M
Share repurchases	-216M	-785M	—	—	0	0	-300M	-300M	-813.7M	-624M
Financing cash flow	-4.9B	-1.8B	-970M	-479M	882M	-1.2B	-837M	-1.5B	-2.4B	-1.6B
Net change in cash	1.2B	875M	-1.1B	60M	1.3B	290M	-837M	1.6B	679.6M	-357M
Free cash flow	-1.9B	1.2B	-312M	-300M	1.3B	2.1B	873M	665M	2.4B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	289M	289M	133M	-32M	438M	-142M	-60M	96M	80M	544M	87M	5M
Depreciation & amortization	266M	272M	267M	282M	261M	268M	264M	285M	286M	284M	209M	211M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	136M
Change in working capital	-506M	-953M	-719M	896M	427M	-26M	608M	-186M	56M	-688M	401M	-1.1B
Operating cash flow	239M	-139M	-101M	1.8B	1.2B	324M	976M	365M	597M	375M	783M	-620M
Capital expenditure	-218M	-43M	-99M	-103M	-87M	-64M	-164M	-114M	—	—	—	—
Investing cash flow	-227M	1.1B	111M	93M	-100M	279M	-633M	-248M	-30M	-185M	105M	408M
Dividends paid	-112M	-167M	-171M	-171M	-166M	-225M	-161M	-215M	-216M	-165M	-168M	-224M
Share repurchases	-81M	-82M	-92M	-45M	-8M	-90M	-546M	-78M	0	0	-9M	0
Financing cash flow	-464M	-412M	-334M	-292M	-638M	-457M	-1.3B	-566M	-295M	156M	-1.3B	-282M
Net change in cash	-452M	515M	-324M	1.6B	481M	146M	-919M	-449M	272M	346M	-382M	-494M
Free cash flow	-149M	-460M	-447M	1.7B	955M	394M	721M	88M	429M	227M	629M	-749M

Date	Ratio
Apr 11, 2000	4:1
Apr 12, 1999	2:1
Apr 16, 1998	2:1
Apr 25, 1995	2:1

Nokia Corporation Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history