Free cash flow generation remains highly unstable, with margins swinging from 30.2% in 2023Q4 to 0.8% in 2024Q4, largely driven by unpredictable working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.08B | 1.99B | 2.49B | 1.32B | 1.47B | 2.63B | 1.76B | 390M | 360M | 1.81B | -1.46B | 507M | 1.27B | 72M | -354M | 1.14B | 4.77B | 3.25B | 3.2B | 7.89B | 4.48B | 4.14B | 4.34B | 5.24B | 5.82B | 6.56B | 3.52B | 3.11B | 1.68B | 1.71B | 1.44B |
| Operating CF Margin % | - | 10% | 12.97% | 6.23% | 6.2% | 11.82% | 8.05% | 1.67% | 1.6% | 7.83% | -6.15% | 4.04% | 10.84% | 0.61% | -2.3% | 7.12% | 11.25% | 7.92% | 6.32% | 15.46% | 10.89% | 12.12% | 14.79% | 17.8% | 19.37% | 20.99% | 11.55% | 15.69% | 12.59% | 19.39% | 21.16% |
| Operating CF Growth % | -1.17% | -20.21% | 89.29% | -10.65% | -43.85% | 49.23% | 351.03% | 8.33% | -80.13% | 224.54% | -386.98% | -60.24% | 1670.83% | 120.34% | -131.13% | -76.18% | 47.03% | 1.33% | -59.41% | 76.29% | 8.15% | -4.59% | -17.1% | -10.03% | -11.27% | 86.36% | 13.09% | 85.33% | -1.82% | 19.1% | 1356.64% |
| Net Income | 796M | 604.18M | 1.28B | 679M | 4.26B | 1.65B | -2.42B | 11M | -335M | -1.46B | -927M | 2.47B | 3.46B | -615M | -3.11B | -1.16B | 1.85B | 891M | 4B | 7.22B | 4.31B | 3.61B | 3.2B | 3.59B | 3.38B | 2.2B | 5.79B | 2.58B | 1.67B | 1.05B | 563.23M |
| Depreciation & Amortization | 1.11B | 1.07B | 1.01B | 1.09B | 1.14B | 1.09B | 1.13B | 1.66B | 1.46B | 1.59B | 1.59B | 320M | 297M | 728M | 1.33B | 1.56B | 1.77B | 1.78B | 1.62B | 1.21B | 712.23M | 711.75M | 867.51M | 1.14B | 1.31B | 1.43B | 1.01B | 666.83M | 507.33M | 462.73M | 385.67M |
| Stock-Based Compensation | 0 | 0 | 241M | 202M | 149M | 108M | 76M | 81M | 68M | 92M | 113M | 49M | 37M | 56M | 13M | 18M | 47M | 16M | 74M | 228M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 133M | 0 | 385M | 825M | -2.03B | 273M | 3.25B | 140M | 64M | 937M | -429M | 338M | -1.28B | 401M | 1.15B | -963M | -2.45B | -2.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 424.67M | 511M | 138M | -194M | -201M | -228M | 465M | 286M | 51M | 52M | 1.26B | -1.65B | -2.39B | 447M | 145M | 2.32B | 1.21B | 2.48B | 137.92M | -1.14B | 252.31M | 180.68M | -31.72M | 716.22M | 166.77M | 1.94B | -1.9B | -119.25M | -51.16M | 50.91M | -29.73M |
| Working Capital Changes | -389.9M | -200.75M | -569M | -1.28B | -1.84B | -268M | -744M | -1.79B | -943M | 598M | -3.06B | -1.02B | 1.15B | -945M | 123M | -638M | 2.35B | 140M | -2.55B | 605.62M | -792.54M | -365.59M | 299.5M | -203.27M | 955.83M | 980.05M | -1.38B | -20.87M | -449.35M | 147.27M | 516.63M |
| Change in Receivables | -387.65M | -24.01M | -364M | 304M | -451M | 239M | -418M | 159M | 246M | -421M | 18M | -693M | 115M | 1.66B | 2.04B | 137M | 1.28B | 1.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 19.25M | 143.12M | 404M | 478M | -991M | -48M | 547M | 285M | -544M | -296M | 24M | 341M | -462M | 193M | 707M | 289M | -512M | 640M | 321.82M | -245.54M | 84.1M | -300.57M | -192.53M | -41.29M | 243.01M | 434.95M | -422.7M | -362.73M | -103.17M | -120M | 537.52M |
| Change in Payables | 63.49M | -319.86M | 0 | 0 | 0 | 0 | -845M | 0 | -645M | 1.31B | -2.76B | 0 | 0 | 0 | 0 | 0 | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -864.65M | -1.34B | -117M | 1.04B | -1.88B | -1.79B | -1.52B | -290M | -315M | 9M | 6.84B | 1.9B | 886M | -691M | 562M | 1.5B | -2.42B | -2.15B | -2.91B | -711.25M | 1.01B | 1.84B | -329.01M | -312.85M | -869.11M | -2.68B | -2.3B | -1.34B | -775.92M | -498.18M | -530.29M |
| Capital Expenditures | -620.83M | -582.08M | -472M | -652M | -601M | -560M | -479M | -690M | -672M | -601M | -477M | -314M | -311M | -407M | -461M | -597M | -679M | -558M | -1.02B | -873.11M | -776.63M | -606.21M | -547.36M | -431.16M | -432.65M | -1.04B | -1.58B | -1.31B | -833.05M | -646.36M | -466.82M |
| CapEx % of Revenue | 3.1% | 2.93% | 2.46% | 3.08% | 2.53% | 2.52% | 2.19% | 2.96% | 2.98% | 2.6% | 2.02% | 2.5% | 2.64% | 3.45% | 2.99% | 3.74% | 1.6% | 1.36% | 2.02% | 1.71% | 1.89% | 1.77% | 1.86% | 1.47% | 1.44% | 3.34% | 5.2% | 6.59% | 6.24% | 7.33% | 6.88% |
| Acquisitions | -762.42M | -1.6B | 193M | -2M | -17M | -33M | -93M | 19M | -49M | -420M | 5.83B | 2.49B | 2.34B | -71M | 2M | -817M | -18M | 42M | -5.93B | 253.09M | -531.14M | -92.03M | 5.9M | -7.15M | -10.48M | -131.5M | -401.41M | -178.88M | 0 | 85.45M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 90.62M | 84.53M | 158M | 219M | 2M | 45M | 23M | -101M | 88M | 67M | 59M | -17M | 71M | 146M | 306M | 4M | 22M | 102M | 173.12M | -128.94M | 545.54M | 254.98M | -119.5M | 27M | -488.87M | -1.39B | -314.1M | 140.12M | 57.13M | 65.45M | -63.47M |
| Cash from Financing | -1.76B | -1.55B | -2B | -1.5B | -837M | -1.21B | 883M | -479M | -969M | -1.75B | -4.92B | -584M | -4.58B | -477M | -465M | -1.1B | -911M | -696M | -1.55B | -3.84B | -4.97B | -5.57B | -4.31B | -2.78B | -1.58B | -1.9B | -1.28B | -593.29M | -62.24M | -442.73M | -335.05M |
| Debt Issued (Net) | -1.06B | -349.63M | -600M | -581M | -184M | -1.2B | 1.03B | 92M | 110M | 43M | -2.47B | 153M | -2.71B | 1.3B | 290M | -109M | 607M | 850M | 3.57B | 760M | -87.89M | 216.99M | -256.71M | -69.87M | -404.06M | -559.71M | 47.91M | -175.9M | 185.88M | -164.55M | -179.17M |
| Equity Issued (Net) | 713.37M | 225.73M | -680M | -300M | -300M | 0 | 0 | 0 | 0 | -785M | -216M | -225M | -427M | 0 | 0 | 0 | 1M | 0 | -3.12B | -3.82B | -3.32B | -4.25B | -2.65B | -1.33B | 145.8M | 56.2M | 68.14M | 152.05M | 107.44M | 11.82M | 0 |
| Dividends Paid | -799.37M | -723.28M | -723M | -611M | -353M | -9M | -149M | -570M | -1.08B | -970M | -1.51B | -512M | -1.39B | -71M | -755M | -1.54B | -1.52B | -1.55B | -2.05B | -1.76B | -1.55B | -1.53B | -1.41B | -1.38B | -1.35B | -1.4B | -1.01B | -598.26M | -371.76M | -178.18M | -155.87M |
| Share Repurchases | -114.89M | -599.37M | -680M | -300M | -300M | 0 | 0 | 0 | 0 | -785M | -216M | -225M | -427M | 0 | 0 | 0 | 0 | 0 | -3.13B | -3.83B | -3.37B | -4.25B | -2.65B | -1.35B | -17.15M | -21.35M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -606.52M | -699.27M | 0 | -10M | 0 | 0 | 0 | -1M | 2M | -37M | -718M | 4M | -45M | -1.71B | 0 | 546M | 0 | 0 | 53M | 987M | 0 | 0 | 0 | 0 | 26.68M | 3.37M | -311.97M | 28.82M | 16.2M | -111.82M | 0 |
| Net Change in Cash | -572.39M | -377.27M | 389M | 767M | -1.22B | -249M | 1.03B | -351M | -1.11B | -128M | 502M | 1.82B | -2.46B | -1.32B | -284M | 1.64B | 1.67B | 378M | -1.3B | 3.33B | 466.74M | 600.3M | -326.79M | 1.97B | 3.21B | 1.93B | -55.37M | 1.17B | 839.87M | 769.09M | 570.46M |
| Free Cash Flow | 1.46B | 1.41B | 2.02B | 665M | 873M | 2.06B | 1.28B | -300M | -312M | 1.21B | -1.93B | 193M | 964M | -335M | -815M | 540M | 4.09B | 2.69B | 2.18B | 7.02B | 3.7B | 3.53B | 3.79B | 4.8B | 5.39B | 5.52B | 1.93B | 1.81B | 845.84M | 1.06B | 968.98M |
| FCF Margin % | 7.29% | 7.08% | 10.52% | 3.15% | 3.67% | 9.3% | 5.86% | -1.29% | -1.38% | 5.23% | -8.17% | 1.54% | 8.2% | -2.84% | -5.29% | 3.38% | 9.65% | 6.56% | 4.3% | 13.75% | 9% | 10.34% | 12.92% | 16.34% | 17.93% | 17.65% | 6.35% | 9.11% | 6.34% | 12.06% | 14.28% |
| FCF Growth % | -20.93% | -30.37% | 203.91% | -23.83% | -57.72% | 61.33% | 526.67% | 3.85% | -125.76% | 162.68% | -1101.04% | -79.98% | 387.76% | 58.9% | -250.93% | -86.81% | 52.29% | 23.22% | -68.92% | 89.7% | 4.73% | -6.81% | -21.06% | -10.81% | -2.34% | 185.07% | 7.14% | 113.48% | -20.48% | 9.77% | 238.16% |
| FCF per Share | 0.25 | 0.26 | 0.37 | 0.12 | 0.15 | 0.36 | 0.23 | -0.05 | -0.06 | 0.21 | -0.34 | 0.05 | 0.23 | -0.09 | -0.22 | 0.15 | 1.10 | 0.72 | 0.58 | 1.79 | 0.91 | 0.81 | 0.82 | 1.01 | 1.12 | 1.15 | 0.40 | 0.95 | 0.90 | 0.27 | 0.20 |
| FCF Conversion (FCF/Net Income) | 1.83x | 3.06x | 1.95x | 1.98x | 0.35x | 1.62x | -0.70x | 55.71x | -1.07x | -1.21x | 1.90x | 0.21x | 0.37x | -0.12x | 0.11x | -0.98x | 2.58x | 3.64x | 0.80x | 1.10x | 1.04x | 1.15x | 1.36x | 1.46x | 1.72x | 2.98x | 0.89x | 1.20x | 0.96x | 1.63x | 2.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Infrastructure Spending Volatility
As reported in recent financial statements, Nokia's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging wildly from -43.49 in 2023Q4 to 9.10 in 2026Q1, suggesting that accounting accruals and non-cash adjustments play a disproportionate role in reported bottom-line profitability.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating capacity. Investors should interpret this as a sign that significant portions of reported earnings are tied to non-cash items or timing differences in revenue recognition, rather than immediate cash inflows.
Based on quarterly data, Nokia's free cash flow margin has demonstrated significant instability, ranging from a high of 30.2% in 2023Q4 to a low of 0.8% in 2024Q4, highlighting the company's sensitivity to the lumpy nature of global telecommunications infrastructure project cycles.
The erratic FCF trajectory suggests that the company's cash generation is highly dependent on the timing of large-scale contract milestones. This volatility may indicate that the firm lacks a consistent, predictable cash flow base, making it vulnerable to sudden shifts in operator capital expenditure budgets.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with a massive $1.1 billion outflow in 2024Q4 followed by a $608 million inflow in 2025Q1, underscoring the high operational complexity of managing large-scale infrastructure inventory and receivables.
These sharp fluctuations in working capital suggest that Nokia's cash position is heavily influenced by the timing of customer payments and inventory build-ups. Such movements may imply that the company is frequently forced to absorb the cash flow impact of its customers' own capital management strategies.
As evidenced by the provided data, Nokia has maintained consistent dividend payments while sporadically utilizing share repurchases, such as the $546 million buyback in 2025Q1, suggesting a management preference for returning capital despite the underlying volatility in operational cash flow generation.
The decision to prioritize dividends over aggressive reinvestment or buybacks may reflect management's cautious outlook on future market volatility. Investors should monitor whether this capital allocation strategy remains sustainable if the current cyclical downturn in infrastructure spending persists for an extended period.
Quick answers to the most common questions about buying NOK stock.
Nokia Oyj (NOK) generated $1.99B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nokia Oyj (NOK) generated $1.41B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nokia Oyj (NOK) spent $582.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Nokia Oyj (NOK) returned $723.3M to shareholders via cash dividends and spent $599.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.