Revenue growth stabilized at 5.9% in Q2 2026, but gross margin compression from 49.7% to 44.6% and an operating loss of -$50M highlight strained profitability.
Nokia Oyj (NOK) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 20.27B | 19.89B | 19.22B | 21.14B | 23.76B | 22.2B | 21.85B | 23.32B | 22.56B | 23.15B | 23.64B | 12.56B | 11.76B | 11.79B | 15.4B | 15.97B | 42.45B | 40.98B | 50.71B | 51.06B | 41.12B | 34.17B | 29.35B | 29.4B | 30.04B | 31.25B | 30.46B | 19.83B | 13.34B | 8.82B | 6.79B |
| Revenue Growth % | 5.29% | 3.48% | -9.07% | -11.04% | 7.02% | 1.6% | -6.27% | 3.33% | -2.52% | -2.09% | 88.22% | 6.78% | -0.28% | -23.41% | -3.56% | -62.38% | 3.57% | -19.18% | -0.68% | 24.17% | 20.36% | 16.41% | -0.18% | -2.13% | -3.85% | 2.58% | 53.61% | 48.65% | 51.26% | 29.96% | 3.58% |
| Cost of Goods Sold | 11.27B | 11.23B | 10.36B | 12.59B | 13.66B | 13.37B | 13.66B | 15.05B | 14.25B | 14.01B | 15.12B | 6.96B | 6.77B | 7.16B | 9.84B | 10.41B | 29.46B | 27.72B | 33.34B | 33.78B | 27.74B | 22.19B | 18.17B | 17.21B | 18.29B | 19.82B | 19.12B | 12.26B | 8.31B | 5.24B | 4.84B |
| COGS % of Revenue | - | 56.46% | 53.88% | 59.57% | 57.49% | 60.21% | 62.51% | 64.55% | 63.16% | 60.52% | 63.94% | 55.44% | 57.59% | 60.68% | 63.9% | 65.18% | 69.4% | 67.64% | 65.74% | 66.16% | 67.47% | 64.95% | 61.89% | 58.52% | 60.89% | 63.44% | 62.79% | 61.84% | 62.28% | 59.38% | 71.29% |
| Gross Profit | 9B | 8.66B | 8.86B | 8.55B | 10.1B | 8.83B | 8.19B | 8.26B | 8.31B | 9.14B | 8.52B | 5.6B | 4.99B | 4.64B | 5.56B | 5.56B | 12.99B | 13.26B | 17.37B | 17.28B | 13.38B | 11.97B | 11.18B | 12.2B | 11.75B | 11.42B | 11.34B | 7.57B | 5.03B | 3.58B | 1.95B |
| Gross Margin % | 44.4% | 43.54% | 46.12% | 40.43% | 42.51% | 39.79% | 37.49% | 35.45% | 36.84% | 39.48% | 36.06% | 44.56% | 42.41% | 39.32% | 36.1% | 34.82% | 30.6% | 32.36% | 34.26% | 33.84% | 32.53% | 35.05% | 38.11% | 41.48% | 39.11% | 36.56% | 37.21% | 38.16% | 37.72% | 40.62% | 28.71% |
| Gross Profit Growth % | - | -2.31% | 3.72% | -15.39% | 14.34% | 7.82% | -0.86% | -0.58% | -9.05% | 7.21% | 52.3% | 12.21% | 7.55% | -16.57% | -0.02% | -57.2% | -2.07% | -23.65% | 0.56% | 29.14% | 11.74% | 7.06% | -8.31% | 3.81% | 2.84% | 0.79% | 49.78% | 50.38% | 40.46% | 83.88% | -3.06% |
| Operating Expenses | 8.31B | 7.88B | 7.27B | 7.08B | 7.66B | 6.68B | 7.31B | 7.78B | 8.37B | 9.12B | 9.62B | 3.9B | 3.57B | 3.97B | 6.38B | 6.95B | 10.92B | 12.07B | 12.41B | 9.29B | 7.89B | 7.34B | 6.86B | 7.19B | 6.97B | 8.06B | 5.54B | 3.01B | 2.54B | 2.17B | 1.21B |
| OpEx % of Revenue | - | 39.6% | 37.85% | 33.48% | 32.23% | 30.07% | 33.44% | 33.36% | 37.1% | 39.41% | 40.71% | 31.05% | 30.39% | 33.62% | 41.43% | 43.51% | 25.73% | 29.44% | 24.47% | 18.2% | 19.19% | 21.48% | 23.38% | 24.47% | 23.18% | 25.78% | 18.2% | 15.17% | 19.05% | 24.56% | 17.87% |
| Selling, General & Admin | 3.09B | 3.07B | 2.87B | 2.86B | 2.96B | 2.79B | 2.9B | 3.22B | 3.55B | 3.62B | 3.77B | 1.77B | 1.56B | 1.48B | 2.06B | 2.34B | 4.89B | 5.08B | 5.66B | 5.54B | 3.98B | 3.57B | 3.17B | 3.36B | 3.24B | 3.45B | 2.81B | 1.82B | 1.37B | 939.09M | 605.82M |
| SG&A % of Revenue | - | 15.45% | 14.94% | 13.54% | 12.44% | 12.58% | 13.26% | 13.81% | 15.73% | 15.62% | 15.93% | 14.11% | 13.25% | 12.57% | 13.39% | 14.67% | 11.53% | 12.39% | 11.17% | 10.86% | 9.68% | 10.44% | 10.81% | 11.42% | 10.79% | 11.04% | 9.23% | 9.16% | 10.27% | 10.65% | 8.93% |
| Research & Development | 5.17B | 4.86B | 4.51B | 4.28B | 4.5B | 4.21B | 4.09B | 4.53B | 4.78B | 4.92B | 5B | 2.08B | 1.9B | 1.97B | 3.08B | 3.33B | 5.84B | 5.91B | 5.97B | 5.64B | 3.9B | 3.82B | 3.77B | 3.75B | 3.06B | 2.99B | 2.59B | 1.76B | 1.15B | 764.54M | 606.62M |
| R&D % of Revenue | - | 24.41% | 23.48% | 20.23% | 18.95% | 18.98% | 18.7% | 19.44% | 21.17% | 21.24% | 21.14% | 16.56% | 16.19% | 16.7% | 20.01% | 20.88% | 13.77% | 14.42% | 11.77% | 11.04% | 9.48% | 11.19% | 12.86% | 12.77% | 10.17% | 9.57% | 8.51% | 8.88% | 8.63% | 8.67% | 8.94% |
| Other Operating Expenses | 0 | -51M | -110M | -64M | 198M | -330M | 323M | 28M | 45M | 592M | 860M | 48M | 111M | 513M | 1.24B | 1.27B | 181M | 1.08B | 775M | -1.89B | 13.64M | -51.5M | -84.83M | 84.17M | 668.03M | 1.62B | 139.48M | -568.45M | 20.46M | 462.73M | 0 |
| Operating Income | 689M | 782M | 1.59B | 1.47B | 2.44B | 2.16B | 885M | 485M | -59M | 16M | -1.1B | 1.7B | 1.41B | 672M | -821M | -1.39B | 2.07B | 1.2B | 4.97B | 7.99B | 5.49B | 4.64B | 4.32B | 5B | 4.78B | 3.37B | 5.79B | 4.56B | 2.49B | 1.42B | 735.98M |
| Operating Margin % | 3.4% | 3.93% | 8.27% | 6.95% | 10.29% | 9.72% | 4.05% | 2.08% | -0.26% | 0.07% | -4.65% | 13.51% | 12.02% | 5.7% | -5.33% | -8.69% | 4.88% | 2.92% | 9.79% | 15.64% | 13.35% | 13.57% | 14.73% | 17.01% | 15.92% | 10.78% | 19.02% | 22.99% | 18.68% | 16.06% | 10.85% |
| Operating Income Growth % | - | -50.82% | 8.16% | -39.85% | 13.25% | 143.84% | 82.47% | 922.03% | -468.75% | 101.45% | -164.82% | 20.01% | 110.42% | 181.85% | 40.85% | -167.05% | 72.93% | -75.9% | -37.81% | 45.5% | 18.4% | 7.23% | -13.59% | 4.57% | 42.02% | -41.85% | 27.04% | 83% | 75.91% | 92.45% | -17.51% |
| EBITDA | 1.68B | 1.9B | 2.6B | 2.56B | 3.58B | 3.25B | 2.02B | 2.15B | 1.4B | 1.61B | 494M | 2.02B | 1.71B | 1.4B | 505M | 174M | 3.84B | 2.98B | 6.58B | 9.19B | 6.2B | 5.35B | 5.19B | 6.14B | 6.1B | 4.19B | 6.71B | 5.23B | 3B | 1.88B | 1.12B |
| EBITDA Margin % | 8.29% | 9.56% | 13.55% | 12.1% | 15.08% | 14.65% | 9.23% | 9.2% | 6.19% | 6.94% | 2.09% | 16.06% | 14.55% | 11.87% | 3.28% | 1.09% | 9.05% | 7.27% | 12.98% | 18% | 15.08% | 15.65% | 17.68% | 20.88% | 20.29% | 13.41% | 22.02% | 26.36% | 22.48% | 21.31% | 16.53% |
| EBITDA Growth % | -7.7% | -27% | 1.84% | -28.66% | 10.18% | 61.28% | -5.97% | 53.65% | -13.13% | 225.3% | -75.51% | 17.88% | 22.21% | 177.23% | 190.23% | -95.47% | 28.85% | -54.72% | -28.38% | 48.24% | 15.96% | 3.02% | -15.45% | 0.7% | 45.5% | -37.53% | 28.33% | 74.28% | 59.59% | 67.53% | 25.71% |
| D&A (Non-Cash Add-back) | 990M | 1.12B | 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 | 821.58M | 914.61M | 666.83M | 507.33M | 462.73M | 385.67M |
| EBIT | 1.16B | 1.13B | 2.42B | 1.82B | 2.39B | 2.13B | 987M | 468M | -78M | -1M | -1.05B | 1.69B | 1.39B | 722M | -912M | -1.27B | 2.06B | 1.23B | 4.97B | 8.27B | 5.49B | 4.64B | 4.32B | 5B | 4.78B | 3.37B | 5.79B | 4.56B | 2.49B | 1.42B | 735.18M |
| Net Interest Income | 277.67M | 135M | -35.7M | -65.95M | -183.92M | -223.39M | -176M | -185.8M | -214M | -341M | -252.21M | -94M | -319M | -161M | -105M | -98M | -192M | -265M | -2M | 239M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 277.67M | 354M | 324.51M | 237.85M | 86.18M | 57.92M | 68M | 81.71M | 76M | 60M | 92.92M | 37M | 73M | 135M | 130M | 199M | 138M | 0 | 0 | 239M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 219M | 360.2M | 303.79M | 270.1M | 281.31M | 244M | 267.5M | 282M | 509M | 345.13M | 139M | 391M | 323M | 268M | 102M | 285M | 265M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 392M | 133M | 501M | -1M | -275M | -232M | -142M | -329M | -301M | -526M | -269M | -157M | -415M | -273M | -358M | -154M | -284M | -235M | 4M | 283M | 234.88M | 331.81M | 378.43M | 279.5M | 85.77M | 29.22M | -54.3M | -782.11M | -71.62M | -30M | 10.45M |
| Pretax Income | 1.08B | 915M | 2.09B | 1.47B | 2.17B | 1.93B | 743M | 156M | -360M | -510M | -1.37B | 1.54B | 999M | 399M | -1.18B | -1.54B | 1.79B | 962M | 4.97B | 8.27B | 5.72B | 4.97B | 4.7B | 5.28B | 4.87B | 3.4B | 5.74B | 3.78B | 2.42B | 1.39B | 746.42M |
| Pretax Margin % | 5.33% | 4.6% | 10.88% | 6.95% | 9.13% | 8.67% | 3.4% | 0.67% | -1.6% | -2.2% | -5.79% | 12.26% | 8.49% | 3.38% | -7.66% | -9.66% | 4.21% | 2.35% | 9.8% | 16.19% | 13.92% | 14.54% | 16.02% | 17.96% | 16.21% | 10.87% | 18.84% | 19.05% | 18.14% | 15.72% | 11% |
| Income Tax | 353M | 277M | 380M | 820M | -2.03B | 272M | 3.26B | 138M | 189M | 927M | -457M | 346M | -1.72B | 271M | 304M | 73M | 443M | 702M | 1.08B | 1.52B | 1.36B | 1.28B | 1.45B | 1.7B | 1.49B | 1.19B | 1.79B | 1.19B | 737.55M | 380.91M | 147.84M |
| Effective Tax Rate % | 32.65% | 30.27% | 18.17% | 55.82% | -93.73% | 14.12% | 438.22% | 88.46% | -52.5% | -181.76% | 33.38% | 22.47% | -172.07% | 67.92% | -25.78% | -4.73% | 24.8% | 72.97% | 21.75% | 18.41% | 23.71% | 25.77% | 30.74% | 32.11% | 30.51% | 35.13% | 31.17% | 31.57% | 30.48% | 27.48% | 19.81% |
| Net Income | 708M | 651M | 1.28B | 665M | 4.25B | 1.62B | -2.52B | 7M | -335M | -1.49B | -766M | 2.47B | 3.46B | -615M | -3.1B | -1.16B | 1.85B | 891M | 3.99B | 7.21B | 4.31B | 3.61B | 3.19B | 3.59B | 3.38B | 2.2B | 3.95B | 2.58B | 1.75B | 1.05B | 598.59M |
| Net Margin % | 3.49% | 3.27% | 6.64% | 3.15% | 17.89% | 7.31% | -11.55% | 0.03% | -1.48% | -6.45% | -3.24% | 19.63% | 29.43% | -5.21% | -20.16% | -7.28% | 4.36% | 2.17% | 7.86% | 14.11% | 10.47% | 10.58% | 10.87% | 12.2% | 11.26% | 7.05% | 12.96% | 13.04% | 13.13% | 11.9% | 8.82% |
| Net Income Growth % | -30.59% | -49.02% | 92.03% | -84.35% | 161.86% | 164.33% | -36142.86% | 102.09% | 77.58% | -95.04% | -131.06% | -28.77% | 662.93% | 80.19% | -166.98% | -162.86% | 107.63% | -77.66% | -44.65% | 67.33% | 19.16% | 13.29% | -11.05% | 5.96% | 53.54% | -44.19% | 52.78% | 47.59% | 66.94% | 75.26% | 50.49% |
| Net Income (Continuing) | 728M | 638M | 1.71B | 649M | 4.2B | 1.65B | -2.51B | 18M | -549M | -1.44B | -912M | 1.19B | 2.72B | 128M | -1.48B | -1.61B | 1.34B | 260M | 3.89B | 6.75B | 4.31B | 3.61B | 3.19B | 3.59B | 3.38B | 2.2B | 3.95B | 2.58B | 1.68B | 1.01B | 598.59M |
| Discontinued Operations | 1000K | 22M | -427M | 30M | 57M | -9M | -3M | -7M | 214M | -21M | -15M | 1.27B | 758M | -867M | -2.3B | 128M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.64M | 0 |
| Minority Interest | 97M | 90.96M | 90M | 91M | 93M | 102M | 97.88M | 85.31M | 82M | 80M | 881M | 21M | 58M | 193M | 1.39B | 2.04B | 1.85B | 1.66B | 2.31B | 2.57B | 91.68M | 205.17M | 168.19M | 163.57M | 173.44M | 196.68M | 177.81M | 122.24M | 63.1M | 32.73M | 4.82M |
| EPS (Diluted) | 0.12 | 0.11 | 0.23 | 0.12 | 0.75 | 0.29 | -0.45 | 0.00 | -0.06 | -0.26 | -0.13 | 0.62 | 0.84 | -0.17 | -0.84 | -0.31 | 0.36 | 0.24 | 1.06 | 1.84 | 1.05 | 0.83 | 0.70 | 0.75 | 0.71 | 0.46 | 0.82 | 0.14 | 0.19 | 0.03 | 0.12 |
| EPS Growth % | 30.44% | -52.17% | 91.67% | -84% | 158.62% | 164.44% | - | 105.26% | 76.62% | -100% | -120.97% | -26.19% | 594.12% | 79.76% | -170.97% | -186.11% | 50% | -77.36% | -42.39% | 75.24% | 26.51% | 18.57% | -6.67% | 5.63% | 54.35% | -43.9% | 485.71% | -26.32% | 627.97% | -78.25% | 44.75% |
| EPS (Basic) | - | 0.11 | 0.23 | 0.12 | 0.76 | 0.29 | -0.45 | 0.00 | -0.06 | -0.26 | -0.13 | 0.67 | 0.94 | -0.17 | -0.85 | -0.31 | 0.36 | 0.24 | 1.07 | 1.86 | 1.06 | 0.83 | 0.70 | 0.75 | 0.71 | 0.47 | 0.85 | 0.14 | 0.19 | 0.03 | 0.12 |
| Diluted Shares Outstanding | 5.8B | 5.5B | 5.53B | 5.59B | 5.67B | 5.68B | 5.61B | 5.63B | 5.59B | 5.65B | 5.74B | 3.95B | 4.13B | 3.71B | 3.71B | 3.71B | 3.71B | 3.72B | 3.78B | 3.93B | 4.09B | 4.37B | 4.6B | 4.76B | 4.79B | 4.79B | 4.79B | 1.9B | 938.64M | 4.01B | 4.79B |
| Basic Shares Outstanding | 5.6B | 5.42B | 5.46B | 5.55B | 5.61B | 5.63B | 5.61B | 5.6B | 5.54B | 5.65B | 5.73B | 3.67B | 3.7B | 3.71B | 3.67B | 3.71B | 3.71B | 3.71B | 3.74B | 3.89B | 4.06B | 4.37B | 4.59B | 4.76B | 4.75B | 4.7B | 4.67B | 1.84B | 910.67M | 4.01B | 4.79B |
| Dividend Payout Ratio | - | 116.59% | 56.62% | 91.88% | 8.31% | 0.55% | - | 8142.86% | - | - | - | 20.76% | 40.21% | - | - | - | 82.11% | 173.51% | 51.35% | 24.43% | 36.07% | 42.34% | 44.26% | 38.35% | 39.88% | 63.44% | 25.51% | 23.14% | 21.23% | 16.98% | 26.04% |
Quick answers to the most common questions about buying NOK stock.
For fiscal year 2025, Nokia Oyj (NOK) reported total revenue of $19.89B. This represents a 193.1% increase compared to $6.79B in 1996.
Nokia Oyj (NOK) is profitable, generating $651.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.
Nokia Oyj (NOK) reported an operating income of $782.0M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nokia Oyj (NOK) generated $8.66B in gross profit for the year, representing a gross profit margin of 43.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
North American RAN share loss
Stabilizing Revenue Amid Mixed Drivers
Nokia's revenue growth has stabilized around 2-6% in recent quarters, with Q2 2026 showing 5.9% growth, though this masks a sharp deceleration from the 11.6% seen in Q3 2025, according to reported financials.
The modest growth appears driven by a mix of network infrastructure resilience and patent licensing, but the loss of a major AT&T RAN contract likely caps upside in North America. The sequential pattern suggests a plateau rather than acceleration, with quarterly revenue oscillating between $4.3B and $6.1B, reflecting seasonal and project-based lumpiness. Investors should monitor whether the enterprise private wireless and 5G SA core software can offset the cyclical downturn in operator capex.
Gross Margin Resilience Under Pressure
Gross margin has held near 44% over the past year, but Q1 2024's 49.7% peak has not been sustained, indicating mix shifts toward lower-margin hardware, as per income statement data.
The gross margin compression from 49.7% to 44.6% suggests a higher proportion of low-margin network deployments, possibly in emerging markets, and a reduced contribution from high-margin licensing. While the 44% level is above peers like HPE, it trails Ericsson's 48.1%, implying structural pricing challenges in RAN. The sustainability of this margin depends on the renewal of patent licenses and the success of software-led sales, which carry higher incremental margins.
Operating Leverage Elusive Amid High R&D
Operating income swung from $475M in Q4 2024 to -$50M in Q2 2026, despite stable gross margins, as R&D and SG&A costs absorbed revenue gains, based on reported quarterly figures.
The operating margin has deteriorated from 9.7% in Q2 2024 to -1.0% in Q2 2026, indicating that fixed costs, particularly R&D, are not scaling down with revenue fluctuations. R&D spending has risen from $1.1B to $1.4B per quarter, reflecting investment in 6G and silicon design, which may be necessary for competitiveness but currently suppresses profitability. This suggests that operating leverage is negative in the near term, and investors should watch for cost discipline as revenue growth remains tepid.
Net Income Volatility Masks Operational Trends
Net income has swung from $820M in Q4 2024 to $2M in Q2 2026, with EPS growth of -98.5%, indicating that reported earnings are heavily influenced by non-operating items, as per financial statements.
The wide swings in net income, including a -$146M loss in Q2 2024, suggest that tax items, impairments, or one-time gains are distorting underlying profitability. The Q4 2024 net income of $820M on operating income of $475M implies a significant non-operating gain, possibly from patent settlements or tax benefits. Investors should adjust for these items to assess the true earnings power, which appears closer to breakeven in recent quarters.
R&D Intensity Weighs on Profitability
R&D expenses have consistently exceeded $1.1B per quarter, reaching $1.4B in Q2 2026, representing roughly 29% of revenue, a level that pressures operating margins, according to income statement data.
The high R&D intensity is a structural necessity in the telecom equipment industry, but it appears to be outpacing revenue growth, leading to margin compression. SG&A has also risen, from $693M in Q1 2024 to $817M in Q2 2026, indicating limited cost discipline. Management's ability to control these costs while investing in future technologies will be critical to restoring profitability.
Margin Compression and Market Share Risks
The loss of the AT&T RAN contract to Ericsson and the shift to Open RAN could erode Nokia's competitive position, while gross margins have already slipped from 49.7% to 44.6%, as per reported figures.
Short-sellers might argue that Nokia's revenue growth is unsustainable given the North American share loss and that its gross margin will continue to decline as low-margin hardware dominates. The thin operating margin of 3.9% TTM leaves little room for error, and any further pricing pressure or R&D cost overruns could push the company to breakeven or losses. Additionally, the elevated goodwill impairment risk, given the low ROE of 3.1%, suggests that prior acquisitions may not be delivering expected returns, potentially leading to write-downs that further depress reported earnings.